2025-10-15
The EBA and ESMA issued technical advice in response to the European Commission's call for advice regarding the review of the Investment Firms Regulation and Directive. The document proposes 49 recommendations to refine investment firm categorization, harmonize thresholds, and update capital requirements including K-factors and fixed overheads. It also addresses liquidity standards, prudential consolidation scopes, remuneration governance, and the regulatory treatment of crypto-assets and interactions with other financial frameworks.