CRD – CREDIT INSTITUTION ACQUISITIONS
The European Banking Authority's (EBA) consultation on draft regulatory technical standards (RTS) specifying the list of minimum information to be provided to the relevant competent authority at the time of the notification of the proposed acquisition of qualifying holdings in a credit institution closes on 18 September 2025.
The RTS aim at harmonising the minimum content of the notification to the competent authority of the target credit institution with a view to supporting a harmonised prudential assessment of the proposed acquisition against the five assessment criteria set out in the Capital Requirements Directive (CRD).
Press Release: The EBA consults on technical standards on acquisitions in credit institutions
Consultation Paper: Consultation Paper - minimum list of information
CRD IV AND SOLVENCY II – ESG STRESS TESTING
The Joint Committee of the European Supervisory Authorities' (ESAs) consultation paper on draft joint guidelines on ESG stress testing under Directive 2013/36/EU (CRD IV) and Directive 2009/138/EC (Solvency II) closes for comment on 19 September 2025.
The guidelines aim to ensure that competent authorities for the banking and insurance sectors consistently integrate ESG risks into their supervisory stress testing activities.
The ESAs will consider feedback in Q3 and Q4 2025. They plan to finalise the guidelines by the end of 2025 and are required to publish the final joint guidelines by 10 January 2026.
Press Release: ESAs launch consultation on how to integrate ESG risks in the financial stress tests for banks and insurers
Consultation Paper: Consultation Paper - Joint ESAs Guidelines on integrating ESG risks in supervisory stress tests
CRR – EQUITY EXPOSURES
The European Commission's (the Commission) consultation on draft guidance on the treatment of equity exposures incurred under legislative programmes in the Capital Requirements Regulation (CRR) closes on 8 September 2025.
The legislative programmes in question are programmes established by EU and national laws which provide public and private financing to businesses operating in specific sectors of the economy. Banks authorised to invest in equity under qualifying legislative programmes benefit from favourable prudential treatment for the calculation of their capital requirements. This means these banks have to put aside less capital than the capital needed when they invest in other equity investments. The guidance aims to ensure that the rules on legislative programmes under the CRR are applied consistently, and to promote broader use of the programmes and increase equity investments, while preserving the soundness of the investing banks.
Press Release: Commission seeks feedback on prudential treatment of equity exposures - European Commission
Consultation Paper: Consultation document - Targeted consultation on the treatment of equity exposures incurred under legislative programmes in the Capital Requirements Regulation
EMIR 3
The European Securities and Markets Authority's (ESMA) consultations on margin transparency requirements and clearing fees are closing on 8 September 2025.
ESMA is seeking views on: (i) the type of information to be disclosed by clearing service providers (CSPs) to their clients in relation to costs and fees for the provision of clearing services; (ii) the requirements regarding the central counterparties' (CCPs) margin simulation tool and CSPs' margin simulations; and (iii) the type of information to be provided by CCPs and CSPs regarding their margin models.
ESMA is required to submit the final draft RTS to the Commission by 25 December 2025.
Press Release:
Consultation Papers:
- Consultation Paper on EMIR 3 draft RTS on Margin Transparency requirements
- Consultation Paper on the Draft RTS on information on clearing fees and associated costs
INSURANCE – OPERATIONAL RESILIENCE
The International Association of Insurance Supervisors' (IAIS) consultation on operational resilience objectives and toolkit closes on 29 September 2025.
The paper consists of the operational resilience objectives (the objectives) and the supporting practices and tools (the toolkit). The objectives provide an outcomes-based articulation of the application of the Insurance Core Principle (ICP) relating to risk management in light of developments in operational resilience, while the toolkit provides a selection of practices that could be used to achieve (or work towards achieving) the objectives.
Press Release: Public consultation on draft Application Paper on operational resilience objectives and toolkit
Consultation Paper: Draft Application Paper on Operational Resilience Objectives and Toolkit
MICA – MARKET ABUSE
Commission Delegated Regulation (EU) 2025/885 supplementing the Markets in Crypto-Assets Regulation (MiCA) with RTS setting out the arrangements, systems and procedures to prevent, detect and report market abuse, the templates to be used for reporting suspected market abuse, and the coordination procedures between the competent authorities for the detection and sanctioning of market abuse in cross-border market abuse situations enters into force on 9 September 2025.
Article 92(1) of MiCA requires persons professionally arranging or executing transactions (PPAETs) in cryptoassets to have in place effective arrangements, systems and procedures to prevent and detect market abuse. Those persons are required to report to a competent authority any reasonable suspicion regarding an order or transaction, and other aspects of the functioning of distributed ledger technology, where there might be circumstances indicating that market abuse has been committed, is being committed or is likely to be committed.
Among other things, the Delegated Regulation:
- specifies the requirements regarding arrangements, systems and procedures established by PPAETs;
- lays down the obligation for PPAETs to organise training for staff involved in measures and procedures against market abuse; and
- provides for the reporting obligation to competent authorities and specifies the timing of the submission of suspicious transaction and order reports and their content.
