Background
The creation of this dedicated channel was announced in the Savings and Investments Union (SIU) Communication adopted on 19 March 2025.
Next steps
The Commission will regularly monitor the feedback, which it will use in its ongoing efforts to tackle existing obstacles to financial market integration and free movement of capital, with
On 23 April 2025, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 23-24 April.
In the letter Mr Knot reflects on the progress made in addressing global challenges to financial stability and outlines priorities for
On 15 April 2025, the European Commission (Commission) launched a targeted consultation on the integration of European Union (EU) capital markets. The aim of the consultation is to collect feedback on obstacles to financial market integration across the EU and it is part of the Savings and Investments Union (SIU
On 10 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report on the technical standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies.
Background
Directive (EU) 2024/790 which amended the Markets in Financial Instruments Directive II (MiFID II ) was published
On 10 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report on systematic internaliser (SI) notification, the volume cap and transparency calculations and circuit breakers.
Background
Directive (EU) 2024/790 and Regulation (EU) 2024/791 amended both the Markets in Financial Instruments Directive II (MiFID II) and
On 9 April 2025, the European Securities and Markets Authority (ESMA) published a letter from its chair to Maria Luís Albuquerque (Commissioner for Financial Services and the Savings and Investments Union, DG FISMA) regarding the qualification of fractional shares under the Markets in Financial Instruments Directive II (MiFID II).
ESMA is
On 3 April 2025, the European Securities and Markets Authority (ESMA) published MiFIR Review Consultation Package 4; On transparency for derivatives, package orders and input/output data for the derivatives consolidated tape.
Background
The MiFIR review (Regulation (EU) 2024/7913) introduces two new articles, Article 8a for pre-trade transparency and Article 11a for post-trade
On 2 April 2025, the Association for Financial Markets in Europe (AFME) published an updated version of its MiFID II / MiFIR implementation guide for firms operating in wholesale secondary markets. The guide provides a holistic yet detailed overview of the state of play and key implementation pain points for AFME members, which
In this latest issue of Regulation Around the World we look at some of the key regulatory topics for 2025 in the following jurisdictions: United Kingdom, EU, France, Germany, Luxembourg, Netherlands, Italy, UAE, South Africa, Australia, Hong Kong, Singapore, Australia and China. We have not attempted to list every single reform expected this year but
On 17 March 2025, the European Parliament’s Economic and Monetary Affairs Committee published a draft report (dated 12 March 2025) on facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report).
Among other things the draft report supports the integration of institutional frameworks and