On 19 February 2025, the International Organization of Securities Commissions (IOSCO) issued a final report setting out its findings following a thematic review of its recommendations from the 2013 report ‘IOSCO Report Technological Challenges to Effective Market Surveillance: Issues and Regulatory Tools’.
In summary, most market authorities have implemented the recommendations and have
On 20 November 2024, the European Supervisory Authorities (ESAs) published a final report on joint guidelines on the system established by the ESAs for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market
On 14 February 2025, the European Securities and Markets Authority (ESMA) issued a press release stating that it was launching a common supervisory action (CSA) with Member State competent authorities on compliance and internal audit functions of UCITS management companies and Alternative Investment Fund Managers (AIFMs) across the EU.
On 11 February 2025, the Eurosystem updated its European framework for threat intelligence-based ethical red-teaming (TIBER-EU framework) to align with the regulatory technical standards (RTS) of the Digital Operational Resilience Act (DORA) on threat-led penetration testing (TLPT).
Background
The TIBER-EU framework sets out comprehensive guidance on how
On 12 February 2025, the European Commission published a proposal to shorten the settlement cycle for EU securities from two days to one, through a targeted amendment to the Central Securities Depositories Regulation (CSDR).
The proposed legislative amendment would shorten the settlement cycle on securities, such as shares or bonds executed on EU
On 13 February 2025, the European Central Bank (ECB) published a speech: From concept to delivery: accounting for climate and nature in maintaining price stability and keeping banks safe and sound, which was delivered by Frank Elderson, a member of the ECB’s Executive Board and vice-chair of its Supervisory Board, at the MNI Webcast
On 10 February 2025, the European Commission issued a consultation on a draft Delegated Regulation that amends Commission Delegated Regulation (EU) 2022/930 as regards fees relating to the supervision by the European Securities and Markets Authority (ESMA) of consolidated tape providers (CTPs).
Key points include:
On 6 February 2025, the European Commission issued a consultation on a draft Delegated Regulation amending Commission Delegated Regulation (EU) 2022/803 by specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities Markets Authority regarding data reporting service providers.
Article 1 of the draft
On 6 February 2025, the European Commission published the keynote address of Commissioner Albuquerque at the ESMA Conference.
The title of the address is Shaping a prosperous future for Europe: The Savings and Investments Union.
In the address Commissioner Albuquerque discusses the underlying drivers of the Savings and Investments Union. This includes empowering EU
On 3 February 2025, the European Securities and Markets Authority published the results of its survey conducted last October on legal entities identifiers (LEIs).
The purpose of the survey was to collect feedback from market participants on the opportunities and challenges, costs and benefits, of using different identifiers (other than the LEI) in