On 13 March 2024, the European Securities and Markets Authority (ESMA) issued an overview of planned consultation papers for 2025.
The consultation papers planned for Q2 2025 include:
ESMA publishes overview of planned consultations for 2025
IOSCO consults on neo-brokers
On 12 March 2025, the International Organisation of Securities Commissions (IOSCO) issued a consultation report on neo-brokers.
Neo-brokers are a subset of brokers, characterized by providing online-only investment services and by the absence of physical operating branches, thereby using technology to facilitate those services and access to financial markets. Neo-brokers have very limited
IOSCO consults on AI in capital markets
On 12 March 2025, the International Organisation of Securities Commissions (IOSCO) issued a new consultation report on artificial intelligence (AI) in capital markets.
The purpose of the consultation report is to create a shared understanding among IOSCO members of the issues, risks and challenges that emerging AI technologies used in financial
IOSCO Work Programme 2025
On 12 March 2025, the International Organisation of Securities Commissions (IOSCO) issued its work programme for 2025.
The 2025 work programme includes that IOSCO will:
Published in OJ – amendments to ITS on benchmarking of internal approaches for 2025 benchmarking exercise
On 12 March 2025, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2025/379 of 26 February 2025 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions to be applied in the Union for the
Global Regulation Tomorrow Plus: EMEA insights series: Episode 18 – Netherlands update
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode Floortje Nagelkerke and Nikolai de Koning from our Amsterdam office provide a regulatory update for the Netherlands. This includes the AFM’s strategy 2023-2026
Guidelines on explanations and opinions, and the standardised test for crypto-assets under MiCA
On 10 March 2025, the European Securities and Markets Authority published the official translations of the European Supervisory Authorities (ESA) guidelines on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97 (1) of the Regulation on markets in crypto assets (MiCA).
The guidelines apply from 12
Eurosystem to offer verification of payee service
On 10 March 2025, the European Central Bank (ECB) issued a press release stating that it had positively concluded its exploratory work for offering a Verification of Payee (VoP) service for payment service providers (PSPs) building on the services developed by the Banco de Portugal and Latvijas Banka.
The
MiCAR – Quick guide to Member State authorisations
The Markets in Crypto-Assets Regulation (MiCAR) introduces a new regulatory framework for crypto-assets in the EU. Published in the OJ in June 2023, it became applicable to issuers of ARTs and EMTs on 30 June 2024 and to CASPs on 30 December 2024. In order to operate in the EU CASPs must be authorised and
ECB staff response to Commission’s call for evidence on a targeted amendment to the prudential treatment of securities financing transactions under the NSFR
On 7 March 2025, the European Central Bank (ECB) issued its staff response to the European Commission’s (Commission) call for evidence on a targeted amendment to the prudential treatment of securities financing transactions (SFTs) under the net stable funding ratio (NSFR).
The Commission’s initiative aims to make