1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) Germany - BReg: Government draft on the Second Future Financing Act (Regierungsentwurf zum zweiten Zukunftsfinanzierungsgesetz) Status: Draft - The...more
The EU’s Digital Operational Resilience Act (DORA) comes into force from 17 January 2025. Under DORA, in-scope regulated financial services (FS) businesses operating in the EU (Firms) face new cybersecurity requirements and...more
On 8 July 2024, the European Commission Delegated Regulation (EU) 2024/17001 entered into force, providing long-awaited regulatory technical standards (RTS) as mandated under Articles 22(6) and 26d(6) of the EU Securitisation...more
The European Supervisory Authorities have published their third annual report on disclosures of principal adverse impacts under the EU Sustainable Finance Disclosure Regulation. The report assesses both entity and...more
1. The Supervision Regime - Proportionality - The supervision regime is built on the principle of “proportionality,” in an effort to ensure that supervision remains effective and meets its underlying purposes without...more
The European Commission’s adoption on 23 October 2024 of the two regulations (Regulations) supplementing the [the Regulation on digital operational resilience for the financial sector Publications Office (europa.eu)] (DORA)...more
On 18 September 2024, the General Court of the European Union (General Court) largely upheld the fine imposed by the European Commission (Commission) finding that a global tech company had engaged in predatory pricing of its...more
With less than three months remaining until the implementation date of the EU Digital Operational Resilience Act (DORA), this note highlights recent developments in the EU’s efforts to facilitate firms’ transition to DORA...more
European Commission has launched a short 8 week public consultation on key aspects of the EU Securitisation Framework. The consultation seeks feedback on the effectiveness, scope and application of the current EU...more
On September 19th, 2024, the CSSF published its 2023 annual report, highlighting key regulatory challenges, particularly in the realm of crypto-assets following the implementation of the Markets in Crypto-Assets Regulation...more
On 25 July 2024, the European Supervisory Authorities (ESAs) updated the consolidated Q&As on the Sustainable Finance Disclosure Regulation 2019/2088 (the SFDR) and SFDR Delegated Regulation 2022/1288 (the SFDR Delegated...more
The European Union (EU) Artificial Intelligence Act (AI Act), Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending...more
On 24 July 2024, the European Securities and Markets Authority ("ESMA") published an opinion on the sustainable finance regulatory framework (the "ESMA Opinion"), which outlines the ESMA's long-term vision for the functioning...more
1. Bank regulation - 1.1 Prudential Regulation - (a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more
1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more
In our latest blog post on preparing for the EU’s Digital Operational Resilience Act (DORA), entering into force on January 17, 2025, we take a look at second-level requirements under DORA covering the classification and...more
With under six months to go until the European Union Digital Operational Resilience Act (DORA) becomes applicable on 17 January 2025, DORA implementation projects are running full steam ahead. DORA lays down uniform...more
The European Securities and Markets Authority has published an Opinion on the sustainable finance regulatory framework, setting out possible long-term improvements. ESMA acknowledges that while the EU sustainable finance...more
The draft RTS also set out requirements regarding the implementation, monitoring, and management of contractual arrangements regarding the subcontracting conditions for the use of ICT services supporting critical or important...more
Beginning January 17, 2025, financial entities based in the European Union must have in place processes and policies, and mandatory contract provisions with their third-party technology vendors, that comply with the EU...more
The publication by the Joint Committee of the European Supervisory Authorities (ESAs) on (a) 17 July 2024 of the second batch of implementing materials and (b) 26 July 2024 of the sub-contracting of information and...more
On 26 July 2024, the three European Supervisory Authorities (EBA, EIOPA and ESMA) published the final report on the draft Regulatory Technical Standards relating to subcontracting ICT services supporting critical or important...more
Those who have had to navigate and consider the EU Sustainable Finance Disclosure Regulation (SFDR) have faced its challenges and noted its deficiencies. Specifically, these have included data gaps, the SFDR’s use as a...more
ESAs update consolidated Q&A with new guidance - The European Supervisory Authorities have updated their consolidated questions and answers (“Q&A”) on the Sustainable Finance Disclosure Regulation (“SFDR”) on 25 July 2024....more
The Digital Operational Resilience Act (DORA) regulation is part of the European Union’s (EU) strategy to enhance the overall stability of the EU financial system by ensuring that financial entities are resilient to digital...more