News & Analysis as of August 4, 2025

Financial Services Industry

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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 -

ESMA publishes final report on 2023–2024 CSA on integration of sustainability risks and disclosures

A&O Shearman on 7/11/2025

The European Securities and Markets Authority (ESMA) has published its final report on the 2023-2024 common supervisory action (CSA) carried out with national competent authorities (NCAs)on the integration of sustainability...more

Investment Management Client Alert June 2025

K&L Gates LLP on 6/30/2025

ESMA Publishes Final Report on the Preparation of Securities Prospectuses -On 12 June 2025, the European Securities and Markets Authority (ESMA) published its final report with regulatory technical standards (RTS) for the...more

Stablecoins: Regulatory Issues for UK and EU Banks To Consider

Skadden, Arps, Slate, Meagher & Flom LLP on 3/20/2025

As the market for stablecoins continues to evolve in sophistication and scale, financial institutions in the UK and EU are increasingly exploring whether and how to engage with them, whether for treasury, payments, settlement...more

Fund Finance: Central Bank of Ireland relaxes regulatory prohibition on provision of third-party guarantees by QIAIFs

Walkers on 3/13/2025

Subject to certain requirements, a QIAIF may now guarantee the obligations of third-party entities in respect of investments and/or intermediate vehicles in which the QIAIF has a direct or indirect economic interest. This is...more

ESMA publishes SMSG advice on MiFID investment research changes under the EU Listing Act

A&O Shearman on 3/5/2025

The European Securities and Markets Authority (ESMA) published advice from the Securities and Markets Stakeholder Group (SMSG) on the ESMA consultation paper on draft technical advice on investment research. The technical...more

The EU’s Digital Operational Resilience Act Comes Into Effect

Ogletree, Deakins, Nash, Smoak & Stewart,... on 1/27/2025

The European Union’s Digital Operational Resilience Act (DORA) came into effect on January 17, 2025. DORA aims to harmonise rules concerning the provision of information and communication technology (ICT) services to...more

Countdown to DORA – Four Takeaway Points From Regulators’ December Statements

Skadden, Arps, Slate, Meagher & Flom LLP on 1/6/2025

The EU’s Digital Operational Resilience Act (DORA) becomes binding on 17 January 2025. As the compliance deadline approaches, EU financial regulators (ESAs) have issued a flurry of statements on the act, including: - An...more

Consultation on Updated Liquidity Risk Management Recommendations for Collective Investment Schemes

A&O Shearman on 11/25/2024

The International Organization of Securities Commissions has published a consultation report on its proposed revised recommendations for liquidity risk management for collective investment schemes. The Liquidity Risk...more

Draft UK Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 Published

A&O Shearman on 11/5/2024

The draft Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 have been published, together with an explanatory memorandum. The Regulations make transitional amendments to...more

UK Prudential Regulation Authority Consults on Restatement of UK Capital Requirements Regulation Rulebook Requirements

A&O Shearman on 9/27/2024

The U.K. Prudential Regulation Authority has published a consultation on its proposals to restate, and in some cases modify, the U.K. Capital Requirements Regulation requirements relating to the definition of own funds in its...more

Just a few months left before DORA enforcement: Time to Take Action

A&O Shearman on 9/10/2024

The Digital Operational Resilience Act EU 2022/2554 (DORA) constitutes a groundbreaking EU regulation designed to establish a unified framework for bolstering cybersecurity and operational resilience within the financial...more

Global ESG Insights - May 2024

Eversheds Sutherland (US) LLP on 7/5/2024

Welcome to the latest edition of our monthly ESG Insights providing you with a summary of the key developments from around the world. Global - IFRS Foundation releases jurisdictional adoption guide for ISSB Standards- On...more

MiCAR under the microscope - Part 5: Regulatory requirements applicable to CASPs

A&O Shearman on 6/17/2024

The Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR) has further expanded the panel of regulated entities by introducing the regulatory status of crypto-asset service providers (CASPs)....more

