ESMA publishes latest edition of its newsletter 31 July 2026 ESMA newsletter The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today the latest edition of its Spotlight on Markets newsletter, covering key activities and publications from June and July 2026. This edition opens with the statement on the end of the MiCA transitional period, calling on unauthorised crypto-asset service providers to wind down their activities i...
Broker DealerCrypto ExchangePayment Provider ESMA authorises EuroCTP as the Consolidated Tape Provider for shares and exchange-traded funds 27 July 2026 Market data Press Releases Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has authorised EuroCTP B.V. (EuroCTP) to operate as the Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs). Natasha Cazenave, ESMA’s Executive Director, said: “This authorisation marks a key step in the implementation of ...
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ESMA publishes report on cross-border investment services supervision 20 July 2026 Supervisory convergence The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published its follow-up report to the Peer Review on the supervision of cross-border activities of investment firms. The report assesses the progress made by national competent authorities (NCAs) in implementing recommendations issued in 2022 and covers the Netherlands, German...
ESMA’s report does **not introduce new binding rules**, but it does confirm that NCAs are being pushed to supervise cross-border investment services more intensively and in a more risk-based way. For compliance teams, this matters because firms with cross-border passports should expect tougher scrutiny of their business plans, stronger information requests, more targeted inspections, and closer coordination between home and host supervisors.
What Changed
- - ESMA reports that NCAs have strengthened authorisation assessments by placing greater emphasis on firms’ cross-border business plans and intentions before granting or maintaining permissions.
- NCAs are increasingly using data-driven and risk-based supervision to monitor cross-border activity and calibrate supervisory attention to the scale, nature, and complexity of the activity.
- NCAs have expanded cooperation and enforcement, including more targeted supervisory actions and reporting of enforcement cases where relevant.
- ESMA expects NCAs with significant outbound cross-border activity to ensure that their supervisory and enforcement approaches are proportionate to the level of risk and business volume.
- The report reinforces that cross-border activity should be treated as a distinct supervisory risk area, not merely as an incidental extension of domestic supervision.
Suggested Considerations
- Review cross-border business plans for all passported investment services and ensure they are supported by clear governance, staffing, systems, and client-service arrangements.
- Map all outbound cross-border activities by jurisdiction, client type, product type, and distribution channel so that compliance can identify where supervisory risk is highest.
- Strengthen controls over retail cross-border activity, including marketing, suitability/appropriateness, complaints handling, and local conduct requirements in each host market.
- Prepare to provide supervisors with more granular evidence of how cross-border risks are identified, monitored, escalated, and mitigated.
- Ensure internal reporting can distinguish cross-border revenue, complaints, incidents, and enforcement exposure from domestic business lines.
Key Dates
- ESMA’s original peer review identified shortcomings in the supervision of cross-border activities and issued recommendations to strengthen authorisation, supervision, cooperation, and enforcement
- ESMA’s 2026 work programme says the follow-up on the peer review of cross-border provision activities of investment firms was expected to be launched around this time
- ESMA published the follow-up report on the supervision of cross-border activities of investment firms
- ESMA indicated in the earlier peer review context that it expected to carry out a follow-up assessment in two years to review improvements, which aligns with a later-stage review cycle
Compliance Impact
The compliance impact is medium to high because the report raises supervisory expectations without creating a new standalone rulebook, but it clearly signals more intense scrutiny of firms active across borders. Non-compliance can lead to inspections, enforcement action, remedial directives, and reputational harm, especially for firms whose cross-border footprint is large or retail-facing.
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Broker DealerAsset ManagerWealth Manager Joint Board of Appeal dismisses appeal against the EBA 16 July 2026 Board of Appeal The Joint Board of Appeal of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) has issued a decision stating that an appeal brought by an individual against the European Banking Authority (EBA) is inadmissible. The appeal concerned a response by the EBA to a complaint regarding the closure of a bank account by a credit institution and the handling of the matter by the Finnish National Compe...
