ARCHIVED: This Practice Note has been archived and is no longer maintained. The EU’s Recast Second Wire Transfer Regulation (EU) 2023/1113 (Recast WTR2) recasts and replaces the EU’s Second Wire Transfer Regulation (EU) 2015/847 (EU WTR2). It entered into force on 9 June 2023 and applies from 30 December 2024. For further information, see Practice Notes: EU Recast Second Wire Transfer Regulation (Recast WTR2)—transfers of funds and EU Recast Second Wire Transfer Regulation (Recast WTR2)—cryptoasset transfers. The EU’s Second Wire Transfer Regulation (EU) 2015/847 (EU WTR2), also known as the Second Funds Transfer (or Transfer of Funds) Regulation (EU FTR2), entered into force on 26 June 2017, together with the Fourth Money Laundering Directive (EU) 2015/849 (MLD4). MLD4 and EU WTR2 together updated and aimed to strengthen the EU’s anti-money laundering (AML) and counter terrorist financing (CTF) laws, and ensured alignment with updated international standards established by the  Financial Action Task Force (FATF), the global AML and CTF regulation-setting body. EU WTR2 is a key component of the EU’s AML regime,

EU sector inquiries carried out under Article 17 of Regulation 1/2003 are industry wide probes where there are concerns that markets may not be working as well as they should be, but where the problem does not appear to be related to any unlawful action by individual companies. The historic legal basis for EU sector inquiries can be found in Article 12 of Regulation 17/62. This was essentially an information gathering tool but it was rarely used. In the 1960s, there were two inquiries (in the margarine and brewery sectors). It was not until 1999 that the Commission began to use the tool in a way that resembles its modern usage with a three-phase inquiry into the telecommunications sector. Regulation 1/2003 provides the current legal basis for EU sector inquiries and contains similar, but strengthened, powers to those contained in Regulation 17/62 in respect of sector inquiries. Article 17 of Regulation 1/2003 provides that: "Where the trend of trade between Member States, the rigidity of prices or other circumstances suggest that competition may be restricted or distorted within

What is the SFTR? The EU Regulation on reporting and transparency of securities financing transactions (Regulation (EU) 2015/2365) (SFTR) is intended to improve transparency of securities financing transactions (SFTs). It imposes obligations on counterparties to these transactions and requires SFTs to be reported to trade repositories, places additional reporting requirements on investment managers and introduces the need for prior risk disclosures and written consent before assets are reused. This Practice Note explores the key elements of the SFTR and acts as a general introduction to their requirements. For background, see below at Background—Why was the SFTR introduced?. For information on the UK SFTR regime, see Practice Note: Securities Financing Transactions Regulation (SFTR)—essentials. Key requirements of the SFTR The SFTR place additional requirements on counterparties to SFTs, including: • an obligation for counterparties to report details of SFTs to trade repositories • detailed reporting to investors by undertakings for collective investment in transferable securities (UCITS) management companies, UCITS investment companies and alternative investment fund managers (AIFMs) on investment fund SFT activity, and • the need to make prior

Regulation (EU) 2017/2402 (the EU Securitisation Regulation) entered into force on 18 January 2018 and applied as of 1 January 2019. On 6 November 2019, Commission Delegated Regulation (EU) 2019/1851 (the EU Homogeneity RTS) was published in the Official Journal of the EU. This Checklist sets out the criteria for traditional and synthetic simple, transparent and standardised (STS) securitisations under the EU Securitisation Regulation and the EU Homogeneity RTS. EBA Guidelines on STS criteria The European Banking Authority (EBA) has published: • Final Report on Guidelines on the STS criteria for non-ABCP securitisation EBA/GL/2018/09 • Final Report on Guidelines on the STS criteria for ABCP securitisation EBA/GL/2018/08, and • Consultation Paper Guidelines on the STS criteria for on-balance-sheet securitisation under Article 26a(2) of Regulation (EU) 2017/2402 of the European Parliament and the Council STS securitisation framework To qualify as an STS securitisation, a traditional or synthetic securitisation transaction must, among other things, meet the criteria set out in the EU Securitisation Regulation. The criteria for traditional securitisations apply separately to non-asset backed commercial paper (non-ABCP)

STOP PRESS: On 17 June 2025, the European Commission adopted a package of measures with proposed amendments to the EU securitisation framework. Key features include a reduced due diligence and risk assessment obligation for institutional investors in EU securitisations, a more principles-based approach for securitisations in general, and a reduced risk retention requirement for sell-side entities in certain types of securitisation. The Commission's proposals are currently under review by the European Parliament and Council. There is no defined timeline for this process although it’s expected to take at least 18–24 months. EU Securitisation Regulation and related legislation—background and purpose In September 2015, the Commission published the Action Plan on Building a Capital Markets Union. The Action Plan proposed a broad range of measures which would create unified capital markets across the EU’s Member States—a Capital Markets Union or CMU. This would promote investment and boost growth. The CMU Action Plan included this on securitisation: ‘Following the crisis, EU securitisation markets remain significantly impaired, damaged by concerns surrounding the securitisation process and the risks involved. While these weaknesses

