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Financial Institutions European Securities and Markets Authority (ESMA) Financial Markets

A&O Shearman

EMIR 3 – the active account requirement

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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

Ropes & Gray LLP

New ESMA Guidance on Sustainability Claims and ESG Credentials: A Closer Look

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The European Securities and Markets Authority (ESMA) has taken another step in its ongoing mission to combat greenwashing within the financial services sector. With the release of a new thematic note, ESMA aims to ensure that...more

A&O Shearman

Final draft RTS on EU active account requirement published

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Following its consultation, the European Securities and Markets Authority (ESMA) has published a final report, including final draft regulatory technical standards (RTS), on the conditions of the Active Account Requirement...more

A&O Shearman

ESMA report on the quality and use of data

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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

A&O Shearman

ESMA statement on treatment of settlement fails following incident affecting T2S and T2 in February 2025

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published a statement confirming that national competent authorities do not expect central securities depositories (CSDs) to impose cash penalties under the Central...more

A&O Shearman

European Securities and Markets Authority consults on the internal control framework for certain market agencies

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The European Securities and Markets Authority has published a consultation on draft guidelines on internal controls for benchmark administrators, credit rating agencies, and market transparency infrastructures (which include...more

A&O Shearman

European Securities and Markets Authority Published Report on its Assessment of the Shortening of the Settlement Cycle to T+1

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The European Securities and Markets Authority has published a final report on its assessment of the shortening of the settlement cycle in the EU to T+1. The report highlights that the increased efficiency and resilience of...more

A&O Shearman

European Supervisory Authorities Publish Joint Guidelines on System for Exchange of Information Relevant to Fit and Proper...

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The European Supervisory Authorities (the European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority) published joint guidelines on the system for the...more

A&O Shearman

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

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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

BCLP

The EU’s Digital Operational Resilience Act 2022/2554 (DORA)

BCLP on

Long IT sub-contracting chains can make it hard for financial institutions to understand the vulnerabilities in their IT estate and the location of key functions (where these may be located in entities who do not have a...more

A&O Shearman

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

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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

A&O Shearman

HM Treasury Confirms Equivalence of US Commodity Futures Trading Commission Regime for Central Counterparties

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A U.K. statutory instrument has been published specifying that the US Commodity Futures Trading Commission regime for central counterparties is equivalent to the U.K. regime (which is set out under the U.K. European Market...more

A&O Shearman

EU Authority Seeks Feedback on Potential Shorter EU Settlement Cycle

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The European Securities and Markets Authority has opened a call for evidence on shortening the settlement cycle in the EU. The existing EU settlement cycle for trades in transferable securities executed on trading venues is...more

A&O Shearman

Regulatory Monitoring - relevant developments regarding German and European regulatory law (UPDATED)

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

A&O Shearman

European Securities and Markets Authority Provides Regulatory Forbearance for EU CSDR Buy-In

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The European Securities and Markets Authority has issued a public statement on the supervisory approach to the implementation of the buy-in regime under the EU Central Securities Depositories Regulation. The EU CSDR provides...more

Hogan Lovells

Securities and markets regulatory news, August 2021

Hogan Lovells on

SMCR for FMIs: HM Treasury consultation HM Treasury has published a consultation paper proposing a Senior Managers and Certification Regime (SMCR or SM&CR) for financial market infrastructures (FMIs). The consultation closes...more

Hogan Lovells

Securities and markets regulatory news, April 2021

Hogan Lovells on

LIBOR transition: FCA and BoE encourage switch to SONIA in sterling non-linear derivatives market - The Financial Conduct Authority (FCA) and the Bank of England (BoE) have published a joint statement announcing that they...more

A&O Shearman

Financial Stability Board Publishes Final Recommendations on Global Stablecoins

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Following its consultation earlier this year, the Financial Stability Board has published a final report on the regulation, supervision and oversight of global stablecoin arrangements. In the report, the FSB discusses the...more

A&O Shearman

EU Publishes Draft Delegated Regulation on Changes to CCP Colleges under EMIR 2.2

A&O Shearman on

The European Commission has published a draft Delegated Regulation designed to amend existing Delegated Regulation (EU) No 876/2013, which supplements the European Market Infrastructure Regulation with regards to changes to...more

A&O Shearman

EU Delays Securities Settlement Discipline Rules to 2021

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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

A&O Shearman

EU Considering Further Delaying Securities Settlement Discipline Rules to 2022

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The European Securities and Markets Authority has announced that it is preparing new Regulatory Technical Standards to further postpone the securities settlement discipline rules under the Central Securities Depositories...more

A&O Shearman

European Banking Authority Seeks to Promote RegTech Use

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The European Banking Authority has opened a consultation on RegTech and supporting the use of RegTech across the EU. Responses may be submitted until September 30, 2020. The EBA intends to report on the use of RegTech in the...more

Hogan Lovells

Securities and markets regulatory news, July 2020

Hogan Lovells on

Recent regulatory developments of interest to financial institutions and markets. Includes updates on UK recognition applications for EEA CSDs and more....more

Jones Day

Getting Cautious on Cloud Outsourcing: ESMA Consults on Proposed Guidelines

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The Situation: On June 3, 2020, the European Securities Market Authority ("ESMA") published a consultation paper on Outsourcing to Cloud Service Providers ("Proposed Guidelines"), which will apply to any institution under the...more

A&O Shearman

European Securities and Markets Authority Publishes 2020-2022 Strategic Orientation

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The European Securities and Markets Authority has published its Strategic Orientation for 2020-2022, setting out its longer-term objectives for regulating financial markets. The previous Strategic Orientation covered the...more

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