The Joint Board of Appeal of the ESAs has dismissed as inadmissible an individual’s appeal against the EBA’s decision not to open a breach‑of‑Union‑law investigation into the Finnish supervisory authority’s handling of a bank account closure. This confirms that EBA’s decision whether to initiate a Union law breach investigation is a discretionary act that is not reviewable by the Board of Appeal and, in practice, offers very limited avenues for customers or firms to challenge an EBA non‑investigation decision.
For compliance teams, this reinforces that supervisory recourse routes for disputes over account closures and similar conduct are primarily at national level and in national courts, with EBA’s Article 17 “breach of Union law” mechanism remaining a high‑threshold, discretionary tool rather than a complaint or appeal channel.
What Changed
- - The decision clarifies that EBA’s decision whether or not to initiate an investigation into a possible breach or non‑application of Union law under Article 17 of Regulation (EU) No 1093/2010 is a...
- The Board of Appeal confirms that a decision not to open a Union law breach investigation does not constitute a reviewable “decision” for the purposes of Article 60(1)–(2) of the ESA Regulations and...
- The Board of Appeal confirms that individual complaints about account closures and associated supervisory handling remain primarily within the remit of national competent authorities and national...
- The decision reiterates that only certain categories of ESA acts that produce binding legal effects (for example, decisions adopted under Articles 17, 18 or 19 of the ESA Regulations, and acts within...
- The outcome aligns with prior Board of Appeal and EU court case law confirming that persons outside the specific categories listed in Article 17(2) of the ESA Regulations have no right of appeal to...
Suggested Considerations
- Review internal complaints‑handling and escalation procedures to ensure that disputes over account closures and related supervisory decisions are managed through national complaint bodies and courts, rather than assuming EBA or Board of Appeal review will be available.
- Update legal and compliance guidance notes to reflect that EBA’s decision whether to initiate a breach‑of‑Union‑law investigation is discretionary and generally not subject to appeal before the Board of Appeal, limiting external escalation avenues.
- Train front‑office, customer‑service and complaints staff to provide accurate information to customers about available redress routes, emphasising national ombudsman, national competent authority and judicial mechanisms rather than ESMA/EBA appeals.
- For groups operating across the EU, map national complaint and judicial mechanisms for account closures in each jurisdiction and integrate them into group‑wide conduct risk frameworks and customer communication templates.
- Monitor further ESA and EU court case law on which ESA acts are susceptible to appeal before the Board of Appeal, and adjust litigation and escalation strategies accordingly.
Key Dates
– Earlier ESA Board of Appeal case law clarifies that appeals are reserved for “decisions” that produce binding legal effects and that the Board lacks jurisdiction over acts that are not such decisions, including certain complaints‑handling outcomes
– In Decision BoA‑D‑2022‑01 (appeal “C” v EBA), the Board of Appeal holds that an appeal against EBA’s decision not to initiate an investigation into alleged non‑application of EU law in relation to payment accounts is inadmissible under Article 60(2) of Regulation (EU) No 1093/2010
– The ESAs’ Joint Board of Appeal issues the present decision dismissing, as inadmissible, an individual’s appeal against EBA’s decision not to open an investigation into a possible breach of Union law by the Finnish FIN‑FSA in relation to a bank account closure
Compliance Impact
Non‑compliance with national rules on account closures and customer treatment can lead to supervisory sanctions, civil liability and reputational damage, and firms should not rely on ESA‑level appeals as a corrective mechanism. The inability to challenge EBA’s non‑investigation decisions heightens the importance of robust conduct, documentation and national‑level redress management.
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ESMA launches Common Supervisory Action on CASPs’ digital operational resilience for custody 08 July 2026 Digital Finance and Innovation The European Securities and Markets Authority (ESMA), the EU regulator and supervisor, is launching a Common Supervisory Action (CSA) focusing on the digital operational resilience of Crypto-Asset Service Providers (CASPs), with a specific emphasis on custody services. The CSA will assess the maturity of CASPs’ digital operational resilience frameworks in re...
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ESMA selects Etrading Software (Netherlands) B.V. as Consolidated Tape Provider for OTC derivatives 06 July 2026 Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has selected Etrading Software (Netherlands) B.V. as the Consolidated Tape Provider (CTP) for over-the-counter (OTC) derivatives. This constitutes an important step in improving transparency for OTC derivatives markets under the Markets in Financial Instruments Regulat...
