Derivatives

This subtopic contains the following guidance on EU-level rules relating to derivatives:

Practice Notes

  1. EU regulation of equity derivatives considers the definition of an equity derivative, the different types of equity derivatives, how equity derivatives are regulated and industry clearing templates

  2. EU regulation of derivatives—one minute guide sets out the key current regulations affecting over the counter (OTC) derivatives and exchange traded derivatives (ETDs) in the EU, including: (1) the European Market Infrastructure Regulation (EMIR), (2) the Short Selling Regulation, (3) the Fourth Capital Requirements Directive (CRD IV), (4) the Capital Requirements Regulation (CRR), (5) the Bank Recovery and Resolution Directive (BRRD), (6) the Market Abuse Regulation, (7) the PRIIPs Regulation, (8) UCITS Directive, (9) the Alternative Investment Fund Managers Directive, (10) MiFID II and MiFIR, (11) the Solvency II Directive and (12) the EU CCP Recovery and Resolution Regulation

  3. EU EMIR—one minute guide: in 2009 the G20 pledged to undertake reforms aimed at increasing transparency and reducing systemic counterparty risk in the over-the-counter (OTC) derivatives market. The European Market Infrastructure Regulation (EU) 648/2012 (EU EMIR) implements most of the pledged reforms in the

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Commission launches consultation to revise the EU Cybersecurity Act and strengthen the EU cybersecurity framework

The European Commission launched a call for evidence to support the preparation of a legislative proposal to revise the EU Cybersecurity Act. The initiative aims to strengthen EU cyber resilience, update the mandate of the EU Agency for Cybersecurity (ENISA) and improve the effectiveness of the European Cybersecurity Certification Framework. The Commission noted that the cybersecurity landscape has become significantly more complex and threat‑intensive since the Act’s adoption in 2019, while subsequent EU legislation has expanded ENISA’s tasks beyond its original mandate, creating the need to streamline, simplify and supplement the existing framework to ensure coherence, reduce administrative burdens and improve implementation for businesses and users. The initiative focuses on measures to support a secure and resilient Information and Communication Technology supply chain and the EU cybersecurity industrial base, addresses shortcomings in the certification framework such as slow adoption, unclear roles, limited agility and insufficient clarity on covered risks, including non‑technical factors, and considers alignment with newer instruments such as the Cyber Resilience Act. The Commission outlined policy options ranging from non‑legislative measures to targeted or comprehensive regulatory revision, stating that EU‑level action is required to prevent internal market fragmentation and to secure long‑term economic and social benefits through greater harmonisation, stronger cybersecurity and resilience, more efficient incident response and enhanced protection of fundamental rights, including personal data. The call for evidence will run until 20 June 2025.

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