EU and UK regulatory issues—debt capital markets

This overview is a guide to the Banking & Finance content within the EU and UK regulatory issues—debt capital markets subtopic, with links to relevant materials.

For an introduction to the EU and UK regulatory issues relating to the debt capital markets, see Practice Note: EU and UK regulation of the debt capital markets—one minute guide.

MiFID II/MiFIR

The central piece of legislation governing the debt capital markets in the EU comprises the Markets in Financial Instruments Directive 2014/65/EU (EU MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (EU MiFIR).

EU MiFID II provides for authorisation and regulation by the competent authority of the home Member State of entities whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities in relation to financial instruments on a professional basis (investment firms). For more information about the EU MiFID II framework, see Practice Notes: EU MiFID II and MiFIR—essentials and EU MiFID II and MiFIR—one minute guide.

In the UK, various legislation and

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Banking & Finance News

EU T+1 Industry Committee publishes roadmap for 2027 settlement cycle transition

The EU T+1 Industry Committee has published its High-Level Roadmap to support the transition to a T+1 securities settlement cycle across the EU and EEA by 11 October 2027. The roadmap outlines over 70 non-binding recommendations developed through cross-industry collaboration, intended to assist market participants in preparing for the operational, legal, and regulatory implications of the shortened settlement cycle. It covers areas including trading, clearing, settlement, asset management, foreign exchange, and corporate actions, with proposals such as standardised recall and return deadlines, real-time trade matching, harmonised delivery-versus-payment (DvP) and free-of-payment (FoP) cutoffs, and broader use of partial settlement and Hold & Release functionalities. A virtual launch event is scheduled for 3 July 2025.

Commission publishes proposed reforms to EU securitisation framework in impact assessment

The European Commission has published an impact assessment on proposed amendments to EU securitisation regulations. The assessment focuses on modifications to Regulation (EU) 2017/2402 and Regulation (EU) No 575/2013, addressing overcorrection in the post-Global Financial Crisis framework. While the current stringent rules have enhanced market security, the evaluation concludes that they have also stifled market development and rendered securitisation expensive and unappealing due to the high prudential requirements.

Whose money is it? Bondholders allowed to join claim relating to bond proceeds (Eraaya Lifespaces v Elara Capital et al [2025])

Banking & Finance analysis: This case involved, among other things, (a) an application by an issuer of bonds for an interim injunction to require a financial adviser to issue a confirmation email to the settlement agent to compel the settlement agent to transfer bond proceeds it held to the issuer, and (b) an application by the bondholders to join the proceedings to oppose the injunction application. The court denied the injunction application on the basis that, among other things, the issuer’s case against the financial adviser was arguably ‘far from strong’ and that, given the issuer’s precarious financial condition and other relevant factors, damages would not appear to be an adequate remedy for the bondholders if it was later determined that the injunction should not have been granted. The court granted the bondholders’ joinder application in part on the basis that the bondholders had arguably demonstrated that the bond proceeds were held in trust on their behalf by the settlement agent. Written by Robert Aulsebrook, senior counsel at Akin Gump LLP.

Why UK sanctions review recommendations lack substance

Law360, London: On 15 May 2025, the UK government published the conclusions of its cross-government review of UK sanctions implementation and enforcement.

View Banking & Finance by content type :

News