Podcast: ESMA Report: Undue Pressure on Companies
With the EU’s AI Act having entered into force on August 1, 2024, companies now need to focus on its implementation. Although the AI Act will not be fully enforceable until August 2, 2027, some obligations will become binding...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
This publication provides an overview of the latest developments in the area of financial sustainability regulation, in particular on the German Federal Financial Supervisory Authority’s conference on sustainable finance, its...more
The Financial Conduct Authority (“FCA”) published a statement reminding firms about potential financial crime risks linked to Afghanistan. Commission Delegated Regulation (EU) 2021/1415 supplementing the Securitisation...more
The European Commission has published a proposed Regulation on digital operational resilience within the financial services sector in the EU. This will replace and harmonise existing guidance in relation to ICT and security...more
30 July - The Financial Conduct Authority (“FCA”) updated its webpage on the High Court business interruption insurance test case. The Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/20)...more
3 February - The European Banking Authority (“EBA”) published a report on the benchmarking of diversity practices in credit institutions and investment firms under the CRD IV Directive (2013/36/EC)....more
The European Supervisory Authorities have each published advice to the European Commission on undue short-term pressure from the financial sector on corporations. The ESAs comprise the European Banking Authority, the European...more
1 June - HM Treasury published a consultation paper (dated May 2019) on the regulation of pre-paid funeral plans. HM Treasury intends to bring all funeral plan providers within the remit of the FCA....more
INSTITUTIONAL DEVELOPMENTS - The New European Parliament: More Fragmentation, Ad Hoc Coalitions, And Greener Policies? The results of the May 2019 European Parliament (“EP”) elections resulted in a more complex European...more
FINANCIAL MARKETS - IOSCO Consults on Regulating Crypto-Asset Trading Platforms - On May 28, the International Organization of Securities Commissions (IOSCO) published a consultation paper on regulating crypto-asset...more
The Joint Committee of European Supervisory Authorities has published a Final Report and final draft amending Implementing Technical Standards on the mapping of External Credit Assessment Institutions' credit assessments...more
Defence and Security - Establishment of the European Defence Fund - On 20 February 2019, the European Parliament and the Council of the EU reached a partial political agreement on the European Defence Fund (the “EDF”)....more
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. BREXIT - Please see the product sections for updates on the various draft SIs published this week in anticipation of...more
BREXIT - Please see the Consumer/Retail and Markets and Markets Infrastructure section for updates on various draft SIs published this week in anticipation of a hard Brexit and Trade associations' letter on temporary...more
Antitrust and Competition - Best Practices Code for State aid control adopted by the European Commission - On 16 July 2018, the European Commission adopted a Code of Best Practices for the conduct of State aid control...more
U.S. Financial Industry Developments - FINRA Requests Comment on Financial Technology Innovation in the Broker-Dealer Industry - On July 30, 2018, the Financial Industry Regulatory Authority ("FINRA") published a...more
The European Commission (“EC“) published an open letter to EIOPA and ESMA on August 1, 2018. The letter sought technical advice in relation to sustainable finance, in particular technical advice relating to legislation....more
BREXIT - FCA speech and new webpage on approach to Brexit - On 19 July, the FCA published a speech given by Nausicaa Delfas, FCA Executive Director of International, on the FCA's approach to Brexit. ...more
BREXIT - EBA relocation to Paris - On 21 November, the Council of the EU published a press release announcing that the ministers of EU member states other than the UK have selected Paris as the new location of the EBA....more
On 20 September 2017, the European Commission published a package of measures designed to increase the powers of the three European Supervisory Authorities (ESAs), primarily by transferring certain powers of regulation and...more
The European Commission has proposed a series of reforms to strengthen and further centralise supervision of the European capital and financial markets at the EU level with the aim of creating stronger and more integrated...more
CAPITAL MARKETS AND MARKET INFRASTRUCTURE - See Recovery and Resolution section for an update on CCP recovery and resolution. FCA makes available draft forms for benchmark administrators - On 6 July, as part of their...more
On June 15, 2017, ESMA, EIOPA and the EBA (the European Supervisory Authorities (“ESAs“)) each published their annual reports outlining the relevant ESA’s objectives, activities and key achievements in 2016. ESMA’s annual...more
On 16 March, the European Commission (“Commission”) announced it had launched a new tool in its fight against cartels and other anti-competitive practices. The Commission unveiled a new whistleblowing tool, which would allow...more