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1. Bank regulation
1.1 PRUDENTIAL REGULATION
a) General
(i) Germany
BaFin: Renewed survey of German credit and securities institutions on cum/cum transactions (Erneute Abfrage deutscher Kredit- und Wertpapierinstitute zu Cum/Cum-Geschäften)
Status: Final
BaFin announced that it has launched a new survey on cum/cum transactions, following surveys in 2017, 2020 and 2021. The survey is aimed at the majority of German credit institutions, selected investment institutions and institutions in the field of financial market infrastructures, all external capital management companies with a licence that manage open-ended securities funds, as well as insurance companies and pension funds under federal supervision. The purpose of the new survey is to obtain an up-to-date overview of the financial burdens on the companies surveyed and to examine the need for supervisory action. This is important as participation in cum/cum transactions is not only of supervisory relevance for the assessment of financial risks, but can also have an impact on how BaFin assesses the governance or business organisation of supervised entities.
Date of publication: 15/12/2025
BReg: Government draft on the Banking Directive Implementation and Bureaucracy Relief Act (Regierungsentwurf zur Bankenrichtlinienumsetzungs- und Bürokratieentlastungsgesetz – BRUBEG)
Status: Draft
The German Government (Bundesregierung – BReg) published its draft of the Banking Directive Implementation and Bureaucracy Relief Act (Bankenrichtlinienumsetzungs- und Bürokratieentlastungsgesetz – BRUBEG). BRUBEG transposes the provisions of CRD VI into national law and at the same time aims to reduce excessive bureaucracy in the banking sector in Germany. This is intended to improve resilience of banks while ensuring financing for the real economy, strengthening competitiveness and growth prospects and facilitating necessary investment. For that purpose, the draft aims to simplify regulatory requirements where there are no supervisory concerns, and to facilitate the granting of loans by banks. Small and medium-sized enterprises in particular are expected to benefit from these changes.
The draft also strengthens the investigative powers of the BaFin: In Germany, growing crime in new forms (money laundering networks, black capital market, criminal or terrorist organisations, etc.) as well as technical innovations such as unauthorised transactions, which are to a large extent also advertised via the Internet, can be observed. These developments require BaFin's powers in the supervisory laws to be adapted to these new challenges and strengthened in a targeted manner.
On 21 November 2025, the German Federal Council (Bundesrat – BRat) had published an Opinion (Stellungnahme) on the previous version of this draft bill.
Date of publication: 03/12/2025
(ii) EU
Status: Final
The EBA published its final report on Guidelines amending Guidelines EBA/GL/2022/04 on the equivalence of confidentiality and professional secrecy regimes in third countries, reinforcing the EU's commitment to safeguarding confidential information and enabling effective cross‑border supervisory cooperation. The update expands the scope of the 2022 Guidelines to reflect new requirements under MiCAR and incorporate the latest EBA equivalence assessments. The updated framework confirms that the confidentiality and professional secrecy regimes of several authorities, including those in Australia, China, Montenegro, Peru, Serbia, and the UK, are now considered equivalent to EU standards. In addition, the revised Guidelines streamline definitions, update legal references, and clarify how competent authorities should apply the framework when sharing information or engaging in supervisory cooperation.
Date of publication: 22/12/2025
EBA: Public summary on updated report on equivalence monitoring
Status: Final
The EBA updated its confidential report on equivalence monitoring activities and submitted it to the ESAs. To enhance transparency, the EBA also published a public summary outlining recent regulatory and supervisory developments in 26 non-EU jurisdictions deemed equivalent under the CRR, accompanied by a press release. The report provides factual information on regulatory and supervisory changes, identifies areas that may require continued monitoring, and ensures that the criteria for equivalence decisions continue to be met. The public summary offers insight into the EBA's monitoring approach while respecting the confidentiality of the detailed report. The summary also provides information on the methodology, scope, parameters, and inherent limitations of the equivalence assessments. It states that the nature and extent of any subsequent follow-up actions will be contingent upon the number and significance of the material findings identified for each jurisdiction.
Date of publication: 18/12/2025
Council of the EU: Adoption of conclusions on simplifying EU financial services regulation
Status: Final
The Council of the EU adopted conclusions on simplifying the EU's financial services regulation as part of its broader competitiveness agenda. The Council emphasises that simplification should reduce unnecessary complexity and administrative burdens, particularly for SMEs, without undermining financial stability or core regulatory pillars such as capital requirements, consumer protection, and anti-money laundering frameworks. Key principles include eliminating duplicative or outdated provisions, improving coherence across legislation, streamlining reporting requirements, and ensuring robust stakeholder consultation and impact assessments. The Council calls on the EC to swiftly propose ambitious simplification packages, review existing legislation and explore technological tools such as AI to enhance efficiency. It also urges better coordination among EU institutions and supervisory authorities, including the European Supervisory Authorities and the EU's Anti-Money Laundering Authority, and calls on them to adopt a simpler and more targeted approach to developing RTS, ITS, Guidelines, etc. The EC is invited to report back on progress with simplification initiatives and prepare a report (scheduled for 2026) assessing the overall state of the banking system in the Single Market and evaluating its competitiveness.
Date of publication: 12/12/2025
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