ESMA Consultations | European Securities and Markets Authority

🇪🇺 ESMA Consultation high

February 26th 2026

ESMA consults on post-trade risk reduction services under EMIR 3

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 ...

AI Analysis

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.

Sectors:

Capital Markets & Trading Banking & Credit

Topics:

Reporting & Disclosure Prudential / Capital Requirements Operational Resilience / Outsourcing

Broker DealerAsset ManagerBank

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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 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.

References

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 Consultation high

February 23rd 2026

ESMA consults on guarantees as CCP collateral and on certain aspects of CCP investment policy

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 ...

AI Analysis

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.

Sectors:

Capital Markets & Trading Banking & Credit Payments & E-Money

Topics:

Prudential / Capital Requirements Reporting & Disclosure Operational Resilience / Outsourcing

BankBroker DealerAll Firms

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🇪🇺 ESMA Consultation medium

February 19th 2026

ESMA seeks input to streamline and simplify its market abuse guidelines

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...

AI Analysis

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.

References

Sectors:

Capital Markets & Trading

Topics:

Market Abuse / Surveillance Reporting & Disclosure

All Firms

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🇪🇺 ESMA Consultation high

February 19th 2026

ESMA publishes list of supplementary deferrals for sovereign bonds

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...

AI Analysis

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.

Sectors:

Capital Markets & Trading Investment Management Banking & Credit

Topics:

Reporting & Disclosure Market Abuse / Surveillance Operational Resilience / Outsourcing

Broker DealerAsset ManagerBank

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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.

Sectors:

Capital Markets & Trading

Topics:

Senior Managers / Governance

All Firms

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🇪🇺 ESMA Consultation medium

January 8th 2026

ESAs publish joint Guidelines on ESG stress testing

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...

AI Analysis

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.

References

Sectors:

Banking & Credit Insurance & Pensions

Topics:

Prudential / Capital Requirements ESG

BankInsurance

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🇪🇺 ESMA Consultation high

January 5th 2026

ESMA launches selection of Consolidated Tape Provider for OTC derivatives

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...

AI Analysis

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.

Sectors:

Capital Markets & Trading Investment Management

Topics:

Reporting & Disclosure Authorisation & Licensing Market Abuse / Surveillance

Broker DealerAsset ManagerAll Firms

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🇪🇺 ESMA Consultation medium

December 23rd 2025

ESMA publishes latest Spotlight on Markets newsletter featuring updates on market integration and transparency

ESMA publishes latest Spotlight on Markets newsletter featuring updates on market integration and transparency 23 December 2025 ESMA newsletter The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the latest edition of its Spotlight on Markets newsletter. This edition opens with ESMA welcoming the European Commission’s ambitious proposal on market integration, underlining the importance of deeper, more integrated and ef...

AI Analysis

ESMA's latest *Spotlight on Markets* newsletter (November/December 2025 issue, published 23 December 2025) summarizes key regulatory updates on EU market integration, transparency enhancements, and supervisory actions, including welcoming the European Commission's market integration proposal and announcing an equity consolidated tape provider (CTP) selection. This matters for compliance professionals as it signals accelerating EU efforts to deepen capital markets integration, improve data transparency, and strengthen oversight under MiFID II and DORA, potentially requiring firms to adapt governance, reporting, and conflict management practices.

What Changed

ESMA welcomes the European Commission's 4 December 2025 legislative package on market integration, emphasizing robust governance and market infrastructure for deeper EU capital markets. Announcement of selected applicant for the equity consolidated tape provider (CTP), advancing MiFIR transparency for equity markets by improving post-trade data consolidation and access. Publication of ESMA's final report on Regulatory Technical Standards (RTS) for non-equity transparency, clarifying pre- and post-trade transparency rules for bonds, derivatives, and other non-equity instruments under...

What You Need To Do

Review the final non-equity transparency RTS and assess impacts on trading and reporting systems for compliance by any upcoming application dates (not specified)
Evaluate MiFID II conflicts of interest policies in preparation for the CSA; conduct internal audits and enhance training/staff attestations on identification and mitigation
Monitor equity CTP rollout for changes to post-trade data access and costs; update vendor contracts if applicable
For DORA-impacted firms, map exposures to designated critical ICT providers and strengthen due diligence, contractual clauses, and exit strategies
Asset managers

Key Dates

4 December 2025 - European Commission publishes market integration legislative package; legislative process expected to take at least one year.

23 December 2025 - Newsletter publication date.

Compliance Impact

Urgency: Medium - The newsletter highlights finalized standards (e.g., RTS, CTP) and imminent actions (e.g., CSA, DORA designations) that require proactive preparation, but lacks hard deadlines or immediate mandates. It matters because it previews intensified supervision on transparency, conflicts, and resilience, aligning with EU Capital Markets Union goals; firms delaying reviews risk findings in upcoming CSAs or audits, especially amid ESMA's push for convergence.

References

Sectors:

Capital Markets & Trading Investment Management

Topics:

Reporting & Disclosure Market Abuse / Surveillance Operational Resilience / Outsourcing

Asset ManagerBroker DealerAll Firms

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