On 13 August 2025, there was published in the Official Journal of the European Union European Central Bank Decision (EU) 2025/1734 on safeguards in relation to access by central counterparties (CCPs) to the Eurosystem’s dedicated overnight credit facility under TARGET. The ECB Decisions was adopted on 31 July 2025 where eligible CCPs (those…

On 13 August 2025, the Single Resolution Board (SRB) published a consultation on its operational guidance for banks on separability and transferability of transfer tools, specifically in the form of share or asset deals.

Overview

The purpose of the consultation is to provide operational guidance for banks to demonstrate their capabilities to support…

On 12 August 2025, the European Systemic Risk Board (ESRB) published a report that provides a compliance assessment on sub-recommendation A(1) of the ESRB recommendation of 2 December 2021.

Overview

On 2 December 2021, the General Board of the ESRB adopted Recommendation ESRB/2021/7 (Recommendation) on a pan-European systemic cyber incident coordination…

On 13 August 2025, the Financial Ombudsman Service (FOS) published a consultation paper on changing its case fee structure.

Background

In December 2024, regulations made by HM Treasury gave the FOS the power to charge professional representatives a case fee. From 1 April 2025, following public consultation and consideration of feedback from stakeholders…

On 7 August 2025, the Financial Conduct Authority (FCA) published its findings on firms’ approach to off-channel communications (those that take place outside of monitored, recorded channels a firm has permitted). We have published a summary of the paper here.

It may be a matter of concern to firms that the FCA…

Following on from our previous briefing on this case, the Upper Tribunal (UT) has upheld the FCA’s decisions to fine and prohibit three bond traders in connection with spoofing (albeit that the UT concluded that the fines should be reduced for two of the individuals).  Key takeaways are set out below but for…

On 26 June 2025, the European Securities and Markets Authority issued a Final Report on the UCITS Eligible Assets Directive (EAD).

We have published a new briefing note on the report, which covers the key issues and proposals, as well as the next steps for the UCITS EAD.

In the latest episode of our podcast series, Let’s talk asset management, Frank Herring and Simon Lovegrove discuss the proposals contained in the European Securities and Markets Authority’s Final Report on the UCITS Eligible Assets Directive.

Listen to the episode here.