Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 84

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 84
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 and the Indian CCPs remain derecognized. BaFin continues to allow German credit institutions including Deutsche Bank the possibility to remain members of six Indian CCPs for an indefinite period of time. Savings and Investments Union– During 2024, a number of additional proposals on the Savings and Investments Union, formerly known as Capital Markets Unionwere finalized and work on more detailed Level 2 requirements were conducted by ESMA, including on the European Long-Term Investment Fund Regulation, the European Single Access Point, the EU Listing Act and the Review of the Markets in Financial Instruments Regulation and Directive which entered into force in May 2024. Benchmarks– Negotiations on the European Commission’s legislative proposal to reform the scope of the EU Benchmarks Regulation from October 2023 continue, with the goal to significantly reduce the number of EU and non-EU benchmarks in scope. The EU co-legislators have found their respective negotiating positions and trilogues started at the end of November 2024 and were already finalized in December 2024. The final legal text is expected to be published in the first quarter of 2025, with formal entry into force by January 2026. Digital Transformation– Several jurisdictions progressed initiatives in 2024 to both address risks and capitalize on the benefits associated with the digitalization of financial services and address the growing dependence on so-called critical third parties. Work in this area is expected to continue with a focus on data protection, open data access, payment innovation, e-privacy, cybersecurity, fraud prevention, operational resilience and capital treatment of crypto assets. In 2024, the European Commission finalized its work in the context of its 2020 Digital Finance Strategy which defined regulatory priorities and policy actions for the outgoing European Commission. The strategy included two key legislative proposals to strengthen and harmonize financial sector operational resilience requirements (proposal for a Digital Operational Resilience Act (DORA) and a complementing amending directive) and to establish a regulatory framework for crypto assets (proposals for regulations on markets in crypto assets (Markets in Crypto-Assets Regulation - MiCA Regulation) and on a pilot regime for market infrastructures based on distributed ledger technology (DLT Pilot Regulation)). DORA and the complementing directive were finalized in 2022. The European Commission and the European Supervisory Authorities progressed with the definition of subsequent technical standards and supervisory guidelines to facilitate the efficient implementation of DORA by the financial industry. DORA requirements started to apply from January 17, 2025, and introduce a comprehensive