ESMA publishes latest edition of its newsletter

Key dates

2025 (completed) Deadline

– 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

2025 (completed)

– First year of enforcement of European Sustainability Reporting Standards (ESRS) and application of ESMA Guidelines on Enforcement of Sustainability Information for in‑scope issuers’ 2025 reporting

2025 (throughout year)

– ESMA and NCAs carry out corporate reporting enforcement across the EEA, including financial, sustainability and digital (ESEF) reporting, feeding into ESMA’s 2025 corporate reporting enforcement report

Q2 2026

– ESMA launches the sixth CCP stress test exercise, with follow‑up supervisory actions by ESMA and NCAs expected after results are analysed

Q2 2026

– 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 go‑live

Q2–Q3 2026 (TBD)

– ESMA’s call for evidence on the structure of European equity markets runs and closes, after which ESMA may propose changes or technical advice affecting equity market structure and transparency

Suggested considerations

• Map your firm’s current EMIR, MiFIR and fund reporting obligations against ESMA’s stated objective of simplifying EU reporting frameworks and begin scenario‑planning 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 ESMA’s 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 ESMA’s reporting templates and instructions.
• Investment firms active in equity markets should respond to ESMA’s call for evidence on European equity market structure where appropriate, and internally assess potential impacts on best execution, order routing, internalisation and transparency obligations.
• Fund managers should benchmark their compliance and internal audit functions against the good and poor practices highlighted by ESMA’s 2025 CSA and implement remedial actions where gaps are identified.

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 regimes such as EMIR, MiFIR and AIFMD/UCITS.
• ESMA has launched its sixth EU‑wide stress test exercise for Central Counterparties (CCPs), expanding supervisory scrutiny of CCP risk management, default management processes and resilience to market shocks.
• 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 the EMIR recovery and resolution toolkit.
• 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 accounts at EU CCPs for certain products.
• 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 requirements.
• The Joint Committee Annual Report for 2025 identifies digitalisation, cyber resilience and sustainable finance as cross‑sector supervisory priorities, signalling consistent expectations across ESMA, EBA and EIOPA.

Who is affected

• EU and EEA Central Counterparties (CCPs) authorised or recognised under EMIR.
• Clearing members and clients of CCPs subject to EMIR clearing and active account requirements under EMIR 3.
• EU‑authorised investment firms and credit institutions subject to MiFID II/MiFIR transaction reporting and equity market structure rules.
• EU and EEA asset managers (UCITS management companies, AIFMs, portfolio managers) subject to fund reporting frameworks and supervisory convergence actions on compliance and internal audit.
• EU issuers with securities admitted to trading on EU regulated markets, subject to ESMA corporate reporting enforcement and ESEF digital reporting obligations.
• Large EU and non‑EU groups within scope of ESRS/CSRD sustainability reporting, subject to enforcement of ESMA’s Guidelines on Enforcement of Sustainability Information via NCAs.
• Trade repositories, trading venues and Approved Reporting Mechanisms (ARMs) supporting fund and transaction reporting under EMIR and MiFIR.
• EU and EEA national competent authorities (NCAs) responsible for corporate reporting enforcement, CCP supervision, and supervision of fund managers.