In our previous alerts (here and here), we noted critical feedback that the European Commission (Commission) gave to the European Securities and Markets Authority (ESMA) on its December 2023 draft Regulatory Technical...more
In our previous alert, we looked at the draft revised Regulatory Technical Standards (RTS) supplementing the amended ELTIF Regulation (ELTIF 2.0) published by the European Securities and Markets Authority (ESMA) in its...more
On March 11 2024, Eurogroup issued a statement outlining common priorities for the future development of the European capital markets union (CMU), which will be presented to EU Leaders at the Euro Summit in Brussels on March...more
On 23 May 2023, the European Council and the European Parliament reached a provisional agreement on three proposals jointly creating the European Single Access Point (ESAP) as part of the Capital Markets Union Action Plan. ...more
As the “most ambitious legislative proposal since the inception of EU financial regulation”, the changes would make significant amendments to MiFID II and PRIIPs. On 24 May 2023, the European Commission (Commission)...more
As noted in our earlier OnPoint, on 25 November 2021, the European Commission (the Commission) adopted a package of measures that aimed to deliver on several key commitments in the 2020 Capital Markets Union action plan,...more
ANTITRUST AND COMPETITION - EU Foreign Subsidies Regulation Expected to Enter into Force by Mid-2023 - On 28 November 2022, the Council of the European Union adopted the Foreign Subsidies Regulation (FSR), which granted the...more
On 18 May 2022 a draft report on ‘AIFMD II’ was published, containing proposals by a rapporteur presented to the ECON committee. It sets out a list of suggested amendments to the European Commission (the Commission)’s draft...more
On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
Today (25 November 2021) the European Commission (the Commission) released the results of its evaluation of the Alternative Investment Fund Managers Directive (AIFMD) which forms part of a Capital Markets Union legislative...more
On 25 November 2021, the European Commission (the “Commission”) published a legislative proposal with targeted amendments to Directive 2011/61/EU (“the “AIFMD”) and (to a certain extent) the UCITS Directive (“AIFMD...more
The recent proposal for the revision of the Solvency II regime adopted by the European Commission anticipates interesting topics that will generate much debate in the future as they will define a new regulatory framework to...more
Although crowdfunding has existed in various forms since the late 1990s, the global financial crisis in 2008 accelerated the trend of channelling consumer and business lending through crowdfunding platforms. This mode of...more
30 November - The Prudential Regulation Authority (“PRA”) published a statement about its forthcoming policy statement on implementing the CRD V Directive ((EU) 2019/878). HM Treasury updated its webpage on a call for...more
ANTITRUST AND COMPETITION - The General Court of The EU Squashes the Commission's Inspection Decisions to Raid the French Mass Retail Sector - The European Commission (Commission), if it has reason to suspect a company is...more
AIFMD review: European Commission consultation - The European Commission has launched a consultation questionnaire relating to its review of the Alternative Investment Fund Managers Directive (AIFMD)....more
The European Commission has published a Communication to EU bodies on its Capital Markets Union Action Plan. The CMU is an EU initiative which aims to enhance and further integrate the capital markets of EU Member States. An...more
The European Commission has launched a consultation on reviewing the EU Markets in Financial Instruments package. The Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation have applied...more
On 29 January, the European Commission (“the Commission”) adopted its 2020 Work Programme, which sets out the most important initiatives the new Commission intends to undertake in its first year of office....more
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
The Joint Committee of the European Supervisory Authorities has published a Supervisory Statement on the scope of application to bonds of the EU Packaged Retail and Insurance-based Investment Products Regulation. The ESAs...more
On June 25, the European Securities and Market Authority (ESMA) published a letter (dated June 17) sent by Steven Maijoor, ESMA Chair, to Olivier Guersent, European Commission Director General for Financial Stability,...more
On June 21, the new Communication forms the Commission’s contribution to the Euro Summit. It takes stock of the progress made to deepen EMU since the publication of the Five Presidents’ Report: Completing Europe’s EMU on...more
In March 2018 the European Commission published a draft package of measures aimed at reducing barriers to the cross-border distribution of investment funds. The proposed approach involves aligning the rules between different...more
In this newsletter, we provide a snapshot of the principal Asian, U.S., European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more