Regulatory overview

On Wednesday 12 February 2025, the European Commission published a legislative proposal to introduce a targeted amendment to the CSDR on CSDs.

On 20 February 2025, ESMA published technical standards on various aspects of the review of the Central Securities Depositories Regulation (CSDR)

After further consultation with the European Parliament, the Council of Europe adopted on 10 December 2024 the new rules for withholding tax procedures (FASTER).

The MiCA Regulation on crypto assets entered into force on 30 December 2024 except for the provisions on stablecoin (Titles III and IV of the Regulation) which came into force on 30 June 2024.

Regulation (EU) No. 2024/2987 EMIR 3 was published in the Official Journal of the European Union on 4 December 2024 and applies to all Member States since 24 December 2024.

As part of a legislative package published on 26 February 2025, the European Commission proposed a substantial simplification in sustainability (Omnibus I) and EU investment programs (Omnibus II).

On 19 March 2025, the Commission issued a press release on the adoption of its Savings and Investment Union Strategy to improve the capacity of the EU financial system to channel savings into productive investments.

On 24 March 2025, the Council adopted a Regulation on financial benchmarks to reduce red tape for EU businesses

On 4 December 2024, the European Union published Commission Implementing Regulations laying down rules for the application of eIDAS Regulation (Regulation (EU) No 910/2014).

The Accelerated Settlement Taskforce (AST) has developed a plan to move to faster settlement of securities trades. This means if you buy a stock or bond, it will be settled within 1 business day.

The European Commission adopted a decision to extend the equivalence for UK central counterparties (CCPs)

On 31 January 2025, the AMF updated position-recommendation DOC-2012-11 to consider, in particular, the extension of the maximum period for blocking applications for the redemption of shares in authorised private equity funds as from the promulgation of the Attractiveness Law No 2024-537 of 13 June 2024.

Following the additions published by ESMA on 13 December 2024 on the Guidance on fund names containing terms related to ESG criteria or sustainability, the AMF decided on 16 December 2024 to comply with these guidelines.

A new step has been taken in the implementation of the European Digital Finance Package

On 20 February 2025, the Department of Finance of Ireland published a Statutory Instruments on the implementation of DORA.

On 15 January 2025, the Deutscher Bundestag published a draft of the Second Future Financing Act.

The objective of this reminder is to accompany the industry in the correct application of the existing provisions within the regulatory framework relating to the so-called "sustainable finance", providing references for the declination of the same also in the light of ESMA's initiatives aimed at promoting supervisory convergence.