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On 16 December 2025, the European Banking Authority (EBA) issued a Final Report containing draft Regulatory Technical Standards (RTS) on the determination of the threshold referred to in Article 54(5) of the Central Securities Depositories Regulation (CSDR) and accompanying appropriate risk management and accompanying prudential requirements to mitigate risks…

On 17 November 2025, the European Securities and Markets Authority (ESMA) issued a peer review report on the supervision of depositary obligations.

Peer review

The report sets out ESMA’s findings following a peer review on the supervision of depositary obligations, under two supervisory expectations, oversight and safekeeping. For oversight there were two…

On 30 April 2025, the European Securities and Markets Authority published the results of the annual transparency calculations for non-equity instruments and new quarterly liquidity assessment of bonds under MiFID II and MiFIR. The results of the annual transparency calculations for non-equity instruments will apply from 2 June 2025. The transparency requirements for bonds deemed…

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.

We will resume posting material following the festive period on 7 January 2025 although if there are any significant developments we will endeavour to provide an update.

1. Introduction

      Three claims by individuals against motor finance lenders have recently been upheld by the Court of Appeal which decided that they should receive refunds of commission payments that the lenders had made to the car dealers who were acting as intermediaries/ brokers in respect of the finance arrangements (interest was also awarded to…

      This article was co-authored by Michele Beck, Tom Clark, Masooma Saberi, and Vivian Truong.

      In October 2024, the Australian Securities and Investments Commission (ASIC) was successful in its action against a life insurer in relation to misleading statements. ASIC issued or proposed updates in relation to licensing and professional registration activities, OTC derivative transaction reporting…

      The Department of Justice (DOJ) announced on September 17, 2024 that it has withdrawn its 1995 Bank Merger Guidelines, effectively overhauling how it reviews M&A transactions involving banks and bank holding companies. According to the DOJ, the 2023 Merger Guidelines are its sole authoritative statement across all industries that identify the factors and…