Revised Central Bank of Ireland’s Prospectus Regulatory Framework Q&A | Expansion of Euronext’s GEM to retail debt

Walkers on 3/21/2024

Revised Prospectus Regulatory Framework Q&A - On 7 March 2024, the Central Bank of Ireland (the "Central Bank") published its Prospectus Regulatory Framework – Questions & Answers 2nd Edition (the "Revised Q&A"). This...more

10 lessons in sustainability regulation

A&O Shearman on 3/7/2024

Creating an effective regulatory framework will be critical to deliver Net Zero. But does that mean more – or less – regulation? From trade agreements to taxonomies, carbon adjustment mechanisms to corporate sustainability...more

Fintech Focus Podcast | Are Regulators Dictating Fintech Deal Terms?

Skadden, Arps, Slate, Meagher & Flom LLP on 3/5/2024

Skadden presents the inaugural episode of our podcast “Fintech Focus,” which will explore current trends, news and developments in the fintech space. European counsel and host Joseph Kamyar kicks off the series with colleague...more

Regulatory monitoring: EU version Newsletter - February 2024

A&O Shearman on 3/4/2024

1. Bank regulation - 1.1 Prudential regulation - (a) General - (i) EU - ECB: Memorandum of Cooperation between ECB and CAs on third-country bank supervision - Status: Final - The ECB has published a Memorandum of...more

The New CCI Regulations: Changes to the UK PRIIPs Regime

Skadden, Arps, Slate, Meagher & Flom LLP on 2/7/2024

Following a series of consultations, and as part of its wider overhaul of the UK’s financial services regime, in November 2023, the UK government published a draft statutory instrument that will replace existing European...more

FCA Finalises UK Sustainable Investment Rules, With More To Follow After Further Consultation

Skadden, Arps, Slate, Meagher & Flom LLP on 1/8/2024

On 28 November 2023, the UK’s Financial Conduct Authority (FCA) unveiled its Policy Statement PS 23/16 (Policy Statement), which sets out the final rules for sustainability disclosure and investment labels (SDR Rules). The...more

The Capital Ratio: Roundup of Upcoming UK Regulatory Reforms for Financial Institutions

Skadden, Arps, Slate, Meagher & Flom LLP on 1/8/2024

UK regulators have recently announced a number of reforms for banks and other financial institutions. - On 23 November 2023, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (together,...more

Regulatory monitoring: EU Version - August 2023

A&O Shearman on 9/5/2023

Our monthly regulatory newsletter monitors all relevant developments regarding European regulatory law in English language. Furthermore, we produce detailed briefings to cover key developments in the field of financial...more

Political Agreement Reached on Proposed Directive Amending Both AIFM and UCITS Directives

Cadwalader, Wickersham & Taft LLP on 8/3/2023

On 20 July 2023, the Council of the EU announced that it has reached political agreement with the European Parliament on the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) and the...more

European Commission Publishes Retail Investment Strategy

A&O Shearman on 6/6/2023

On May 24, 2023, the European Commission published a Retail Investment Strategy package aimed at enhancing retail investor protections across the EU and encouraging participation in the EU capital markets. The package...more

UK Labeling Rules for ‘Sustainable’ Investment Products Will Soon Be Finalised

Skadden, Arps, Slate, Meagher & Flom LLP on 3/1/2023

The consultation period for the UK Financial Conduct Authority’s (FCA’s) proposed rules for labelling ‘sustainable’ financial products formed or marketed in the UK ended 25 January 2023, and final rules are expected to be...more

Further Clarifications on Anti-Greenwashing Standards for Financial Products in the European Union

Jones Day on 5/24/2022

In its Sustainable Finance Roadmap 2022-2024, European Securities and Markets Authority ("ESMA") has recently underscored the importance of developing a cohesive supervisory approach in the area of sustainable finance across...more

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