AIFMD 2: Quick guide to Member State activity
On 26 March 2024, the final legislative text of the Alternative Investment Fund Managers Directive 2 (AIFMD 2) was published in the Official Journal of the EU. The publication marked the conclusion of the AIFMD Review process that formally began in 2020. AIFMD 2 amends
CRD VI: Quick guide to Member State activity
On 27 October 2021, the European Commission adopted a Banking Package which set out proposed amendments to EU banking rules contained in the Capital Requirements Regulation and the Capital Requirements Directive IV. The main purpose of the amendments was to implement the outstanding elements of the Basel
On 19 June 2025, the European Securities and Markets Authority (ESMA) published its Final Report setting out draft regulatory technical standards (RTS) on the conditions of the Active Account Requirement (AAR).
Background
Regulation (EU) 2024/2987 seeks to address financial stability risks caused by EU clearing members and clients being
On 18 June 2025, the Council of the EU issued a press release stating that Member States’ representatives (Coreper) had approved the Council’s stance on the proposed Payment Services Regulation and the Payment Services Directive 3. The agreement on the Council’s negotiating mandate allows the Presidency to start negotiations with the European Parliament on a
On 18 June 2025, the Council of the EU issued a press release stating that it had reached provisional agreement with the European Parliament on a proposed amendment to the Central Securities Depositories Regulation which will shorten the settlement cycle from no later than two business days (the so-called ‘T+2’) to no later than one
On 17 June 2025, the European Commission (Commission) published a legislative package on the review of the securitisation framework in the EU.
Background
The current EU securitisation framework consists of the Securitisation Regulation, which sets out a general framework for all securitisations in the EU and a specific framework for simple, transparent
On 18 June 2025, the European Banking Authority (EBA) issued a consultation paper on draft regulatory technical standards (RTS) specifying the minimum list of information to be provided to the competent authorities at the time of the notification under Article 23(6) of the Capital Requirements Directive IV (CRD IV).
Background
The
On 18 June 2025, the European Commission adopted a Delegated Regulation amending the regulatory technical standards (RTS) laid down in Delegated Regulations (EU) 2017/583 and (EU) 2017/587 as regards transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances, and equity instrument.
Background
The review of
On 18 June 2025, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2025/1190 of 13 February 2025 supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria used for identifying financial entities required to perform threat-led penetration testing
On 13 June 2025, the European Securities and Markets Authority (ESMA) published its Annual Report for 2024.
The Annual Report provides an account of the activities carried out by ESMA in the implementation of its mandate and work programme in 2024.
Among other things the Annual Report notes that in 2024 ESMA