Senior Managers / Governance Regulations in European Union

🇪🇺 ECB News medium

May 21st 2026

Frank Elderson: A central banker’s perspective on climate change and nature degradation

No description available.

Sectors:

Topics:

Prudential / Capital Requirements ESG Senior Managers / Governance

BankInsuranceAsset Manager

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🇪🇺 ESMA News

May 20th 2026

ESMA publishes shortlist of candidates for position of Chair

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...

Sectors:

Capital Markets & Trading

Topics:

Authorisation & Licensing Senior Managers / Governance

All Firms

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🇪🇺 ECB News

May 18th 2026

Patrick Montagner: Banking supervision, integration and competitiveness in Europe

No description available.

Sectors:

Banking & Credit Capital Markets & Trading

Topics:

Prudential / Capital Requirements Authorisation & Licensing Senior Managers / Governance

Bank

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🇪🇺 ESMA Consultation low

May 12th 2026

European Commission launches call for candidates for the ESAs’ Board of Appeal

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...

Sectors:

General

Topics:

Technology & Cyber Authorisation & Licensing Senior Managers / Governance

All Firms

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🇪🇺 ESMA Enforcement high

May 11th 2026

ESMA identifies areas for further supervisory convergence on compliance and internal audit in the funds sector

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...

Sectors:

Investment Management Capital Markets & Trading

Topics:

Consumer Protection / Conduct Technology & Cyber Market Abuse / Surveillance

Asset Manager

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🇪🇺 ESMA Enforcement high

May 6th 2026

ESMA promotes proportionate supervision of MiFID II sustainability requirements

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...

Sectors:

Capital Markets & Trading

Topics:

Consumer Protection / Conduct ESG Technology & Cyber

All Firms

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🇪🇺 ECB News

May 4th 2026

Written overview for the exchange of views of the Chair of the Supervisory Board of the ECB with the Eurogroup on 4 May 2026

No description available.

Sectors:

Capital Markets & Trading

Topics:

Technology & Cyber Senior Managers / Governance

All Firms

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🇪🇺 ESMA Consultation low

April 30th 2026

ESMA launches its sixth stress test exercise for Central Counterparties

ESMA launches its sixth stress test exercise for Central Counterparties 30 April 2026 CCP Press Releases The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched its sixth stress test exercise for Central Counterparties (CCPs) . The CCP stress test framework drafted by ESMA for the purpose of this exercise is supported by an adverse market scenario provided by the European Systemic Risk Board (ESRB). Mandated under the European ...

Sectors:

Capital Markets & Trading

Topics:

AML / Financial Crime Prudential / Capital Requirements Technology & Cyber

All Firms

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🇪🇺 ESMA Consultation medium

April 29th 2026

ESMA consults on guidelines on endorsement under the ESG Ratings Regulation

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...

Sectors:

Capital Markets & Trading

Topics:

ESG Technology & Cyber Market Abuse / Surveillance

All Firms

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🇪🇺 ESMA News

April 24th 2026

Joint Committee annual report highlights digitalisation, cyber resilience and sustainable finance as key priorities of 2025

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...

Sectors:

Banking & Credit Insurance & Pensions Capital Markets & Trading

Topics:

AML / Financial Crime Consumer Protection / Conduct Operational Resilience / Outsourcing

Fintech

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🇪🇺 ESMA Consultation medium

April 16th 2026

ESMA launches a call for evidence on restricted subscription and private credit ratings

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...

AI Analysis

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

Q2 2026

- ESMA reviews responses to assess potential regulatory adjustments under CRA Regulation

31 May 2026 DEADLINE

- 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.

References

AI-generated analysis. May contain errors or omissions — verify with the original ESMA source before acting. Full disclaimer.

Sectors:

Banking & Credit Capital Markets & Trading Investment Management

Topics:

Reporting & Disclosure Authorisation & Licensing Senior Managers / Governance

Asset ManagerBankAll Firms

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🇪🇺 ECB Enforcement critical

March 27th 2026

ECB sanctions BofA Securities Europe SA for breaching reporting requirements

No description available.

AI Analysis

The ECB imposed a €6.2 million penalty on BofA Securities Europe SA for intentionally breaching market risk reporting requirements between 2022 and 2024. The bank systematically underreported risk-weighted assets by including unauthorized sovereign bond option positions in its internal models, resulting in inflated capital ratios and misrepresented financial strength—a "severe" breach that signals the ECB's heightened enforcement focus on reporting accuracy and internal control governance.

