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A&O Shearman

ESMA confirms switch toward single volume cap in October

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The European Securities and Markets Authority (ESMA) has published a press release to confirm that, effective from October, the EU will transition from the current double volume cap (DVC) mechanism to a single volume cap...more

Jones Day

Stablecoins: Revolutionizing Global Finance?

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Following the recent focus on two major regulatory frameworks—the Guiding and Establishing National Innovation for U.S. Stablecoins Act (known as the GENIUS Act) in the United States, and Regulation (EU) 2023/1114 of the...more

A&O Shearman

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

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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

A&O Shearman

Regulatory monitoring - June 2025

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The EBA published a keynote speech delivered by its Chairperson, José Manuel Campa, at a high-level meeting for European supervisors in Ljubljana, Slovenia, on the importance of an efficient and effective financial services...more

A&O Shearman

EC adopts amendments to transparency requirements under MiFIR Review

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The European Commission has adopted a Commission Delegated Regulation to amend regulatory technical standards (RTS) on transparency requirements. The MiFIR Review revised the Markets in Financial Instruments Regulation...more

A&O Shearman

Benchmarks Regulation published in the Official Journal of EU

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Regulation (EU) 2025/914 amending the EU Benchmarks Regulation has been published in the Official Journal of the EU. The amending Regulation amends the scope of the rules for benchmarks...more

A&O Shearman

European Parliament plenary adopts amendments to Benchmarks Regulation

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The European Parliament has confirmed it has adopted the regulation amending the Benchmark Regulation (for background, please see our update). The regulation will apply to benchmarks defined as critical or significant,...more

A&O Shearman

ECB opinion on moving to T+1

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The European Central Bank (ECB) has published its opinion of 31 March on the proposal to shorten the securities settlement cycle from two business days (T+2) to one business day after trading takes place (T+1), by amending...more

A&O Shearman

ESMA peer review on implementation of STS securitisation requirements

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The European Securities and Markets Authority (ESMA) has published its peer review report on national competent authorities' (NCAs) supervision of simple, transparent and standardised (STS) securitisations. The report looks...more

Katten Muchin Rosenman LLP

CFTC Withdraws Controversial SEF Registration Staff Letter

The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC) has withdrawn its previous staff advisory letter on swap execution facility (SEF) registration requirements (Letter 21-19). ...more

Orrick, Herrington & Sutcliffe LLP

Deal Flow 5.0: 5 Things We Learned About European Tech Deal Terms in 2024

In 2024, despite political and regulatory challenges, Europe's talent pool reached new heights, even amid funding shortages. Venture capital investment in European startups reached over $52B last year, aligning with the...more

A&O Shearman

ESMA consultation paper on draft guidelines for supplements on new securities to a base prospectus

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The European Securities and Markets Authority (ESMA) has published a consultation paper containing draft guidelines on supplements which introduce new securities to a base prospectus. This is further to the new EU Listing Act...more

A&O Shearman

European Commission legislative proposal for shortened settlement cycle in EU

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The European Commission (EC) has published a legislative proposal it has adopted for a Regulation amending the Central Securities Depositories Regulation (CSDR) to shorten the settlement cycle for EU transactions in...more

A&O Shearman

Commission Implementing Decision extends temporary equivalence of UK CCPs

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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

A&O Shearman

European Commission communication on EU competitiveness compass

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The European Commission has published a communication on a Competitiveness Compass for the EU, which sets out an action plan in response to the Draghi report published in September 2024. The communication sets out the...more

A&O Shearman

New Designated Publishing Entities regime operational from 3 February

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The European Securities and Markets Authority has published a press release reminding market participants that from February 3, 2025 the new Designated Publishing Entities regime shall be operational. The DPE regime was...more

A&O Shearman

Global Foreign Exchange Committee publishes amended FX Global Code of Conduct

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The Global Foreign Exchange Committee (GFXC) has published the updated version of the FX Global Code of Conduct (dated December 2024), which supersedes the previous version (from July 2021). Updates have been made to...more

A&O Shearman

European Commission adopts Delegated Regulation on over-the-counter derivatives identifying reference data under EU Markets in...

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The European Commission has adopted a Delegated Regulation supplementing the EU Markets in Financial Instruments Regulation on OTC derivatives identifying reference data to be used for the purposes of the transparency...more

A&O Shearman

International bodies report on effective practices for streamlining variation margin in centrally cleared markets

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The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions published a final report on examples of effective practices for streamlining variation margin in centrally...more

A&O Shearman

EU launches selection procedure for Consolidated Tape Provider for bonds

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The European Securities and Markets Authority has launched the first selection procedure for the Consolidated Tape Provider for bonds. The CTP aims to enhance market transparency and efficiency by consolidating trade data...more

Morrison & Foerster LLP

Update Kapitalmarkt- und Gesellschaftsrecht

Das ursprünglich am 7. Dezember 2022 durch die EU-Kommission vorgelegte Maßnahmenpaket, das unter dem Titel „EU Listing Act“ bekannt ist, wurde nun endlich im November 2024 im Amtsblatt der Europäischen Union veröffentlicht....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

Mayer Brown

German Parliament Passes Act on the Digitalisation of Financial Markets

Mayer Brown on

On 18 December 2024, the German Parliament (Bundestag) passed the Act on the Digitalization of Financial Markets (Finanzmarktdigitalisierungsgesetz, the "Act"). The Act is intended to complement key measures of the European...more

A&O Shearman

EMIR 3 Published in the Official Journal of the European Union

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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

A&O Shearman

UK Regulations Amending Temporary Recognition and Marketing Regimes for CCPs and Collective Investment Schemes

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The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 have been published, alongside an explanatory memorandum. The Regulations amend the...more

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