In this latest episode of our Split the Difference podcast series, where we look into regulatory divergence in the markets space, we examine the commodity derivatives regime and the growing divergence between the UK and EU frameworks focussing on five critical areas: the position limits regime, position management controls, exemptions, position reporting and the ancillary
On 7 July 2026, the European Banking Authority (EBA) published a Final Report setting out draft guidelines on the authorisation of third country branches (TCBs) in accordance with Article 48c(8) of the Capital Requirements Directive IV (CRD IV) (as amended by Directive (EU) 2024/1619 (CRD VI)).
Background
On 7 July 2026, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2026/807 of 10 March 2026 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2023/206 as regards the updating of references and the alignment of terminology following amendments to the Capital Requirements
On 7 July 2026, the European Systemic Risk Board (ESRB) issued a warning (dated 25 June 2026) on systemic cyber risks stemming from frontier artificial intelligence models (FAIMs).
Warning
The warning notes that current evidence indicates that FAIMs are capable of discovering vulnerabilities, generating working exploits and autonomously executing full-scale cyberattacks
On 7 July 2026, the European Securities and Markets Authority (ESMA) issued a Supervisory Briefing on triangular passporting.
MiFID II does not explicitly cover, nor prohibit the practice of triangular passporting. Triangular passporting is the practice of authorised investment firms using a branch or tied agent established through the freedom of establishment (Article
On 3 July 2026, the European Securities and Markets Authority (ESMA) launched a Common Supervisory Action (CSA) on the risk management function of UCITS management companies and alternative investment fund managers across the EU. The CSA will be conducted throughout this year and next, in close collaboration with Member State competent
On 2 July 2026, the EU Anti-Money Laundering Authority (AMLA) issued a consultation paper on draft implementing technical standards (ITS) specifying the format to be used for the reporting of suspicions and for the provision of transaction records under Article 69(3) of Regulation (EU) 2024/1624 (AML Regulation).
Background
Article
On 3 July 2026, the European Securities and Markets Authority (ESMA) issued a Public Statement on the application of national product intervention measures on binary options to event contracts.
ESMA has issued this Public Statement in response the growing popularity of prediction markets – or event contracts – and increasing retail participation globally.
On 2 July 2026, the European Securities and Markets Authority (ESMA) issued a Final Report on its Call for Evidence (CfE) on a comprehensive approach for the simplification of financial transaction reporting
Background
Transaction reporting obligations have expanded over time across multiple EU legislative regimes, most notably MiFIR, EMIR and SFTR