On 12 December 2025, the National Audit Office (NAO) released a report which examined how the Bank of England (BoE) managed the Real-Time Gross Settlement (RTGS) renewal programme to achieve a new system resilient to future developments and risks.
Background
In 2016, the BoE established the RTGS renewal programme
On 27 November 2025, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) jointly published Policy Statement 23/25 – Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251 (PS23/25).
PS23/25 is relevant to those firms that are in scope of the margin requirements under the UK European
On 7 November 2025, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published an implementation monitoring report on general business risks.
The report reviews the implementation of Principle 15 of the Principles for financial market infrastructures at a sample of 34 financial
On 5 November 2025, the Financial Conduct Authority (FCA) published Consultation Paper 25/30: Streamlining the UK EMIR Intragroup Regime (CP25/30).
Background
The UK European Market Infrastructure Regulation (UK EMIR) provides exemptions from the clearing obligation and margin requirements for intragroup transactions, as long as they meet certain conditions.
Should
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
On 23 October 2025, the Financial Conduct Authority (FCA) issued a Dear Compliance Officer letter to those firms within its Asset Management and Alternative Firms portfolio. The letter sets out the FCA’s expectations ahead of the market transition from a T+2 to a T+1 securities settlement cycle on 11 October 2027.
Background
The
On 14 October 2025, there was published in the Official Journal of the EU (OJ), Regulation (EU) 2025/2075 of 8 October 2025 amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union. The Regulation enters into force on the twentieth day following its publication in OJ (3 November 2025).
On 13 October 2025, the European Securities and Markets Authority (ESMA) issued a Final Report on amendments to Commission Delegated Regulation (EU) 2018/1229 (the Regulatory Technical Standards (RTS) on settlement discipline) which supplements the Central Securities Depositories Regulation (CSDR).
Background
Regulation (EU) 2023/2845 (CSDR Refit) has made
On 9 October 2025, the European Securities and Markets Authority (ESMA) published a Consultation Paper on draft Regulatory Technical Standards (RTS) on the elements to be considered when central counterparties (CCPs) define participation requirements.
Regulation (EU) No 2024/2987 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131