Postponement of the rollout for Commodity Derivatives Weekly Position Reporting 27 March 2026 Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is postponing the rollout of the new solution for Commodity Derivatives Weekly Position Reporting, originally scheduled for 1 April 2026. The decision follows the identification of issues during the final testing phase, which require further corrective actions to ensure system stability ...
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ESAs spring risk update highlights geopolitical pressures and rising private finance risks 27 March 2026 Joint Committee Risk monitoring The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published their spring 2026 Joint Committee update on risks and vulnerabilities in the EU financial system. The update focuses on the challenges arising from ongoing geopolitical tensions and developments in private finance. Geopolitical tensions continue to pose significant risks Th...
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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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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 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 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...
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ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments 27 February 2026 Market data Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 6 April 2026. The calculations made available include: the liquidity assessment as per Articles 1 to 5 of CDR 201...
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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.
Crypto ExchangeBroker DealerFintech ESMA consults on post-trade risk reduction services under EMIR 3 26 February 2026 Post Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation on the requirements for how post-trade risk reduction (PTRR) services can benefit from the conditioned exemption from the clearing obligation introduced under the European Market Infrastructure Regulation (EMIR 3). ESMA is seeking feedback on several elements of the ...
ESMA has launched a consultation on draft Regulatory Technical Standards (RTS) that establish requirements for **post-trade risk reduction (PTRR) services** to qualify for a conditioned exemption from the mandatory clearing obligation under EMIR 3. This framework is critical because it balances market efficiency gains from risk reduction tools against systemic risk concerns, requiring compliance professionals to understand new operational, transparency, and monitoring requirements before the standards take effect.
What Changed
The draft RTS introduce a structured framework governing how PTRR services operate under the clearing obligation exemption:
*Eligible Service Types
The standards focus on three primary PTRR service categories: compression, portfolio rebalancing, and basis risk optimisation**. ESMA acknowledges that market practices may evolve, building flexibility into the framework for future service innovations.
*Core Requirements for Exemption Qualification
PTRR service providers must demonstrate:
Market risk neutrality in PTRR exercises—transactions must not alter the overall market risk profile of...
What You Need To Do
- *For PTRR Service Providers
- *Assess current operations against proposed RTS requirements, particularly regarding market risk neutrality and risk reduction thresholds
- *Review algorithm safeguards and execution protocols to ensure compliance with transparency and non-discrimination standards
- *Establish record-keeping systems capable of documenting PTRR exercises and demonstrating exemption qualification
- *Prepare monitoring capabilities to support NCA oversight and supervisory reporting
Key Dates
26 February 2026 - ESMA launches consultation
20 April 2026 - Deadline for stakeholder feedback submissions DEADLINE
Q2 2026 - ESMA considers feedback received and prepares final report
Q4 2026 - Draft RTS submitted to the European Commission
Compliance Impact
Urgency: HIGH
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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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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...
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 like heads of control functions and chief financial officers.
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...
What You Need To Do
- Review full consultation papers on EBA (https
- Assess current suitability processes against new requirements (e
- For large institutions, evaluate EBA RTS on documentation and align internal templates (e
- 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
25 May 2026 - Deadline for submitting comments on joint guidelines and EBA RTS. DEADLINE
15 April 2026, 14:00-15:30 - Public hearing on joint guidelines.
15 April 2026, 15:30-16:30 - Public hearing on 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.
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ESMA sets out clearing thresholds under EMIR 3 25 February 2026 Post Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its draft Regulatory Technical Standards (RTS) setting out new and revised clearing thresholds (CTs) under EMIR 3. The proposed thresholds ensure continuity in the coverage of systemic risk in over‑the‑counter (OTC) derivative markets while avoiding unnecessary complexity and additional compliance ...
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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 simplifies MiFID II/ MiFIR obligations on market data 23 February 2026 Guidelines and Technical standards Market data Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn its guidelines on the MiFID II/ MiFIR obligations on market data , effective immediately, reflecting its ongoing commitment to simplifying rules and reducing unnecessary compliance burdens for market participants. The decision aligns the framewo...
