On 5 November 2025, the Financial Conduct Authority (FCA) published Consultation Paper 25/30: Streamlining the UK EMIR Intragroup Regime (CP25/30).
Background
The UK European Market Infrastructure Regulation (UK EMIR) provides exemptions from the clearing obligation and margin requirements for intragroup transactions, as long as they meet certain conditions.
Should
On 29 October 2025, the European Commission (Commission) adopted a Commission Delegated Regulation supplementing the European Market Infrastructure Regulation with regard to regulatory technical standards (RTS) specifying the operational conditions, the representativeness obligation and the reporting requirements related to the active account requirement.
The Commission’s adoption of the Delegated Regulation follows
On 23 October 2025, the Financial Conduct Authority (FCA) issued a Dear Compliance Officer letter to those firms within its Asset Management and Alternative Firms portfolio. The letter sets out the FCA’s expectations ahead of the market transition from a T+2 to a T+1 securities settlement cycle on 11 October 2027.
Background
The
On 14 October 2025, there was published in the Official Journal of the EU (OJ), Regulation (EU) 2025/2075 of 8 October 2025 amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union. The Regulation enters into force on the twentieth day following its publication in OJ (3 November 2025).
On 13 October 2025, the European Securities and Markets Authority (ESMA) issued a Final Report on amendments to Commission Delegated Regulation (EU) 2018/1229 (the Regulatory Technical Standards (RTS) on settlement discipline) which supplements the Central Securities Depositories Regulation (CSDR).
Background
Regulation (EU) 2023/2845 (CSDR Refit) has made
On 9 October 2025, the European Securities and Markets Authority (ESMA) published a Consultation Paper on draft Regulatory Technical Standards (RTS) on the elements to be considered when central counterparties (CCPs) define participation requirements.
Regulation (EU) No 2024/2987 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131
On 9 October 2025, the Bank of England (BoE) issued a consultation paper setting out its proposed fees regime for financial market infrastructure (FMI) supervision 2025/26.
In the consultation paper the BoE has set out a table (Table A) which sets out the expected charge for each category of FMI. A
On 9 October 2025, the European System of Central Banks (ESCB) publicly reaffirmed its commitment to the updated FX Global Code (the Code).
All ESCB members, including the European Central Bank (ECB), have renewed their Statements of Commitment to the Code demonstrating their strong commitment to adhere to its principles when acting
On 8 October 2025, the Bank of England (BoE) published a speech by Sasha Mills (Executive Director, Financial Market Infrastructure) entitled From new ideas to new market structures, how innovation is reshaping the financial system. In this speech, Sasha Mills explores how emerging ideas and technologies – such as distributed ledgers –