The transposition process of the Directive on alternative investment funds managers EU 2024/927 (AIFMD 2) into Luxembourg law started on 3rd October 2025 with the bill of law 8628 provided to the Luxembourg Parliament. At European level AIFMD 2 must be transposed by each Member State before April 2026 at the latest.

Until now, the implementation of a settlement one day after the execution date (the “T+1”) for stock market transactions within the scope was a project mainly driven by the industry, under the responsibility of the Industry Committee.

Spearheaded by the European Central Bank through the AMI-SeCo working group, ISO 20022 sets a clear path toward harmonised and automated post-trade processes across the continent.

Blockchain is reviving the cards of asset custody. Between self-custody wallets and custodial wallets, traditional models are being challenged. The blockchain version of administered registered shares could prove particularly suitable for financial securities and thus challenge the current hegemony of bearer securities. While asking many legal and operational...

In line with its commitment, the Industry Committee* published its report on 30 June 2025.

Market concentration is not the only aspect that can help Europe thrive. Integration and technological enhancements are the key topics are a shared focus on delivering value.

On 12 January 2025, the European Commission took a further step towards reducing the settlement/delivery cycle by publishing its proposal to amend the regulatory text.

The possibility for UK CCPs to offer their service to European clearing houses has been a recurring issue since Brexit and their new status as "third country CCPs".

In March 2025, the European Commission published a report assessing the application of the Shareholder Rights Directives (SRDs) approximately four years after the entry into force of SRD2.

In Europe, sustainable finance regulations aim to regulate financial operations in order to support sustainable development, encourage asset managers to take ESG (Environment, Social and Governance) aspects into account and increase the transparency of financial product providers. Here, we will focus on the new directive proposed by the European Commission:...

Affrontare le sfide del mercato, i rischi di liquidità e stabilire una adeguata tabella di marcia per le implementazioni: queste le priorità in agenda per il post-trading in Europa.

Financial intermediation by Undertakings for Collective Investment in Transferable Securities (UCITS) has always been popular with general public investors in France.

Following the ESMA Final Report published in November 2024 and the Joint Communication of the European Commission, ESMA and the ECB on future governance, a new step has been taken.

The consultation launched by the European Markets Authority (ESMA) in the winter of 2023 provided an opportunity for the European regulator to propose a wide range of possible changes to the penalty regime, ranging from a simple change in the rates applied to complete overhauls of the system through the simple or convex introduction of progressive rates,...

On 10 December 2024, the Council of Europe adopted a directive with new rules for withholding tax procedures (FASTER).