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FCA outlines expectations for asset managers and alternative firms ahead of UK transition to T+1 settlement

The Financial Conduct Authority (FCA) has published correspondence to compliance officers of asset management and alternative firms outlining its expectations ahead of the UK’s transition from a T+2 to a T+1 securities settlement cycle on 11 October 2027. The move, coordinated by the industry-led Accelerated Settlement Task Force (AST), aims to enhance market efficiency, liquidity and competitiveness.

Banking and Finance weekly highlights—23 October 2025

This week's edition of Banking and Finance weekly highlights includes: (1) LMA announces transition loans guidance for climate finance framework; (2) UNEP FI publishes third progress report on responsible banking principles; and (3) ISDA and Tokenovate launch taskforce to develop smart contract framework within CDM.

ISDA and industry bodies seek delay on EMIR 3.0 third-country CCP reporting requirements

The International Swaps and Derivatives Association (ISDA) and nine other industry bodies sent a letter to the European Commission on 21 October 2025 requesting guidance indicating that firms should not report third-country central counterparty clearing (CCP) activity under Article 7d of the European Market Infrastructure Regulation (EMIR) 3.0 until the corresponding regulatory and implementing technical standards are finalised. They argued that requiring reporting before these technical standards are complete would create operational complexities and additional costs, without enhancing regulatory transparency.

European Parliament briefing assesses new SIU against Capital Markets Union progress

The European Parliament's Economic Governance and EMU Scrutiny Unit (EGOV) published a briefing analysing the European Commission's Savings and Investment Union (SIU) communication from 19 March 2025. The SIU is designed to strengthen the EU's financial system by channeling savings into investments and eliminating certain Single Market barriers. Notably, the SIU extends its scope beyond the Capital Markets Union (CMU) to also cover the banking sector. The briefing details that the SIU will introduce proposals for a 28th legal regime as well as for the European Innovation Act. Additionally, a mid-term review of the SIU's progress is scheduled to take place in the second quarter of 2027.

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