Key topics in EU financial services

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This Overview is a guide to the content within the key topics in EU financial services with links to appropriate materials. This subtopic supplements the subtopic ‘Financial services regulation essentials’ by providing a sample of more in-depth materials. These include introductory materials to EU financial services regulation, banking regulation, the impact of Brexit, the relevant institutions in EU financial services, and a short sample of financial regulation topics.

Introductory material

Practice Note: Introduction to European financial services law and financial services coverage provides an informal brief introduction to EU financial services law, describing the regulatory regime through brief guidance and by means of multiple links to relevant material, mainly hosted on the EU website and on the websites of other international institutions and of the UK government. There are also multiple relevant links to commentary and analysis provided by the EU law module.

Banking regulation

Practice Note: Bank Recovery and Resolution Directive (EU BRRD)—technical standards and guidelines provides an overview of the Bank Recovery and Resolution Directive 2014/59/EU (EU BRRD). This directive establishes a framework for the recovery and resolution of investment firms

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Latest EU Law News

ESMA publishes report on 2023–2024 CSA examining sustainability risks and disclosures

The European Securities and Markets Authority (ESMA) has published its final report on the 2023–2024 Common Supervisory Action (CSA), conducted in cooperation with national competent authorities (NCAs), on the integration of sustainability risks and disclosures in the investment management sector. The CSA assessed compliance with the Sustainable Finance Disclosures Regulation (EU) 2019/2088 (EU SFDR), the Taxonomy Regulation (EU) 2020/852, the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), and the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS). The report states that the overall level of compliance was satisfactory but identifies areas for improvement in the integration of sustainability risks and in entity- and product-level disclosures under the EU SFDR. The CSA also contributed to ESMA’s work on greenwashing. The report notes that NCAs took supervisory actions to address identified issues and will continue engaging with market participants and following up on vulnerabilities.

ESAs jointly consult on draft guidelines for ESG stress testing in banking and insurance

The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published a joint consultation paper on 27 June 2025 containing draft guidelines for integrating environmental, social and governance (ESG) risks into supervisory stress tests for banks and insurers. Developed pursuant to Article 100(4) of the Capital Requirements Directive (Directive 2013/36/EU) and Article 304c(3) of the Solvency II Directive (Directive 2009/138/EC), the guidelines aim to ensure consistency, long-term considerations and common standards in ESG stress testing methodologies across the EU financial sector. They outline expectations for competent authorities regarding the design, governance and operational features of such stress tests, including the need for relevant expertise, access to high-quality ESG data and appropriate timelines for scenario analysis. Responses are sought by 19 September 2025, with a public hearing scheduled online for 26 August 2025.

EBA advises European Commission on EMIR pro forma model validation fees

The European Banking Authority (EBA) has published technical advice to the European Commission on fees for validating pro forma models under Regulation (EU) 648/2012 (the European Markets Infrastructure Regulation (EMIR)). The advice proposes a fee framework to be set out in a Delegated Act, with an estimated total cost of €1.5m–€2.0m for the first year, allocated proportionately based on counterparties' monthly average notional amounts of non-centrally cleared over-the-counter (OTC) derivatives. For new models, including the International Swaps and Derivatives Association Standard Initial Margin Model (ISDA SIMM), the EBA recommends a €500,000 annual validation fee to be shared among applicants. The framework would cover direct and indirect costs, with fees payable annually by 31 October 2025.

ESMA updates Q&As on Prospectus Regulation, MiCA and UCITS Directive

The European Securities and Markets Authority (ESMA) has published updated questions and answers (Q&As) on regulatory implementation relating to the Prospectus Regulation (EU) 2017/1129, the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA) and the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS). The Prospectus Regulation Q&A impacted is ‘Historical financial information’. The impacted MiCA Q&As are: (1) ‘Custody agreements in the exercise of rights attached to cryptoassets’; (2) ‘Commingling clients’ crypto-assets with crypto-assets from other entities of the group when acting as custodian’; and (3) ‘Shared order book model’. The impacted UCITS Directive Q&A is ‘Updates of notification letters for the cross-border marketing of UCITS’.

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