Securities

At a meeting of the SEC’s Small Business Capital Formation Advisory Committee, SEC Chair Paul Atkins and Commissioner Hester Peirce emphasized the need to lower costs and to reexamine the utility of Regulation A (“Conditional Small Issues Exemption”) as a capital-raising tool.

The full update can be found here on our US Regulatory Intelligence platform.

On 8 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing technical advice on amendments to the research provisions in the MiFID II Delegated Directive (Commission Delegated Directive (EU) 2017/593 of 7 April 2016) in the context of the Listing Act (Regulation (EU) 2024/2809 and Directive (EU) 2024/2810).

On 28 March 2025, the International Capital Market Association published an updated version of its Recommendations for Reporting under the Securities Financing Transaction Regulation.  A blackline version has been published alongside the updated version, highlighting the changes.