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Reforms proposed by the European Commission in relation to distributed ledger technology and the MICA regime
February 2026 On 4 December 2025, the European Commission (EC) published, in line with the recommendations of the Draghi Report on competitiveness, a series of measures for the integration of the European Union (EU) market in the field of financial services, as part of the Savings and Investments Union Strategy. The main objective of these…
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European Commission package on market integration: main changes to improve post-trading in financial instrument markets in the European Union
February 2026 On 4 December 2025, the European Commission (EC) presented the so-called market integration package, which is part of its Strategy for the Savings and Investment Union (SIU), published in March 2025, which seeks to boost savings and investment in the European Union (EU). Through this initiative, the EC pursues two main objectives: (a)…
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European Commission package on market integration: main proposals in the review of the ESMA Regulation
February 2026 The European Securities and Markets Authority (ESMA) was established by Regulation (EU) No 1095/2010¹ (ESMA Regulation) in response to the serious shortcomings identified in the supervision of the financial sector in the European Union (EU) during the financial crisis of 2007 and 2008. Subsequently, its legal framework was revised through the adoption of…
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European Commission proposal for the review of the Sustainable Finance Disclosure Regulation
February 2026 On 20 November 2025, the European Commission published its proposal for a comprehensive review of the Regulation on sustainability-related disclosures in the financial services sector¹ (SFDR). The initiative aims to address two problems identified following its implementation: (1) the high complexity and compliance costs for financial market participants and (2) the lack of…
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IOSCO Final Report on the Tokenization of Financial Assets
February 2026 This Final Report aims to develop a shared understanding among IOSCO members of how financial asset tokenization is being adopted in capital markets and how regulators are responding to these developments. It is based on a monitoring exercise conducted by IOSCO’s Fintech Task Force through a dedicated Tokenization Working Group. The methodology combines…
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Pre-Hedging Final Report
February 2026 Pre-hedging is a market practice used by dealers to manage the risk of anticipated primary principal market offerings and secondary market transactions predominantly in wholesale markets¹. Although the use of pre-hedging can benefit both clients and dealers in certain transactions, there are also some concerns about potential issues from a market integrity and…
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EU Securitisation Framework Reform: Boosting the market while safeguarding solvency
November 2025 On 17 June 2025, the European Commission presented a comprehensive package of reforms aimed at revitalising the securitisation market within the European Union (EU). This initiative constitutes a significant milestone in European financial regulation, following years of overly cautious regulatory approaches, modifying both Regulation 2017/2402 on the general framework for securitisation¹ and Regulation…
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The European Commission progresses in its efforts to simplify corporate sustainability reporting
November 2025 During 2025, the European Commission (EC) has put forward a series of measures aimed at simplifying the sustainability reporting framework, in line with the broader objective of simplifying and reducing reporting burdens for companies in the European Union (EU). In a previous edition of this Bulletin, an Article on the EC’s omnibus package…
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ESMA Guidelines on the Criteria for Assessing Knowledge and Competence under the Regulation on markets in crypto-assets
November 2025 On 11 July 2025, the European Securities and Markets Authority (ESMA) published its Final Report with the Guidelines establishing the criteria to be applied in assessing the knowledge and competence of staff who provide information on, or advice relating to, crypto-assets. These guidelines have been developed pursuant to the MiCA Regulation¹, in accordance…
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ESMA Guidelines on Market Abuse under the MiCA Regulation
November 2025 On 9 July 2025, ESMA published the Guidelines on supervisory practices to prevent and detect market abuse under the Markets in Crypto Assets Regulation(MiCA)¹, aiming to ensure consistent and uniform supervision by the National Competent Authorities (NCAs) across Member States. These Guidelines complement the Delegated Regulation for reporting suspicious transactions or orders under…
