In this latest issue of Regulation Around the World we look at some of the key regulatory topics for 2025 in the following jurisdictions: United Kingdom, EU, France, Germany, Luxembourg, Netherlands, Italy, UAE, South Africa, Australia, Hong Kong, Singapore, Australia and China. We have not attempted to list every single reform expected this year but
On 12 March 2025, the International Organisation of Securities Commissions (IOSCO) issued its work programme for 2025.
The 2025 work programme includes that IOSCO will:
On 24 February 2025, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 26-27 February. Among other things the letter notes that with key reforms developed or nearing completion, the FSB is shifting toward a greater
On 19 February 2025, the International Organization of Securities Commissions (IOSCO) issued a final report setting out its findings following a thematic review of its recommendations from the 2013 report ‘IOSCO Report Technological Challenges to Effective Market Surveillance: Issues and Regulatory Tools’.
In summary, most market authorities have implemented the recommendations and have
On 18 December 2024, the European Securities and Markets Authority (ESMA) issued a consultation paper setting out proposed regulatory technical standards (RTS) establishing an EU code of conduct for issuer-sponsored research by the EU Listing Act Directive.
Background
Article 1(2)(a) of the EU Listing Act Directive introduces new paragraphs 3a to
On 16 December 2024, the European Securities and Markets Authority (ESMA) issued a final report regarding its mandates under the MiFIR Review on bond trade transparency and reasonable commercial basis (RCB).
Background
The MiFIR Review (Regulation (EU) 2024/7913) sought to improve pre- and post-trade transparency and introduced two new articles, Article
On 16 December 2024, the European Securities and Markets Authority (ESMA) issued a final report setting out proposed amendments to certain technical rules concerning commodity derivatives, as mandated by the adopted amendments to the Markets in Financial Instruments Directive II (revised MiFID II).
Background
Directive (EU) 2014/790 amends MIFID II and
On 16 December 2024, the European Securities and Markets Authority (ESMA) issued a Feedback Statement regarding the criteria to assess consolidated tape provider (CTP) applicants.
In the Feedback Statement ESMA summarises the input received on its initial reflections on the specification of the assessment criteria for the CTP selection procedures, as
On 16 December 2024, the European Securities and Markets Authority (ESMA) issued a final report on technical standards related to consolidated tape providers (CTPs) and data reporting service providers (DRSPs).
Background
In May 2024, ESMA published a Consultation Paper presenting draft technical standards covering: (i) the input and output
On 16 December 2024, the European Securities and Markets Authority (ESMA) issued a final report on equity transparency under MIFID II.
Summary
In summary the final report presents proposed changes to the MiFID II level 2 provisions on equity transparency covering: