On 3 October 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) on MiFID II sustainability requirements. ESMA will launch this CSA with Member State competent authorities (NCAs), with the goal being to assess the progress made by intermediaries in the application of the key sustainability requirements … Continue Reading
On 3 October 2023, the European Securities and Markets Authority’s (ESMA) guidelines on certain aspects of the MiFID II suitability requirements came into force. ESMA expects these guidelines to promote greater convergence in the interpretation of and supervisory approaches to the MIFID II suitability requirements by emphasising a number of important issues and thereby enhancing … Continue Reading
On 3 October 2023, the European Securities and Markets Authority’s (ESMA) guidelines on the MiFID II product governance requirements came into force. The guidelines apply in relation to the manufacturing or distribution of financial instruments and structured deposits. In particular, the guidelines apply in relation to the following requirements:… Continue Reading
On 29 September 2023, the European Banking Authority (EBA) published Technical Advice on two delegated acts that the European Commission (Commission) is mandated to develop under the Regulation on Markets in Crypto-Assets (MiCA). These include a delegated act on the most relevant indicators in relation to specific criteria for determining whether asset-referenced tokens (ARTs) and … Continue Reading
On 29 September 2023, the European Commission published Commission Delegated Regulation (EU) of 29 September 2023 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying requirements on credit scoring of crowdfunding projects, pricing and crowdfunding offers and risk management policies and procedures. The draft technical … Continue Reading
On 28 September 2023, the European Securities and Markets Authority (ESMA) published its Annual Work Programme for 2024. In its Annual Work Programme, ESMA sets out the following objectives for 2024:… Continue Reading
On 27 September 2023, the European Supervisory Authorities (ESAs) co-published a report on the landscape of information and communication technology (ICT) of third-party providers (TTP) in the EU. The report sets out the results of a high-level analysis, carried out by the ESAs together with Member State competent authorities with the objective of getting a … Continue Reading
On 26 September 2023, the European Commission published Commission Implementing Regulation (EU) of 26 September 2023 amending the implementing technical standards laid down in Commission Implementing Regulation (EU) No 945/2014 as regards an update of the list of relevant appropriately diversified indices in accordance with the Capital Requirements Regulation. The Commission has also published an … Continue Reading
On 20 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The legislative package contains amending proposals to the EU regime for the recovery and resolution of credit institutions. The legislative package consists of: … Continue Reading
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this first episode Floortje Nagelkerke and Nikolai de Koning from our Amsterdam office discuss what they are seeing in the Dutch market touching on the local regulator’s work … Continue Reading
On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at … Continue Reading
On 19 September 2023, the European Central Bank (ECB) published a speech by Frank Elderson (Member of the ECB Executive Board and Vice-Chair of the ECB Supervisory Board) entitled Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it. The speech discusses what the ECB assesses in terms … Continue Reading
On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration. Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and acquisitions. They are typically structured as … Continue Reading
On 12 September 2023, the European Parliament announced that MEPs have adopted a proposed new directive on consumer credits. The new directive on consumer credits, already agreed between Parliament and Council negotiators in December 2022, aims to make the credit markets function smoothly while ensuring a high level of consumer protection. The legislation will cover … Continue Reading
On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution. This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency. The compendium looks at key aspects of … Continue Reading
On 11 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/1718 of 8 September 2023 amending the implementing technical standards laid down in Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation. The Implementing Regulation inserts a … Continue Reading
On 29 August 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a debate on the European Commission’s (Commission) proposal amending the European Market Infrastructure Regulation (Regulation (EU) 648/2012) (EMIR) as part of the clearing review. The clearing review proposals were adopted and published by the Commission in December 2022 with the … Continue Reading
On 7 September 2023 members of the European Parliament’s Industry, Research and Energy Committee (ITRE) adopted a final report on the European Commission’s proposal to amend the Wholesale Energy Market Integrity and Transparency (REMIT) Regulation. By way of background, the package of legislative measures published by the European Commission (Commission) in March 2023 was designed … Continue Reading
On 6 September 2023, the European Commission published Commission Delegated Regulation (EU) of 6 September 2023 supplementing Regulation (EU) No 575/2013 of the European Parliament and of Council with regard to regulatory technical standards (RTS) specifying the criteria for the identification of shadow banking entities referred to in Article 394(2) of Regulation (EU) No 575/2013. … Continue Reading
On 6 September 2023, the Financial Stability Board (FSB) published a progress report on enhancing the resilience of non-bank financial intermediation (NBFI). The March 2020 turmoil underscored the need to strengthen resilience in the NBFI sector, as key funding markets experienced acute stress and public authorities needed to take a wide range of measures to … Continue Reading
On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit. The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and enhance its … Continue Reading
Global businesses are operating in an ever-changing and increasingly complex regulatory landscape. It is of vital importance that these businesses can manage implementation and regulatory change programmes effectively, on a global basis. In our latest briefing note, we set out some practical steps for firms looking to manage global implementation and change projects in rule-mapping, … Continue Reading
On 23 August 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/1651 of 17 May 2023 supplementing Directive (EU) 2019/2034 (the Investment Firms Directive or IFD) with regard to regulatory technical standards (RTS) for the specific liquidity measurement of investment firms under Article 42(6) of the … Continue Reading
On 3 August 2023, the European Securities and Markets Authority (ESMA) published updated Questions and Answers (Q&As) on the European crowdfunding service providers for business Regulation (ECSPR). New Q&As have been added covering:… Continue Reading
