- Leverage in NBFI: Final report. This final report addresses financial stability risks created by NBFI leverage, focusing on risks that may arise: (i) in
FSB publishes reports on its work on NBFI
IOSCO statement on combatting online harm and the role of platform providers
On 21 May 2025, the International Organization of Securities Commissions (IOSCO) issued a statement on combatting online harm and the role of platform providers.
Among other things IOSCO identifies in the statement certain measures currently used in some jurisdictions that can help disrupt online harm involving financial misconduct and encourages platform providers to
IOSCO reports on finfluencers, online imitative trading practices and digital engagement practices
As part of the third wave of its Roadmap for Retail Investor Online Safety, the International Organization of Securities Commissions (IOSCO) published on 19 May 2025 final reports on finfluencers, online imitative trading practices and digital engagement practices (DEPs). All three reports identify good practices that regulators could consider in managing
FSB chair letter to G20 Finance Ministers
On 23 April 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 23-24 April.
In the letter Mr Knot reflects on the progress made in addressing global challenges to financial stability and outlines priorities for
Regulation Around the World: Issue 14 – 2025 Global Horizon Scanning
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
IOSCO Work Programme 2025
- Prioritize issues related to non-bank financial intermediation again in 2025.
- Continue its review of the IOSCO Principles for the Valuation of Collective Investment Schemes.
- Spearhead a series
FSB Chair calls for renewed focus on implementation
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
IOSCO final report on thematic review on technological challenges to effective market surveillance
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
ESMA consults on EU code of conduct for issuer-sponsored research
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
ESMA MiFIR review final report – Review of RTS 2 on transparency for bonds, structured finance products and emission allowances and RTS on reasonable commercial basis
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