News & Analysis as of August 29, 2025

Financial Markets

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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

EBA publishes technical advice to EC on fees to validate pro forma models under EMIR

A&O Shearman on 7/14/2025

The European Banking Authority (EBA) has published technical advice to the European Commission, alongside a press release, on a possible Delegated Act concerning fees for the validation of pro forma models under the European...more

ESMA publishes overview of planned consultations for 2025

A&O Shearman on 3/19/2025

The European Securities and Markets Authority has published an overview of its planned consultations for 2025. The consultations relate to workstreams under the EU Listing Act,...more

ESMA notifies EC of delay of certain deliverables

A&O Shearman on 3/14/2025

The European Securities and Markets Authority (ESMA) has published a letter (dated 3 March) addressed to the European Commission on the prioritisation of ESMA's 2025 deliverables. ESMA's letter sets out specific items which...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

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

European Banking Authority publishes no action letter on application of European Market Infrastructure Regulation 3 with respect...

A&O Shearman on 12/26/2024

The European Banking Authority has published a no action letter stating that competent authorities should not prioritize any supervisory or enforcement action in relation to the processing of applications for initial margin...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 Published in the Official Journal of the European Union

Jones Day on 12/9/2024

EMIR 3, published in the Official Journal of the EU on December 4, 2024, introduces substantive changes to the existing clearing framework and margining exemptions under the EMIR Regulation....more

European Banking Authority Survey for Entities in Scope of Initial Margin Model Authorization Regime under EMIR 3

A&O Shearman on 11/11/2024

The European Banking Authority has launched, in cooperation with the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, a survey addressed to entities within the scope 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

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

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

Securities and markets regulatory news, March 2021 # 4

Hogan Lovells on 3/23/2021

Regulation of UK wholesale financial markets: FCA speech - The Financial Conduct Authority (FCA) has published a speech by Edwin Schooling Latter, Director of Markets and Wholesale Policy, on a forward look at regulation of...more

Securities and markets regulatory news, March 2021 # 3

Hogan Lovells on 3/15/2021

UK Emissions Trading Scheme: Revised draft Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 - A revised draft version of the Recognised Auction Platforms (Amendment and Miscellaneous...more

Securities and markets regulatory news, February 2021 # 2

Hogan Lovells on 2/15/2021

Brexit: Draft Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 - A draft version of the Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 has been...more

Regulation Round Up - November 2020

Proskauer Rose LLP on 12/7/2020

30 November - The Prudential Regulation Authority (“PRA”) published a statement about its forthcoming policy statement on implementing the CRD V Directive ((EU) 2019/878). HM Treasury updated its webpage on a call for...more

Securities and markets regulatory news, December 2020

Hogan Lovells on 12/7/2020

Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 - The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (SI...more

Securities and markets regulatory news, November 2020 # 4

Hogan Lovells on 11/30/2020

Recent regulatory developments of interest to financial institutions and markets. Includes updates from the UK FCA, the European Supervisory Authorities and IOSCO, among others. Recent regulatory developments of interest to...more

Securities and markets regulatory news, November 2020

Hogan Lovells on 11/10/2020

ISDA 2020 IBOR Fallbacks Protocol - The International Swaps and Derivatives Association, Inc. (ISDA) has published the ISDA 2020 IBOR Fallbacks Protocol. Our separate client alert, ISDA 2020 IBOR Fallbacks Protocol: What...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

Securities and markets regulatory news, September 2020 # 3

Hogan Lovells on 9/21/2020

FMI supervision: BoE policy statement on fees regime for 2020/21 - The Bank of England (BoE) has published a policy statement on the fees regime for the supervision of financial market infrastructure (FMI) that will apply...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

Securities and markets regulatory news, July 2020 #3

Hogan Lovells on 7/21/2020

EMIR: FCA revises breach notification form - The UK Financial Conduct Authority (FCA) has published a revised version of its form for reporting errors or omissions in their trade reports under Article 9 of the European...more

European Systemic Risk Board Announces Further Actions to Combat Impact of COVID-19

A&O Shearman on 7/6/2020

The European Systemic Risk Board has announced a series of further actions designed to combat the impact of COVID-19 on European financial markets. The actions relate to the five priority areas already identified by the ESRB...more

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