On 12 December 2025, the Council of the EU published its conclusions on simplifying the Union’s financial services regulation.
In the conclusions the Council calls on the European Commission to put forward ambitious simplification packages for the EU’s financial services regulation which should include clear priorities and timelines as well as planned initiatives. The Commission
On 11 December 2025, the European Systemic Risk Board (ESRB) published a report (dated 31 October 2025) in which it identifies and lists the tasks assigned to it by EU legislation beyond the ESRB Regulation. It then categorises them from a content point of view, classifying them into four types according to their
On 20 November 2025, the Financial Stability Board (FSB) published a letter from its Chair to G20 leaders ahead of their summit on 22-23 November 2025.
In his letter FSB Chair, Andrew Bailey, refers to the challenging economic outlook, noting that the FSB is operating in a “world of considerable challenge”, and calls
In February 2024 we published a briefing note, MiFIR and MiFID II review: ten key things that EU financial institutions should know, which summarized the key features of the draft legislation that was generally known as the ‘MiFID II / MiFIR review’ and was designed to update both the Markets in Financial Instruments Directive
On 9 October 2025, the Financial Markets Standards Board (FMSB) published in final form a Statement of Good Practice on Unauthorised Trading Frameworks.
The FMSB is an industry-led, member-funded global standards body for the wholesale financial markets.
The FMSB has issued the Statement of Good Practice to help establish practical, industry-wide guidance
On 10 October 2025, the European Securities and Markets Authority (ESMA) issued a red line version of its updated manual on post-trade transparency under MiFID II/MiFIR.
The updates to the manual reflect the changes in the revised MiFID II/MiFIR that were not affected by Level 2 measures.
In December 2024, ESMA submitted
On 10 October 2025, the European Securities and Markets Authority (ESMA) issued its second statement concerning the transition for the application of the MiFID II/MiFIR review.
ESMA issued its first statement on the MiFID II/MiFIR review on 27 March 2024 and the statement complements an interpretative notice issued by the European Commission (
On 9 October 2025, HM Treasury issued a Policy Paper setting out the Terms of Reference for the Dematerialisation Market Action Taskforce. The Taskforce forms one part of the government’s wider Wholesale Financial Markets Digital Strategy.
On 26 September 2025, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) issued a Recommendation for Second Reading on the European Council’s position to amend Regulations for certain reporting requirements of financial services and investment support.
The targeted amendments focus on several foundational Regulations in the EU’s financial supervisory framework, including
On 19 September 2025, the Joint Committee of the European Supervisory Authorities published a report on risks and vulnerabilities in the EU financial system. The report highlights that global trade and security developments have led to sudden structural changes and contributed to a deteriorating economic outlook, increasing the risks to financial stability.
On this basis