What operational and compliance changes should EU investment firms, insurers, and intermediaries plan for after the 18 December 2025 provisional political agreement between the European Parliament and the Council on the Retail Investment Strategy (RIS) package, covering retail advice and suitability, “value for money” checks, inducement controls, third‑party marketing (including financial influencers), and PRIIPs key information document disclosures? The 18 December 2025 deal is a provisional...

Generative AI providers are now facing materially different answers to a deceptively simple question: when does a model “contain” protected content, and who is responsible when that content shows up in outputs. In late 2025, the High Court of England and Wales (Chancery Division) and the Regional Court of Munich I each issued detailed rulings tied to real-world model behavior, while the USPTO’s Appeals Review Panel issued a precedential patent-eligibility decision that is directly relevant to...

Many Web3 projects and individuals earn fees for introductions, referrals, and deal sourcing. In the European Union, the legal question is when an “introducer” crosses into regulated intermediation under MiFID II or MiCA. MiFID II: when an introduction becomes an investment service MiFID II Article 5 requires authorisation for investment services. “Investment advice” is a personal recommendation on transactions in financial instruments (Article 4(1)(4)). Annex I lists the key services for...