New Q&As available
Executive Summary
ESMA published new Q&As on December 19, 2025, addressing practical implementation questions across multiple regulatory frameworks including AIFMD, ESG rating activities, and sustainable finance rules. These guidance documents clarify regulatory expectations and promote consistent supervisory approaches across EU member states, making them essential for firms operating in affected areas to ensure compliant implementation.
What Changed
- The December 19, 2025 Q&A publication covers several regulatory domains:
- AIFMD Exclusion Criteria: New guidance on the UNGC/OECD Guidelines exclusion (Q&A 2734), clarifying when alternative investment fund managers must apply exclusion-related requirements
- ESG Rating Activities: Updated Q&As addressing regulatory requirements for ESG rating providers, including clarification on group-affiliated small ESG rating activities
- Sustainable Finance: Continued development of guidance under SFDR and related sustainability disclosure frameworks
- Digital Finance and Innovation: Guidance supporting implementation of digital finance rules
- Fund Management: Additional clarification on fund management obligations across multiple directives
Suggested Considerations
- *Immediate (0-30 days):
- *Short-term (1-3 months):
- level information
- advertised securities per Annex 21 requirements
Key Dates
Compliance Impact
Urgency: HIGH
Who is Affected
References
AI-generated analysis. May contain errors or omissions — verify with the original ESMA source before acting. Full disclaimer.
Summary
New Q&As available 19 December 2025 Digital Finance and Innovation Fund Management Market Abuse Prospectus Sustainable finance The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published or updated the following Questions and Answers: Alternative Investment Fund Managers Directive (AIFMD) Directive Exclusion related to UNGC/OECD Guidelines (2734) Environmental, Social and Governance (ESG) rating activities Regulation Group-affiliated small ESG ra...