What Changed

This enforcement action does not introduce new regulatory requirements but rather clarifies existing obligations:
Internal Models Scope Limitation: Banks must strictly adhere to supervisory permissions when applying internal models approaches; unauthorized asset classes cannot be included regardless of...
Risk-Weighted Asset Accuracy: RWA calculations must reflect actual supervisory permissions, not theoretical modeling capabilities
Capital Ratio Integrity: Misreporting of RWAs directly affects CET1 ratios and capital adequacy disclosures, which are fundamental to regulatory reporting
Intentionality Standard: The ECB's classification of this breach as "intentional" (rather than negligent) indicates that awareness of supervisory limitations combined with non-compliance triggers...

Suggested Considerations

*Immediate (for all firms with internal models):
*Audit Internal Models Scope: Conduct comprehensive review of all asset classes currently included in internal models approaches to confirm supervisory permission exists for each category
*Verify Sovereign Bond Derivatives Treatment: Specifically validate that all sovereign bond options, forwards, and other derivatives are explicitly covered by supervisory approval documentation
*Reconcile RWA Calculations: Recalculate historical RWAs (at minimum for the past 3-5 years) to identify any unauthorized inclusions and assess whether prior reporting was accurate
*Strengthen Internal Controls: Implement automated controls to prevent unauthorized asset classes from being included in model calculations, with documented supervisory permission matrices

Key Dates

2022

2024; - Period during which BofA Securities Europe SA committed the breach across six consecutive reporting periods

27 March 2026

- ECB penalty announcement and effective date

Ongoing DEADLINE

- Bank has the right to challenge the decision before the Court of Justice of the European Union (no statutory deadline specified, but typically within 2 months of notification)

Compliance Impact

Urgency: CRITICAL

References

AI-generated analysis. May contain errors or omissions — verify with the original ECB source before acting. Full disclaimer.

Sectors:

Banking & Credit Capital Markets & Trading Investment Management

Topics:

Prudential / Capital Requirements Reporting & Disclosure Senior Managers / Governance

BankBroker Dealer

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🇪🇺 ESMA News low

March 18th 2026

SEC confirms exemption for directors and officers of EEA Foreign Private Issuers

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...

Sectors:

Capital Markets & Trading Investment Management

Topics:

Reporting & Disclosure Authorisation & Licensing Senior Managers / Governance

Asset ManagerBroker DealerBank

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🇪🇺 ESMA Consultation high

February 25th 2026

The EBA and ESMA consult on revised suitability assessment requirements for banks and investment firms

The EBA and ESMA consult on revised suitability assessment requirements for banks and investment firms 25 February 2026 Investor protection The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today launched a consultation on the revised joint guidelines on the assessment of the suitability of members of the management body and key function holders . The revised guidelines form part of a broader package designed to harmonise suitability assessments and...

AI Analysis

The EBA and ESMA have launched a consultation on revised joint guidelines updating suitability assessments for management body members and key function holders in banks and investment firms, incorporating new requirements from the revised CRD and MiFID II to enhance harmonization and supervisory convergence. This matters for compliance professionals as it introduces mandatory assessments for additional roles, strengthens AML/CFT links, and includes simplifications to reduce burdens, potentially impacting governance processes once finalized and replacing the 2021 guidelines.

What Changed

- Incorporation of revised CRD requirements for large institutions, including ex-ante applications where authorities perform ex-post assessments, and mandatory suitability assessments for key roles...
Expanded application to CRD-covered entities and MiFID II investment firms, with further specifications for third-country branches.
Strengthened integration with AML/CFT framework, providing guidance on identifying reasonable grounds to suspect money laundering or terrorist financing risks during assessments.
Introduction of targeted simplifications to streamline processes, reduce administrative burdens, and offer greater flexibility/clarity for institutions and supervisors.
Parallel EBA consultation on RTS specifying standardized documentation (e.g., suitability questionnaires, CVs, internal assessments) for large institutions to ensure consistent submissions.

Suggested Considerations

Assess current suitability processes against new requirements (e.g., ex-ante applications, AML/CFT checks, third-country branch specs) and prepare for mandatory assessments of additional roles like CFOs.
For large institutions, evaluate EBA RTS on documentation and align internal templates (e.g., suitability questionnaires, CVs).
Participate in public hearings on 15 April 2026 if relevant.
Plan governance updates, including ongoing monitoring of collective/individual suitability and corrective measures.

