The securities industry is facing a significant change: On November 3, 2025, Regulation (EU) 2025/2075 on shortening the settlement cycle to T+1 came into force in the EU. It will apply directly in all EU member states from October 11, 2027.
As of December 4, 2025, Payzilla International AG has waived its registration as a TT Foreign Exchange Service Provider in accordance with Art. 12 para. 1 in conjunction with Art. 2 para. 1 let. q TVTG in the version of February 1, 2024.
On December 4, 2025, the European Securities and Markets Authority (ESMA) published a statement on the transitional periods under MiCAR.
Adoption of TIBER-EU LI (implementation document) (0.13 MB)
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