This Checklist sets out those EU Member states that have mandatory and suspensory foreign direct investment (FDI) regimes. For further details on when the thresholds for FDI review are triggered

Legal combination of two or more undertakings, generally by way of acquisition.

Context What do methane emissions do? Methane (CH4) is second only to carbon dioxide (CO2) in its overall contribution to climate change and is responsible for approximately a third of current warming. Although methane has a shorter average atmospheric residence time than CO2 (10 to 12 years compared to hundreds of years), its greenhouse effect over a 20-year period is over 80 times more significant than that of CO2. The amount of methane in the atmosphere globally has risen sharply over the last decade, leading to increased international calls for action. International action On 20 September 2021, the EU and the USA announced the formation of the 'Global Methane Pledge', an initiative which aims to reduce global methane emissions, committing member countries to a goal of cutting emissions by at least 30% by 2030. Achieving the pledge's goals could see global warming reduce by 0.2oC by 2050. The Global Methane Pledge was formally launched at COP26 in November 2021, and over 100 countries agreed to sign up and pledge to cut global methane emissions by 30% from 2020 levels

EU Methane Regulation—introduction On 14 October 2020, the Commission published the EU Methane Strategy, with the stated aim of curbing temperature pathways to 2050 and improving air quality. The strategy focuses on the reduction of methane emissions in the energy, agriculture and waste sectors, as these areas account for almost the entirety of anthropogenic methane emissions.  Further to commitments made in the EU Methane Strategy, the Commission adopted a proposal for a new regulation governing methane emissions on 15 December 2021. The resulting Regulation (EU) 2024/1787 of the European Parliament and of the Council of 13 June 2024 on the reduction of methane emissions in the energy sector (the EU Methane Regulation) was published in the Official Journal on 15 July 2024. It entered into force on 4 August 2024. The EU Methane Regulation sets out rules on the following for the fossil energy sector: • monitoring, verification, and reporting of methane emissions, as well as on transparency with respect to this data • reduction of methane emissions, including

This Checklist provides a consolidated and structured timeline of the EU Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114 (MiCA Regulation), which entered into force on 29 June 2023. It includes the phased application of the Level 1 regulation (Phase 1) and developments of Level 2 and 3 measures. This Checklist details the key legislative milestones and application dates leading up to, and following, the implementation of MiCA Regulation (phase 1), as well as the ongoing development of regulatory technical standards (RTS), implementing technical standards (ITS), guidelines, Q&As and other supervisory measures issued by the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and other relevant authorities. For information that focuses on the approach of EU authorities in the regulation of cryptoassets, see Practice Note: EU regulation of cryptoassets. To understand the approach of supranational bodies to the regulation of cryptoassets, see Practice Note: Supranational approach to the regulation of cryptoassets. 2026 Date Source Document Description 17 April 2026 European Securities and Markets Authority Statement on the End of Transitional Periods under MiCA ESMA has published

This Practice Note focuses on the two options for third-country firms to access the EEA market which are found under Article 39 of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and under Articles 46–49 of the Markets in Financial Instruments Regulation 600/2014 (MiFIR). It also covers (1) the rules relating to ‘reverse solicitation’, (2) passporting by third–country firms, and (3) the changes that were made to the third-country regime by the prudential framework for investment firms (Regulation (EU) 2019/2033 (IFR) and Directive (EU) 2019/2034 (IFD)). Background to MiFID II & MiFIR third-country regime The recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and the Markets in Financial Instruments Regulation 600/2014 (MiFIR) entered into force on 2 July 2014 and repealed and replaced the Markets in Financial Instruments Directive 2004/39/EC (MiFID I) with effect from 3 January 2018. MiFID II and MiFIR introduced a new third-country regime for the EEA. The aim was to create a more harmonised approach and introduce two options for third-country firms to access the EEA

The purpose of this Practice Note is to track the status of the level 2 measures required to be adopted by the European Commission in relation to the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the EU MiFID II framework), as well as amendments to the level 2 measures. MiFID II and MiFIR came into effect on 3 January 2018 and significantly amended and expanded the regulatory framework that was established by the original Markets in Financial Instruments Directive (2004/39/EC) (MiFID). 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. ESMA’s Interactive Single Rulebook provides a comprehensive overview of and easy access to all level 2 and level 3 measures adopted in relation to MiFID II and MiFIR. For an article-by-article guide to the EU MiFID II framework highlighting the level 2 and level 3 measures that apply to each article, see

