On 4 December 2024, there was published in the Official Journal of the EU (OJ):
On 29 November 2024, the International Organization of Securities Commissions (IOSCO) issued a final report on the evolution in the operation, governance and business models of exchanges. The final report focuses on equity exchanges but may be of relevance to other types of trading venues and trading in other classes of financial instruments.
On 25 November 2024, the International Organization of Securities Commissions (IOSCO) published a report on its targeted implementation review of five of its “Principles for the Regulation and Supervision of Commodity Derivatives Markets”.
The five principles selected for review (Principles 9, 12, 14, 15, and 16) aim to address excessive commodity market volatility
On 25 November 2024, the International Organization of Securities Commissions (IOSCO) published its Final Report on Post Trade Risk Reduction Services: Sound Practices for Consideration, reflecting the results of IOSCO’s public consultation on the topic, which was launched on 26 January 2024.
IOSCO notes that it continues to follow the evolution
On 20 November 2024, the European Securities and Markets Authority (ESMA) issued a consultation on the conditions of the Active Account Requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3).
Background
EMIR 3 addresses financial stability risks caused by EU clearing members and clients being
On 19 November 2024, the European Securities and Markets Authority (ESMA) published a final report containing technical advice on the Central Securities Depositories Regulation (CSDR) penalty mechanism.
Background
The CSDR contains measures intended to prevent and address failures in the settlement of securities transactions (settlement fails), commonly referred to as settlement
On 19 November 2024, the Council of the EU issued a press release stating that it had adopted the Regulation amending the European Market Infrastructure Regulation and the related Directive amending various directives on the treatment of concentration risk towards central counterparties and the counterparty risk on centrally cleared derivative transactions.
Next steps
The draft
On 18 November 2024, the European Securities and Markets Authority (ESMA) issued a final report recommending that the migration to T+1 occurs simultaneously across all relevant instruments and that it is achieved in Q4 2027. ESMA believes that 11 October 2027 would be the optimal date for the transition and that a coordinated
On 6 November 2024, the Council of the EU published the text of the draft Directive amending Directives 2009/65/EC, 2013/36/EU and 2019/2034 as regards the treatment of concentration risk arising from exposures towards central counterparties and of counterparty risk in centrally cleared derivative transactions. The proposed amendments to Directives 2009/65/EC, 2013/36/EU and 2019/2034 are intended
On 29 October 2024, the European Banking Authority (EBA), in cooperation with the other European Supervisory Authorities, issued a short survey addressed to entities within the scope of the initial margin (IM) model authorisation regime introduced by the upcoming revised European Market Infrastructure Regulation (EMIR 3).
Background
EMIR 3