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ARTICLE · 29 OCTOBER 2025

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Investment Management Client Alert October 2025

K&L Gates
K&L Gates
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K&L Gates

K&L Gates

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On 15 October 2025, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) presented their report with proposals for revising the Investment Firms...

GermanyWealth Management
Philipp Riedl
Philipp Riedl
Hilger Von Livonius
Hilger Von Livonius

ESMA and EBA Publish Proposals for IFD Review

On 15 October 2025, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) presented their report with proposals for revising the Investment Firms Directive (IFD) and the associated regulation (IFR) (IFD Review).

As part of the planned review of the IFD and IFR, ESMA and EBA propose, among other things, clarifications regarding the determination of own funds. This concerns the calculation of assets under management in ongoing investment advice, which are relevant for the K-factor. The requirements for variable remuneration are meant to be relaxed to some extent. It is recommended that the threshold-based exceptions for the payout restrictions regarding variable be raised to bring them into line with those in banking regulation.

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