News & Analysis as of July 24, 2025

Financial Regulatory Reform

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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 -

EMIR 3 – the active account requirement

A&O Shearman on 7/21/2025

The latest revisions to the European Market Infrastructure Regulation (known as EMIR 3)1 brought about numerous changes affecting cleared markets, with potential impacts both within and outside the EU. Among these is the...more

Corrigendum to EMIR 3 clarifies AML/CFT references

A&O Shearman on 7/11/2025

A Corrigendum to Regulation (EU) 2024/2987, referred to as the revised European Market Infrastructure Regulation (EMIR 3), has been published in the Official Journal of the European Union. This Regulation amends Regulations...more

EC adopts amendments to Delegated Regulation No 876/2013 to align with EMIR 3 reforms

A&O Shearman on 6/19/2025

The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) No 876/2013, which supplements EMIR (Regulation (EU) No 648/2012) in relation to the functioning and management of colleges for...more

ESMA response to EC's review of commodity derivatives markets

A&O Shearman on 5/15/2025

The European Securities and Markets Authority (ESMA) has published a response to the European Commission's consultation on the functioning of commodity derivative markets and certain aspects of spot energy markets. ESMA...more

EBA publishes discussion paper on EMIR fees for pro forma margin model validation

A&O Shearman on 3/13/2025

The European Banking Authority (EBA) has published a discussion paper on fees to validate pro forma models under the revised European Market Infrastructure Regulation (known as EMIR 3). EMIR 3 requires that counterparties...more

UK Financial Insights from Katten | Issue 19

Katten Muchin Rosenman LLP on 2/21/2025

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

European Central Bank publishes FAQs on initial margin models under EMIR 3

A&O Shearman on 2/12/2025

The European Central Bank(ECB) has published FAQs on initial margin (IM) model approvals under EMIR 3. EMIR 3 requires, for the first time in the EU, counterparties to apply for authorisation before using, or adopting a...more

New UK Financial Conduct Authority Direction for the Derivatives Trading Obligation

A&O Shearman on 12/11/2024

The U.K. Financial Conduct Authority has published a new direction for the U.K. derivatives trading obligation, together with an explanatory memorandum. The FCA's existing direction modifying the U.K. DTO using its Temporary...more

EMIR 3: Active Account, Clearing Threshold and Exemptions

McDermott Will & Emery on 12/6/2024

On December 4, 2024, EU Regulation 2024/2987 (EMIR 3), amending EU Regulation 648/2012 on the European Market Infrastructure (EMIR), was published in the EU Official Journal. EMIR 3 will enter into force on December 24, 2024,...more

CRT Transactions in the EU, U.K. and the United States

A&O Shearman on 12/6/2024

In this bulletin, we consider the current state of the EU, U.K. and U.S. markets for credit risk transfer (“CRT”) transactions, with a particular focus on the fund finance market. For a more in-depth introduction to this...more

European Commission Consults on Draft Delegated Regulation for OTC Derivatives Identifying Reference Data

A&O Shearman on 6/19/2024

The European Commission has published consultation for a draft Delegated Regulation supplementing the Markets in Financial Instruments Regulation as regards OTC derivatives identifying reference data to be used for the...more

UK Updates and Expands Equivalence for US Derivatives Trading Venues

A&O Shearman on 5/14/2024

The Markets in Financial Instruments (Equivalence) (United States of America) (Commodity Futures Trading Commission) Regulations 2024 (SI 2024/638) were made on May 14, 2024 and entered into force on June 4, 2024. In...more

A step closer to SFDR changes under ESAs’ Final Report

Proskauer - Regulatory & Compliance on 12/15/2023

On 4 December 2023 the European Supervisory Authorities (the “ESAs”) published their final report on updating the regulatory technical standards of the Sustainable Finance Disclosure Regulation (“SFDR Level 2”). The...more

EU Consultation on Clearing Service Provision under EMIR Refit

A&O Shearman on 10/14/2019

The European Securities and Markets Authority has opened a consultation on its draft technical advice on commercial terms for providing clearing services under the European Market Infrastructure Regulation. Responses to the...more

Financial Daily Dose 8.5.2019 | Top Story: HSBC Ousts CEO After 18 Months and Cuts 4,000 Jobs

Robins Kaplan LLP on 8/5/2019

HSBC chief John Flint is out just 18 months after he assumed the role as head of the London-based bank, likely due to clashes with Board Chair Mark Tucker and the lender’s focus on expanding in China. HSBC also announced it...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 6/8/2018

U.S. Financial Industry Developments - Economic Growth, Regulatory Relief and Consumer Protection Act - The "Economic Growth, Regulatory Relief and Consumer Protection Act," signed by the President on May 24, amends...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 10/27/2017

CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues - On October 13, 2017, the U.S. Commodity Futures Trading Commission ("CFTC") announced determinations by the CFTC and the...more

Dodd-Frank Turns Five, What Comes Next?

K&L Gates LLP on 8/19/2015

The 2008 credit crisis was the beginning of an era of unprecedented government management of the capital markets. July 21, 2015 marked the fifth anniversary of the hallmark congressional response, the Dodd-Frank Wall Street...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

"MiFID 2: Reforming the Regulation of EU Securities and Derivatives Markets"

Skadden, Arps, Slate, Meagher & Flom LLP on 1/28/2015

The European Union has begun a wide-ranging and radical reform of its securities and derivatives markets through MiFID 2, which is scheduled to be implemented across the EU by January 3, 2017. Implementation is dependent on a...more

Structured Thoughts: News for the financial services community, Volume 5, Issue 9

Morrison & Foerster LLP on 12/24/2014

In This Issue: - What to Expect in 2015 - EU Regulatory Agenda: Into 2015 - FINRA Issues Report Relating to its Communication Rules - Structured Product Offerings and RIAs - The SEC, Investment Funds and...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 5/27/2014

EU Commission Sends Statement of Objections to Three Banks in Cartel Investigation - On May 20, the European Commission announced that it has sent a statement of objections to Credit Agricole, HSBC and JP Morgan for...more

ESMA Publishes Advice to the Commission on Equivalence of Certain Non-EU Countries’ Regulatory Regimes Under EMIR

Orrick - Finance 20/20 on 9/12/2013

On September 3, the European Securities and Markets Authority (ESMA) published its advice to the European Commission (the Commission) on the equivalence of the regulatory regimes of Australia, Hong Kong, Japan, Singapore,...more

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