Council adopts MAD2: The Commission has welcomed the Council's formal adoption of the Market Abuse Regulation and Directive on Criminal Sanctions against Market Abuse (the MAD2 package). The Commission expects the legislation to be published in the Official Journal of the EU in June, and then the Commission will have 24 months to make implementing measures under the Regulation and Member States will have 24 months to implement the Directive. The MAD2 package will broaden the scope of the current regime, including to extend it to benchmark manipulation and abusive high frequency trading and introduce tougher sanctions for breach. (Source: Council Adopts MAD2)

Commission consults on FX financial instruments: The Commission is seeking views, until 9 May, on where the boundary between a foreign exchange (FX) forward and an FX spot instrument lies. It proposes to make this clear by reference to standard settlement periods, which could be different for different currencies, and also asks about the treatment of non- deliverable forwards. (Source: FX Financial Instruments)