ESMA has immediately withdrawn its guidelines on MiFID II/MiFIR market data obligations to align with the new Regulatory Technical Standards on making market data available on a reasonable commercial basis (RTS on RCB), reducing compliance burdens for market participants. This simplifies the regulatory framework by eliminating overlapping soft-law guidance, focusing firms on binding RTS requirements for data transparency, non-discrimination, and cost-based pricing. It matters as it streamlines operations amid broader MiFID II/MiFIR reviews, lowering costs while maintaining market integrity.
What Changed
Withdrawal of ESMA's previous guidelines on MiFID II/MiFIR market data obligations, effective immediately on 23 February 2026, to avoid overlap with binding rules.
Full alignment with RTS on RCB, which sets criteria for transparency, non-discrimination, and reasonable commercial basis pricing of market data by trading venues and approved publication arrangements.
Firms must now rely solely on RTS legal text for interpreting data provision, disclosure, and fee structures, without legacy interpretive guidance.
What You Need To Do
- Review and map internal policies, procedures, and data disclosure practices directly to RTS on RCB criteria for transparency, non-discrimination, and cost-based pricing
- Document compliance with RTS across asset classes and distribution channels; cease reliance on withdrawn guidelines
- Contact ESMA at RCB@esma
Key Dates
23 November 2025 - RTS on RCB enters into force.
23 February 2026 - Withdrawal of legacy ESMA guidelines takes effect immediately.
22 August 2026 - End of transition period for pre-authorised market data providers to align contracts with RTS on RCB.
Compliance Impact
Urgency: High - Immediate guideline withdrawal requires prompt policy updates to avoid supervisory misalignment, though the 22 August 2026 transition eases contract changes for legacy providers. This matters as it reduces ambiguity and burdens in a simplifying regulatory environment, but non-compliance risks enforcement under binding RTS amid MiFID II/MiFIR reviews; proactive alignment prevents future disruptions.
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ESMA consults on guarantees as CCP collateral and on certain aspects of CCP investment policy 23 February 2026 CCP The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a public consultation following the review of the European Market Infrastructure Regulation (EMIR 3). ESMA is encouraging all interested stakeholders, including non-financial counterparties (NFCs), to share their views about: the relevant conditions under which ...
ESMA has launched a public consultation under EMIR 3 to gather stakeholder input on conditions for CCPs accepting public guarantees, public bank guarantees, and commercial bank guarantees as collateral, eligibility of debt instruments for CCP investment policies, and secured arrangements for emission allowances as margins or default fund contributions. This matters because it permanently broadens eligible collateral types and extends access to NFC clients, enhancing EU CCP efficiency, competitiveness, and accessibility amid liquidity pressures in energy and other markets.
What Changed
Permanent expansion of eligible CCP collateral to include public guarantees, public bank guarantees, and commercial bank guarantees, with specified conditions for acceptance.
Criteria for deeming debt instruments as eligible financial instruments under CCP investment policies.
Requirements for highly secured arrangements to deposit emission allowances as margins or default fund contributions.
These build on EMIR 3's measures to broaden collateral scope and entity coverage, including NFC clients, addressing prior temporary measures that lapsed or faced expiry challenges.
What You Need To Do
- Review and Respond to Consultation
- Assess Internal Policies
- Monitor Developments
- Engage with Industry
Key Dates
30 April 2026 - Consultation response deadline; submit online via ESMA portal, addressing specific questions with rationale. DEADLINE
End of 2026 - ESMA to submit final draft technical standards to the European Commission following final report preparation.
Compliance Impact
Urgency: High - Firms face a tight 2-month window (from 23 February 2026) to influence final RTS, with implementation likely in 2027+ affecting core clearing operations; delays risk non-compliance with broadened collateral rules amid ongoing liquidity strains, especially for NFCs in volatile markets like energy.
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ESMA publishes a supervisory briefing on the AAR representativeness obligation 20 February 2026 CCP The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published a supervisory briefing on the representativeness obligation linked to the active account requirement (AAR). The briefing sets out ESMA’s supervisory expectations for how counterparties should comply with and report on the AAR representativeness obligation. It provides guidanc...
ESMA has published supervisory guidance clarifying how counterparties must comply with the **representativeness obligation** under the Active Account Requirement (AAR), a key component of EMIR 3 that mandates EU counterparties maintain active accounts at EU central counterparties (CCPs) and clear representative volumes of derivatives trades. This briefing is critical because market participants and regulators have held conflicting interpretations of the representativeness requirement, creating compliance uncertainty that this guidance now resolves.
