ESMA identifies areas for further supervisory convergence on compliance and internal audit in the funds sector 11 May 2026 Audit Fund Management The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the results of its 2025 Common Supervisory Action (CSA) on the compliance and internal audit functions of fund managers , carried out in with the participation of all EU and EEA national supervisors. The EU-wide review found that m...
Asset Manager
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...
All Firms
Joint Committee annual report highlights digitalisation, cyber resilience and sustainable finance as key priorities of 2025 24 April 2026 Joint Committee The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published its Annual Report for 2025 , setting out the main priorities and achievements of its cross-sectoral work over the past year. In 2025, the Joint Committee focused on protecting consumers in increasingly digital financial markets, stren...
Fintech
ESMA publishes latest edition of its newsletter 10 April 2026 ESMA newsletter The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today its latest edition of the Spotlight on Markets newsletter. This edition opens with ESMA’s actions to simplify the retail investor journey and make investing more accessible, setting out steps to support retail participation in capital markets. Top news highlights include the publication of t...
ESMA's latest *Spotlight on Markets* newsletter (edition 42, published 10 April 2026) summarizes recent supervisory, enforcement, and policy actions, emphasizing simplification of retail investor access, high market risks per the first 2026 TRV report, and key publications on transparency, suitability, MiFID II/MiFIR data, and Listing Act compliance.[User Query] This matters for compliance teams as it signals ESMA's priorities in reducing regulatory burdens while enhancing investor protection and market transparency amid a high-risk environment.
What Changed
- The newsletter highlights no immediate binding rules but flags forthcoming or proposed changes via publications:
- Trends, Risks and Vulnerabilities (TRV) Report 2026: Identifies high-risk EU financial markets, urging heightened risk monitoring.[User Query]
- Annual transparency calculations for equity and equity-like instruments: Updates pre- and post-trade transparency thresholds, published 27 February 2026.[User Query]
- Joint EBA-ESMA consultation on revised suitability assessment: Proposes updates to requirements for banks and investment firms on assessing client knowledge and needs under MiFID II.[User Query]
- ESMA proposals to simplify MiFID II/MiFIR obligations on market data: Aims to streamline reporting and data access burdens.[User Query]
Suggested Considerations
- Review and implement transparency calculations: Adjust trading systems and disclosures for equity/equity-like instruments per 27 February 2026 publication.
- Respond to consultations: Submit feedback on suitability (by 25 May 2026), EMIR 3 (20 April), MAR delays (29 April), CCP collateral (30 April); attend 15 April hearing.
- Assess TRV risks: Conduct internal risk reviews aligning with high-risk market warnings; update policies on retail investor journeys and fund costs.[User Query]
- Update compliance programs: Incorporate MiFID II/MiFIR simplification proposals, Listing Act statement, market abuse guidelines, EMIR 3, sustainability reporting, and new Q&As.[User Query]
- Monitor enforcement: Review supervisory actions for peer benchmarks (e.g., similar to prior MFSA review).
Key Dates
Publication of annual transparency calculations for equity and equity-like instruments
Release of first 2026 TRV report and newsletter; .
Public hearing on EBA-ESMA joint guidelines on suitability of management body and key function holders
Consultation deadline on regulatory standards for post-trade risk reduction services under EMIR 3
Consultation on MAR Guidelines on delay in disclosure of inside information
Compliance Impact
Urgency: Medium. This newsletter compiles ongoing developments rather than enacting immediate rules, but tied consultations (e.g., suitability by 25 May 2026) and recent publications (e.g., transparency calculations) require prompt review to avoid enforcement risks in a high-risk market flagged by TRV.[User Query] It matters for aligning with ESMA's simplification push while preparing for stricter suitability, data, and risk rules, potentially reducing costs but increasing scrutiny on retail protection and transparency.
AI-generated analysis. May contain errors or omissions — verify with the
original ESMA source
before acting. Full disclaimer.
Asset ManagerBroker DealerBank No description available.
