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
On 5 September 2025, the European Banking Authority (EBA) published the draft technical package for version 4.2 (v 4.2) of its reporting framework which contains validation rules, DPM and XBRL taxonomies. Among other things it includes new reporting requirements under the Capital Requirements Regulation 3 and Capital Requirements Directive 6 in
On 20 August 2025, Commission Delegated Regulation 2025/885, supplementing the Regulation on markets in crypto-assets 2023/1114 (MiCA) with regard to regulatory technical standards (RTS) on market abuse, was published in the Official Journal of the European Union.
The RTS specify regulations regarding systems and controls, templates for reporting, and co-operation