What Changed
The supervisory briefing addresses three core compliance areas:
*Identifying Most Relevant Subcategories**: Counterparties must continuously identify the five most relevant subcategories for each class of derivatives over each reference period, based on their trading activity. The guidance clarifies that the number of subcategories to select equals the maximum number available for that derivative class.
*Representativeness Compliance Standard: Counterparties must clear, on an annual average basis**, at least five trades in each of the most relevant subcategories per class of derivative...
What You Need To Do
- *Immediate (by 26 February 2026)
- Review the ESMA supervisory briefing and Commission Delegated Regulation (EU) 2026/305 in detail
- Assess whether your firm meets the €6 billion notional clearing volume outstanding threshold triggering AAR obligations
- Identify internal teams responsible for AAR compliance (trading, operations, compliance, reporting)
- *Short-term (by 31 July 2026)
Key Dates
26 February 2026 - AAR RTS enter into force (20 days after Official Journal publication on 6 February 2026)
31 July 2026 - First EMIR 3 representativeness reporting deadline DEADLINE
31 January 2027 - First AAR compliance report due DEADLINE
Compliance Impact
Urgency: HIGH
Asset ManagerBroker DealerBank 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 ...
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. 9(1), Point (c) Section I Annex I EMIR).
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,...
What You Need To Do
- For REGIS-TR specifically
- For all TRs
- 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.
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ESMA seeks input to streamline and simplify its market abuse guidelines 19 February 2026 Market Abuse Market Integrity The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation proposing amendments to its Market Abuse Regulation (MAR) guidelines on the delay in the disclosure of inside information. The proposals align the guidelines with the disclosure regime as amended by the Listing Act, ensuring issuers face fewer...
ESMA has launched a consultation on amending its Market Abuse Regulation (MAR) guidelines on delaying disclosure of inside information, aligning them with changes introduced by the Listing Act to reduce issuer burdens and clarify requirements. This matters because it simplifies compliance for issuers by removing outdated delay justifications and adding new ones, effective from June 2026, potentially lowering administrative costs while maintaining market integrity.
What Changed
Alignment with Listing Act: Guidelines will reflect MAR amendments, removing the requirement for immediate disclosure of inside information on protracted processes before completion (effective June 2026), and deleting related legitimate interests for delay from current guidelines.
New legitimate interests for delay: Adds scenarios such as public authority requests for non-disclosure, issuer need for more time to collect information, or involvement in multiple similar procurement processes.
Elimination of "no misleading the public" condition: Removes Guideline 2 entirely, as the Listing Act...
What You Need To Do
- Respond to consultation
- Review and update policies
- Train staff
- Monitor updates
Key Dates
19 February 2026 - Consultation launch date .
29 April 2026 - Consultation response deadline (10-week period).
5 June 2026 - Entry into application of amended MAR disclosure regime (issuers no longer required to immediately disclose protracted process inside information). DEADLINE
Q4 2026 - ESMA final report and updated guidelines publication .
Compliance Impact
Urgency: Medium. This is a consultation on simplifications that reduce burdens rather than impose new obligations, with changes not effective until June 2026—giving firms over four months post-consultation to adapt. It matters for issuers to engage now for influence and early policy alignment, avoiding future misalignment penalties under MAR, but lacks immediate enforcement risk.
All Firms
ESMA publishes list of supplementary deferrals for sovereign bonds 19 February 2026 Post Trading The European Securities and Markets Authority (ESMA), together with National Competent Authorities (NCAs), has agreed supplementary deferrals that may be applied on top of the standard Markets in Financial Instruments Regulation (MiFIR) deferral regime for sovereign bonds. ESMA and all NCAs, except the National Bank of Slovakia (NBS), have decided to allow the following supplementary deferrals: fo...
ESMA has authorized **supplementary deferrals for sovereign bond post-trade transparency**, allowing market participants to omit transaction volumes from immediate publication for medium-sized trades on liquid bonds, with full disclosure required by end-of-day. This measure balances market transparency with liquidity protection in EU sovereign bond markets, effective May 4, 2026, with a compressed implementation timeline requiring immediate compliance planning.