BankAsset ManagerBroker Dealer
ESMA sets out actions to simplify the retail investor journey and make investing more accessible 12 March 2026 Investor protection Press Releases The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its takeaways from the 2025 Call for Evidence (CfE) on the retail investor journey. Taking into account the input from stakeholders, ESMA outlines a number of actions and operational improvements it will take forward to make it ea...
Asset ManagerWealth ManagerBank No description available.
BankAsset ManagerBroker Dealer
New investment funds drive reduction in costs to investors 03 March 2026 Fund Management Press Releases Risk monitoring The European Securities and Markets Authority (ESMA), the EU financial markets regulator and supervisor, today publishes its 2025 market report on the costs and performance of EU retail investment products . This eighth Costs and Performance report shows that ongoing costs in the EU continued to decline in 2024. This is however mostly due to new investment funds entering the...
Asset ManagerBroker DealerWealth Manager
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...
Broker DealerCrypto ExchangeAll Firms
Join us for ESMA’s Conference “A new era for EU capital markets” on 21 May 2026 05 February 2026 About ESMA The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is organising a high‑level conference “A new era for EU capital markets” on 21 May 2026 in Paris, France. Marking ESMA’s 15-year anniversary, the conference will bring together senior policymakers, regulators, leaders of major market infrastructures and financial institutions, as w...
Asset ManagerBroker DealerBank
ESMA promotes clarity in communications on ESG strategies 14 January 2026 Sustainable finance The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today a second thematic note on sustainability-related claims, focusing on ESG strategies. The note concentrates on ESG integration and ESG exclusions, as references to these strategies are often made by market participants and widely referenced in marketing communications directed to ...
ESMA published a thematic note on January 14, 2026, providing guidance on clear, fair, and not misleading communications regarding ESG strategies, specifically ESG integration and ESG exclusions, to mitigate greenwashing risks in non-regulatory materials like marketing. This matters because sustainability claims heavily influence investor decisions, and misleading communications can lead to supervisory actions, reputational damage, and loss of trust, aligning with existing EU rules under SFDR and related frameworks without imposing new disclosures.
What Changed
- This is not a formal regulatory change but supervisory guidance reinforcing four principles for non-regulatory communications (e.g., marketing materials, websites, investor presentations, voluntary...
- Accurate: Claims must fairly represent sustainability profiles without exaggeration, falsehoods, omissions, cherry-picking, vagueness, or misleading ESG terminology/imagery.
- Accessible: Information must be easy to understand and navigate, with layered substantiation in electronic formats for retail materials.
- Substantiated: Backed by clear reasoning, facts, processes, and methodologies; disclose data limitations and comparison bases.
- Up to date: Reflect current data, with timely disclosure of material changes and analysis dates.
Practical do's/don'ts include explaining ESG processes in plain language, disclosing portfolio...
Suggested Considerations
- Review and update all non-regulatory ESG communications (marketing, websites, presentations, DDQs, PPMs) against the four principles and do's/don'ts.
- Define and clearly explain ESG integration/exclusions (e.g., processes, criteria, thresholds, portfolio impact, materiality).
- Ensure consistency across channels, substantiate claims with accessible evidence, and avoid vagueness or overstatements.
- Train compliance/marketing teams; monitor for updates as further thematic notes may follow.
- Cross-reference with first note and regulations like SFDR, Cross-Border Distribution Regulation.
Key Dates
- Publication of ESMA's first thematic note on ESG credentials (to be read in combination)
- Publication date of the thematic note on ESG strategies (second in series)
Compliance Impact
Urgency: High – Immediate risk of enforcement for greenwashing in high-visibility ESG marketing, amid rising supervisory scrutiny; non-compliance threatens fines, remediation, and reputational harm as investor focus on sustainability grows. Proactive alignment builds trust and differentiates firms.
AI-generated analysis. May contain errors or omissions — verify with the
original ESMA source
before acting. Full disclaimer.
Asset ManagerAll Firms
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...
Asset ManagerBroker DealerWealth Manager