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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…
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IOSCO Revised recommendations for liquidity risk management for collective investment schemes
November 2025 The International Organization of Securities Commission (IOSCO) has revised its 2018 recommendations on liquidity risk management (LRM) for collective investment schemes (CISs). These revised recommendations are complemented by implementation guidance¹, which contains concrete examples of good practices from different jurisdictions and can serve as a model for adopting the recommendations. This revision incorporates…
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IOSCO Sustainable Bonds Report
November 2025 The sustainable bond market has experienced significant growth since the issuance of the first green bond approximately 20 years ago. Furthermore, the cumulative value of green, social, sustainability, and sustainability-linked bonds in 2024 exceeded USD 5.7 trillion¹. The findings of the International Organization of Securities Commissions (IOSCO) report on sustainable bonds, published in…
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Omnibus package: Proposal for the simplification of sustainability reporting by companies
June 2025 In January 2025, the European Commission (EC) presented its Competitive Compass in line with the recommendations made by Mario Draghi in his report on the future of European competitiveness and confirmed its proposal of a package of measures for the simplification of sustainable finance reporting, sustainability due diligence and taxonomy. On 26 February…
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The European Commission’s Strategy to achieve a Savings and Investments Union
June 2025 On 19 March 2025, the European Commission (EC) published a Communication developing its Strategy to achieve a unique Savings and Investment Union in the European Union (EU) through which it aims to foster its economic competitiveness and increase citizens’ wealth. The EC acknowledges in said document that, despite the EU’s great potential, with…
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ESMA’s Supervisory Briefing on the authorisation of crypto-asset service providers
June 2025 The relatively recent publication of Regulation (EU) 2023/1114 on markets in crypto-asset¹ (MiCA) in 2023, its innovative nature and the technical complexity in crypto-asset trading has led to the extension of the development stage of the level two and level three regulation that detail and clarify certain obligations and requirements included in the…
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FCA’s Strategy for 2025-2030: growth, risks and trustworthiness
June 2025 In March 2025, the United Kingdom’s Financial Conduct Authority (FCA) presented its latest quinquennial strategy (2025-2030), aimed at reinforcing trust in financial services, fostering sustainable economic growth and delivering better results for consumers and markets. This new strategic framework is based on four main interconnected priorities: (i) become a smarter regulator, (ii) support…