Key Dates

15 April 2026, 14:00

15:30; - Public hearing on joint guidelines

15 April 2026, 15:30

16:30; - Public hearing on EBA RTS

25 May 2026 DEADLINE

- Deadline for submitting comments on joint guidelines and EBA RTS

Post

25 May 2026; - EBA publishes all contributions (unless requested otherwise)

TBD (post

consultation); - Revised guidelines enter into force, repealing 2021 guidelines

Compliance Impact

Urgency: High - As a consultation launched today (25 February 2026), firms have ~3 months to engage, but final guidelines will repeal existing ones, mandating process updates for core governance/AML functions in banks and investment firms; delays risk non-compliance with harmonized EU standards, especially for large institutions facing RTS on documentation. Matters due to expanded scope (e.g., CFOs, third-country branches) and AML ties, amplifying fit-and-proper regime enforcement amid supervisory convergence push.

References

AI-generated analysis. May contain errors or omissions — verify with the original ESMA source before acting. Full disclaimer.

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Senior Managers / Governance AML / Financial Crime Prudential / Capital Requirements

BankBroker DealerAll Firms

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🇪🇺 ESMA Enforcement high

February 20th 2026

ESMA sanctions Regis-TR for serious breaches of organisational obligations

ESMA sanctions Regis-TR for serious breaches of organisational obligations 19 February 2026 Press Releases Securities Financing Transactions Supervision Trade Repositories The European Securities and Markets Authority (ESMA), the European Union’s (EU) financial markets regulator and supervisor, has fined the trade repository (TR) REGIS-TR, S.A. a total of EUR 1,374,000 for seven infringements under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions ...

AI Analysis

ESMA has fined REGIS-TR, S.A. €1,374,000 for seven negligent breaches of organisational obligations under EMIR and SFTR, marking the first SFTR enforcement action and ESMA's highest fine against a trade repository. The breaches involved deficiencies in policies, procedures, organisational structure, operational risk management, and data confidentiality, compromising SFTR reporting and market data integrity. This underscores ESMA's intensified enforcement on trade repositories (TRs) to ensure high-quality data for market surveillance and financial stability.

What Changed

This is an enforcement decision, not new legislation, but it reinforces existing EMIR and SFTR requirements on TRs, particularly:
Policies and procedures: Must be adequate to ensure compliance, with clear roles and responsibilities for governing bodies (breaches under EMIR Art. 78(3) and SFTR Art.
Organisational structure: Must ensure business continuity and orderly functioning, especially for SFTR services (breach under SFTR).
Operational risk management: Identify and minimise risks via systems, controls, and procedures (breaches under EMIR and SFTR, Point (a) Section II Annex I EMIR).
Data confidentiality and integrity: Protect information received under EMIR and prevent misuse (breaches under EMIR). Fines were calculated per EMIR Art.

Suggested Considerations

For REGIS-TR specifically: Cease three ongoing breaches (policies/procedures under EMIR/SFTR; SFTR organisational structure for business continuity) per ESMA supervisory measures (EMIR Art. 73).
For all TRs: - Review and strengthen policies/procedures for clarity on governance roles/responsibilities.
Audit organisational structure for SFTR business continuity and orderly functioning.
Conduct operational risk assessments, implementing controls/systems to minimise risks under EMIR/SFTR.
Enhance data confidentiality/integrity protections and misuse prevention measures.

Key Dates

14 November 2013

- REGIS-TR initial registration with ESMA under EMIR

7 May 2020

- REGIS-TR registration extended to SFTR reporting

14 June 2024

- ESMA Supervisory Report identifying serious indications of breaches

17 June 2024

- Public notice references investigations leading to findings (dated in decision docs)

17 February 2026

- ESMA Board of Supervisors meeting discussing the case

Compliance Impact

Urgency: High – As the first SFTR enforcement and record TR fine (€1.374M), it demonstrates ESMA's commitment to punitive action on negligence causing systemic data risks, directly threatening market integrity and surveillance. TRs face immediate remediation pressure (three breaches ongoing), with fines amplified by duration/systemic factors; non-TRs using TRs risk indirect exposure via poor data quality. Firms should prioritise audits now to avoid similar "negligent" findings.

References

AI-generated analysis. May contain errors or omissions — verify with the original ESMA source before acting. Full disclaimer.

Sectors:

Capital Markets & Trading

Topics:

Reporting & Disclosure Operational Resilience / Outsourcing Senior Managers / Governance

All Firms

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🇪🇺 ESMA Enforcement medium

February 18th 2026

ESMA supports the simplified European Sustainability Reporting Standards and suggests targeted adjustments

ESMA supports the simplified European Sustainability Reporting Standards and suggests targeted adjustments 18 February 2026 Issuer disclosure Press Releases Sustainable finance The European Securities and Markets Authority, the EU’s financial markets regulator and supervisor, has delivered its opinion on the draft revised European Sustainability Reporting Standards (ESRS) developed by EFRAG. ESMA strongly supports the European Commission’s goal of enhancing competitiveness and growth through ...