Regulation (EU) 2017/2402 (the EU Securitisation Regulation) entered into force on 18 January 2018 and applied in the EU as of 1 January 2019. This Checklist sets out the requirements for due diligence, risk assessment and ongoing monitoring which apply to institutional investors in the EU Securitisation Regulation. Due diligence, risk assessment and ongoing monitoring requirements for institutional investors Investors in securitisations are exposed to both: • the credit risks of the underlying exposures, and • risks arising from the process of structuring the securitisation such as agency risk, model risk, legal and operational risk, counterparty risk, servicing risk, liquidity risk and concentration risk The EU Securitisation Regulation requires institutional investors (and in one case the sponsor) to carry out: • due diligence procedures and a risk assessment prior to holding a securitisation position, and • ongoing monitoring of the securitisation positions that it holds An institutional investor is an investor which is one of the following: • an insurance undertaking as defined in Article 13(1) of the Solvency II Directive 2009/138/EC

This Practice Note provides high level information on Regulation (EU) 2017/2402 (the EU Securitisation Regulation) STOP PRESS: ESMA is currently consulting on revising the disclosure framework for private securitisations under the EU Securitisation Regulation. The proposal introduces a simplified disclosure template designed to enhance proportionality in information-sharing processes while ensuring supervisory authorities retain access to essential oversight data. Key features include aggregate-level reporting and streamlined transaction-specific data requirements. This consultation, open until 31 March 2025, follows industry feedback and forms part of ESMA’s broader simplification and burden reduction initiative. ESMA will collaborate with the European Commission to explore potential adjustments to technical standards prior to a comprehensive review of the regulation. The EU Securitisation Regulation is complemented by: • Regulation (EU) 2017/2401 (the EU CRR Amendment Regulation), which amends the regulatory capital treatment under the Capital Requirements Regulation (EU) 575/2013 (EU CRR) of securitisation positions held by credit institutions and investment firms, and • Commission Delegated Regulation (EU) 2018/1221 (the EU Solvency II Delegated Act Amendment Regulation), which aligns the regulatory capital treatment under Commission

This timeline shows key developments relating to Regulation (EU) 2017/2402 (the EU Securitisation Regulation) from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived]. 2026 Date Source Document Description 5 August 2026 AFME Securitisation Data Snapshot Q2 2026 AFME has published its Securitisation Data Snapshot for Q2 2026. AFME reports that European securitisation issuance totalled €64.3 billion in Q2 2026, representing a 7.9% increase from Q1 2026 and a 12.7% decrease from Q2 2025. Of this, €52.1 billion was placed representing 81.1% of total issuance, compared with €43.3 billion placed in Q1 2026 and €34.9 billion placed in Q2 2025. In Q2 2026, pan-European collateralised loan obligations led placed totals, although issuance decreased from €16.0 billion in Q1 2026 to €14.9 billion. This was followed by UK residential mortgage-backed securities, which increased from €4.9 billion to €12.4 billion and German auto asset-backed securities, which increased from €3.2 billion to €4.7 billion. 8 June 2026 AFME Securitisation Report Q1 2026 AFME has published its European Securitisation Data Report for the first quarter

A scheme allowing EU, EEA and Swiss nationals and their eligible family members to apply for immigration status in the UK post-Brexit and any transition period.

This Practice Note provides an overview of the Shareholder Rights Directive II (SRD II) (Directive (EU) 2017/828 amending Directive 2007/36/EC) with particular focus on its impact on asset managers and institutional investors. SRD II aims to promote effective stewardship and long-term investment decision-making, setting requirements in several areas including transparency of engagement policies and investment strategies across the institutional investment community, and requirements for the approval and disclosure of related-party transactions. Scope and overview of SRD II The Shareholder Rights Directive (SRD I) was originally implemented in 2009 to enhance shareholder rights by imposing minimum standards on the exercise of voting rights attaching to shares in EU-listed companies. SRD I was substantially amended by SRD II, which came into force on 10 June 2019. SRD II confers rights and obligations on listed companies, institutional investors, asset managers, proxy advisers and intermediaries. Investors and asset managers have more control over executive compensation and related party transactions but are subject to more stringent transparency rules. These include: • public disclosure of engagement policy, including voting behaviour, and

Key information EU MRV Regulation Title Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 on the monitoring, reporting and verification of greenhouse gas (GHG) emissions from maritime transport, and amending Directive 2009/16/EC (EU MRV Regulation). Entry into Force 1 July 2015 (operational on 1 January 2018) Transposition Deadline The EU MRV Regulation does not require implementation by Member States as its provisions are directly applicable.Member States need to set up a system of penalties for failure to comply with the monitoring and reporting obligations. Amendments —Commission Delegated Regulation (EU) 2016/2071 of 22 September 2016 as regards the methods for monitoring carbon dioxide emissions and the rules for monitoring other relevant information. In force 16 December 2016.—Regulation (EU) 2023/957 amending Regulation (EU) 2015/757 in order to provide for the inclusion of maritime transport activities in the EU Emissions Trading System and for the monitoring, reporting and verification of emissions of additional greenhouse gases and emissions from additional ship types. In force 5

Key information EU Single Use Plastics Directive Title Directive (EU) 2019/904 of the European Parliament and of the Council of 5 June 2019 on the reduction of the impact of certain plastic products on the environment Entry into force 2 July 2019 Deadline for transposition 3 July 2021, subject to the following:—Member States must apply the measures necessary to comply with Article 6(1) (on design requirements) from 3 July 2024, and—Member States must apply the measures necessary to comply with Article 8 (on extended producer responsibility) by 31 December 2024. However, in relation to extended producer responsibility schemes established before 4 July 2018 and in relation to single-use plastic products listed in section III of Part E of the Annex, Article 8 should have been applied by 5 January 2023 National transposition See Eur-Lex information on national transposition measures, as provided by Member States Subject Waste, plastics, single-use plastics, marine pollution Context Single-use plastic products include a diverse range of commonly used fast-moving consumer products