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 payouts in exchange services (2550); overlap between crypto-asset offers and placing (2551); and Title II requirements for trading platforms (2552).
EMIR (CCPs): New Q&As on AAR threshold calculation (2418, 2779), AAR representativeness obligation...
What You Need To Do
- Review and update policies
- Crowdfunding firms
- CCPs/counterparties
- Issuers/reporters
Key Dates
27 February 2026 - Publication date of new/updated Q&As on crowdfunding, MiCA, EMIR, and Transparency Directive.
1 January 2027 - Effective date for new Q&A on IFRS 18 & APMs interaction (2775) and updates to APM-related Q&As (1868, 1874, 1875, 1877).
31 December 2027 - Deadline for trading platform operators under MiCA to ensure compliant white papers for legacy tokens (related context from prior MiCA Q&As). DEADLINE
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.
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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...
Broker DealerFintechAll Firms
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...
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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, timely information.
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 post-trade transparency rules.
Technical Standards: ESMA has finalized regulatory technical standards (RTS)...
What You Need To Do
- *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
11 February 2026 – Deadline for entities to register and submit requests to participate in the selection procedure DEADLINE
Early July 2026 – ESMA to adopt reasoned decision on selected applicant
1 September 2026 – Mandatory use of new OTC derivatives identifying reference data (Commission Delegated Regulation (EU) 2025/1003)
1 March 2027 – 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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