On 18 June 2025, the Council of the EU issued a press release stating that Member States’ representatives (Coreper) had approved the Council’s stance on the proposed Payment Services Regulation and the Payment Services Directive 3. The agreement on the Council’s negotiating mandate allows the Presidency to start negotiations with the European Parliament on a
Germany
Council and Parliament agree on shorter settlement cycle

On 18 June 2025, the Council of the EU issued a press release stating that it had reached provisional agreement with the European Parliament on a proposed amendment to the Central Securities Depositories Regulation which will shorten the settlement cycle from no later than two business days (the so-called ‘T+2’) to no later than one…
European Commission publishes securitisation review package

On 17 June 2025, the European Commission (Commission) published a legislative package on the review of the securitisation framework in the EU.
Background
The current EU securitisation framework consists of the Securitisation Regulation, which sets out a general framework for all securitisations in the EU and a specific framework for simple, transparent…
EBA consults on draft RTS on acquisitions in credit institutions
On 18 June 2025, the European Banking Authority (EBA) issued a consultation paper on draft regulatory technical standards (RTS) specifying the minimum list of information to be provided to the competent authorities at the time of the notification under Article 23(6) of the Capital Requirements Directive IV (CRD IV).
Background
The…
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…
ESMA’s Annual Report 2024
On 13 June 2025, the European Securities and Markets Authority (ESMA) published its Annual Report for 2024.
The Annual Report provides an account of the activities carried out by ESMA in the implementation of its mandate and work programme in 2024.
Among other things the Annual Report notes that in 2024 ESMA…
PSD3 and PSR – Council of EU compromise proposals

On 13 June 2025, the Council of the EU published compromise texts of the draft Payment Services Directive 3 and the Payment Services Regulation.
The Council has also published an ‘I’ item note from its General Secretariat inviting the Committee of Permanent Representatives to adopt the compromise texts and invites the Presidency to start…
Global Regulation Tomorrow Plus: EMEA insights series: Episode 22 – Update from Germany
In the latest episode of our EMEA insights series, Michael Born from our Frankfurt office discusses recent communications from the German regulator on MiCA and the CRD 6. He also covers BaFin’s recent Annual Press Conference where the regulator discussed adjusting its own supervisory practice wherever possible to create more flexibility for small and medium…
EBA publishes final technical standards on operational risk capital requirements and related supervisory reporting
- Regulatory technical standards (RTS) on the components of the business indicator under Article 314(9)(a) of the Capital Requirements Regulation (CRR) and