The EBA is a regulatory agency which is composed of high level national authorities responsible for the supervision of credit institutions.

The European Banking Authority (EBA) is an independent EU authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.

Austria • Is there an existing Co-operation Agreement or Memorandum of Understanding in place between the UK’s Financial Conduct Authority (FCA) and the Austrian Financial Market Authority (FMA)? Yes. The FCA has entered into a multilateral memorandum of understanding (MMoU) with the European Securities and Markets Authority (ESMA) and a series of bilateral memoranda of understanding (MoUs) with each of the EU/EEA securities regulators, all of which came into force at the end of the Brexit transitional or implementation period (TIP) on 31 December 2020. The MMoU and MoUs cover supervisory co-operation, enforcement and information exchange between the EU/EEA securities regulators and the FCA. The MMoU and MoUs allow the regulators to share information relating to (among other things) market surveillance, investment services and asset management activities. • How is the FMA treating UK funds (UCITS funds and AIFs) which were previously passported in Austria under the UCITS/AIFM Directive following the end of the TIP? As third country AIFs, ie non-EEA AIFs. • Will UK funds (UCITS funds and AIFs)

The European Central Bank (ECB) is responsible for setting monetary policy (interest rates) within the euro zone. It was established in June 1998 as an essential part of the adoption of a single European currency.

EU Law analysis: Madelaine Harrington, associate; Sam Jungyun Choi, associate; and Lisa Peets, Technology and Communications Regulation Practice Group co-chair, of Covington & Burling LLP, summarise the key takeaways from the European Commission’s guidelines on prohibited AI practices.

The President of the European Commission, Ursula von der Leyen, has unveiled suggestions for the new composition and structure of the Commission for the 2024–2029 period following the European Parliament elections held in June 2024. von der Leyen announced that the Commission will have four women and two men among Executive Vice-Presidents and that each Executive Vice-President will also have a portfolio to focus on and for which they will collaborate on with other Commissioners. Also, following the Draghi report released in September 2024, the President reiterated that the Commission is committed to competitiveness. The Commissioners-designate will have to go through several steps before taking office. First, they will appear at confirmation hearings in Parliament, preliminarily scheduled for late October 2024. Next, the entire college will require approval by a plenary vote in Parliament, which in the past led some nominees to withdraw after their committee hearings to avoid an outright rejection of the entire line-up. Finally, the Council of the EU will also need to approve the new Commissioners-designate for them to formally take office.

The European Commission has adopted two measures to enhance water resilience in the EU and to improve water quality and quantity throughout the organisation. The first measure sets out a harmonised, standard methodology to support Member States in gathering information about the presence of microplastics in their water supply chain. The second measure is a delegated act on water reuse in which the Commission specifies the key technical elements to be examined and considered when preparing risk management plans to help authorities and practitioners in the preparation of these plans. These elements include processes for the production, storage and distribution of the reclaimed water, and the identification of potential hazards and risks associated with wastewater reuse. Also, the Commission published a notice to help Member States further define the ‘good environmental status’ of the seas and to respect the threshold values aimed at allowing the sustainable use of their resources. In the notice, the Commission clarifies the threshold values agreed by Member States at EU level or through regional cooperation that should be used when they update their marine strategies under Directive 2008/56/EC (the Marine Strategy Framework Directive) by October 2024.

The European Commission has adopted its 2025 Work Programme, detailing the Commission's achievements since 2019 and outlining key initiatives for 2025, including 18 new legislative proposals, and how it will deliver on the 2024-2029 political guidelines. The 2025 Work Programme follows the newly launched Competitiveness Compass, a strategic framework to guide the Commission’s work in the next five years.

The European Commission has adopted its 2026 Work Programme, Europe’s Independence Moment, setting out a new plan for Europe’s sustainable prosperity, competitiveness, and resilience. Building on its previous efforts under the 2024–2029 Political Guidelines, the 2026 Work Programme aims to strengthen Europe’s technological autonomy, energy security, and social cohesion while driving simplification and competitiveness across all sectors.

The European Commission has adopted Commission Delegated Regulation (EU) …/... of 23.4.2025 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions and indicators that the EBA is to use to determine whether extraordinary circumstances in the sense of Article 325az(5) and Article 325bf(6) of that Regulation have occurred, and Commission Delegated Regulation (EU) …/... of 23.4.2025 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the general conditions for the functioning of supervisory colleges, and repealing Commission Delegated Regulation (EU) 2016/98.

The European Commission has adopted a Communication on guiding criteria and principles for the essential use concept in EU legislation dealing with chemicals. The Communication will provide industry and investors predictability on the manufacturing of products necessary for the green and digital transition, health and defence in the EU. This forms part of the Chemicals Strategy for Sustainability objectives to enhance the protection of human health and the environment from the most harmful chemicals, and transition to a toxic-free environment.

The European Commission has adopted a Communication on the prudential treatment of investment in equities by banks under legislative programmes in the Capital Requirements Regulation (CRR). The Communication aims to ensure the consistent application of this provision across the single market and ultimately increase equity investment while maintaining the soundness of the banking sector. The Communication also establishes a dedicated registry that will be made available on the Finance website to provide transparency on legislative programmes that meet the criteria of CRR.