ESMAโs latest *Spotlight on Markets* newsletter (covering AprilโMay 2026 activity) signals a coordinated push on reporting simplification, CCP resilience, EMIR 3 implementation and enhanced enforcement of corporate and digital reporting standards. For compliance teams, the newsletter is a consolidated forwardโlooking risk map: it highlights where ESMA and NCAs will focus supervision and enforcement in the next cycle, especially around fund/transaction reporting, CCP crisis planning, ESEF taxonomy use and internal control functions in the funds sector.
What Changed
- - ESMA is advancing the simplification of EU reporting frameworks for funds and transaction reporting, indicating upcoming changes to reporting templates, data fields and/or reporting channels under...
- ESMA has launched its sixth EUโwide stress test exercise for Central Counterparties (CCPs), expanding supervisory scrutiny of CCP risk management, default management processes and resilience to...
- ESMA has published guidance on the effective use of resolution tools in CCP crisis planning, clarifying expectations for CCP resolution planning, coordination with resolution authorities and use of...
- ESMA has issued reporting templates and instructions for the Active Account Requirement under EMIR 3, operationalising new obligations for counterparties and CCPs to maintain and report active...
- ESMA has published a call for evidence on the structure of European equity markets, opening a policy workstream that may lead to changes in market structure, transparency, and best execution...
Suggested Considerations
- Map your firmโs current EMIR, MiFIR and fund reporting obligations against ESMAโs stated objective of simplifying EU reporting frameworks and begin scenarioโplanning for changes to templates, data models and validation rules.
- For CCPs and clearing members, review participation in the sixth ESMA CCP stress test, ensure timely and accurate data delivery, and assess internal implications of potential stress test findings for risk management frameworks.
- CCPs should compare existing recovery and resolution plans and playbooks against ESMAโs new guidance on effective use of resolution tools, updating governance, triggers, communications and coordination arrangements with resolution authorities.
- Counterparties and CCPs in scope of EMIR 3 should identify products and business lines affected by the Active Account Requirement and begin implementing systems, processes and controls to populate ESMAโs reporting templates and instructions.
- Investment firms active in equity markets should respond to ESMAโs call for evidence on European equity market structure where appropriate, and internally assess potential impacts on best execution, order routing, internalisation and transparency obligations.
Key Dates
โ ESMA and NCAs conduct the 2025 Common Supervisory Action on compliance and internal audit functions of fund managers, establishing benchmarks for good and poor practices in the funds sector
โ First year of enforcement of European Sustainability Reporting Standards (ESRS) and application of ESMA Guidelines on Enforcement of Sustainability Information for inโscope issuersโ 2025 reporting
โ ESMA and NCAs carry out corporate reporting enforcement across the EEA, including financial, sustainability and digital (ESEF) reporting, feeding into ESMAโs 2025 corporate reporting enforcement report
โ ESMA launches the sixth CCP stress test exercise, with followโup supervisory actions by ESMA and NCAs expected after results are analysed
โ ESMA publishes reporting templates and instructions for the EMIR 3 Active Account Requirement, enabling firms and CCPs to begin design and implementation work ahead of EMIR 3 goโlive
Compliance Impact
The overall impact is medium to high: while the newsletter itself does not create new binding obligations, it consolidates ESMA priorities that will drive supervisory focus and future technical standards, particularly in EMIR 3, CCP oversight, ESEF and sustainability reporting. Failure to anticipate and align with these priorities can lead to enforcement actions, remediation mandates, higher supervisory scrutiny and reputational risk once the related rules and guidance are fully applied.