Banking, Finance and Capital Markets Newsletter - 2nd Quarter 2025

In the second edition of 2025 of the Newsletter on Banking, Finance, and Capital Markets, we highlight:

• the new rules introduced in the Mandatory Automobile Civil Liability Insurance (SORCA), in the area of Insurance and Pension Funds; and
• the approval, by the European Council, of the Stop-the-Clock Directive, the amendments presented by the European Commission to the EU Securitization Framework, as well as, in the matter of collective investment schemes, the publication of CMVM Regulation no. 3/2025, in the area of Securities Law and Capital Markets;

In the chapter What to expect in the next quarter?, we highlight the No Action Letter from the EBA, of June 10, on the articulation between MiCA and PSD2/3.