On 8 August 2025, the Bank of England (BoE) issued a Policy Statement ‘Amendments to the UK EMIR Trade Repository reporting requirements: August 2025’.
Background
The BoE and the Financial Conduct Authority (FCA) share supervisory responsibilities for the UK European Markets Infrastructure Regulation (UK EMIR) derivatives reporting obligation.
On 21 July 2025, the OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025 were laid before Parliament. An explanatory memorandum has also been published. These Regulations come into force on 1 January 2026 and set out HM Treasury’s determinations that Switzerland’s regulatory and supervisory regimes for risk mitigation for over-the-counter derivative contracts
On 18 July 2025, the Bank of England (BoE) published various papers concerning financial market infrastructure.
BoE Policy Statement ‘Fundamental Rules for Financial Market Infrastructures’
The BoE has published a Policy Statement setting out its Fundamental Rules for Financial Market Infrastructures. The final policy takes effect on 18 July 2026.
The Policy Statement
On 18 July 2025, HM Treasury published correspondence between the Chancellor of the Exchequer and the Governor of the Bank of England regarding the remit and recommendations for the Financial Market Infrastructure Committee.
On 15 July 2025, HM Treasury (HMT) published a Policy Note on updating the UK’s regulatory framework for central counterparties (CCPs). Alongside the Policy Note HMT has published two draft statutory instruments (SIs) for technical comment. The draft SIs, and the accompanying Policy Note, are intended to be considered
On 30 June 2025, the European Banking Authority (EBA) published a Final Report containing technical advice on a possible Delegated Act on fees for the validation of pro forma models.
Background
Regulation (EU) 2024/2987 amending the European Market Infrastructure Regulation (EMIR) grants the EBA certain additional tasks on models used by
On 27 June 2025, there was published in the Official Journal of the EU a Corrigendum to Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and
On 26 June 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing technical advice on the scope of settlement discipline under the Central Securities Depositories Regulation (CSDR).
Background
Article 7(9) of the CSDR, as amended by CSDR Refit (Regulation 2023/2845), empowers the European Commission (Commission)
On 25 June 2025, the European Securities and Markets Authority (ESMA) published its first central counterparty (CCP) resolution briefing.
The briefings are intended to provide a methodology that national resolution authorities (NRAs) may consider when drawing resolution plans for CCPs. They are not subject to any ‘comply or
On 23 June 2025, the Council of the EU published the final compromise text of the proposed Regulation amending the Central Securities Depositories Regulation as regards a shorter settlement cycle in the Union. The proposed Regulation enters into force on the twentieth day following its publication in the Official Journal of the EU and applies