The purpose of this Practice Note is to provide an overview of the level 3 measures published by the European Securities and Markets Association (ESMA), the European Banking Authority (EBA) and the European Commission in relation to the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II Directive) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the EU MiFID II framework). MiFID II and MiFIR came into effect on 3 January 2018 and significantly amended and expanded the regulatory framework that was established by the original Markets in Financial Instruments Directive (2004/39/EC) (MiFID). For more information about the implementation of the MiFID II framework, see Practice Notes: EU MiFID II and MiFIR—essentials and EU MiFID II and MiFIR—one minute guide. For an article-by-article guide to the EU MiFID II framework and how the level 3 measures apply, see Practice Notes: EU MiFID II level 2 and level 3 roadmap and MiFIR level 2 and level 3 roadmap. ESMA’s Interactive Single Rulebook provides a comprehensive overview of and easy

The recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (MiFIR) entered into force on 2 July 2014, and the majority of the provisions of MiFID II and MiFIR (together, the MiFID II framework) became applicable on 3 January 2018. This Practice Note outlines the main provisions contained in the EU’s MiFID II framework. For information on the UK’s post-Brexit MiFID II reforms with specific focus on the wholesale markets review and its partial implementation in the Financial Services and Markets Act 2023 (FSMA 2023) as well as related Financial Conduct Authority consultations, see Practice Note: UK MiFID II reforms. Background to MiFID II and MiFIR MiFID I The Markets in Financial Instruments Directive 2004/39/EC (MiFID I), which replaced the Investment Services Directive (93/22/EEC) (ISD), was adopted as a level 1 or framework directive under the Lamfalussy process. Although it had to be implemented into the national laws of EU Member States by 1 November 2007, some Member States missed the implementation deadline. Its aim was to improve

What is the EU MiFID II framework? The recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (MiFIR) entered into force on 2 July 2014, and the majority of the provisions of MiFID II and MiFIR (together, the EU MiFID II framework) became applicable on 3 January 2018. The EU MiFID II framework is supported by a number of level 2 and level 3 measures under the Lamfalussy process in the form of delegated acts, technical standards, guidance and Q&A documents. For more information, see Practice Notes: EU MiFID II and MiFIR level 2 measures and EU MiFID II and MiFIR level 3 measures. For an article-by-article roadmap of MiFID II and MiFIR highlighting the level 2 and level 3 measures that apply to each article, see Practice Notes: EU MiFID II level 2 and level 3 roadmap and MiFIR level 2 and level 3 roadmap. On 8 March 2024, Regulation (EU) 2024/791 amending MiFIR and Directive (EU) 2024/790 amending MiFID II were published in the

This Practice Note provides an overview of the way that firms should conduct their business under the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the relevant level 2 measures including Commission Delegated Regulation (EU) 2017/565 (the MiFID II Delegated Regulation) and Commission Delegated Directive 2017/593/EU (the MiFID II Delegated Directive). It also provides information on changes to MiFID II conduct of business and investor protection requirements made by Directive (EU) 2024/2811 (the Listing Act). Background to MiFID II and conduct of business requirements MiFID II and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) entered into force on 2 July 2014, and the majority of the provisions of MiFID II and MiFIR (together, the MiFID II framework) became applicable on 3 January 2018. Firms are required, when providing investment services or, where appropriate, ancillary services to clients, to act ‘honestly, fairly and professionally’ in accordance with the best interests of the client and to comply with all relevant MiFID II conduct of business and related

This Practice Note provides an overview of the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) corporate governance requirements that apply to investment firms and their management bodies as set out in Article 9 of MiFID II and Articles 88 and 91 of the Capital Requirements Directive (Directive 2013/36/EU) (CRD IV). It also covers the relevant delegated acts adopted by the European Commission and guidelines introduced by the European Supervisory Authorities (ESAs). This Practice Note should be read in conjunction with Practice Notes: EU MiFID II conduct of business and investor protection requirements, EU MiFID II organisational requirements, and EU MiFID II product governance requirements which together set out how a firm should run itself and its business. Background to MiFID II Following the financial crisis of 2008, the European Commission implemented a review of the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID) with the view to improving the functioning of financial markets and to strengthening investor protection which led to the adoption of a legislative proposal for the revision of MiFID.