New Q&As available
Executive Summary
ESMA has published or updated multiple Q&As covering European crowdfunding, MiCA for crypto-asset service providers (CASPs), EMIR for central counterparties (CCPs), and Transparency Directive requirements on financial reporting and alternative performance measures (APMs). These updates provide clarifications on operational, reporting, and disclosure obligations, enhancing supervisory convergence and compliance certainty amid evolving EU regulations like MiCA and IFRS 18. Compliance professionals must prioritize these to avoid enforcement risks, particularly with upcoming effective dates in 2027. #
What Changed
- - Crowdfunding: New Q&A (2601) on use of fiduciary (nominee) structures in equity crowdfunding, clarifying permissible structures for service providers.
- MiCA (CASPs): Updates include clarification on withdrawal requirements under Article 75 (2320); fixed overheads calculation (2349); interests from client funds at credit institutions (2486); fiat payouts in exchange services (2550); overlap between c
- EMIR (CCPs): New Q&As on AAR threshold calculation (2418, 2779), AAR representativeness obligation (2776, 2777), and AAR stress testing (2778), building on ESMA's supervisory briefing for counterparties.
- Transparency Directive: New Q&A (2775, effective 1 January 2027) on IFRS 18 and APMs interaction; updated Q&As (effective 1 January 2027) on measures in/outside financial statements (1868), interim statements (1874), prominence concept (1875), and AP
Suggested Considerations
- Review and update policies: CASPs must align withdrawal processes (Art. 75), overhead calculations, client fund interest handling, fiat payout mechanisms, offer/placing distinctions, and trading platform compliance with Title II.
- Crowdfunding firms: Assess and document use of nominee structures per Q&A 2601.
- CCPs/counterparties: Implement AAR reporting for thresholds, representativeness (with subcategory identification and trade reporting examples), and stress testing; reference ESMA's supervisory briefing for compliance models.
- Issuers/reporters: Revise APM disclosures for IFRS 18 compatibility, ensuring prominence, clear definitions, and consistent presentation inside/outside statements effective 1 January 2027.
- General: Integrate Q&As into compliance training, internal audits, and NCA reporting; monitor ESMA's Questions and Answers section for full texts.
Key Dates
Compliance Impact
Urgency: High - These Q&As address supervisory priorities in high-risk areas like crypto (MiCA) and CCP resilience (EMIR), with imminent 2027 deadlines for reporting changes aligning to IFRS 18. Non-compliance risks fines, authorization delays, or supervisory actions, especially as ESMA emphasizes convergence (e.g., AAR briefing). Firms in crypto/digital assets face heightened scrutiny amid MiCA r
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 27 February 2026 CCP Digital Finance and Innovation Financial reporting Issuer disclosure Transparency The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published or updated the following Questions and Answers: European crowdfunding service providers for business Use of fiduciary (nominee) structures in equity crowdfunding (2601) Markets in Crypto-Assets Regulation (MiCA) Clarification on Withdrawal Requirements under Article 7...