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 New Q&As available 10 July 2026 Digital Finance and Innovation Sustainable finance Trading 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) Consulting activities to investors or undertakings (2889) Application of two working day notification period (2719) Scope of two working day notification period (2890) Access to dataset for factual error review (2891) Notification...
What Changed
- - ESMA added a Q&A clarifying consulting activities to investors or undertakings under the EU ESG Ratings Regulation (ESGRR), which is relevant where a ratings provider’s advisory services may...
- ESMA added Q&As on the application and scope of the two working day notification period under ESGRR, indicating that firms must apply the notification clock consistently and in line with ESMA’s...
- ESMA clarified access to the dataset for factual error review under ESGRR, which affects how rated entities or issuers can review underlying data used in ESG ratings processes.
- ESMA added a Q&A on notifications without a designated contact under ESGRR, which is relevant for governance and outreach workflows when a notification lacks an identified recipient.
- ESMA clarified the obligation to consider issuer feedback under ESGRR, reinforcing that issuer comments cannot be ignored and must be handled through a documented review process.
Suggested Considerations
- Review ESG ratings policies to ensure consulting, notification, issuer feedback, and factual error review procedures align with ESMA’s latest ESGRR Q&As.
- Update internal case-handling workflows so notifications are screened for the designated contact issue and the two-working-day notification period is calculated consistently.
- Document how your firm distinguishes internal-use ESG ratings or in-house financial services from externally provided ESG ratings activity.
- Reassess whether any second-party opinion business can rely on the ESGRR exemption and record the legal basis for that conclusion.
- Re-map MiCA permissions for custody, administration, transfer, and lending services to confirm the firm is not performing activities outside its authorisation scope.
Key Dates
- ESMA publishes the new Q&As on ESGRR, MiCA, and MiFIR secondary market topics
Compliance Impact
Non-compliance risk is high because these Q&As affect how firms interpret regulatory scope, notification timing, and operational controls across sustainability, crypto, and market structure regimes. Firms that ignore the guidance may face supervisory challenge, remediation costs, and potential findings that their current procedures, permissions, or disclosures are misaligned with ESMA’s expectations.
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All FirmsAsset ManagerBroker Dealer 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 2025 Annual Report: focus on stronger supervision, regulatory simplification, and innovation 17 June 2026 About ESMA Board of Supervisors Management Board Press Releases The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its Annual Report for 2025 , highlighting a year of progress in strengthening EU’s financial markets through enhanced supervision, regulatory simplification and innovation. Set against a backdrop...
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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 issues guidance on effective use of resolution tools in CCP crisis planning 13 May 2026 CCP The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a resolution briefing for Central Counterparties (CCPs). The briefing provides practical guidance to National Resolution Authorities (NRAs) on how to operationalise the write-down and conversion of instruments tool (WDCI). Marking an important step in ESMA’s wider efforts ...
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ESMA consults on a new simplified approach to updating MMF stress test parameters 05 May 2026 Fund Management Simplification and Burden Reduction The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today launched a consultation on a new approach to updating the parameters for stress test scenarios under the Money Market Funds framework. ESMA proposes replacing the current annual amendments to Section 5 of the Guidelines with an annual...
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EU financial markets enter 2026 amid high-risk environment 11 March 2026 Press Releases Risk monitoring The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today its first risk monitoring report of 2026 , outlining the key risks and vulnerabilities in EU financial markets. ESMA finds that risks of market and systemic stress remain high despite resilient market performance in the second half of 2025. Our risk assessment for the s...
BankBroker DealerCrypto Exchange 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.
Crypto ExchangeBroker DealerFintech 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 latest edition of its newsletter 13 February 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 Digital and Data Strategies , outlining how enhanced data use and improved digital tools will strengthen effective and risk-based supervision. Top news highlights include the launch of the selection ...
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BankFintechCrypto Exchange ESMA’s Digital and Data strategies support supervision of EU financial markets 13 January 2026 About ESMA Market data Press Releases The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has adopted a new Digital Strategy and updated its Data Strategy . They reflect ESMA’s commitment to smarter regulatory reporting and technology-driven supervision, promote synergies and innovation while reducing unnecessary complexity. The digital strategy...
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