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- Investment Management Client Alert February 2026
- ECB Redefines Residual Value Risk, Threatening European Auto Loan Securitization Eligibility
- UK EU Treaty Released
- The European Artificial Intelligence Act In 2026
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CRD VI Consequences For M&A Transactions
CRD VI (Directive (EU) 2024/1619) introduces a new harmonized regime requiring banks to notify competent authorities of, and in some cases receive prior approval for, M&A transactions generally. This expands on the current regime which relates solely to qualifying holdings in credit institutions, although some EU Member States had previously already implemented similar rules on a national level. CRD VI should have been transposed by Member States by January 10, 2026 and the M&A provisions should apply from January 11, 2026. In practice, the majority of Member States are yet to publish their final implementing legislation, with only a small number having fully transposed CRD VI so far. The new M&A regime will therefore initially apply in a piecemeal way across the EU. However, firms should be ready to comply with their upcoming obligations when contemplating transactions from 2026 onwards.
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Pass The Debt: Comparative Portability Analysis Across Leveraged Finance Products And Markets
Portability has featured in European leveraged debt markets for some time. Over 70% of sponsored high yield deals have included leveraged based portability in each year since 20231 . Whilst less frequently seen in loans, European syndicated TLB saw an increase in portability features in 2025 with such features appearing in 20% of loan documents compared to 5% in 20242 . The U.S. loan market is seeing a similar trend, although the incidence of portability appears to be lower overall than it is in Europe
- The European Green Deal At Five: Progress, Fault Lines, And The Next Chapter In EU Sustainable Finance
- What Is The EU AI Act And How Does It Affect Service Providers In Cyprus And The EU?
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Regulatory Monitoring - February 2026
The ESRB published a report on financial stability risks from linkages between banks and the non-bank financial intermediation (NBFI) sector. The report focuses on bank funding from NBFI entities and credit exposure to NBFI entities as well as banks’ derivatives exposures to NBFI entities. It finds linkages between banks and the NBFI sector to be significant, and while they do not currently pose acute risks to financial stability, they create important vulnerabilities that could amplify stress in adverse market conditions. Furthermore, these vulnerabilities are highly concentrated in a small number of large euro area global systemically important banks (G-SIBs). Risk-bearing capacity among euro area G-SIBs is key to absorbing shocks in the financial system and preventing the amplification of financial stress.
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Regulatory monitoring: EU Version - February 2026
ESRB: Report on financial stability risks from linkages between banks and the non-bank financial intermediation sector - The ESRB published a report on financial stability risks from linkages between banks and the non-bank financial intermediation (NBFI) sector. The report focuses on bank funding from NBFI entities and credit exposure to NBFI entities as well as banks’ derivatives exposures to NBFI entities. It finds linkages between banks and the NBFI sector to be significant, and while they do not currently pose acute risks to financial stability, they create important vulnerabilities that could amplify stress in adverse market conditions. Furthermore, these vulnerabilities are highly concentrated in a small number of large euro area global systemically important banks (G-SIBs). Risk-bearing capacity among euro area G-SIBs is key to absorbing shocks in the financial system and preventing the amplification of financial stress.