Key developments from 15 – 19 December:

19 December

• ECB Guideline (EU) 2025/2595 of 10 December 2025 on the supervisory approach by national competent authorities to coverage of non-performing exposures held by less significant supervised entities (OJ L, 2025/2595, 19.12.2025)
• ECB/Eurosystem: Counterparties invited to regularly test their operational readiness to access Eurosystem standard refinancing operations
• Council of the EU: adoption partial mandate on the Single market and customs programme regulation
• ECB/SSM: List of supervised entities – cut-off date 1 November 2025
• ECB/SMM: launch of fast-track assessments for capital and securitization
• ESMA: New Q&As
• ESMA: Selection of EuroCTP to Become the First Consolidated Tape Provider for Shares and ETFs
• EIOPA: publication of 2025 report on cross-border IORPs

18 December

• ECB/Eurosystem: Monetary policy decisions
• Eurosystem: Staff macroeconomic projections for the euro area, December 2025
• Council of the EU and European Parliament: Retail investment strategy – agreement on package to empower consumers while boosting markets
• Committee on Payments and Market Infrastructures (CPMI): Moving on up: results of the 2024 cross-border payments monitoring survey
• EBA, ECB, national central banks and national supervisory authorities: signature of MoU in support of non-bank PSPs’ access to payment systems
• EBA: update of its equivalence monitoring activities
• SRB: its approach to simplification

17 December

• ECB/SSM: publication of supervisory banking statistics on significant institutions for the third quarter of 2025
• EBA: Q3 2025 supervisory data confirm solid and stable asset quality, solvency, liquidity and profitability in EU/EEA banks, despite high macroeconomic and geopolitical risks
• EBA: Guidance to banks on enhanced reporting requirements for operational risk ahead of new June 2026 reference date
• ESMA: review of impact of Guidelines on ESG or Sustainability Related Terms in Fund Names

16 December

• Financial Stability Board (FSB): continued growth in nonbank financial intermediation in 2024 to $256.8 trillion
• EBA: final draft technical standards setting out the threshold and prudential risk management requirements of central securities depositories and credit institutions providing banking-type ancillary services
• SRB: publication of modernised expectations on valuation for banks in crisis
• ESMA: maintenance of recognition of two UK Central Counterparties under EMIR
• EIOPA: Europe-wide liquidity stress test of occupational pension funds confirms vulnerability to margin calls, but adequate buffers keep sector resilient

15 December

• Joint EBA-ECB report on payment fraud: strong authentication remains effective but fraudsters are adapting
• Basel Committee on Banking Supervision (BCBS): Supervisory newsletter on supervisory issues
• ESAs: publication of key tips to help consumers detect, prevent, and act on online frauds and scams
• ESMA: finalisation of technical standards on Derivatives Transparency and the OTC Derivatives Tape
• EIOPA: financial stability risks related to private credit, a weakening dollar and global interconnectedness