What Changed
*Scope of Supplementary Deferrals
The decision permits volume omission deferrals** for sovereign bonds classified as Group 1, Category 1 instruments (medium-size, liquid instruments) under MiFIR's post-trade transparency framework. Market operators and investment firms may defer publication of transaction volumes until end-of-trading-day, rather than the standard 15-minute deferral period.
*Regulatory Rationale**
ESMA determined that these deferrals are necessary to account for specific characteristics of sovereign bond markets, particularly protecting market liquidity and ensuring orderly...
What You Need To Do
- *Immediate Compliance Preparation (by May 4, 2026)
- *System Configuration
- *Instrument Classification
- *APA Coordination
- *Policy Documentation
Key Dates
February 17, 2026 - ESMA Board of Supervisors adopts decision
February 19, 2026 - ESMA publishes supplementary deferrals list
March 2, 2026 - Original implementation date (subsequently extended)
May 4, 2026 - **Effective date for supplementary deferrals application**
Compliance Impact
Urgency: HIGH
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Upcoming changes to the Euribor Panel 18 February 2026 Benchmarks The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is issuing a statement on the upcoming changes to the Euribor panel, in its capacity as supervisor of the European Money Market Institute (EMMI), administrator of Euribor. This statement concerns the announcement by EMMI that Barclays Bank PLC (BBPLC), based in the United Kingdom, will withdraw from the Euribor panel. The ...
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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 ...
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. ESMA recommends specific adjustments before finalization:
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,...
What You Need To Do
- Monitor Commission process
- Assess current reporting
- Enhance governance disclosures
- Review subsidiary exemptions
- Prepare for supervision
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.
Asset ManagerBankInsurance ESMA publishes statement supporting the smooth implementation of the Listing Act – simplifying prospectus compliance for issuers 18 February 2026 Prospectus The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued a statement with practical guidance to national competent authorities (NCAs), issuers, and their advisors on the application of the revised prospectus framework introduced by the Listing Act. ESMA clarifies that any regis...
ESMA has issued a public statement providing practical guidance on implementing changes to the Prospectus Regulation (PR) under the Listing Act, clarifying the transitional regime for registration documents and universal registration documents approved or filed until 4 June 2026, allowing their continued use in prospectuses. This matters because it reduces compliance burdens for issuers accessing capital markets while preserving investor protection, enabling smoother transitions amid upcoming Level 2 measures. Issuers and advisors can rely on this non-binding guidance as ESMA expects NCAs to follow it.
What Changed
Transitional regime clarification under Article 48a PR: Registration documents and universal registration documents approved or filed until 4 June 2026 fall within the Article 48a(1) transitional scope, allowing use in tripartite prospectuses approved thereafter until their validity ends (typically 12 months). These must remain updated via supplements and amendments under pre-Listing Act PR rules.
What You Need To Do
- Review and file/approve registration/universal registration documents before 4 June 2026 to leverage transitional regime; ensure ongoing supplements/amendments under old PR
- For EU Follow-on/Growth prospectuses pre-Delegated Act: Structure per PR Annexes IV/V/VII/VIII; voluntarily adopt recommended Delegated Act disclosures for compliance with Articles 14a/15a
- Advisors/issuers
- Monitor Delegated Act adoption (likely pre-5 March 2026) and ESMA Level 2 technical standards
Key Dates
Until 4 June 2026 Registration/universal registration documents approved/filed fall under Article 48a transitional regime; usable thereafter until validity ends.
5 March 2026 Expected non-application date of Delegated Act amending (EU) 2019/980; interim PR Annexes IV/V/VII/VIII and Articles 14a/15a apply, with recommended Delegated Act disclosures.
March 2026 Listing Act provisions for secondary and growth issuance prospectuses enter application.
5 June 2026 / 10 June 2026 Bulk of Listing Act provisions (including standard prospectuses) enter application; new Level 2 requirements apply from related ESMA technical advice.
H1 2026 Potential NCA flexibility for early implementation of new requirements if available.
Compliance Impact
Urgency: High – Immediate relevance today (18 February 2026) for ongoing prospectus preparations, as it clarifies transitional use of existing documents and interim disclosures amid imminent deadlines (March/June 2026). Failure to align risks invalidation of documents or heightened scrutiny, but guidance eases burden reduction—critical for issuers timing listings to minimize costs while ensuring investor protection.
