ESMA’s report sets out details of work undertaken over the year.

EIOPA’s report sets out details of work undertaken over the year.

The SI amends regulation 51 of the PSRs to enhance customer protections when payment service providers terminate contracts with payment service users. These enhancements apply to framework contracts for payment services concluded for an indefinite period and entered into on or after the SI comes into force (28 April 2026). They include extending the minimum notice period for contract terminations, mandating providers to provide sufficiently detailed and specific reasons for contract termination so payment service users can understand why the contract is being terminated, and informing payment service users of any right they may have to complain to FOS.  Certain exceptions are provided for. 

These Regulations amend the transitional provision in Article 89(1) of UK EMIR which exempt certain pension fund derivative contracts from the clearing obligation provided for in Article 4 of UK EMIR. They remove the time limit that previously applied to this exemption.  (Date in force: 11 June 2025)

The Council has adopted targeted changes to EU liquidity rules for the banking sector.  The current transitional ratio levels of certain short-term securities financing transactions held by banks will be made permanent.  Amendments to CRR will come into force on 29 June 2025.

The following Delegated Regulations have been adopted: (i) Commission Delegated Regulation (EU) supplementing MiFIR with regard to regulatory technical standards on the authorisation and organisational requirements for approved publication arrangements and approved reporting mechanisms, and on the authorisation requirements for consolidated tape providers, and repealing Delegated Regulation (EU) 2017/571; (ii) Commission Delegated Regulation (EU) supplementing MiFIR with regard to regulatory technical standards specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and repealing Delegated Regulation (EU) 2017/574; (iii) Commission Delegated Regulation supplementing MiFIR with regard to regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis,

The Basel Committee has published a voluntary framework for disclosing climate-related financial risks for jurisdictions to consider and intends to monitor relevant developments, including implementation of other reporting frameworks and disclosure practices by internationally active banks.

The following Implementing Regulation has been adopted: Commission Implementing Regulation of 12 June 2025 laying down implementing technical standards for the application of MiFIR with regard to the standard forms, templates and procedures for the authorisation of approved publication arrangements, approved reporting mechanisms and consolidated tape providers, and related notifications, and repealing Commission Implementing Regulation (EU) 2017/1110.

FSB has published a short note on the plenary held on 11 June 2025.  Topics under discussion include: financial stability outlook; non-bank financial intermediation and updates of the 2025 work programme. 

The EC has adopted a Commission Delegated Regulation amending CRR regard to the date of application of the own funds requirements for market risk.