On 4 December 2025, the European Commission (Commission) issued a consultation on a draft Delegated Directive amending Delegated Directive (EU) 2017/593 as regards the conditions for the provision of third-party execution and research services to investment firms that provide portfolio management or other investment or ancillary services.
Background
Directive (EU) 2021/338 amended the
On 3 December 2025, the European Banking Authority (EBA) issued a consultation paper containing draft regulatory technical standards (RTS) amending Delegated Regulation 2017/390 as regards certain prudential requirements for central securities depositories (CSDs) and designated credit institutions offering banking-type ancillary services.
Background
In March 2022, the European Commission proposed
On 21 November 2025, the European Central Bank (ECB) issued a guide that sets out how it adopts and implements the TIBER-EU framework for the threat-led penetration testing (TLPT) of significant institutions as identified for TLPT according to the Digital Operational Resilience Act (DORA).
Background
Under Articles 26 and 27
On 10 November 2025, the Presidency of the Council of the EU issued an ‘I’ item note regarding the Crisis Management and Deposit Insurance reform package together with Annexes 1, 2 and 3. The ‘I’ item note states that Coreper is invited to reach a political agreement, on the basis of the texts
In February 2024 we published a briefing note, MiFIR and MiFID II review: ten key things that EU financial institutions should know, which summarized the key features of the draft legislation that was generally known as the ‘MiFID II / MiFIR review’ and was designed to update both the Markets in Financial Instruments Directive
In the latest episode of our EMEA APAC regulatory insights series, Floortje Nagelkerke, Nikolai de Koning and Selma Joner from our Amsterdam office discuss the local remuneration landscape; the latest on Dutch implementation of the CRD VI and MiFID II review; and the growing regulatory focus on crypto-assets.
Listen to episode here.
On 29 October 2025, the European Commission (Commission) adopted a Commission Delegated Regulation amending Delegated Regulation (EU) 2022/805 as regards fees for the supervision by the European Securities and Markets Authority (ESMA) of benchmark administrators endorsing third country benchmarks.
The draft Delegated Regulation updates Delegated Regulation (EU) 2022/805 to include supervisory
On 29 October 2025, the European Commission (Commission) adopted a Commission Delegated Regulation supplementing the European Market Infrastructure Regulation with regard to regulatory technical standards (RTS) specifying the operational conditions, the representativeness obligation and the reporting requirements related to the active account requirement.
The Commission’s adoption of the Delegated Regulation follows