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FCA PS25/17: The SI regime for bonds and derivatives including Discussion Paper on equity markets

On 28 November 2025, the Financial Conduct Authority (FCA) published Policy Statement 25/17: The SI regime for bonds and derivatives including Discussion Paper on equity markets (PS25/17).

Background

In November 2024, the FCA published Policy Statement 24/14 which introduced new bond and derivative transparency rules for trading venues from 1 December 2025. The regulator also included in chapter 9 of the Policy Statement a short section for discussion on the future of the systematic internaliser (… Read the rest

Supreme Court

Justices grant four new cases, including Chevron companion case

The Supreme Court has added a second case asking it to overrule its landmark 1984 decision in Chevron v. Natural Resources Defense Council to its docket for the 2023-24 term. The announcement came on a list of orders released on Friday afternoon from the justices’ private conference earlier in the day. The court will hear oral argument in both Relentless v. Department of Commerce, the case granted on Friday, and Loper Bright Enterprises v. Raimondo, which it agreed in … Read the rest

Civil Law

EU Pharma Legislation Review Series: National MA Procedures Including the Mutual Recognition Procedure and Decentralized Procedure

The European Commission (the “Commission”) wants to “avoid unnecessary administrative and financial burdens for applicants and competent authorities.” As such, the Commission’s proposal for a revised Directive on the Union Code Relating to Medicinal Products for Human Use (the “Directive”) retains the Decentralized Procedure (“DCP”) and Mutual Recognition Procedure (“MRP”). Chapter III of the Directive sets out the new procedures for national marketing authorizations (“MAs”). This includes a purely national MA procedure granted in a single Member State … Read the rest

Supreme Court

Court grants review in new batch of cases, including dispute on religious rights of employees

The Supreme Court will review how employers must accommodate their employees’ religious practices, how courts should decide whether threatening statements are protected by the First Amendment, and whether a local government violated the Constitution when it confiscated and sold a $ 40,000 home based on the owner’s failure to pay $ 15,000 in property taxes.

Those issues are among a slew of new disputes that the justices added to their docket on Friday afternoon in an order list from … Read the rest