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ESMA reminds firms of existing rules and obligations under binary option measures amid growing popularity of prediction markets globally 03 July 2026 Investor protection The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued a statement reminding firms of their obligation to assess whether newly offered products fall within the scope of existing product intervention measures on binary options. The statement responds to the growing...
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ESMA recognises the Clearing Corporation of India Limited as a Tier 1 third-country CCP 01 July 2026 CCP The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has recognised The Clearing Corporation of India Limited (CCIL) as a Tier 1 third-country central counterparty (CCP) under the European Market Infrastructure Regulation (EMIR). The recognition allows CCIL to provide clearing services to EU clearing members and trading venues, including banks, inves...
ESMA has recognised The Clearing Corporation of India Limited (CCIL) as a **Tier 1 third‑country CCP** under EMIR, with the recognition effective from **30 June 2026**, allowing CCIL to provide clearing services to EU clearing members and trading venues. This restores and regularises EU firms’ ability to clear eligible Indian markets through CCIL under EMIR Article 25, subject to equivalence, cooperation, and oversight conditions tied to the Reserve Bank of India (RBI) and the Indian CCP regime.
What Changed
- - CCIL is formally recognised as a Tier 1 third‑country central counterparty (TC‑CCP) under Regulation (EU) No 648/2012 (EMIR), allowing it to offer clearing services to EU clearing members and EU...
- The recognition is contingent on an equivalence decision adopted by the European Commission for the Indian regulatory framework applicable to CCPs under EMIR Article 25.
- ESMA has assessed and confirmed effective supervision and enforcement by the Reserve Bank of India (RBI) over CCIL as a prerequisite for recognition.
- ESMA and RBI have put in place cooperation arrangements, formalised through a Memorandum of Understanding, to support ongoing supervisory coordination over CCIL’s activities that affect EU...
- CCIL is now included in ESMA’s updated list of recognised third‑country CCPs, clarifying that EU firms may use CCIL’s clearing services while complying with EMIR’s clearing and risk‑management...
Suggested Considerations
- Confirm and document that CCIL now appears on ESMA’s official list of recognised third‑country CCPs and that its status is Tier 1 under EMIR, updating internal CCP eligibility lists and counterparty approval registers accordingly.
- Review and update internal clearing policies, procedures and governance documents to reflect that EU entities may again clear eligible products through CCIL, subject to EMIR and firm‑specific risk appetite.
- Reassess and formally approve CCIL within the firm’s CCP due‑diligence framework, including credit risk, operational risk, legal risk and jurisdictional risk assessments, taking account of the RMU with RBI and the Tier 1 classification.
- Update EMIR compliance mappings to ensure that trades cleared via CCIL are correctly treated for clearing obligation, risk‑management, reporting and collateral requirements, and that no activity is undertaken through non‑recognised CCPs in India.
- Coordinate with front‑office, clearing operations and collateral management teams to re‑open or adjust clearing access to CCIL (e.g. membership arrangements, client clearing channels, account structures, margin and collateral workflows).
Key Dates
- ESMA’s withdrawal of recognition decisions for six Indian CCPs, including CCIL, took effect under EMIR, prohibiting EU clearing members and trading venues from using those CCPs for EU‑regulated clearing activity
- ESMA and the Reserve Bank of India sign a Memorandum of Understanding establishing supervisory cooperation arrangements for Indian CCPs, including CCIL
- ESMA’s decision recognising CCIL as a Tier 1 third‑country CCP under EMIR takes effect, and CCIL is added to ESMA’s updated list of recognised TC‑CCPs
Compliance Impact
Non‑compliance with EMIR’s requirement to use only recognised third‑country CCPs for clearing in scope activities could expose firms to supervisory action, including potential enforcement, fines and restrictions on clearing activities. The recognition of CCIL materially reduces legal and regulatory risk for EU firms clearing Indian markets, but firms must still ensure their governance, risk and operational controls are aligned with EMIR and the Tier 1 TC‑CCP framework.
