ESMA publishes latest edition of its newsletter

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.

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.

Key Dates

Who is Affected