Looking ahead: European developments
Capital Requirements Directive (CRD IV) - SREP
The European Banking Authority’s (EBA) consultation on revised draft guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) and supervisory stress testing under CRD IV closes on 6 February 2026.
The guidelines are being updated to reflect developments in the regulatory framework, lessons learned from the practical application of the guidelines to date, and as part of the EBA’s ongoing efforts to simplify and enhance the efficiency of the EU supervisory framework. The revised draft guidelines encompass the new CRD VI mandates on output floor and third-country branches, align with the interest rate risks for banking book (IRRBB) and credit spread risk arising from non-trading book activities (CSRBB) package and incorporate ESG factors and operational resilience.
The final version of the revised guidelines is expected to apply from 1 January 2027. At that time, the current SREP guidelines and the guidelines on ICT risk assessment under the SREP will be repealed.
Press release: The EBA consults on revised Guidelines on supervisory review and evaluation process and supervisory stress testing
Consultation paper: Consultation paper on revised Guidelines on SREP and supervisory stress testing
Capital Requirements Directive (CRD VI) – TCB
The EBA’s consultation on draft guidelines on the authorisation of third country branches (TCBs) in accordance with Article 48c(8) of Directive 2013/36/EU (CRD IV) as amended by Directive (EU) 2024/1619 (CRD VI) closes on 3 February 2026.
The draft guidelines set out:
- The list of information to be included in the application for authorisation submitted by the direct head undertaking, i.e. the applicant head undertaking;
- The procedure for authorisation, as well as the standard forms and templates for the provision of the information referred to in the point above;
- The assessment of the conditions for granting authorisation; and
- The condition under which competent authorities may rely on information that has already been provided in the process of any prior third country branch authorisation.
The EBA intends for the guidelines to apply from 11 January 2027.
Press release: The EBA consults on Guidelines on authorisation of third country branches under the Capital Requirements Directive
Consultation Paper on draft Guidelines on authorisation of third country branches
ESG Ratings Regulation
Two draft delegated regulations relating to Regulation (EU) 2024/3005 (the ESG Ratings Regulation) have been published by the European Commission (the Commission) and are open for feedback until 13 February 2026.
- The draft Commission Delegated Regulation supplementing Regulation (EU) 2024/3005 sets out rules on the supervisory fees to be charged by the European Securities and Markets Authority (ESMA) to rating providers, including the types of fees, what they cover, the amount, why they are charged and how they must be paid; and
- The draft Commission Delegated Regulation supplementing Regulation (EU) 2024/3005 sets out rules on the procedure for ESMA to impose fines and periodic penalty payments on ratings providers.
The Commission adoption of the delegated regulations is planned for Q1 2026.
Financial Market Infrastructures
The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) consultative report on Financial Market Infrastructures’ (FMI) management of general business risks and losses closes on 6 February 2026. FMI’s include payment systems, securities settlement systems, central securities depositories, central counterparties and trade repositories.
In November 2025 the CPMI and IOSCO published an assessment report which reviewed the implementation of Principle 15 of the Principles for Financial Market Infrastructures (PFMI). Principle 15 provides that a;
“FMI should identify, monitor, and manage its general business risk and hold sufficient liquid net assets funded by equity to cover potential general business losses so that it can continue operations and services as a going concern if those losses materialise. Further, liquid net assets should at all times be sufficient to ensure a recovery or orderly wind-down of critical operations and services.”
The report highlighted a number of areas of concern, including in relation to FMIs' management of general business risks and the liquid net assets funded by equity they hold to cover potential losses.
The consultative report sets out proposed guidance for FMIs and relevant authorities relating to FMIs’ management of general business risks and general business losses, including in the context of recovery and orderly wind-down. The guidance, which supplements the PFMI, takes into account the findings of the first assessment outlined above.
Consultation paper: FMIs' management of general business risks and general business losses: further guidance to the PFMI - consultative report
Insurance Capital Standards
The International Association of Insurance Supervisors’ (IAIS) consultation on the development of the Insurance Capital Standard (ICS) within the Common Framework for the Supervision of internationally active insurance groups (ComFrame) closes on 5 February 2026.
ComFrame establishes supervisory standards and guidance focused on the group-wide supervision of internationally active insurance groups (IAIGs). ICS forms the quantitative element of ComFrame and has been developed as a consolidated group-wide capital standard for IAIGs.
The consultation relates to the supervisory reporting and public disclosure requirements of the ICS, and the implementation assessment methodology for the ICS.
