Welcome to the fifth edition of our annual EU financial regulatory update. This publication is relevant to participants in the EU financial markets such as banks, investment firms, fund managers, derivatives users, securities issuers, crypto-asset sector stakeholders and other financial markets participants.
In this publication we focus heavily on Brexit and the effect it will have on different sectors of the financial markets. We highlight developments in derivatives markets, such as the upcoming initial margin “Big Bang”, proposed changes to the EMIR Regulation in respect of clearing, reporting and risk-mitigation and the proposed new regime for the supervision, and possible EU relocation, of non-EU clearing houses. We also focus on upcoming developments that alternative investment fund managers and investment firms need to be aware of: the New Prospectus Regulation and upcoming changes to the PRIIPs Regulation that will affect securities issuers; the regulation of financial benchmarks and the transition away from IBORs; changes to the EU’s bank stability and resolution regime; the regulation of crypto-assets; and finally green and social bonds.