On 23 October 2026, the Council of the EU published its position at first reading (dated 21 October 2026) with a view to the adoption of the proposed Directive on payment services in the internal market amending Directive 98/26/EC and Regulation (EU) 2023/1114 and repealing Directives 2009/110/EC and (EU) 2015/2366.
On 21 October 2026, the European Parliament and the Council announced that they had reached agreement on the main parts of the review of the EU securitisation framework. The agreed compromise is a key step in the legislative process, which started with a European Commission (Commission) proposal in June 2025.
Background
The current
Following the adoption of the negotiating position of the Council, the legislative review of the Market Integration and Supervision Package (MISP) is progressing in the European Parliament as well. The European Parliament Economic and Monetary Affairs (ECON) Committee is currently reviewing the European Commission’s proposals. Following the publication of proposed amendments
The FIA’s European Agent-Trustee Model (EATM) represents one of the most significant recent developments in the European OTC derivatives clearing market. Launched at LCH Ltd in December 2025, the EATM offers clients and clearing members an alternative to the principal-to-principal clearing framework. In this Briefing Note, we explore: (i) how the EATM
On 15 October 2026, the European Securities and Markets Authority (ESMA) updated its manual on pre-trade and post-trade transparency under MiFID II/MiFIR.
The updated manual provides further guidance on the identification of over-the-counter (OTC) derivatives subject to transparency requirements, clarifies how the identifying reference data for OTC derivatives should be
On 1 October 2026, the Anti-Money Laundering Authority (AMLA) issued a Final Report on draft Regulatory Technical Standards (RTS) on the respective duties of the home and host supervisors, and the modalities of cooperation between them under Article 46(4) of the Sixth Anti-Money Laundering Directive (AMLD6).
The draft RTS
On 30 September 2026, the European Securities and Markets Authority (ESMA) issued its response to the European Commission’s public consultation on the review of Markets in Crypto-Assets Regulation (MiCA).
ESMA argues that the revisited MiCA framework should bring clearer token classification, more effective supervision of cross-border risks including stronger convergence tools
On 30 September 2026, the European Banking Authority (EBA) published its Work Programme outlining the key areas of focus and deliverables for 2027.
The EBA’s areas of focus for 2027 include finalising the implementation of the 2024 “banking package”, implementing the new payment services framework, supporting crisis management and deposit insurance reforms
On 18 September 2026, the European Banking Authority (EBA) published its Final Report on guidelines on the sound management of third-party risk regarding non-ICT services. The Final Report sets out the EBA’s response to feedback on its earlier consultation, together with the final text of the guidelines. The EBA presents the guidelines as