News & Analysis as of August 9, 2025

European Securities and Markets Authority (ESMA)

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

EBA publishes report on direct provision of banking services from third countries under CRD VI

A&O Shearman on 8/8/2025

The European Banking Authority (EBA) has published its report under Article 21c(6) of the Capital Requirements Directive VI on whether to amend the provisions governing the direct provision of core banking services from third...more

Regulatory monitoring: EU version - July 2025

A&O Shearman on 8/5/2025

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EBA: Report on the exemption of third country undertakings from the requirement to set-up a branch for the provision of banking services to EU...more

Regulatory monitoring - July 2025

A&O Shearman on 8/4/2025

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU EBA: Report on the exemption of third country undertakings from the requirement to set-up a branch for the provision of banking services to EU...more

MiCA and Reverse Solicitation

Barnea Jaffa Lande & Co. on 4/3/2024

Non-EU or non-MiCA compliant entities that want to offer or provide crypto-asset services to clients in the EU must be aware of the newly drafted guidelines from the European Securities and Markets Authority (ESMA). The...more

ESMA Publishes Final Cross-Border Marketing Technical Standards

Cadwalader, Wickersham & Taft LLP on 1/11/2023

On 21 December 2022, ESMA published a final report in relation to draft technical standards for cross-border fund management activities and the cross-border marketing of investment funds within the EEA under the UCITS and...more

The Share Trading Obligations – A New Year’s Mess

BCLP on 12/23/2020

Diverging approaches to Share Trading Obligations from the FCA and ESMA pose challenges for investment firms in a post-Brexit Europe. With 1 January 2021 creeping closer and the hope of securing an effective Brexit deal...more

Financial institutions general regulatory news, July 2020 #4

Hogan Lovells on 7/29/2020

BigTech: International Banking Federation report - The House of Lords EU Services Sub-Committee has published the letter it has sent to John Glen, Economic Secretary and City Minister, on the UK-EU negotiations in...more

European Supervisory Authorities Publish Guidelines on AML/CTF Cooperation

A&O Shearman on 1/2/2020

The European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority (collectively known as the European Supervisory Authorities) have published joint guidelines...more

Regulation Round Up - November 2019

Proskauer Rose LLP on 12/4/2019

1 November - The Prudential Regulation Authority ("PRA") published a Dear CEO letter in relation to the reliability of regulatory returns. Firms are expected, if asked, to be able to respond promptly to a request from...more

EU Legislative Package for Cross-Border Distribution of Investment Funds Published

A&O Shearman on 7/24/2019

A Regulation and a Directive aimed at facilitating the cross-border distribution of investment funds have been published in the Official Journal of the European Union. The Directive amends the Directive on Undertakings for...more

Financial Regulatory Observer – June 2019: No-deal Brexit: Challenges for trading venues and their participants

White & Case LLP on 7/1/2019

There is no silver bullet for maintaining cross-border trading if the UK leaves the EU without a deal. The date of Brexit has been delayed until (at least) October 31, 2019, but there is little sign that financial...more

Brussels Regulatory Brief: June 2019

K&L Gates LLP on 6/27/2019

INSTITUTIONAL DEVELOPMENTS - The New European Parliament: More Fragmentation, Ad Hoc Coalitions, And Greener Policies? The results of the May 2019 European Parliament (“EP”) elections resulted in a more complex European...more

Financial Regulatory Observer – March 2019: FRO in-depth: The future of cryptoassets regulation

White & Case LLP on 4/1/2019

Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more

On the Existence of a Pan-European Reverse Solicitation Regime Under MiFID II, and Its Importance on a ‘Hard’ Brexit

A&O Shearman on 2/19/2019

This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K. into...more

ESMA Sounds a Death Knell for Cross-Border Exchange Access, in Conflict With UK Legislation and MiFIR

A&O Shearman on 11/29/2017

Guidance of questionable legal accuracy from the European Securities and Markets Authority (ESMA) casts doubt on the ability of non-EU members of EU exchanges to provide client access to such exchanges through a technique...more

I’m OK, Eur OK; At Long Last, U.S.-EU CCP Recognition is Mutual

K&L Gates LLP on 2/19/2016

On February 10, the U.S. Commodity Futures Trading Commission (“CFTC”) and the European Commission (“EC”) announced a much-anticipated transatlantic agreement to harmonize European Union (“EU”) and U.S. regulations concerning...more

Dodd-Frank at 4: Where do we go from here?

Morrison & Foerster LLP on 8/6/2015

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

ESMA Publishes Final Report on Draft Rules Under MiFID II

Katten Muchin Rosenman LLP on 7/17/2015

On June 29, the European Securities and Markets Authority (ESMA) published its final report (Report) on draft rules (both draft implementing technical standards (ITS) and draft regulatory technical standards (RTS)) relating...more

Corporate and Financial Weekly Digest - Volume X, Issue 10

Katten Muchin Rosenman LLP on 3/16/2015

In This Issue: - NYSE Amends "Late Filer Rule" - CFTC Responds to District Court's Remand Order on Certain Cross-Border Swaps Rules - Delaware Chancery Court Addresses Proper Purpose for Inspection Demand...more

Preparing for AIFMD: Some Practical Tips, Part 1

K&L Gates LLP on 2/19/2013

In This issue: - A general round-up of key provisions in the AIFMD level 2 implementing regulations - Scope of the AIFMD - Timetable and transitional relief - Cross-border marketing - Delegation and...more

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