Photo of Floortje Nagelkerke (NL)

Floortje Nagelkerke (NL)

On 31 January 2025, the European Central Bank (ECB) issued FAQs on Initial Margin (IM) model approvals under the European Markets Infrastructure Regulation 3 (EMIR 3).

Among other things the FAQs deal with the following questions:

  • In light of the European Banking Authority (EBA) opinion on the

On 31 January 2025, the European Commission (Commission) published a letter (dated 21 January 2025) it had sent to the Chair of the Joint Committee of the European Supervisory Authorities (ESAs). The letter concerns the draft Delegated Regulation supplementing the Digital Operational Resilience Act (DORA) with regard to regulatory

On 29 January 2025, the European Securities and Markets Authority (ESMA) issued a speech by Klaus Löber, Chair of the ESMA CCP Supervisory Committee, entitled Shaping the future of EU capital markets.

In his speech Mr Löber touches on ESMA’s work on implementing the European Market Infrastructure Regulation 3.

Key points include:

  • ESMA

On 28 January 2025, the European Securities and Markets Authority (ESMA) issued a Final Report which presents draft amendments to the regulatory technical standards (RTS) incorporated in Commission Delegated Regulation (EU) No 876/2013 on colleges for central counterparties.

The draft amendments concern only Member State competent authorities and do not impose

On 27 January 2025, the European Systemic Risk Board (ESRB) issued its response to the European Securities and Markets Authority’s earlier consultation on the conditions of the Active Account Requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3).

Among other things the ESRB believes that

On 24 January 2025, the European Securities and Markets Authority (ESMA) issued a new web page reminding market participants that responsibility for reporting over-the-counter (OTC) transactions will shift from systematic internalisers (SIs) to the new Designated Publishing Entities (DPEs) from 3 February 2025.

The DPE regime allows

On 24 January 2025, the European Commission (Commission) adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation (MiFIR) as regards over-the-counter (OTC) derivatives identifying reference data to be used for the purposes of the transparency requirements laid down in Article 8a(2) and Articles 10 and 21.

The

On 17 January 2025, the European Securities and Markets Authority (ESMA) issued a statement which provides guidance on how and under which timeline crypto-asset service providers (CASPs) are expected to comply with the requirements of Titles III and IV of the Regulation on markets in crypto-assets (MiCAR). In particular

On 17 January 2025, the European Supervisory Authorities (ESAs) issued a report on the feasibility of further centralisation in the reporting of major ICT-related incidents by financial entities according to Article 21 of the Digital Operational Resilience Act (DORA).

Article 21 DORA requires that the ESAs prepare a joint report assessing

DORA is now live, without any transitional provision.

A wide range of rules applicable for managing ICT risks, including risks linked to ICT third-party service providers, applies from today. DORA applies to nearly all financial entities in the EU, with very few exemptions for smaller institutions. For the first time, it also covers major unregulated