Press release: Public consultation on ICS-related ComFrame standards
Insurance – Recovery and Resolution Planning
The IAIS’s consultation on the draft revised application papers on recovery and resolution closes on 25 February 2026. Application papers provide supporting material related to Comframe. They do not include new requirements, but provide further advice, illustrations, recommendations or examples of good practice to supervisors on how supervisory material may be implemented. The consultation relates to the draft revised application paper on resolution powers, preparation and plans and the draft revised application paper on recovery planning.
The first application paper has been updated to take into account: (i) revisions to the relevant standards in Insurance Core Principle (ICP) 12 (Exit from the market and resolution) and related ComFrame standards and guidance adopted in December 2024, and (ii) evolving legislation and supervisory practices in jurisdictions. The second application paper has been updated to take into account: (i) revisions to the relevant standards in ICP 16.15 (Enterprise risk management for solvency purposes) and related ComFrame standards and guidance adopted in December 2024, and (ii) evolving legislation and supervisory practices in jurisdictions.
Press release: Public consultation on draft revised Application Papers on recovery and resolution - International Association of Insurance Supervisors.
Application papers:
The Financial Stability Board’s (FSB) consultation on draft guidance outlining key criteria for authorities to consider when determining whether an insurer should be subject to recovery and resolution planning (RRP) requirements closes on 6 February 2026.
The draft guidance is intended to assist authorities with resolution powers over insurers, and calls for authorities to evaluate an insurer’s nature, scale, complexity, substitutability, cross-border activities, and interconnectedness. It also highlights specific scenarios in which RRP requirements should always apply, such as when an insurer provides critical functions that cannot be easily substituted or when its failure could significantly impact financial stability or the real economy.
Press release: FSB releases updated insurer list, proposes new guidance, and affirms use of IAIS Holistic Framework
Consultation paper: Scope of Insurers Subject to the Recovery and Resolution Planning Requirements in the FSB Key Attributes: Consultation report
Insurance – Solvency II
Two European Insurance and Occupational Pensions Authority’s (EIOPA) consultation papers on proposed amendments to guidelines under the Solvency II Directive (as amended) close on 27 February 2026.
The first consultation paper relates to revised guidelines on group solvency. The second consultation paper relates to revised guidelines on reporting and public disclosure. Both are being updated to: (i) reflect the amended Solvency II framework, (ii) delete information that is redundant, unclear or no longer consistent with the legal framework and (iii) provide further clarifications. If approved, the revised guidelines will apply from 30 January 2027.
Press release: EIOPA opens consultations on revised guidelines on group solvency calculations and on reporting
Consultation papers:
· Consultation on draft revised Guidelines on group solvency
· Consultation on draft revised Guidelines on reporting and public disclosure
Online fraud
The European Commission’s call for evidence on an action plan to fight online fraud closes on 13 February 2026. The action plan aims to significantly reduce the incidence and impact of online fraud across the EU by strengthening coordination, improving victim support and boosting cross-border cooperation, thus establishing a more integrated approach.
Call for evidence: Fighting online fraud – action plan
Payments
The European Payments Council (EPC) has two consultations linked to its Verification Of Payee (VOP) scheme rulebook closing on 15 February 2026.
The first consultation relates to urgent change requests intended to address several issues and inconsistencies which have been identified in the VOP scheme rulebook following its deployment on 5 October 2025. These change requests aim to ensure smooth scheme functioning and interoperability, with publication of version 1.1 expected by mid-March 2026.
The second consultation relates to the regular call for change requests to the VOP scheme rulebook. Any stakeholder with a legitimate interest may submit proposals for consideration. The EPC intends to organise a three-month public consultation from April 2026 to the end of June 2026 in relation to any suggested changes. The change requests that receive broad acceptance will be included in the new scheme rulebook version 2.0 which is anticipated to be published by November 2026.
Press release: Verification Of Payee Scheme Rulebook Updates
Consultation paper on urgent change request: EPC VOP Scheme Rulebook - Public Consultation Document on urgent Change Requests
Secondary Market Disclosures
IOSCO’s consultation on Recommendations for Secondary Markets Disclosures closes on 3 February 2026.
The recommendations are non-binding. They are intended for use by regulators that are establishing or reviewing their securities regulations and aim to (i) set forth a recommended framework for secondary markets disclosure for listed entities and (ii) provide best practices for market participants to consider in developing or reviewing a secondary markets disclosure regime for listed entities.
The recommendations update, consolidate and modernise IOSCO’s Secondary Markets Disclosure Principles so that all IOSCO relevant guidance pertaining to disclosure by listed entities for the secondary markets is contained in a single document. The updates also seek to address issues regarding duplication, gaps in coverage and outdated references while providing more clarity and precision where necessary.
Press release: IOSCO board meets in Madrid; issues four new publications
Consultation paper: CR/03/2025 Recommendations for Secondary Market Disclosure
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