ESMA has recently provided some answers to questions from market participants on the new rules around incorporation by reference under the EU Prospectus Regulation. This follows the changes brought in under the EU Listing Act...more
On 12 June 2025, ESMA published its Final Report on the more detailed content requirements of the changes introduced by the EU Listing Act to the EU Prospectus Regulation, including in relation to the standardised format and...more
As part of the European Commission’s strategy for financing the transition to a sustainable economy, the EU has been debating for some time how best to put in place a regulatory regime for EU green bonds. This resulted in...more
The European Parliament has recently approved the final EMIR texts, known as “EMIR 3.0” that were agreed between the Council of the EU and the European Parliament in February and which introduce changes to the current EMIR...more
On 8 March 2024, the final consolidated revised Markets in Financial Instruments Regulation (MiFIR) (Regulation (EU) 2024/791) and Markets in Financial Instruments Directive (MiFID II) (Directive (EU) 2024/790) texts were...more
On 8 March 2024, the final consolidated revised Markets in Financial Instruments Regulation (MiFIR) ((EU) 2024/791) and Markets in Financial Instruments Directive (MiFID II) (Directive (EU) 2024/790) texts were published in...more
The updated reporting rules under EMIR for new and outstanding derivatives trades will apply from 29 April 2024 under EU EMIR and 30 September 2024 under UK EMIR. Key changes to the reporting requirements have been introduced...more
As part of the European Commission’s strategy for financing the transition to a sustainable economy, the EU has been debating for some time how best to put in place a regulatory regime for EU green bonds. This has resulted...more
Following the publication of the European Commission’s 2024 work programme and announcements from the UK Government, this article explores how both the UK and the EU are focusing on closing out the remaining legislative files...more
ESMA has issued a statement on sustainability disclosure in prospectuses issued under the EU Prospectus Regulation. Although the statement is directed to EU National Competent Authorities, ESMA makes it clear that its...more
On 23 May 2023, the European Council and the European Parliament reached a provisional agreement on three proposals jointly creating the European Single Access Point (ESAP) as part of the Capital Markets Union Action Plan. ...more
On 13 June 2023, the European Commission published a proposal for a regulation on the transparency and integrity of ESG rating activities, following concerns about the reliability, comparability and transparency of ESG...more
6/21/2023
/ Data Collection ,
Environmental Impact Report (EIR) ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Green Deal ,
Green Finance ,
Investment ,
Popular ,
Ratings ,
Regulatory Agenda ,
Regulatory Reform ,
Securitization ,
Structured Finance ,
Sustainable Finance
Following the political agreement reached on the Regulation on European Green Bonds (the so-called EU Green Bond Standard) and optional disclosures for bonds marketed as environmentally sustainable and sustainability-linked...more
Everybody knows that, logically, banks can fail. Few expect them to. Silicon Valley Bank (SVB), the U.S.’s 16th largest bank, was closed on 10 March 2023, and the Federal Deposit Insurance Corporation (FDIC) appointed as...more
3/27/2023
/ Bank Recovery and Resolution Directive (BRRD) ,
Banking Sector ,
Banks ,
EU ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Insolvency ,
ISDA ,
Risk Management ,
Silicon Valley
The EU Corporate Sustainability Reporting Directive, recently adopted by the European Parliament, introduces more detailed sustainability reporting obligations for certain categories of undertakings. Third country entities...more
The High Court of England and Wales has recently provided welcome clarification around the nature of events of default under derivatives contracts governed by the ISDA Master Agreement, in particular in relation to whether an...more
The UK’s Temporary Transitional Power (TTP) that allowed firms time to adapt to the new requirements following the UK’s withdrawal from the European Union on 31 December 2020, is ending on Thursday 31 March 2022. UK regulated...more
EU and UK derivatives counterparties are now having to grapple with different sets of rules in the EU and the UK when trading derivatives with each other, following the end of the Brexit transition period on 31 December 2020....more
Following the end of the Brexit transition period, debt capital markets participants may now need to consider both EU rules and the parallel UK rules for EU and UK transactions, particularly those that are cross-border. ...more
3/4/2021
/ Bail-In Provisions ,
Benchmarks ,
Capital Markets ,
Credit Rating Agencies ,
Debt ,
Debt Market ,
EU ,
EU Prospectus Regime ,
Financial Services Industry ,
Financial Transactions ,
Home Member State ,
International Capital Markets Association (ICMA) ,
Libor ,
Market Abuse ,
UK ,
UK Brexit
The current COVID-19 pandemic has led to huge disruption in financial markets and larger collateral swings. This note sets out some issues market participants may need to consider in relation to collateral under OTC...more
5/4/2020
/ Basel Committee on Banking Supervision (BCBS) ,
Collateral ,
Coronavirus/COVID-19 ,
Counterparties ,
Derivatives ,
EU ,
Financial Markets ,
IOSCO ,
ISDA ,
Margin Requirements ,
Over The Counter Derivatives (OTC)