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The ECB has launched a **comprehensive clean‑up and re‑classification of all its supervisory guidance** (guides, reports, letters, methodologies) to streamline content, remove outdated expectations and explicitly underline that these documents are **non‑binding**. This matters for compliance teams because it changes the **reference set of applicable ECB expectations**, clarifies the status of “supervisory guidance” versus hard law, and introduces targeted revisions in key areas such as ICAAP management buffers, internal models, CRR III implementation and licensing processes.
What Changed
- - The ECB is conducting a comprehensive review of around 130 supervisory publications (guides, reports, letters, methodologies) to assess their relevance, effectiveness and clarity and to align them...
- Approximately 40 supervisory documents have been classified as outdated, superseded or no longer relevant and have been formally discontinued, with the texts remaining accessible but clearly labelled...
- The ECB has updated its classification of supervisory guidance documents to emphasise explicitly that they are non‑binding, do not create new legal obligations and do not replace binding EU or...
- The Guide to the internal capital adequacy assessment process (ICAAP Guide) will be revised to clarify supervisory expectations on the management buffer, explicitly positioning it as the bank’s own...
- The ECB has removed all content on supervisory expectations for the credit conversion factor (CCF) from the Guide to internal models, in anticipation of forthcoming EBA guidelines on CCF, thereby...
Suggested Considerations
- Review the ECB press release and associated lists of discontinued publications to identify any ECB guides, reports, letters or methodologies currently referenced in your internal policies, risk frameworks or model documentation that are now labelled as discontinued.
- Update internal policy inventories, regulatory mapping and compliance registers to reflect the new classification of ECB supervisory guidance as non‑binding and to distinguish clearly between binding EU/national law and non‑binding ECB expectations.
- For banks using the ICAAP Guide, perform a gap analysis of capital planning and management buffer practices against the forthcoming clarified expectations, ensuring internal documentation clearly differentiates management buffers from Pillar 2 requirements and guidance.
- For institutions using internal models for credit risk, remove any reliance on the ECB’s former CCF expectations by re‑mapping modelling policies and documentation to forthcoming EBA guidelines on credit conversion factors and to CRR/CRD provisions, once those guidelines are finalised.
- For risk and finance functions, review the CVA treatment in internal capital and risk methodologies to verify alignment with CRR III and ensure that internal references to ECB guidance (assessment methodology, materiality assessment) are updated to reflect the removed CVA content.
Key Dates
- ECB announces the comprehensive review of around 130 supervisory guidance publications, confirms discontinuation of about 40 outdated documents, and signals targeted and in‑depth revisions for the remaining guidance set
- Revised **Guide to the internal capital adequacy assessment process** is expected to be published “shortly” after the press release, incorporating clarified treatment of the management buffer and its relationship to Pillar 2 guidance
- Removal of supervisory expectations on **credit conversion factor (CCF)** from the **Guide to internal models** and the removal of **CVA references** from the **Guide on assessment methodology** and the **Guide on materiality assessment** are implemented as part of the ongoing review and alignment with EBA guidance and CRR III
- **Public consultations** will be launched on those guidance documents identified as needing substantial revision, ahead of finalising the updated versions
- Publication of the new **report on good practices in governance and risk culture**, replacing the existing Draft guide on governance and risk culture, following finalisation of the revised EBA Guidelines on internal governance
Compliance Impact
The immediate legal risk is limited because the ECB reiterates that its supervisory guidance is non‑binding and does not create new obligations, but misalignment with updated ECB expectations can materially affect SREP outcomes, Pillar 2 guidance, model approvals and licensing decisions. Failure to update internal frameworks, models and governance practices in line with the revised guidance and EBA/CRR III developments may therefore lead to higher capital guidance, increased supervisory findings, delays in approvals and more intensive supervisory scrutiny.
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original ECB source
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ESMA publishes the register of external reviewers under the EuGB Regulation 22 June 2026 Supervision The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the register of firms authorised to act as external reviewers of European Green Bonds. External reviewers play a key role in ensuring that the use of proceeds of European Green Bonds is allocated in line with the EU Taxonomy requirements. They are also vital in boostin...
