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Investment Funds and fund management companies


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ESMA publishes new principles to enhance supervision of third-party risks in EU securities markets

The European Securities and Markets Authority (ESMA) has released its ‘Principles on Third-Party Risks Supervision’, a non-binding framework designed to guide supervisory authorities in the EU securities markets. The publication outlines a detailed approach to managing the risks associated with the increasing reliance on third-party service providers.

Council of the EU approves permanent lower liquidity requirements for short-term bank transactions

The Council of the EU has approved amendments to the Capital Requirements Regulation (Regulation (EU) 575/2013) to make permanent the transitional required stable funding (RSF) factors for certain short-term securities financing transactions (SFTs) used in calculating the net stable funding ratio (NSFR). The decision ensures these RSF factors remain below those set by the Basel III standards, supporting liquidity and market stability for EU banks. It also aims to prevent a competitive disadvantage for EU banks, as many non-EU jurisdictions already apply lower permanent SFT factors. The amendments will be published in the EU’s Official Journal and take effect from 29 June 2025. The European Banking Authority will monitor and report on their impact every five years.

Coreper endorses EU mandate to revise FDI screening rules

The Council of the EU, represented by Coreper, has endorsed a mandate to revise the Foreign Direct Investment (FDI) screening regulation. The revised regulation will require all Member States to implement harmonised screening mechanisms, establish a minimum sectoral scope, and extend coverage to include EU-based entities ultimately controlled by non-EU investors. Any restrictions imposed must be justified by serious public policy or security concerns. The Council has also supported anti-circumvention measures targeting intra-EU investments by foreign-controlled subsidiaries and has narrowed the regulation’s scope to focus on sensitive areas such as military and dual-use goods. The Council, the European Parliament, and the European Commission are set to begin interinstitutional negotiations to finalise the legislation.

Commission proposes further delay to market risk requirements under Basel III

The European Commission has adopted a delegated regulation under Regulation (EU) 575/2013 (EU CRR) to postpone by one additional—until 1 January 2027—the application of the Fundamental Review of the Trading Book (FRTB), the final component of the Basel III framework yet to be implemented in the EU. The delegated act was adopted following technical assessments and feedback from a recent public consultation. It responds to delays in the implementation of equivalent standards in other major jurisdictions and seeks to maintain a level international playing field for EU banks engaging in capital markets activities.

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