News & Analysis as of July 23, 2025

European Securities and Markets Authority (ESMA)

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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 report proposes amendments to DLT pilot regime for permanent adoption

A&O Shearman on 7/8/2025

The European Securities and Markets Authority (ESMA) has published a report, accompanied by a press release, on the functioning and review of the Distributed Ledger Technology (DLT) pilot regime. The DLT pilot regime allows...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

ECON adopts proposal on shortening of the settlement cycle to T+1 for CSDR

A&O Shearman on 5/28/2025

European Parliament's Committee on Economic and Monetary Affairs has adopted a proposal to amend the Central Securities Depositories Regulation (CSDR), introducing a shorter settlement cycle for transferable securities...more

ESMA final report on systematic internaliser ITS, volume cap and transparency calculations and trading venue RTS

A&O Shearman on 4/21/2025

The European Securities and Markets Authority (ESMA) has published a final report in relation to certain changes being made as a result of the MiFID II/MiFIR review, together with an accompanying press release. The changes...more

EU wholesale markets – EU Council adopts proposed EU Benchmarks Regulation amendments

Hogan Lovells on 4/16/2025

The EU has adopted a regulation amending the EU Benchmarks Regulation. The amendments relate primarily to: reducing the population of benchmarks within scope of the Benchmarks Regulation; introducing a new spot FX-related...more

Listing Act – Part 1: Prospectus Changes

Walkers on 11/19/2024

EU Listing Act package simplifies listing requirements and post-listing obligations. Targeted amendments to the Prospectus Regulation remove disproportionate complexity but preserve investor protection....more

The EU Retail Investment Strategy and Private Fund Managers

Goodwin on 6/27/2023

The European Commission published its Retail Investment Package (the Package) in May 2023. The Package aims to streamline and modernise investor protection rules in EU laws, including the Alternative Investment Fund Managers...more

ESAs propose adjustments to the EU SFDR rules

Goodwin on 4/18/2023

On 12 April 2023, the European Banking Authority, European Securities and Markets Authority and European Insurance and Occupational Pensions Authority (the ESAs) published a joint consultation paper on a review of the...more

European Parliament Publishes Proposed Changes to AIFMD and UCITS Directives

Latham & Watkins LLP on 2/23/2023

The “AIFMD II” proposals continue their progress through the EU legislative process with more detail provided, but in many areas specific criteria will not be known until Level 2 measures are developed. On 9 February 2023,...more

European Commission Outlines Proposals For AIFMD 2

Goodwin on 12/10/2021

As the Alternative Investment Fund Managers Directive (“AIFMD”) was being developed prior to 2011, there were serious concerns across the funds industry that it might force managers to set up their funds offshore to avoid the...more

Trading Platforms Targeted by the Israel Securities Authority

Barnea Jaffa Lande & Co. on 11/21/2019

The Israel Securities Authority (ISA) recently published a proposed amendment to the Israeli Securities Regulations concerning trading platforms’ activity in Israel. The ISA wishes both to decrease the levels of leveraging...more

Corporate & Financial Weekly Digest, Featuring Articles on SEC's Proposal to Amend OTC Securities Quotation Rule, FINRA's...

Katten Muchin Rosenman LLP on 10/7/2019

BROKER-DEALER - SEC Proposes to Amend Quotation Rule for OTC Securities - The Securities and Exchange Commission (SEC) has proposed to amend Rule 15c2-11, which governs the publication and submission of quotations by...more

EU Equivalence for Australian and Singaporean Benchmarks

A&O Shearman on 8/9/2019

Two equivalence decisions under the EU Benchmark Regulation have been published in the Official Journal of the European Union. The first decision declares as equivalent to the EU regime the legal and supervisory framework of...more

Proposed Exemption From the EU Clearing Obligation for OTC Derivatives Novated to EU Counterparties in Preparation For a "No Deal"...

A&O Shearman on 11/19/2018

The European Securities and Markets Authority has proposed the introduction of a 12-month exemption from the clearing obligation to facilitate the novation of uncleared OTC derivative contracts to EU counterparties in the...more

European Commission Communication on Proposed Amendments to Technical Standards on Systematic Internalisers' Quote Rules

A&O Shearman on 9/12/2018

The European Commission has published a Communication (dated August 10, 2018) on proposed amendments by the European Securities and Markets Authority to a Regulatory Technical Standard, known as "RTS1," supplementing the...more

EU Proposals to Amend Technical Standards on Trade Repository Data Published

A&O Shearman on 12/28/2016

The European Securities and Markets Authority published proposals for amending the Regulatory Technical Standards on the data to be published and made available by trade repositories and operational standards for aggregating,...more

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

Proskauer Rose LLP on 11/16/2016

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

European Parliament Rapporteur Publishes Draft Amendments to the Proposed EU Securitisation Regulation

Cadwalader, Wickersham & Taft LLP on 6/13/2016

On 6 June 2016, Paul Tang MEP, the Rapporteur of the Committee on Economic and Monetary Affairs (“ECON”) of the European Parliament, published a “Draft Report”, consisting mainly of draft amendments (the “Proposed...more

European Securities and Markets Authority Proposes Amended MiFID II Standards on Non-Equity Transparency and Position Limits

A&O Shearman on 5/9/2016

The European Securities and Markets Authority published two Opinions proposing amendments to two of its draft Regulatory Technical Standards under the Markets in Financial Instruments Directive and the Markets in Financial...more

European Commission under MiFID II Requests Amendments to Draft Technical Standards

A&O Shearman on 5/4/2016

The European Commission published three separate letters rejecting European Securities and Markets Authority draft technical standards and requesting amendments in accordance with the Markets in Financial Instruments...more

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