AI Analysis

ESMA has issued an opinion supporting EFRAG's draft simplified European Sustainability Reporting Standards (ESRS) under the CSRD, praising improvements in readability and materiality focus while recommending targeted adjustments to enhance investor protection and financial stability. This matters for compliance professionals as it signals upcoming refinements to sustainability disclosures, with pragmatic supervision promised during the transition, potentially reducing short-term burdens but requiring monitoring of final delegated act adoption by summer 2026.

What Changed

The draft revised ESRS introduce simplifications such as improved readability, language, format, reduced volume of requirements, and a focus on material matters.
Introduce time limits to certain permanent reliefs (e.g., reliefs #3, #4, #9, #11 on quantitative information for anticipated financial effects until FY 2029, and metrics).
Refine requirements on transition plans (e.g., consistent disclosure of absolute financed emissions and contextual information).
Strengthen reporting on sustainability competences of administrative, management, and supervisory bodies.
Enhance transparency on financial resources allocated to sustainability actions.

Suggested Considerations

Monitor Commission process: Track final delegated act by summer 2026, incorporating ESMA/EBA/EIOPA/ECB opinions; review full ESMA opinion PDF for detailed recommendations.
Assess current reporting: Evaluate use of permanent/temporary reliefs (e.g., #3/#4 on quantitative data, #9/#11 on metrics) and prepare for time limits; refine transition plans for emissions/targets.
Enhance governance disclosures: Strengthen reporting on sustainability competences in management/supervisory bodies and financial resources for actions.
Review subsidiary exemptions: Check materiality exclusions for sustainability risks/opportunities in consolidated statements.
Prepare for supervision: Leverage NCAs flexibility during transition; integrate into data governance and risk systems per CSRD implementation trends.

Key Dates

Summer 2026

- European Commission aims to adopt revised ESRS into a delegated act, considering ESMA, EBA, EIOPA, ECB opinions

FY 2029 (reporting in 2030)

- End of certain temporary reliefs on quantitative information for anticipated financial effects (if ESMA recommendations adopted)

First years post

adoption (2026+); - Learning curve period with pragmatic NCAs supervision and flexibility in examinations

Compliance Impact

Urgency: Medium - Not yet finalized (pending summer 2026 adoption), with pragmatic supervision promised, reducing immediate pressure; however, matters due to potential tightening of reliefs and disclosures impacting FY2026+ reporting, investor protection focus, and interoperability needs. Firms should prioritize if heavily using reliefs or with complex transition plans, as non-adjustment risks supervisory scrutiny post-learning curve.

References

AI-generated analysis. May contain errors or omissions — verify with the original ESMA source before acting. Full disclaimer.

Sectors:

Capital Markets & Trading Investment Management Insurance & Pensions

Topics:

ESG Reporting & Disclosure Senior Managers / Governance

Asset ManagerBankInsurance

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🇪🇺 ECB News low

February 17th 2026

ECB welcomes extension of Frank Elderson’s term as Vice-Chair of the Supervisory Board

No description available.

Sectors:

Banking & Credit

Topics:

Prudential / Capital Requirements Authorisation & Licensing Senior Managers / Governance

BankAll Firms

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🇪🇺 ECB News medium

February 11th 2026

Report on declared time commitment of non-executive directors in the SSM

No description available.

Sectors:

Banking & Credit Investment Management Wealth & Private Banking

Topics:

Prudential / Capital Requirements Senior Managers / Governance Reporting & Disclosure

BankAsset ManagerWealth Manager

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🇪🇺 ESMA Consultation low

February 3rd 2026

ESMA launches selection process for its next Chair

ESMA launches selection process for its next Chair 03 February 2026 About ESMA Careers Vacancies The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched the selection procedure for the position of ESMA Chair . This key leadership role offers the opportunity to shape the future of Europe’s financial markets and steer the organisation through an evolving regulatory and supervisory landscape. As a full‑time, independent professional...

AI Analysis

ESMA has launched a selection process for its next Chair, a full-time independent role based in Paris responsible for leading strategic direction, governance, and representation amid evolving EU financial markets regulation. This matters for compliance professionals as the incoming Chair will influence ESMA's supervisory priorities, enforcement approach, and adaptation to upcoming legislative changes like market integration proposals, potentially impacting how firms navigate cross-border supervision and reporting requirements.