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Euribor panel to include KBC Bank 11 June 2026 Benchmarks Press Releases On 27 May 2026, the European Money Markets Institute (EMMI), the administrator of Euribor, announced the inclusion of KBC Bank in the Euribor panel. ESMA and the Belgian Financial Services and Markets Authority (FSMA) welcome the inclusion of KBC Bank in the panel as a positive development that contributes to strengthening the robustness and reliability of this critical benchmark. Verena Ross, ESMA Chair, said: “The ad...
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New Q&As available 28 May 2026 Digital Finance and Innovation Market Abuse Sustainable finance The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published the following question and answer: EU ESG Ratings Regulation (ESGRR) Defined ranking system (2853) Transitional provisions (2854) ESG rating providers established after date of entry into force (2855) Material changes to registration information (2856) Market Abuse Regulation (MAR) Regulation A...
ESMA has released new Q&As clarifying several operational aspects of the EU ESG Ratings Regulation (ESGRR), the Market Abuse Regulation (MAR) delegated audit requirements, and an exemption from MiCA white paper obligations for certain crypto-asset offerings. These Q&As materially affect how ESG rating providers structure their methodologies and registrations, how firms plan and evidence MAR compliance audits, and when MiCA white papers are required, and therefore should immediately be integrated into internal compliance frameworks.
What Changed
- - ESMA clarifies what constitutes a “defined ranking system” under the EU ESG Ratings Regulation (ESGRR), including when rating scales, score bands or league tables will be regarded as a ranking...
- ESMA sets out transitional provisions for existing ESG rating providers active before ESGRR application, detailing conditions and timelines under which they may continue operating while completing...
- ESMA explains how ESG rating providers established after the ESGRR date of entry into force must comply, including the need to obtain authorisation/registration before commencing activity in the EU...
- ESMA defines what qualifies as “material changes to registration information” for ESG rating providers under ESGRR, indicating the types of changes (e.g.
- Under MAR and Commission Delegated Regulation (EU) 2016/957, ESMA clarifies expectations regarding the annually conducted audit of market soundings arrangements, including scope, independence of the...
Suggested Considerations
- Map all existing and planned ESG rating products against ESMA’s clarified concept of a “defined ranking system” and update methodologies, scales, and disclosures to ensure they meet ESGRR and Q&A expectations.
- For ESG rating providers operating before 02 July 2026, develop and execute a documented transitional compliance plan that aligns governance, methodologies, data controls and transparency with ESGRR, ensuring timely notification to ESMA within one month from 02 July 2026.
- For entities intending to launch ESG rating activities after ESGRR entry into force, prepare and submit complete authorisation or registration files to ESMA before commencing rating activity, incorporating the Q&A guidance on initial registration requirements.
- Establish or enhance a formal process to identify, assess and record “material changes to registration information” for ESG rating providers, and implement controls to ensure ESMA is notified within required timelines before or immediately after such changes, as specified in the Q&A.
- Review and update MAR compliance frameworks, with particular focus on market soundings procedures, to incorporate ESMA’s expectations on the scope, independence, and documentation of the annually conducted audit required under Commission Delegated Regulation (EU) 2016/957.
Key Dates
– ESG Ratings Regulation (ESGRR) enters into force, starting the formal legislative timeline and triggering preparatory obligations for future ESG rating providers
– ESGRR applies and the main substantive requirements become effective; from this date entities have one month to notify ESMA of their intention to apply for authorisation or registration as ESG rating providers
Compliance Impact
Non-compliance with ESGRR, MAR and MiCA as interpreted in ESMA’s Q&As may lead to authorisation refusals or withdrawals, administrative fines, product restrictions, and heightened supervisory scrutiny. Given the enforcement nature of ESG ratings supervision and MAR/MiCA regimes, firms face significant conduct, reputational and business model risks if they fail to align promptly with this guidance.
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Asset ManagerBroker DealerCrypto Exchange ESMA publishes shortlist of candidates for position of Chair 20 May 2026 About ESMA Board of Supervisors Press Releases The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the shortlist of candidates for the position of Chair, which it has sent to the Council of the European Union (Council) and the European Parliament (Parliament). The Council will appoint the Chair following confirmation by the Parliament. The Board of Supe...