MIFID II AND MIFIR
Directive (EU) 2024/790 amending the MiFID II Directive (2014/65/EU) (the MiFID Amending Directive) entered into force on 28 March 2024. It made consequential changes to the Markets in Financial Instruments Directive (MiFID II) to ensure consistency between MiFID II and the Markets in Financial Instruments Regulation (MiFIR) as amended by Regulation (EU) 2024/791.
EU Member States are required to transpose the MiFID Amending Directive by 29 September 2025. Ireland has yet to make any statutory instruments in this regard.
SOLVENCY II
The European Insurance and Occupational Pensions Authority's (EIOPA) consultation on its draft revised guidelines on the supervisory review process closes on 24 September 2025.
The guidelines are used by supervisors to assess insurers' and groups' exposure to risks and the effectiveness of the controls they have in place. The objectives of the review are to: (i) ensure that the guidelines are up to date and in line with the legal framework as amended by the Solvency II review; and (ii) simplify and shorten the guidelines.
Press Release: EIOPA opens public consultation on revised Guidelines on Supervisory Review Process
Consultation Paper: Consultation on the proposal for revised Guidelines on supervisory review process
SUSTAINABLE FINANCE
The Commission's call for applications for members for the third term of the mandate of the Platform on Sustainable Finance (the Platform) closes on 7 September 2025.
The Platform is an expert group established under Article 20 of the Taxonomy Regulation. Its role is to advise the Commission on relevant topics relating to the EU taxonomy and the EU sustainable finance framework. It provides scientific and evidence‑based advice for technical screening criteria, as well as sustainable finance policies upon request by the Commission.
The Platform's second mandate ended in March 2025. The next Platform's mandate will run from the first quarter of 2026 to the fourth quarter 2027. It will have the following priorities:
- providing advice on the review of the existing technical screening criteria of the EU Taxonomy draft delegated acts (set out in the Omnibus package with adoption planned for 2026) with the aim of simplifying them and improving their usability and coherence;
- developing additional taxonomy technical screening criteria across all six environmental objectives and possibly revising and/or updating the criteria where appropriate;
- monitoring capital flows into sustainable investments; and
- implementing transition finance policies.
More information:
- Platform on Sustainable Finance - European Commission
- Call for applications 2025 for the selection of members of the Platform on Sustainable Finance - European Commission
TARGET
Decision (EU) 2025/1734 of the European Central Bank (ECB) of 31 July 2025 on safeguards in relation to access by central counterparties (CCPs) to Eurosystem overnight credit in TARGET enters into force on 2 September 2025 and applies from 6 October 2025.
Guideline (EU) 2022/912 of the ECB provides that national central banks of Member States whose currency is the euro may provide overnight credit through a dedicated crisis facility to CCPs. Such CCPs must meet the requirements set out in Guideline (EU) 2022/912 (eligible CCPs).
Decision (EU) 2025/1734 sets out:
- the requirements that eligible CCPs must meet as regards safeguards on financial soundness;
- the requirements that eligible CCPs must meet as regards safeguards on sound liquidity risk management; and
- the method of assessment of compliance with these requirements.
It also provides that the Governing Council may take discretionary measures with respect to the crisis facility, and the penalties applicable to CCPs for relevant breaches.
TRANSACTION REPORTING
ESMA's call for evidence on a comprehensive approach for the simplification of financial transaction reporting closes on 19 September 2025.
The purpose of the call for evidence was to gather feedback on opportunities to simplify, better integrate and streamline supervisory reporting. The document presents two options for simplification: (i) eliminating overlaps without any change to the current reporting channels; or (ii) creating a unified reporting template based on the 'report once' principle to replace multiple reporting frameworks.
ESMA intends to publish a final report in early 2026 on the preferred simplification option.
Press Release: Streamlining financial transaction reporting: ESMA calls for input
Call for Evidence: Call for evidence on a comprehensive approach for the simplification of financial transaction reporting
T2 - OPERATING HOURS
The EBA's consultation on the possible future extension of the operating hours of the T2 system closes on 30 September 2025. The consultation proposes several options for extending T2 operating hours, including a move towards: (i) a 24-hour operational day; (ii) a 6 or 7-day operational week; or (iii) a 365-day operational year.
Press Release: Public consultation on possible extension of T2 operating hours
Consultation Paper: Consultation paper on the extension of T2 operating hours
28TH REGIME
The Commission's call for evidence and consultation on a new EU corporate legal framework (the 28th regime) closes on 30 September 2025.
The Commission adoption of a Directive is expected in Q1 2026.
Call for Evidence and Consultation Papers:
- CfE: 28th regime – a single harmonised set of rules for innovative companies throughout the EU
- CP: 28th regime – a single harmonised set of rules for innovative companies throughout the EU
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