On 12 December 2025, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. The report concludes that the framework has been effectively implemented and finds no evidence of material issues.
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 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 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 25 September 2025, the European Securities and Markets Authority (ESMA) published updated reporting instructions and XML schema (version 1.2.0) for the weekly reporting of commodity derivatives positions under the Markets in Financial Instruments Directive II, reflecting the changes from the latest review. ESMA will start applying the new XML schema and reporting
On 25 September 2025, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2025/1493 of 11 June 2025 amending Commission Delegated Regulation (EU) No 876/2013 supplementing the European Markets Infrastructure Regulation as regards changes to the functioning and management of colleges for central counterparties.
Our earlier blog
On 17 September 2025, the Council of the EU (Council) published the text of a draft Regulation amending the Central Securities Depositories Regulation (CSDR) to shorten the mandatory settlement cycle for most securities traded on EU trading venues from two business days (T+2) to no later than one business day after
On 30 June 2025, the European Banking Authority (EBA) published a Final Report containing technical advice on a possible Delegated Act on fees for the validation of pro forma models.
Background
Regulation (EU) 2024/2987 amending the European Market Infrastructure Regulation (EMIR) grants the EBA certain additional tasks on models used by