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European Commission launches call for candidates for the ESAs’ Board of Appeal 12 May 2026 Board of Appeal The European Commission has launched a call for expression of interest for the appointment of members to the Board of Appeal of the three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs). This call aims to establish a reserve list of qualified candidates to fill vacancies that may arise within the Board of Appeal. The reserve list will remain valid for a period of five y...
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ESMA outlines enforcement activities for corporate reporting across the EEA in 2025 07 May 2026 Corporate Finance Electronic reporting Financial reporting Sustainable finance The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its Report on 2025 Corporate reporting enforcement and regulatory activities . The report provides an overview of how national enforcers and ESMA supervised corporate reporting across the Europea...
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ESMA promotes proportionate supervision of MiFID II sustainability requirements 06 May 2026 Investor protection The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued a statement presenting the results of its Common Supervisory Action (CSA) on how sustainability is integrated into firms’ suitability assessment as well as into processes and procedures for product governance. The statement highlights key themes emerging from the sup...
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ESMA consults on guidelines on endorsement under the ESG Ratings Regulation 29 April 2026 Credit Rating Agencies The European Securities and Markets Authority (ESMA) has launched a public consultation on draft guidelines on endorsement under the ESG Ratings Regulation 1 . The consultation paper sets out ESMA’s proposed approach to the endorsement of non-EU ESG ratings under the regulatory framework and seeks feedback from ESG rating providers and other stakeholders on the draft guidelines. Th...
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ESMA support ESEF implementation with updated taxonomy 21 April 2026 Electronic reporting The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the 2025 European Single Electronic Format (ESEF) XBRL taxonomy files , together with an updated ESEF Conformance Suite . These materials support issuers and software vendors in preparing 2026 IFRS consolidated financial statements using the most up‑to‑date ESEF format. The 2025 taxono...
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ESMA launches a call for evidence on restricted subscription and private credit ratings 16 April 2026 Credit Rating Agencies The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched a call for evidence to gather stakeholder views on the purposes, market practices, needs and risks associated with restricted subscription and private credit ratings. ESMA is encouraging all interested stakeholders to share views, data and analysis i...
ESMA has launched a call for evidence on restricted subscription and private credit ratings to gather stakeholder input on their market practices, uses, risks, and potential regulatory gaps under the CRA Regulation. This matters because rising use of these non-public ratings could prompt future clarifications or adjustments to ensure consistent standards with public ratings, impacting credit rating agencies (CRAs) and users reliant on them for regulatory or investment purposes.
What Changed
There are no immediate regulatory changes; this is a fact-finding call for evidence to assess whether adjustments to the CRA Regulation are needed. ESMA seeks views on definitions (e.g., restricted subscription ratings as selectively distributed to limited subscribers with economic interest; private ratings excluded from CRA scope if not distributed to >150 persons), production processes, governance comparability to public ratings, distribution risks, and market needs. Potential future outcomes include enhanced clarity on CRA Regulation application, but none are confirmed yet.
Suggested Considerations
- Review the full Call for Evidence document and annexes for specific questions on restricted subscription (Annex I) and private credit ratings (Annex II).
- Prepare and submit evidence-based responses addressing key areas: use cases/benefits vs. public ratings, contracting/distribution parties, analytical/governance comparability, transparency impacts, risks/mitigations, and multi-CRA practices.
- Provide quantitative data, concrete examples, and rationale; indicate specific questions and alternatives considered.
- Submit online by 31 May 2026 using the docx reply form; note responses may be published unless confidentiality requested.
Key Dates
- ESMA reviews responses to assess potential regulatory adjustments under CRA Regulation
- Deadline for submitting evidence-based responses, including quantitative data and market examples, via ESMA's online consultation form in docx format
Compliance Impact
Urgency: Medium - This is not mandatory rulemaking but a critical opportunity to influence potential CRA Regulation clarifications amid growing private rating use, which could standardize governance/internal controls or expand scope. Firms using or issuing these ratings should engage to mitigate risks of future unaddressed practices leading to enforcement or restrictions; inaction may expose gaps if ESMA identifies inconsistencies with public rating standards.
