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On 10 April 2025, the European Securities and Markets Authority (ESMA) published its Final Report and (in Annex II thereto) the Final Draft regulatory technical standards...

Ever since the financial crisis of 2008/2009, lending activities of non-banks – including investment funds – have become more important.

European financial regulation has grown substantially in complexity over the past two decades. Multiple institutions operate at global, European and national levels, each with a distinct mandate, legal basis and range of instruments.

On 17 June 2025, the European Commission (the "Commission") published its proposed measures to revive the securitisation framework in the European Union ("EU"), with a view to making it simpler and more fit for purpose.

Imagine you design, deploy and deliver (in record time) one of the most comprehensive (regulatory) sandboxes and no one turns up to play.

The three European supervisory authorities, EBA, EIOPA and ESMA (ESAs), published a joint report on February 7, 2022, in response to the European Commission's February 2021 call for views on digital finance.

On 27 June 2025, the EU's new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) signed a Memorandum of Understanding (MoU) with the European Central Bank (ECB)...

On 6 August 2025, the German Federal Financial Supervisory Authority (BaFin) published a draft of the Minimum Requirements for Risk Management by Investment Firms (WpI MaRisk).

In summary, the draft provides alterations for investments in alternative investment funds for affected investors as follows.

The European Insurance and Occupational Pensions Authority (EIOPA) published its 2024 Annual Report in June 2025 (the Report), providing a comprehensive...

Germany's financial regulator has issued detailed guidance on which business models will be permitted following the payment for order flow ban that took full effect in July 2026. The notice clarifies which replacement structures are acceptable and which will be treated as circumvention, with particular implications for retail brokers, infrastructure providers, and firms operating layered distribution chains.

The EU's Markets in Crypto-Assets Regulation (MiCAR)Show Footnote, which becomes fully operational from 31 December 2024, is designed to regulate crypto-asset issuers (CAIs) and crypto-asset service providers (CASPs).

In a bumper start to 2024, the European Securities and Markets Authority (ESMA) on 3 January 2024 published five consultations on draft Commission Delegated Regulations (CDRs)...

The EU's Market in Crypto-Assets Regulation (MiCAR) became fully operational as of 30 December 2024. As explored in PwC Legal's EU RegCORE' series covering developments across the "EU's Digital Single Market.

Am 3. Juli 2016 treten die Europäische Marktmissbrauchsverordnung (MMVO) und gleichzeitig wesentliche Änderungen des WpHG durch das Erste Finanzmarktnovellierungsgesetz (1. FiMaNoG) in Kraft.

In a publication dated 9 September 2025, the German Federal Financial Supervisory Authority (BaFin) published a draft of the revised ‘Information sheet on the authorisation procedure...

As in the U.K., the United States, Australia, France, and several other countries, Germany has now enacted (for the first time) legislation which requires companies to document their transfer pricing arrangements.