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Financial Markets Regulatory Requirements European Union

A&O Shearman

ESMA Publishes Updated Registration Guide

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The European Securities and Markets Authority (ESMA) has published an updated registration guide (dated 14 August), outlining the procedures and expectations for entities seeking registration, authorisation, recognition, or...more

Jones Day

Crypto Exchange-Traded Products: Navigating the Intersection of Crypto and Securities

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Direct ownership of crypto-assets or mere exposure to the value of crypto-assets is an investment decision, with both investment methods requiring specific approaches to mitigate and manage risks effectively....more

A&O Shearman

EBA publishes final report on draft RTS on the prudential treatment of cryptoasset exposures

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The European Banking Authority (EBA) has published its final report containing final draft regulatory technical standards (RTS) on the prudential treatment of cryptoasset exposures under the Capital Requirements Regulation...more

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

Crypto Assets, CASPS, and AML/CFT Compliance: The New European Regulatory Landscape Under MiCA and AMLR

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The rise of crypto assets and decentralized finance has challenged traditional regulatory frameworks, particularly in the area of anti-money laundering and countering the financing of terrorism ("AML/CFT")....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

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

McDermott Will & Schulte

Proposals For Relaxation of EU Securitization Framework

Vlad Maly and Michal Chajdukowski present the key takeaways from a package of amendments to the existing EU securitization framework, published by the European Commission on June 17, 2025. The proposals aim at...more

A&O Shearman

ESMA announces first CTP for bonds in the EU

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The European Securities and Markets Authority (ESMA) has announced the selection of Ediphy (fairCT), a fintech company, as the first consolidated tape provider for bonds in the EU. The decision marks a significant step...more

A&O Shearman

Draft Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 published

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The draft Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 has been laid before the UK Parliament under the Financial Services and Markets Act 2023 (FSMA 2023), together with a draft explanatory...more

Walkers

ESMA advice on the review of the UCITS Eligible Assets Directive

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On 26 June 2025, ESMA published its keenly awaited technical advice to the Commission on the review of the UCITS Eligible Assets Directive 2007/16/EC (EAD). The report assesses EAD implementation across member states and...more

A&O Shearman

ESMA announces intention to publish guidance on algorithmic pre-trade controls under MiFID II

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The European Securities and Markets Authority (ESMA) has published a press release sharing its view that the pre-trade controls that investment firms have implemented warrant further convergence. The EU Markets in Financial...more

A&O Shearman

SRB publishes updated guidance on solvent wind-down of trading books

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The Single Resolution Board (SRB) has published updated operational guidance, accompanied by a press release, on the solvent wind-down (SWD) of trading books. The guidance is intended to outline the scope and key expectations...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

Corrigendum to EMIR 3 clarifies AML/CFT references

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A Corrigendum to Regulation (EU) 2024/2987, referred to as the revised European Market Infrastructure Regulation (EMIR 3), has been published in the Official Journal of the European Union. This Regulation amends Regulations...more

A&O Shearman

EC adopts Delegated Regulation under MiCAR on liquidity management for ARTs and EMTs

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The European Commission has adopted a Delegated Regulation supplementing Regulation (EU) 2023/1114 (Markets in Crypto Assets Regulation) (MiCAR), regarding regulatory technical standards (RTS) specifying the minimum contents...more

A&O Shearman

ESMA consults on draft RTS for margin transparency requirements and clearing costs

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The European Securities and Markets Authority (ESMA) has published two consultation papers (CP) proposing draft regulatory technical standards (RTS) mandated under the review of European Market Infrastructure Regulation (EMIR...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

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

EC adopts amendments to Delegated Regulation No 876/2013 to align with EMIR 3 reforms

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The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) No 876/2013, which supplements EMIR (Regulation (EU) No 648/2012) in relation to the functioning and management of colleges for...more

A&O Shearman

EC adopts technical standards for the development of consolidated tapes

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The European Commission (EC) has adopted a suite of technical standards for the development of consolidated tapes. The creation of consolidated tapes and the removal of obstacles to the development of consolidated tapes, were...more

A&O Shearman

Delegated regulation on identifying reference data for OTC derivatives published in OJ

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Commission Delegated Regulation (EU) 2025/1003 has been published in the Official Journal of the European Union (OJ), supplementing the EU Markets in Financial Instruments Regulation (MiFIR) as regards over-the-counter...more

A&O Shearman

EC Omnibus IV proposal to reduce burdens for small mid-cap companies

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The European Commission has published its Omnibus IV legislative proposal, together with a press release, for a Directive amending the Markets in Financial Instruments Directive II (MiFID II) and the Critical Entities...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

ECON draft amendments to CSDR for move to T+1

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The European Parliament's Committee on Economic and Monetary Affairs (ECON) has published a report proposing amendments to the European Commission's proposal to amend Regulation (EU) No 909/2014 (CSDR) as regards shortening...more

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