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original ESMA source
before acting. Full disclaimer.
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SEC confirms exemption for directors and officers of EEA Foreign Private Issuers 18 March 2026 Market Abuse Post Trading The United States Securities and Exchange Commission (SEC) has decided to exempt directors and officers of European Economic Area (EEA) foreign private issuers (FPIs) from the reporting requirements under Section 16(a) of the US Securities Exchange Act of 1934. The SEC’s decision means that directors and officers of EEA FPIs will not be required to comply with these specifi...
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New Q&As available 27 February 2026 CCP Digital Finance and Innovation Financial reporting Issuer disclosure Transparency The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published or updated the following Questions and Answers: European crowdfunding service providers for business Use of fiduciary (nominee) structures in equity crowdfunding (2601) Markets in Crypto-Assets Regulation (MiCA) Clarification on Withdrawal Requirements under Article 7...
ESMA has published or updated multiple Q&As covering European crowdfunding, MiCA for crypto-asset service providers (CASPs), EMIR for central counterparties (CCPs), and Transparency Directive requirements on financial reporting and alternative performance measures (APMs). These updates provide clarifications on operational, reporting, and disclosure obligations, enhancing supervisory convergence and compliance certainty amid evolving EU regulations like MiCA and IFRS 18. Compliance professionals must prioritize these to avoid enforcement risks, particularly with upcoming effective dates in 2027.
What Changed
- - Crowdfunding: New Q&A (2601) on use of fiduciary (nominee) structures in equity crowdfunding, clarifying permissible structures for service providers.
- MiCA (CASPs): Updates include clarification on withdrawal requirements under Article 75 (2320); fixed overheads calculation (2349); interests from client funds at credit institutions (2486); fiat...
- EMIR (CCPs): New Q&As on AAR threshold calculation (2418, 2779), AAR representativeness obligation (2776, 2777), and AAR stress testing (2778), building on ESMA's supervisory briefing for...
- Transparency Directive: New Q&A (2775, effective 1 January 2027) on IFRS 18 and APMs interaction; updated Q&As (effective 1 January 2027) on measures in/outside financial statements (1868), interim...
Suggested Considerations
- Review and update policies: CASPs must align withdrawal processes (Art. 75), overhead calculations, client fund interest handling, fiat payout mechanisms, offer/placing distinctions, and trading platform compliance with Title II.
- Crowdfunding firms: Assess and document use of nominee structures per Q&A 2601.
- CCPs/counterparties: Implement AAR reporting for thresholds, representativeness (with subcategory identification and trade reporting examples), and stress testing; reference ESMA's supervisory briefing for compliance models.
- Issuers/reporters: Revise APM disclosures for IFRS 18 compatibility, ensuring prominence, clear definitions, and consistent presentation inside/outside statements effective 1 January 2027.
- General: Integrate Q&As into compliance training, internal audits, and NCA reporting; monitor ESMA's Questions and Answers section for full texts.
Key Dates
- Publication date of new/updated Q&As on crowdfunding, MiCA, EMIR, and Transparency Directive
- Effective date for new Q&A on IFRS 18 & APMs interaction (2775) and updates to APM-related Q&As (1868, 1874, 1875, 1877)
- Deadline for trading platform operators under MiCA to ensure compliant white papers for legacy tokens (related context from prior MiCA Q&As)
Compliance Impact
Urgency: High - These Q&As address supervisory priorities in high-risk areas like crypto (MiCA) and CCP resilience (EMIR), with imminent 2027 deadlines for reporting changes aligning to IFRS 18. Non-compliance risks fines, authorization delays, or supervisory actions, especially as ESMA emphasizes convergence (e.g., AAR briefing). Firms in crypto/digital assets face heightened scrutiny amid MiCA rollout, while reporters must adapt quickly to avoid disclosure breaches.
AI-generated analysis. May contain errors or omissions — verify with the
original ESMA source
before acting. Full disclaimer.
