- Scope: the rules apply to all financial firms,
- Application: the rules cover
Dutch proposal to narrow the bonus cap
ESMA publishes principles on risk-based supervision
On 9 January 2026, the European Securities and Markets Authority (ESMA) issued non-binding principles for risk-based supervision which are intended to support a common and effective EU-wide supervisory culture and strengthen the EU Single Market.
The principles apply to Member State competent authorities and ESMA when carrying out direct supervision. They are intended
Global Asset Management Review – Issue 4
- Update on the UK listed fund sector.
- Overview of funds market and fundraising environment.
- Tokenisation from pilot to practice: A UK manager’s guide
AML Enforcement on the Rise
In the first instalment of our global horizon scanner series, our team consider the growing trend of increased regulatory enforcement relating to anti-money laundering.
Although there is some variation in these priorities between regulators, we have seen an increase across the board in enforcement actions. We take a look at jurisdictions where there have been
ESMA MiFIR Review Final Report – on transparency for derivatives, package orders and input/output data for the dedicates consolidated tape
On 15 December 2025, the European Securities and Markets Authority (ESMA) published its MiFIR Review Final Report proposing amendments to MiFIR’s Level 2 provisions specifying the transparency requirements for derivatives, package orders, and input/output data for the over-the-counter (OTC) derivatives consolidated tape.
Background
The Final Report follows ESMA’s earlier consultation, the
Council Conclusions on simplifying the Union’s financial services regulation
On 12 December 2025, the Council of the EU published its conclusions on simplifying the Union’s financial services regulation.
In the conclusions the Council calls on the European Commission to put forward ambitious simplification packages for the EU’s financial services regulation which should include clear priorities and timelines as well as planned initiatives. The Commission
Simplification of ESRB tasks through legislative amendments
On 11 December 2025, the European Systemic Risk Board (ESRB) published a report (dated 31 October 2025) in which it identifies and lists the tasks assigned to it by EU legislation beyond the ESRB Regulation. It then categorises them from a content point of view, classifying them into four types according to their
Draft implementation decree on financial services contracts concluded at a distance published for consultation
On 3 December 2025, the Dutch Ministry of Finance published the draft implementation decree on financial services contracts concluded at a distance (the Draft Decree) for consultation and amends the rules on the provision of information to consumers by financial service providers, investment firms, fund managers, crypto-asset service providers and crowdfunding service providers.
The
Operating in a world of considerable challenge – FSB Chair’s letter to G20
On 20 November 2025, the Financial Stability Board (FSB) published a letter from its Chair to G20 leaders ahead of their summit on 22-23 November 2025.
In his letter FSB Chair, Andrew Bailey, refers to the challenging economic outlook, noting that the FSB is operating in a “world of considerable challenge”, and calls
New briefing note – MiFIR and MiFID II review A further ten key things that EU financial institutions should know
In February 2024 we published a briefing note, MiFIR and MiFID II review: ten key things that EU financial institutions should know, which summarized the key features of the draft legislation that was generally known as the ‘MiFID II / MiFIR review’ and was designed to update both the Markets in Financial Instruments Directive