Portugal is one of the few EU Member States where the Markets in Crypto-Assets (MiCA) is not in effect. This delay stems from a period of parliamentary instability, including two snap elections in two years, which resulted in...more
The European Securities and Markets Authority (ESMA) has published its second consolidated report on sanctions and measures imposed by national competent authorities in Member States in 2024. The report reveals that over 970...more
In a welcome development, ESMA published its proposed Level 2 measures on the conditions for the operation of open-ended loan-originating alternative investment funds (OE LOFs) pursuant to the AIFMD II mandate. The RTS...more
As detailed in our previous alert “Loan Fund Structures Under AIFMD2: ESMA’s Proposals,” in December 2024, the European Securities and Markets Authority (ESMA) issued a consultation with draft regulatory technical standards...more
The European Banking Authority (EBA) has published its final report, concluding a six-year review of the effectiveness of national competent authorities (NCAs) approaches to the anti-money laundering and countering the...more
Our monthly regulatory newsletter monitors all relevant developments regarding European regulatory law in English language. ECB: Consultation on draft Guidelines on managing legacy NPEs in LSIs - Status: Consultation - ...more
The European Central Bank (ECB) has issued a consultation on draft guidelines on the supervisory approach by national competent authorities to coverage of non-performing exposures held by less significant supervised entities,...more
* [co-author: Jacqueline Hill] The EU and UK are set to implement their Carbon Border Adjustment Mechanisms (CBAMs) in 2026 and 2027, respectively. Our CBAM Guide walks importers of certain carbon intensive goods and other...more
The European Central Bank (ECB) has launched a consultation on a draft Guideline, accompanied by a press release, aimed at harmonising the supervisory approach of national competent authorities (NCAs) to non-performing...more
Since 30 December 2024, the EU Markets in Crypto-Assets Regulation (MiCAR) white paper requirements for crypto-assets, other than asset-referenced tokens and e-money tokens, have become applicable across the EU. Many entities...more
The European Banking Authority (EBA) has issued an Opinion in the form of a no-action letter dated 5 August, addressing the application of ESG Pillar 3 disclosure requirements under the EBA disclosure implementing technical...more
On 2 July 2025, the Court of Justice of the European Union (General Court) clarified that simply "informing" the authorities of a proposed concentration isn’t enough to kick off the 15-working-days time limit under which a...more
DORA is now applicable, imposing requirements in respect of ICT risk management and digital operational resilience. Firms should be preparing their register of information ready for sharing with the CBI in April....more
EU competent authorities seem to be stepping up enforcement actions for SFDR disclosure acting as a timely reminder for fund managers to ensure that holdings and procedures for allocating investments align with statements in...more
EU Listing Act package simplifies listing requirements and post-listing obligations. Targeted amendments to MAR remove disproportionate complexity but preserve investor protection....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
The updated reporting rules under EMIR for new and outstanding derivatives trades will apply from 29 April 2024 under EU EMIR and 30 September 2024 under UK EMIR. Key changes to the reporting requirements have been introduced...more
The Situation: On October 5, 2023, the European Parliament and the Council of the European Union adopted the European Green Bond Regulation ("EuGB Regulation"), establishing a voluntary harmonized standard open to both EU and...more
The annual report of the European Supervisory Authorities (the “ESAs”) on the extent of voluntary disclosure of principal adverse impacts (“PAIs”) under the Sustainable Finance Disclosure Regulation (“SFDR”) was published on...more
On July 6, 2023, the European Securities and Markets Authority (ESMA), in collaboration with National Competent Authorities (NCAs), launched the Common Supervisory Action (CSA) aimed at assessing the compliance of supervised...more
On 11 July 2023, the European Securities and Markets Authority (ESMA) published a public statement on sustainability disclosure in prospectuses, available here: ESMA32-1399193447-441 Statement on sustainability disclosure in...more
On July 4, 2023, the Court of Justice of the European Union (CJEU) issued a ruling in the case involving Meta Platforms Inc., Meta Platforms Ireland, and Facebook Deutschland (Meta). The judgement explores the intersection of...more
On 1 June 2023, the three European Supervisory Authorities (the “ESAs”) published their respective progress reports (ESMA, EBA and EIOPA) in response to a request for their input from the European Commission (the...more
Welcome to the January – March 2023 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key dates and developments during the quarter under...more
The long-awaited European Court of Justice's judgment in Towercast confirmed that national competition authorities (and national courts) can apply abuse of dominance rules to mergers that did not trigger EU and national...more