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ESMA issues a supervisory briefing on algorithmic trading 26 February 2026 Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a supervisory briefing to support consistent supervision of algorithmic trading across the EU. The briefing provides National Competent Authorities (NCAs) with practical tools and clarified expectations for supervising firms engaged in algorithmic trading under MiFID II. It focuses on key a...
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ESMA reminds firms of their obligations under CFD product intervention measures amid rising offerings of perpetual futures 24 February 2026 Investor protection The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued a statement reminding firms of their obligation to assess whether newly offered products fall within the scope of existing product intervention measures on contracts for differences (CFDs). The statement responds to the...
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ESMA publishes report on cross-border marketing of funds including statistics on notifications 06 January 2026 The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its third report on marketing requirements and marketing communications under the Regulation on cross-border distribution of funds . For the first time, the report includes statistics on notifications of cross-border marketing of funds. Drawing on input from ...
Asset ManagerBank
ESMA signs Memorandum of Understanding with the Reserve Bank of India 27 January 2026 CCP International cooperation The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has signed a Memorandum of Understanding (MoU) with the Reserve Bank of India (RBI) to facilitate cooperation and exchange of information for the recognition of central counterparties (CCPs) established in India and supervised by RBI. This agreement marks a significant step...
BankBroker Dealer
ESMA publishes report on cross-border marking of funds including statistics on notifications 06 January 2026 The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its third report on marketing requirements and marketing communications under the Regulation on cross-border distribution of funds . For the first time, the report includes statistics on notifications of cross-border marketing of funds. Drawing on input from Na...
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ESAs’ Joint Board of Appeal rules on reimbursement of costs in an appeal brought by NOVIS Insurance Company against the European Insurance and Occupational Pensions Authority (EIOPA) 05 January 2026 Board of Appeal Joint Committee The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) – the EBA, ESMA, EIOPA – has issued its decision on costs arising in the appeal brought by NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazio...
Insurance
ESMA launches selection of Consolidated Tape Provider for OTC derivatives 05 January 2026 MiFID - Secondary Markets Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is launching the first selection procedure for the Consolidated Tape Provider (CTP) for over the counter (OTC) derivatives. Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by 11 February 20...
ESMA has launched the first selection procedure for a **Consolidated Tape Provider (CTP) for OTC derivatives**, with applications due by 11 February 2026 and a decision expected by early July 2026. This initiative establishes a critical market infrastructure component to enhance transparency and efficiency in the EU's OTC derivatives market by consolidating post-trade data into a single, continuous electronic stream.
What Changed
- The regulatory framework introduces several substantive requirements:
- CTP Mandate: The selected provider will consolidate post-trade data from trading venues and other data contributors into a unified electronic stream, enabling market participants to access accurate,...
- Data Scope: The CTP will collect and disseminate OTC derivatives data in accordance with ESMA's Final Report on transparency for derivatives, with specific technical standards governing pre- and...
- Technical Standards: ESMA has finalized regulatory technical standards (RTS) prescribing data quality requirements for CTPs and data contributors.
- Implementation Date: All derivatives-related changes, including amendments to RTS 2 (derivatives transparency) and the OTC derivatives CTP data requirements, are scheduled for 1 March 2027.
Suggested Considerations
- *For prospective CTP applicants:
- *For trading venues and data contributors:
- trade OTC derivatives data to the selected CTP from 1 March 2027
- minute maximum delay for real-time dissemination
- *For market participants:
Key Dates
– Deadline for entities to register and submit requests to participate in the selection procedure
– ESMA to adopt reasoned decision on selected applicant
– Mandatory use of new OTC derivatives identifying reference data (Commission Delegated Regulation (EU) 2025/1003)
– Single application date for all derivatives-related changes: amendments to RTS 2, Package Order RTS, and OTC derivatives CTP data requirements
Compliance Impact
Urgency: HIGH
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ESMA publishes 2024 data on cross-border investment activity of firms 22 December 2025 Investor protection The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, in cooperation with National Competent Authorities (NCAs), completed an analysis of the cross-border provision of investment services in 2024 . Data was gathered from investment firms across 30 jurisdictions in the EU/EEA. The main findings include: Around 370 financial firms provid...
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