On 23 June 2025, the Council of the EU issued a press release stating that Member states’ representatives had agreed the Council’s negotiating mandate on simplifying sustainability reporting and due diligence requirements to boost EU competitiveness. The proposal forms part of the ‘Omnibus I’ package adopted by the European Commission on 26 February 2025 to
ESMA consults on margin transparency and cost of clearing
- Consultation Paper on EMIR 3 draft regulatory technical standards (RTS) on margin transparency requirements. EMIR 3 strengthens the requirements on the margin
ESMA issues Final Report on the conditions of the Active Account Requirement
On 19 June 2025, the European Securities and Markets Authority (ESMA) published its Final Report setting out draft regulatory technical standards (RTS) on the conditions of the Active Account Requirement (AAR).
Background
Regulation (EU) 2024/2987 seeks to address financial stability risks caused by EU clearing members and clients being
Commission Delegated Regulation amending RTS in Delegated Regulations (EU) 2017/583 and (EU) 2017/587
On 18 June 2025, the European Commission adopted a Delegated Regulation amending the regulatory technical standards (RTS) laid down in Delegated Regulations (EU) 2017/583 and (EU) 2017/587 as regards transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances, and equity instrument.
Background
The review of
Published in OJ – DORA delegated act – Commission Delegated Regulation (EU) 2025/1190 on threat-led penetration testing
On 18 June 2025, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2025/1190 of 13 February 2025 supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria used for identifying financial entities required to perform threat-led penetration testing
AFM update on MiCAR and transition period
On 12 June 2025, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued its latest newsletter outlining developments related to the Markets in Crypto-Assets Regulation (Regulation 2023/1114, MiCAR). A key focus of this update is the AFM’s supervisory strategy following the end of the transitional period.
After
ESMA’s principles for third-party risk supervision
On 12 June 2025, the European Securities and Markets Authority (ESMA) published principles on third-party risks supervision.
The 14 principles on third-party risks have been developed to address the growing risks observed over recent years in the use of outsourcing, delegation or other types of third-party services by supervised firms. They take
Commission adopts technical standards for consolidated tapes
- Commission Delegated Regulation supplementing MiFIR with regard to regulatory technical standards (RTS) on the authorisation and organisational requirements for
Commission updates list of high-risk countries presenting strategic deficiencies in their national AML/CFT regimes
On 10 June 2025, the European Commission (Commission) adopted a Delegated Regulation which amends Delegated Regulation (EU) 2016/1675.
Delegated Regulation 2016/1675 is provided for under the Fourth Money Laundering Directive (4MLD) identifying third countries that have strategic deficiencies in their anti-money laundering (AML) and countering the financing of terrorism
Commission Delegated Regulation amending Delegated Regulation (EU) No 876/2013 supplementing EMIR as regards changes to the functioning and management of colleges for CCPs
On 11 June 2025, the European Commission adopted a Delegated Regulation amending Delegated Regulation (EU) No 876/2013 supplementing the European Market Infrastructure Regulation (EMIR) as regards changes to the functioning and management of colleges for central counterparties (CCPs).
The Delegated Regulation makes limited amendments to Commission Delegated Regulation (EU) No 876/2013