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The European Banking Authority's 2027 work programme signals a fundamental shift in regulatory approach, moving from prescriptive rule-making toward data-driven, comparative, and results-oriented supervision. With implementation of the Banking Package, PSD3/PSR, CMDI, DORA, MiCAR, and EMIR on the agenda, the EBA introduces a new supervisory convergence framework that emphasizes actual implementation effectiveness over mere formal compliance.

The European Commission has released its first report on the use of financial information by law enforcement authorities, nearly two years behind schedule. While creating no immediate new obligations for financial institutions, the report clearly signals a future direction: networked account registers, standardized transaction data, and faster cross-border inquiries. As data architecture becomes increasingly integrated while the legal framework remains fragmented, financial institutions must understand the

Der Europäische Gerichtshof hat entschieden, dass Sollzinssätze bei Verbraucherkrediten nur auf den tatsächlich bereitgestellten Kreditbetrag angewendet werden dürfen – nicht auf mitfinanzierte Kreditkosten wie Versicherungsprämien oder Gebühren. Diese Klarstellung hat weitreichende Folgen für Kreditgeber in der gesamten EU, die ihre Produktgestaltung, Preislogik und Kundenunterlagen entsprechend anpassen müssen. Besonders betroffen sind Banken und Anbieter von

Die Europäische Bankenaufsichtsbehörde (EBA) und das Europäische System der Zentralbanken (ESCB) haben ihre Antworten zum MiCAR-Review vorgelegt – mit teils unterschiedlichen Positionen zu Stablecoin-Reserven, Signifikanzkriterien und globalen Multi-Issuer-Modellen. Der neue EU RegCORE Client Alert analysiert die divergierenden Standpunkte und zeigt auf, welche Vorbereitungen Banken, Stablecoin-Emittenten, CASPs, Asset Manager und Marktinfrastrukturen jetzt treffen sollten.

European independence is ultimately a question of financing. The State of the European Union 2026 demonstrates how Banking Union, Savings and Investments Union, crisis management, market supervision, insurance resilience, and strategic financing are increasingly being considered together. Particularly relevant for financial market participants are the planned Bank Competitiveness and Simplification Package, new considerations for cross-border capital and liquidity mobility, EDIS and crisis financing, the de

Die Europäische Union steht vor grundlegenden Entscheidungen zur Neugestaltung ihrer Kapitalmarktaufsicht.

EIOPA's Single Programming Document 2027-2029 and Annual Work Programme 2027 outline the next phase of European insurance and pension supervision, focusing on Solvency II and IRRD implementation, cross-border supervision, DORA, AI, and the EU Retail Investment Strategy. The simplification agenda will not reduce supervisory intensity but rather prioritize resources through data-driven, risk-based supervision coordinated via common European infrastructures. Companies must prepare consistent governance, data,

The Council of the European Union has adopted its 20th and 21st sanctions packages against Russia, marking a fundamental shift in EU sanctions policy. Rather than simply expanding lists of designated persons, these measures systematically target the financial infrastructure—payment channels, banking relationships, crypto-asset ecosystems, correspondent banking, trade finance, and maritime logistics—that enables Russia's war economy.

The European Union's 20th and 21st sanctions packages against Russia mark a fundamental shift in enforcement strategy, moving beyond traditional designation lists to systematically target the financial infrastructure enabling Russia's war economy. Financial institutions now face heightened compliance obligations requiring them to identify how transactions, financing arrangements, and digital assets may indirectly facilitate sanctioned economic activity across payment channels, banking relationships, crypto-

Die Tokenisierung von Anleihen markiert nur den Beginn einer umfassenderen digitalen Transformation im Verbriefungsprozess. Während technische Lösungen bereits existieren, bleiben fundamentale rechtliche Fragen zu Forderungsübertragung, Insolvenzfestigkeit und Anlegerrechten ungeklärt. Wie greifen das deutsche eWpG, Pontes und die vorgeschlagenen EU-Reformen ineinander, und welche Schritte können Originatoren, Arrangeure und Investoren bereits heute digital umsetzen?

The EU's Markets in Crypto-Assets Regulation (EU) 2023/1114, commonly known as MiCAR, introduced a comprehensive framework for the regulation of crypto-assets across the EU, including detailed requirements...

Today's guest details how European regulators are changing their approach to regulating Europe's markets and what that means for the financial services firms under their supervision.

As financial institutions operationalise the EU's Digital Operational Resilience Act (DORA), the UK's Critical Third Party regime introduces a parallel framework with distinct differences. Both regimes expand regulatory oversight to encompass the digital infrastructure underpinning modern finance, creating new compliance challenges for internationally active firms and technology providers operating across jurisdictions.

On 25 September 2025, the European Court of Justice (‘EGC') upheld the action brought by both the Federal Network Agency, the national regulatory authority in Germany...

European financial authorities are reshaping the regulatory landscape for crypto-assets and stablecoins through new positions on token classification, global stablecoin structures, and crisis management.

The EU's digital asset market architecture is evolving beyond MiCAR, raising critical questions about service provision, supervision, and risk allocation across the value chain. This analysis examines MiCAR, the proposed MiCAR 2.0, and the EU Market Integration and Supervision Package (MISP) in an international context, focusing on market access implications, stablecoin regulation, tokenized securities, and sustainable business models.

When Private Equity investors acquire European investment firms, the prudential architecture of the entire group can become decisive. While an EU holding company is not automatically required, supervisory authorities can mandate such structures under Art. 55 IFD and § 69 WpIG in Germany, creating potential 'regulatory architecture debt' that compounds with each successive acquisition.

The UN General Assembly's 81st session reveals a critical shift in how financial regulators must approach AI risks, moving beyond individual applications to focus on dependencies, concentration risks, and the resilience of critical infrastructure. An Australian incident involving an autonomous AI agent highlights a crucial question: when multiple institutions simultaneously need the same alternative solution, will their exit strategies still function?