The Securities and Markets Stakeholder Group (SMSG) has issued advice to the European Securities and Markets Authority (ESMA) concerning ESMA’s consultation paper on guidelines for knowledge and competence under the Markets in Cryptoasset Regulation (MiCA). The SMSG emphasises the necessity of stringent knowledge and competence requirements for individuals offering information and advice on cryptoassets, due to the unique and often misunderstood nature of the cryptoasset ecosystem and the potential risks for investors. While supporting ESMA's principles, such as the tailored application of MiFID II requirements, proportionality, and a transition period, the SMSG advocates for stricter guidelines, particularly in the verification of competence. It recommends that competence verification be conducted by an external party rather than by cryptoasset service providers (CASPs) themselves. Additionally, the SMSG expresses concerns about the potential for unscrupulous actors to dominate the market if regulated financial institutions do not invest in competence development programmes.

The Securities and Markets Stakeholder Group (SMSG) has issued advice to the European Securities and Markets Authority (ESMA) regarding ESMA’s consultation paper on 'Amendments to the RTS on Settlement Discipline.' The SMSG supports ESMA's initiatives to improve settlement efficiency in EU securities markets, emphasising the role of standardisation and technology in enhancing settlement functionalities and reducing settlement failures. The SMSG also stresses the need for a comprehensive overview of settlement failure rates and their potential impacts on individual investors. It suggests that ESMA and national competent authorities (NCAs) conduct a mapping exercise of current Central Securities Depository (CSD) functionalities.

The European Securities and Markets Authority (ESMA) has published advice from its Securities and Markets Stakeholder Group (SMSG) in response to ESMA’s call for evidence on the retail investor journey under the Markets in Financial Instruments II Delegated Directive 2014/65/EU (MiFID II), launched in May 2025. The advice identifies a range of non-regulatory barriers to retail investor participation in EU capital markets, including differences in pension systems, cultural preferences for real estate over financial assets, limited financial literacy and the complexity of tax regimes and disclosures. It also considers the influence of digital platforms, the appeal of speculative investments among younger investors and the role of trust in financial markets. The SMSG notes that while investor protection remains a key objective, certain regulatory and market features may unintentionally discourage participation. The advice is intended to support ESMA’s ongoing assessment of whether adjustments or clarifications are needed to enhance retail engagement.

CASE HUB ARCHIVED—this case hub reflects the position at the date of the decision of 4 July 2025; it is no longer maintained. See further, timeline and commentary Case facts Outline European Commission Article 101 TFEU investigation into a cartel concerning an important pharmaceutical ingredient (N-Butylbromide Scopolamine/Hyoscine). Latest development On 4 July 2025, the Commission issued its second infringement decision and imposed a fine on Alchem totalling €489,000. Alchem decided not to settle with the Commission. Parties • C2 PHARMA• Transo-Pharm• Linnea• Alkaloids of Australia• Alkaloids Corporation• Boehringer• Alchem Background Commission’s 2023 infringement decision The Commission's investigation started in April 2019 with an application under the Commission’s 2006 Leniency Notice submitted by C2 PHARMA. This was followed, after the inspections in September 2019, by successive applications for reduction of fines by Transo-Pharm and Linnea.On

The School of Oriental and African Studies (SOAS) Arbitration in Africa Survey 2024 Report: Perceptions on Africa-Connected Arbitration: Seats, Female Arbitrators and Tribunal Secretaries has been published. The 2024 survey focuses on the arbitration practitioners experience of different seats in Africa, the appointment of female arbitrators, and the use of tribunal secretaries, in Africa-connected arbitrations. It also provides data on how frequent female arbitrators are appointed in African-connected arbitrations. It further measures the use of tribunal secretaries, which was mentioned as a distinct category of arbitration practitioners in the SOAS 2018 survey report.

In response to the PPE procurement scandals during the coronavirus (Covid-19) pandemic, Spotlight on Corruption (SOC) has called for the introduction of a new 'corruption in public office' offence and permanent establishment of the domestic corruption unit within the City of London Police, supported by long-term funding commitments. These recommendations form part of a broader package of reforms aimed at preventing cronyism in public contracts and ensuring greater accountability in public procurement. The proposals come in the context of significant failures in managing conflicts of interest during the pandemic, particularly in relation to the VIP lane for PPE procurement, where suppliers were ten times more likely to secure contracts than through standard channels, despite delivering PPE that was frequently unusable and significantly more expensive.

Spotlight on Corruption (SOC) has published a new report in which it calls for significant reform and new investment for the National Crime Agency (NCA). SOC is calling on the government to undertake an urgent review of the organisational status of the NCA to ensure it is insulated from recruitment freezes and budget cuts, invest new money in the NCA so that it can undertake speedy and ambitious pay reform and ensure that the NCA has the investment it needs to transform its technological capability.

Spotlight on Corruption (SOC) has submitted recommendations for the Comprehensive Spending Review 2025 - Phase 2, focusing on enhancing the UK's capacity to combat economic crime. The submission outlines four key areas for improvement creating a virtuous circle of investment in law enforcement agencies, providing up-to-date technology for efficiency gains, fast-tracking pay reform for the National Crime Agency and resourcing upfront investment in anti-money laundering supervisory regime reform. Specific recommendations include exploring mechanisms to reinvest enforcement receipts into law enforcement, ensuring sufficient technological capabilities for key agencies, providing the NCA with investment for transformational pay reform and allowing investment in tackling money laundering and improving asset recovery.

CASE HUB ARCHIVED–this archived case hub reflects the position at the date of the abandonment of the transaction on 2 February 2017; it is no longer maintained. See further, timeline. Case facts Outline European Commission merger investigation into the planned acquisition by State Oil Company of Azerbaijan Republic (SOCAR) of joint control of DESFA. The transaction involved the incentive for competing upstream gas suppliers from accessing the Greek transmission system. Latest development On 2 February 2017, the notification was withdrawn. Parties State Oil Company of Azerbaijan Republic (SOCAR) and DESFA SOCAR is wholly owned by the Republic of Azerbaijan. SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in Azerbaijan and international markets. In Greece, SOCAR is involved in the production of gas and upstream wholesale sale of gas in the context of the Southern Gas Corridor. DESFA operates, maintains, manages, exploits and develops the Greek gas transmission

System Operator in Northern Ireland

This is an acronym for the Sterling Overnight Index Average. It is a financial benchmark administered by the Bank of England (BoE) and measures the interest paid on overnight, unsecured funds in the wholesale banking market.

Statement of Recommended Practice on Accounting and Reporting.