News & Analysis as of August 28, 2025

Financial Institutions

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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

Industry associations urge ESMA to issue a no-action letter on EMIR 3 AAR implementation

A&O Shearman on 6/19/2025

Four industry associations—EFAMA, EACP, ISDA, and FIA—have published a letter addressed to the European Securities and Markets Authority (ESMA) and the European Commission (EC), raising concerns about the implementation of...more

EMIR 3: ESMA proposes clearing thresholds

A&O Shearman on 4/17/2025

The European Securities and Markets Authority (ESMA) has published a consultation paper setting out draft regulatory technical standards (RTS) amending the RTS on the clearing thresholds (CTs) under the European Markets...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

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

Commission Implementing Decision extends temporary equivalence of UK CCPs

A&O Shearman on 2/12/2025

Commission Implementing Decision (EU) 2025/215 has been published in the Official Journal of the European Union, extending EU equivalence for U.K. CCPs under the European Market Infrastructure Regulation (EMIR)...more

Regulatory monitoring: EU version Newsletter - December 2024

A&O Shearman on 1/6/2025

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - FSB: Plenary December 2024 - Status: Final - The FSB has set out the outcomes of its Plenary that met on 3 and 4 December. Points of...more

Bank of England publishes annual report on the supervision of financial market infrastructures

A&O Shearman on 12/26/2024

The Bank of England has published its annual report on its supervision of financial market infrastructures, covering the period December 16, 2023 —December 17, 2024. The report sets out the work undertaken by the BoE over the...more

EMIR 3 Published in the Official Journal of the European Union

A&O Shearman on 12/13/2024

The EMIR 3 Regulation and Directive have been published in the Official Journal of the European Union and will enter into force on December 24, 2024. The EMIR 3 Regulation amends the European Market Infrastructure Regulation...more

EMIR 3: Active Account, Clearing Threshold and Exemptions

McDermott Will & Schulte 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

Regulatory monitoring - November 2024

A&O Shearman on 12/2/2024

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) Germany - BReg: Government draft on the Second Future Financing Act (Regierungsentwurf zum zweiten Zukunftsfinanzierungsgesetz) Status: Draft - The...more

Regulatory monitoring: EU version Newsletter - August 2024

A&O Shearman on 9/4/2024

1. Bank regulation - 1.1 PRUDENTIAL REGULATION a) General - (i) EU - EBA: Opinion on measures in accordance with Article 458 CRR following a notification by the De Nederlandsche Bank - Status: Final - The EBA has published an...more

Regulatory monitoring - July 2024

A&O Shearman on 8/6/2024

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more

EU Eases EMIR 3 Clearing Mandate

A&O Shearman on 2/19/2024

The Council of the European Union and European Parliament have reached provisional political agreement on the latest revisions to the European Market Infrastructure Regulation, publishing on February 14, 2024, the agreed text...more

Regulatory monitoring: EU version - December 2023

A&O Shearman on 1/10/2024

1. Bank regulation - 1.1 Prudential regulation - (a) General - (i) EU - EBA: Roadmap on strengthening the Prudential framework - Status: Final - The EBA has published its roadmap on the Banking Package, which...more

UK Financial Insights from Katten | Issue 6

Katten Muchin Rosenman LLP on 12/20/2023

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

Regulatory monitoring: EU version - November 2023

A&O Shearman on 12/4/2023

1. Bank regulation - 1.1 Prudential regulation - The ESRB has published a speech by Christine Lagarde, President of the ECB and Chair of the ESRB, on its first general warning about financial stability risks that it published...more

Regulatory monitoring Newsletter - August 2023

A&O Shearman on 9/5/2023

Our monthly regulatory newsletter monitors all relevant developments regarding German and European regulatory law in English language. In addition, we prepare an overview of articles and court decisions published in...more

EMIR - Proposed Changes to EU Derivatives Rules

Akin Gump Strauss Hauer & Feld LLP on 7/28/2023

European Union (EU) proposals for changes to the over-the-counter (OTC) derivatives trading rules are underway. The final rules are not yet agreed, but we set out a summary of the proposals below....more

Regulatory monitoring: EU version - April 2023

A&O Shearman on 5/4/2023

Our monthly regulatory newsletter monitors all relevant developments regarding European regulatory law in English language. ...more

EMIR 2.2 Secondary Legislation Published

A&O Shearman on 10/9/2020

Three Commission Delegated Regulations have been published in the Official Journal of the European Union, supplementing the revised European Market Infrastructure Regulation. The Delegated Regulations contain provisions...more

EU Delays Securities Settlement Discipline Rules to 2021

A&O Shearman on 9/4/2020

EU Regulatory Technical Standards postponing the implementation deadline of the settlement discipline regime under the Central Securities Depositories Regulation have been published in the Official Journal of the European...more

HM Treasury Publishes Equivalence Determinations for EU Financial Services Legislation

A&O Shearman on 11/19/2019

HM Treasury has published the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, providing U.K. government ministers with a temporary power to make...more

European Commission Issues Communication on Final Preparations for No-Deal Brexit

A&O Shearman on 9/6/2019

The European Commission has published a Communication on finalizing preparations for the withdrawal of the U.K. from the EU on November 1, 2019. The Commission stresses the likelihood of a no-deal Brexit on October 31, 2019...more

In Principle - 10 Things Authorised Firms Need To Know For 2019

Akin Gump Strauss Hauer & Feld LLP on 1/31/2019

In the 2018 edition of this publication, we ended the introduction with the line, “We can only hope that we will enter 2019 with greater certainty than 2018 as to how the regulatory landscape will look.” Unfortunately,...more

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