Securities and derivatives

Recent Articles

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  07/07/2025

  European Commission adopts delegated act simplifying EU Taxonomy reporting

  In what marks the latest step on the EU’s road to sustainability reporting simplification, on 4 July 2025, the European Commission (“EC”) adopted a Delegated Act amending the currently in-force Taxonomy Disclosure, Climate and Environmental Delegated Acts (the “Delegated Act”).BackgroundThe EC published a draft version of the Delegated Act in February 2025 as part of its first Omnibus simplification package, which you can read more about here. A public consultation period followed, during which the EC sought feedback on (among other things) simplifying the do no significant...

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  04/07/2025

  Ancillary Activities Exemption Overhaul for Commodity Derivative and Emission Allowance Trading

  The Financial Conduct Authority (“FCA”) and HM Treasury have jointly published proposals to reform the “Ancillary Activities Exemption” (“AAE”) that permits non-financial firms to deal in commodity derivatives, emission allowances, and related instruments without becoming fully authorised investment firms.These developments are a key aspect of the Wholesale Markets Review (“WMR”), and have been in development for some time. The reform package consists of two main components: (i) draft amendments to the Financial Services and Markets Act 2000 (Regulated...

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  02/07/2025

  ESMA Releases Practical Guidance on Sus­tain­ab­il­ity Claims and ESG Credentials

  On 1 July, the European Securities and Markets Authority (“ESMA”) released “thematic notes” on sustainability claims. ESMA emphasises that these are intended to inform and educate market participants about making clear, fair and not misleading sustainability claims, with the initial thematic note focussing on references to “ESG credentials” (e.g. participation or involvement in voluntary alliances or initiatives, ESG labels, ESG awards and comparisons to peers). ESMA states that other thematic notes will follow on other topics as judged necessary.Key ExpectationsBuilding...

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  02/07/2025

  Financial Services Webinars On Demand

  View recordings of CMS financial services webinars available on demand.Webinars are a convenient way to stay informed and hear from our legal experts.Webinars On Demand

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  30/06/2025

  ESA Consultation Paper on Guidelines for Integrating ESG Risks into Stress Testing

  On 27 June 2025, the European Supervisory Authorities (“ESAs”) jointly published a consultation paper setting out proposed guidelines for integrating environmental, social, and governance (“ESG”) risks into supervisory stress testing activities.The consultation paper is part of the ESAs’ mandate under the revised legislation (including the Capital Requirements Directive and Solvency II) and seeks to establish consistent and robust supervisory practices in assessing ESG risk exposures.In summary, the draft guidelines are intended to harmonise how competent authorities...

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  13/06/2025

  PISCES – FCA Finalises Rules for New Type of Trading Venue

  On 10 June 2025, the Financial Conduct Authority (“FCA”) published Policy Statement PS25/6 with its final rules for operating a Private Intermittent Securities and Capital Exchange System (“PISCES”).PISCES is a new form of share trading platform designed to enable secondary trading in private company shares through intermittent (i.e., occasional, time-limited) trading events. Under these rules, private companies may select the frequency and conditions under which trading may occur, including restrictions on price parameters and the types of buyers or sellers permitted to...

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