ESMA has published an interim report on transaction reporting on the call for evidence on a comprehensive approach for the simplification of financial transaction reporting under the Markets in Financial Instruments...more
The European Securities and Markets Authority (ESMA) has launched a call for evidence on the structure of European equity markets, presenting an analysis of trends between 2022 and 2025 based on transaction data reported...more
The UK Financial Conduct Authority (FCA) and the Bank of England (BoE) have opened the application window for prospective members of a new UK transaction and post-trade reporting taskforce. The purpose of the taskforce is to...more
French Ordinance no. 2026-255, published in the Official Journal of the French Republic on 9 April 2026 (the Ordinance), implements Directive (EU) 2024/1619 (CRD6) into French law through a series of amendments to the French...more
Our monthly regulatory newsletter monitors all relevant developments regarding European regulatory law in English language. ...more
Our monthly regulatory newsletter monitors all relevant developments regarding German and European regulatory law in English language. Furthermore, we produce detailed briefings to cover key developments in the field of...more
The Delegated Regulation, amending Delegated Regulation (EU) 2017/567 as regards equity transparency requirements under the Markets in Financial Instruments Regulation (MiFIR), has been published in the Official Journal of...more
The ESRB published a report on financial stability risks from linkages between banks and the non-bank financial intermediation (NBFI) sector. The report focuses on bank funding from NBFI entities and credit exposure to NBFI...more
The European Securities and Markets Authority (ESMA) has announced the immediate withdrawal of its guidelines on MiFID II/MiFIR obligations relating to market data, on the basis that the clarifications covered in the...more
BaFin published its yearly update on its report regarding Risks in BaFin’s Focus, accompanied by a press release. The report identifies the following six top risks for financial institutions, arising from: (i) significant...more
The ESRB published a second summary compliance report assessing the implementation of recommendation ESRB/2019/18 on the exchange and collection of information for macroprudential purposes regarding branches of credit...more
2026 is set to be a pivotal year for the UK and EU financial markets as landmark reforms go live across capital and wholesale markets: the UK’s new prospectus regime and the EU Listing Act changes coming into effect, with...more
The European Securities and Markets Authority (ESMA) has published its final report under the MiFIR Review on derivatives transparency, package orders, and the over-the-counter (OTC) derivatives consolidated tape input and...more
The UK Financial Conduct Authority (FCA) has issued a new direction with an explanatory statement (published later, on 2 January) under Article 28a(9) of the UK Markets in Financial Instruments Regulation (MiFIR) regarding...more
The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) 2017/567 as regards regulatory technical standards (RTS) on equity transparency requirements under the Markets in Financial...more
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/32 setting out proposals to improve the UK transaction reporting regime under the Markets in Financial Instruments Regulation (MiFIR). HM Treasury...more
On 28 November 2025, the Financial Conduct Authority (FCA) published a policy statement (PS25/17) finalising rules proposed in its July 2025 consultation paper (CP25/20). The reforms remove the Systematic Internaliser (SI)...more
The EBA) launched a consultation on draft Guidelines on the authorisation of third-country branches (TCBs) under Article 48c(8) CRD VI. The Guidelines set out: (i) the list of information to be included in the application,...more
On 21 November 2025, the Financial Conduct Authority (FCA) published a consultation paper (CP25/32) setting out proposed reforms to the UK transaction reporting regime (the Regime). The consultation aims to reduce regulatory...more
The UK Financial Conduct Authority (FCA) has published Handbook Notice 134, outlining amendments to the FCA Handbook resulting from the following statutory instruments: • (i) Markets in Financial Instruments (Transfer of...more
Five technical standards supplementing the Markets in Financial Instruments Regulation enabling the creation of the consolidated tape have been published in the Official Journal of the European Union (OJ)...more
The Financial Services and Markets Act 2023 (Commencement No.11 and Saving Provisions) Regulations 2025 were made and have been published. These Regulations are the eleventh commencement regulations made under the Financial...more
The European Securities Markets Authority (ESMA) has issued a second public statement providing transitional guidance on the application of revised provisions under the Markets in Financial Instruments Directive II (MiFID II)...more
The UK Financial Conduct Authority (FCA) has published policy statement PS25/13, finalising the transfer of firm-facing requirements from the UK version of the Markets in Financial Instruments Directive Organisational...more
Delegated Regulation (EU) 2025/1768 and Delegated Regulation (EU) 2025/884 have been published in the Official Journal of the European Union (OJ), extending the scope of rules on fines and fees for data reporting service...more