All Firms
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 ...
Asset ManagerBroker DealerCrypto Exchange 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...
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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...
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.
What Changed
This publication announces no direct regulatory changes or new requirements; it is a vacancy notice for ESMA's leadership position rather than a policy update or consultation imposing obligations on market participants. Responsibilities outlined align with the existing ESMA Regulation, including chairing the Board of Supervisors and Management Board, strategy development, and navigating potential governance adjustments from the European Commission's market integration proposal.
Key Dates
3 March 2026 - Application deadline for ESMA Chair position. DEADLINE
Compliance Impact
Urgency: Low. This leadership transition poses minimal immediate compliance burden, as it introduces no new rules or deadlines for firms; however, the new Chair's tenure from mid-2026 onward could shape enforcement consistency, risk-based supervision, and adaptation to reforms like DORA and EMIR 3, warranting long-term tracking by governance and public affairs teams.
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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 ...
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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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The European Supervisory Authorities and UK financial regulators sign Memorandum of Understanding on oversight of critical ICT third-party service providers under DORA 14 January 2026 Digital Finance and Innovation International cooperation The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) have today signed a Memorandum of Understanding (MoU) with the Bank of England (BoE), the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA). This agreement...
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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 reports):
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.
What You Need To Do
- 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
- 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
14 January 2026 - Publication date of the thematic note on ESG strategies (second in series).
1 July 2025 - Publication of ESMA's first thematic note on ESG credentials (to be read in combination).
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.
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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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Principles for risk-based supervision: a critical pillar for ESMA’s simplification and burden reduction efforts 09 January 2026 Supervision The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today its principles for risk-based supervision . These principles support a common and effective EU-wide supervisory culture and strengthen the EU single market. The principles on risk-based supervision outline key concepts and foundationa...
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ESAs publish joint Guidelines on ESG stress testing 08 January 2026 Guidelines and Technical standards Joint Committee The European Supervisory Authorities (EBA, EIOPA and ESMA - the ESAs) published today their Joint Guidelines on environmental, social, and governance (ESG) stress testing . These Guidelines provide national insurance and banking supervisors with clear guidance on how to integrate ESG risks into supervisory stress tests, both when using established frameworks and when conducti...
The European Supervisory Authorities (ESAs)—EBA, EIOPA, and ESMA—published final Joint Guidelines on 8 January 2026 to standardize how national competent authorities (NCAs) integrate ESG risks into supervisory stress testing frameworks for banking and insurance sectors, without mandating new ESG-specific tests. These guidelines promote consistency, long-term methodologies, and common standards across the EU, initially prioritizing climate and environmental risks (physical and transition) before expanding to social and governance factors. They matter for compliance professionals as they shape future supervisory expectations, enhancing resilience assessments and aligning with CRD (Article 100(4)) and Solvency II (Article 304c(3)) mandates, potentially influencing firm-level stress testing preparations.
What Changed
Standardized Integration of ESG Risks: NCAs must embed ESG risks into existing supervisory stress tests or ad-hoc assessments, using a risk-based materiality assessment to scope relevant risks, starting with environmental factors.
Methodological and Governance Guidance: Outlines design for ESG-inclusive tests, including objectives (e.g., capital/liquidity robustness, strategy resilience), scenario analysis, and organizational arrangements; promotes flexibility for data/model improvements.
No New Obligations: Does not require NCAs to conduct dedicated ESG stress tests, but ensures consistency...
Key Dates
08 January 2026 - Publication of Final Report and Joint Guidelines by ESAs .
10 January 2026 - Statutory deadline for ESAs to publish guidelines per CRD Article 100(4) and Solvency II Article 304c(3) .
Two months after official EU translations (expected ~March/April 2026) - NCAs notify respective ESAs of compliance or intent to comply .
01 January 2027 - Application date of Joint Guidelines for NCAs .
Compliance Impact
Urgency: Medium. While not imposing immediate firm-level requirements, the guidelines signal escalating supervisory focus on ESG risks from 2027, with potential for more frequent/punitive stress tests; firms delaying ESG integration risk capital/liquidity shortfalls in exercises, amplified by improving data availability and EU sustainability push (e.g., CSRD, SFDR). Proactive preparation mitigates future remediation costs and supports strategic resilience.
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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...
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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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