News & Analysis as of August 21, 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 -

CRD VI—European Banking Authority report on direct provision of services from third country institutions

A&O Shearman on 8/1/2025

This note discusses the European Banking Authority’s (EBA’s) report, published on July 23, 2025, which addresses whether and when EU non-bank entities should be allowed to deal with locally unregulated non-EU banks. In some...more

Crypto-Assets: AMF Aligns with Six Sets of European Supervisory Guidelines under MiCA Regulation

Goodwin on 5/15/2025

As part of the implementation of the European Markets in Crypto-Assets Regulation (MiCA), the French Financial Markets Authority (AMF) has announced its compliance with six sets of guidelines adopted by European Supervisory...more

ESMA report on the quality and use of data

A&O Shearman on 5/8/2025

The European Securities and Markets Authority (ESMA) has published its 2024 report, along with a press release, on the quality and use of data, showcasing significant increase in data use by authorities. The report covers...more

Update on MiCA Implementation: Implications for Copy Trading Services

Skadden, Arps, Slate, Meagher & Flom LLP on 5/5/2025

Since December 2024, cryptoassets and related services are regulated in the European Union by the Markets in Crypto-Assets Regulation (MiCA). Although the regulation provides a comprehensive set of rules for issuers of...more

European Regulatory Timeline 2025

Proskauer Rose LLP on 1/16/2025

Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2025 impacting a range of UK and European firms within the financial services sector. The key dates have been...more

EU DORA: Are you in scope, and if so, how can you prepare?

King & Spalding on 12/23/2024

The Digital Operational Resilience Act (DORA) establishes a harmonised and comprehensive framework for information and communication technology (ICT) risk management in the financial sector. It is a directly applicable EU...more

European Securities and Markets Authority Consults on Amendments to Markets in Financial Instruments Directive Research Regime

A&O Shearman on 11/14/2024

The European Securities and Markets Authority has published a consultation on amendments to the research provisions in the revised Markets in Financial Instruments Directive following changes introduced by the Listing Act....more

Financial Action Taskforce Publishes Consultation on Changes to AML/CFT and Financial Inclusion Standards

A&O Shearman on 11/14/2024

The Financial Action Taskforce has published a consultation paper on revisions to its anti-money laundering and counterterrorism financing standards relating to financial inclusion. The consultation is part of FATF's program...more

EU Announces Next Steps for the Transition to T+1 Settlement

A&O Shearman on 10/25/2024

The European Commission, the European Central Bank and the European Securities and Markets Authority have published a joint statement on the next steps to support the preparations towards a transition to T+1. Under the EU...more

Zooming In on AI - #6: AI under financial regulations in the U.S., EU and U.K.

A&O Shearman on 10/8/2024

Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more

EU Statement on Transition of OTC-Transactions to New Post-Trade Transparency Regime

A&O Shearman on 7/22/2024

The European Securities and Markets Authority has published a public statement on the transition to the new regime for post-trade transparency of OTC-transactions in light of the revised Markets in Financial Instruments...more

On the existence of a pan-European reverse solicitation regime under MIFID II, and importance on a 'Hard' BREXIT

A&O Shearman on 7/12/2024

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....more

UK Conduct Regulator Proposes Payment Optionality for Investment Research

A&O Shearman on 4/12/2024

The U.K. Financial Conduct Authority has opened a consultation setting out proposals for allowing firms to use joint (bundled) payments for third-party research and execution services, subject to certain requirements being...more

Taking Stock of Commodity Derivatives Regulation in the UK and EU

Skadden, Arps, Slate, Meagher & Flom LLP on 3/25/2024

In July 2021, HM Treasury published the Wholesale Markets Review consultation (WMR), which included proposals to reform the U.K.’s secondary markets framework. There was broad support for reforms to (a) modify the ancillary...more

UK Investment Research Review Signifies Further EU-UK Divergence on Unbundling Research Rules

A&O Shearman on 8/8/2023

The report and recommendations of the UK Investment Research Review were published on July 10, 2023. The recommendations have been accepted by the government and the Financial Conduct Authority has committed to prioritizing...more

UK Investment Research Review: Reforming MiFID II and Revitalising Investment Research in the UK Public Markets

Skadden, Arps, Slate, Meagher & Flom LLP on 8/1/2023

In July 2023, the Investment Research Review (the Review) commissioned by the UK government published its findings into investment research in UK capital markets. The Review made the following seven recommendations, seeking...more

MiFID II and the U.S. Investment Adviser Regime

A&O Shearman on 7/3/2023

The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more

EU Distributed Ledger Technology Pilot Regime Published

A&O Shearman on 6/15/2022

The EU has published in the Official Journal of the European Union its Regulation on a pilot regime for market infrastructures based on distributed ledger technology. The pilot regime will permit certain DLT market...more

UK Financial Conduct Authority Publishes Discussion Paper on Sustainability Disclosure Requirements and Investment Labels

A&O Shearman on 11/22/2021

The U.K. Financial Conduct Authority has published a discussion paper on its proposed Sustainability Disclosure Requirements and sustainable investment labels. The FCA is seeking initial views on these proposals with the...more

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European Union › MiFID II › Financial Institutions

CRD VI—European Banking Authority report on direct provision of services from third country institutions

Crypto-Assets: AMF Aligns with Six Sets of European Supervisory Guidelines under MiCA Regulation

ESMA report on the quality and use of data

Update on MiCA Implementation: Implications for Copy Trading Services

European Regulatory Timeline 2025

EU DORA: Are you in scope, and if so, how can you prepare?

European Securities and Markets Authority Consults on Amendments to Markets in Financial Instruments Directive Research Regime

Financial Action Taskforce Publishes Consultation on Changes to AML/CFT and Financial Inclusion Standards

EU Announces Next Steps for the Transition to T+1 Settlement

Zooming In on AI - #6: AI under financial regulations in the U.S., EU and U.K.

EU Statement on Transition of OTC-Transactions to New Post-Trade Transparency Regime

On the existence of a pan-European reverse solicitation regime under MIFID II, and importance on a 'Hard' BREXIT

UK Conduct Regulator Proposes Payment Optionality for Investment Research

Taking Stock of Commodity Derivatives Regulation in the UK and EU

UK Investment Research Review Signifies Further EU-UK Divergence on Unbundling Research Rules

UK Investment Research Review: Reforming MiFID II and Revitalising Investment Research in the UK Public Markets

MiFID II and the U.S. Investment Adviser Regime

EU Distributed Ledger Technology Pilot Regime Published

UK Financial Conduct Authority Publishes Discussion Paper on Sustainability Disclosure Requirements and Investment Labels

Recording Requirements for Mobile Devices, Electronic Communications, and Videoconferencing

Regulation Round Up - September 2020

EU MiFID II Review: First Review Report on Prices for Market Data and on the Consolidated Tape

Private Bank Briefing: Issues Impacting the Private Bank Sector - September 2019

Private Bank Briefing: Issues Impacting the Private Bank Sector - June 2019

Brussels Regulatory Brief: June 2019

European Union › MiFID II › Financial Institutions

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