Milieu awarded two new DG FISMA projects on EU financial regulation implementation

Milieu has been awarded two new projects under its Framework Contract with the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA). The projects will support the Commission in monitoring Member States’ transposition and implementation of two key EU financial regulations:

• Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (the Transfer of Funds Regulation – TFR)

• Regulation (EU) 2024/886 on instant credit transfers in euros (the Instant Payments Regulation – IPR)

As part of this work, Milieu will assess Member States’ implementation of provisions establishing frameworks for sanctions, monitoring and enforcement, notably Chapter VI of the TFR (Articles 28–33) and Article 1(3) of the IPR.

Milieu will also provide DG FISMA with completeness and conformity assessments of national measures implementing Article 38 of the TFR and Articles 3 and 4 of the IPR, which introduce targeted amendments to relevant EU legislation, including the Anti-Money Laundering Directive, the Payment Services Directive and the Settlement Finality Directive.

For each project, Milieu will deliver 27 compliance reports assessing national implementing measures, alongside a comparative analysis highlighting key trends and recurring implementation challenges across Member States.

Through this work, Milieu will contribute to supporting the effective and consistent application of the EU’s financial regulatory framework.