European

Provisional political agreement reached on securitisation reforms

On 21 October, the Council of the EU and the European Parliament announced they had reached provisional political agreement on measures to revive and simplify the EU’s securitisation market. The updated framework aims to enable banks to free up more capital and channel increased lending to households, SMEs and infrastructure projects. To achieve this, the provisional agreement proposes to reduce capital requirements for certain well-structured transactions, notably for a newly introduced ‘resilient’ category of securitisations.

Council position at first reading on the proposals for a Payment Services Regulation and Third Payment Services Directive

On 23 October, the Council of the EU published its position at first reading on proposals for a Payment Services Regulation (PSR) and a Third Payment Services Directive (PSD3). The final compromise texts for the proposals were published in April 2026. Most changes in the Council’s position at first reading are editorial. Articles have been renumbered, terminology aligned and definitions consolidated in the PSR. Both the Council and the European Parliament must formally adopt the proposals, after which they can be signed and published in the Official Journal of the EU. Both acts will enter into force 20 days after publication. The PSR will apply 21 months later, and Member States must transpose PSD3 within the same period.

Commission consults on potential voluntary code of conduct to combat online fraud and scams

On 26 October, the European Commission announced that it is consulting stakeholders on the potential development of a voluntary code of conduct on online fraud and scams under Article 45 of the Digital Services Act. The Commission held discussions with the banking and payments sector on 23 October 2026, followed by a workshop with trusted flaggers, civil society and consumer organisations on 26 October 2026. The European Commission will also consult providers of very large online platforms and search engines in early November 2026. The Commission will present the outcomes of the consultations to the European Board for Digital Services and the Payment Systems Market Expert Group to assess the next steps, including whether to proceed with developing the voluntary code of conduct.

Anti-money laundering priorities for the review of the Markets in Crypto Assets Regulation

On 7 October, the EU’s Anti-Money Laundering Authority (AMLA) published its response to the European Commission’s targeted consultation on the review of the Markets in Crypto Assets Regulation (MiCAR). AMLA identified the following areas where targeted amendments or clarifications could address money laundering and terrorist financing risks more effectively and support consistent supervision across the EU: staking, lending and borrowing, decentralised finance arrangements, unauthorised stablecoins, cross-border supervision of service providers and whether certain asset-referenced tokens issuers should fall within EU anti-money laundering and counter-terrorist financing rules.

ESMA opinion on provision of crypto asset services in relation to ‘non-MiCAR-compliant’ tokens

On 8 October, the European Securities and Markets Authority (ESMA) published an opinion on the provision of crypto asset services by crypto asset service providers in relation to asset-referenced tokens and e-money tokens that are not compliant with requirements in MiCAR.

USDC classified as the first significant e-money token under MiCAR

On 14 October, the European Banking Authority (EBA) announced its decision to classify USDC, issued in the EU by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) under MiCAR. There are currently 45 EMTs in the EU that have been notified under MiCAR. USDC is the first one to be classified as being significant. ​From 12 November 2026, USDC will be subject to the dual supervision regime for significant EMTs under MiCAR.

Date published: 12 November 2026

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.