In our latest briefing note, we summarise the key changes introduced by the Payment Services Directive 3 and Payment Services Regulation, consider key divergences from PSD2, and outline what firms should be thinking about as they prepare for the new EU legislation.
SEC and CFTC progress toward harmonized crypto regulation
By Mark Highman, Liliana Martin & Sebastian Souchet on
Recent statements and staff actions by the Securities and Exchange Commission and the Commodity Futures Trading Commission reflect a meaningful shift toward a more structured and harmonized regulatory approach to digital assets that should assist in the integration of digital assets within US financial markets.
Read our alert here.
Call for technical advice to the ESAs on KPIs under the Disclosures Delegated Act
On 5 March 2026, the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) issued a Call for Advice inviting the European Supervisory Authorities to develop technical advice to inform the review of the Disclosures Delegated Act (Commission Delegated Regulation 2021/2178) under the Taxonomy Regulation.
The DG FISMA states that…
Council formally adopts CMDI review trilogue agreement
By Flupke van den Bogart on
On 5 March 2026, the Council of the EU formally adopted the legislative package for the crisis management and deposit insurance (CMDI) framework review in first reading. The formal adoption follows a political trilogue agreement with the European Parliament reached on 25 June 2025.
The legislative package was proposed by the European Commission…
FCA CP26/8: Quarterly consultation paper No. 51
- Client Assets Sourcebook (CASS): make consequential amendments to CASS 1, 7 and 8, following the proposed changes to
PRA publishes Policy Statement in relation to recognised exchanges policy and transfer of main indices
- introduce a new Recognised Exchanges Part in the PRA Rulebook specifying conditions under Article 4(1)(72)(c) of the Capital Requirements Regulation (
Draft SI: The Capital Requirements Regulation (Market Risk Transitional Provision) Regulations 2026
On 4 March 2026, there was published a draft of the Capital Requirements Regulation (Market Risk Transitional Provision) Regulations 2026.
Background
As the timing of the implementation of Basel 3.1 is not yet confirmed in some other major jurisdictions, the Prudential Regulation Authority (PRA) consider that implementing the final UK market risk…
Draft SI: The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026
On 4 March 2026, there was published a draft of the Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026.
Background
The Financial Services and Markets Act 2023 (FSMA 2023) repeals assimilated EU law relating to financial services, subject to commencement, to be replaced with rules set by regulators. In particular…
New briefing note – Gridlines Reg Focus: Upcoming Changes to the EU ETS and UK ETS – who is impacted?
In our latest briefing note, we explain the upcoming changes to the EU Emissions Trading System (EU ETS) and the UK Emissions Trading Scheme (UK ETS) as carbon pricing enters a new phase through the expansion of their emissions trading systems to cover new sectors while introducing broader carbon measures
ESMA final reports on RTS on margin transparency and cost of clearing under EMIR
On 2 March 2026, the European Securities and Markets Authority (ESMA) published the following final reports on draft regulatory technical standards (RTS) on margin transparency requirements and information on clearing fees and associated costs under the European Market Infrastructure Regulation (EMIR).
Background
On 24 June 2025, ESMA issued consultation…