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esma.europa.eu is the official website of the European Securities and Markets Authority (ESMA). ESMA is an independent EU authority that works to safeguard the stability of the European Union's financial system by enhancing the protection of investors and promoting stable and orderly financial markets. The website provides information on ESMA's mission, objectives, and activities, as well as its role in regulating and supervising the EU's securities markets. It also offers news, publications, and data on various topics related to securities markets, including market trends, risk assessments, and regulatory updates. Some of the key features of the website include: - A section on regulatory activities, which provides information on ESMA's rule-making and supervisory activities, as well as its work on regulatory technical standards and guidelines. - A section on market data, which offers access to data on EU securities markets, including market trends, trading volumes, and other market statistics. - A section on investor protection, which provides information on ESMA's work to protect investors, including its activities on investor education, complaints handling, and investor compensation schemes. - A section on news and publications, which offers access to ESMA's press releases, newsletters, and other publications on topics related to securities markets. - A section on Brexit, which provides information on ESMA's work related to the UK's withdrawal from the EU and its impact on EU securities markets. Overall, the website is a valuable resource for anyone interested in learning more about ESMA's work and the regulation of securities markets in the EU.

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European Securities and Markets Authority esma.europa.eu

RSS Hunter • Aug 19, 2024

Thread Of Notes

ESMA calls on firms to finalise preparations ahead of T+1 settlement deadlines

ESMA has issued a statement regarding the transition to a T+1 settlement cycle in EU financial markets, scheduled for October 11, 2027. The regulator emphasizes that 2026 is a crucial year for market participants to finalize their preparations for this change. Key milestones include a December 7, 2026, deadline for allocations and confirmations processes. Market participants are urged to test their own readiness and that of their entire trading and settlement ecosystem.

https://www.esma.europa.eu/press-news/esma-news/esma-calls-firms-finalise-preparations-ahead-t1-settlement-deadlines esma.europa.eu

RSS Hunter • Jul 20

ESMA publishes report on cross-border investment services supervision

ESMA released a follow-up report assessing national authorities' progress on cross-border investment firm supervision. The report covers the Netherlands, Germany, Czech Republic, Luxembourg, Cyprus, and Malta, noting successful improvements since the 2022 recommendations. Key advancements include stronger authorization controls for cross-border plans. National authorities are also increasingly employing data-driven and risk-based supervisory methods. Furthermore, cooperation and enforcement efforts among national authorities have been enhanced. The report encourages authorities with significant outbound cross-border activities to align their supervision with the scale and complexity of these activities. Effective cross-border supervision is crucial for consistent investor protection throughout the EU. ESMA urges all national authorities to consider the report's conclusions, especially those with growing outbound activities. ESMA will continue focusing on supervisory convergence, enhanced cooperation, and data-driven risk-based supervision. These efforts aim to bolster investor protection and ensure the smooth functioning of the EU Single Market.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-report-cross-border-investment-services-supervision esma.europa.eu

RSS Hunter • Jul 20

Joint Board of Appeal dismisses appeal against the EBA

The Joint Board of Appeal of the European Supervisory Authorities has made a decision regarding an appeal brought by an individual against the European Banking Authority. The appeal was related to the closure of a bank account by a credit institution and the handling of the matter by the Finnish National Competent Authority. The appellant had requested the European Banking Authority to investigate a possible breach of Union law by the Finnish National Competent Authority. The European Banking Authority decided against initiating an investigation, which led the appellant to challenge this decision before the Board of Appeal. The Board of Appeal concluded that the decision to initiate an investigation is at the European Banking Authority's discretion. The Board also stated that a decision not to open an investigation is not subject to review by the Board of Appeal. The Board examined the circumstances of the case to see if they differed from previous decisions and relevant EU case law, but found no distinguishing circumstances. The Board of Appeal is a joint body of the European Supervisory Authorities, composed of independent members, and reviews appeals against certain decisions taken by the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority. The decision made by the Board of Appeal is in accordance with the relevant ESA Regulations and established EU case law. The appeal brought by the individual against the European Banking Authority is therefore considered inadmissible.

https://www.esma.europa.eu/press-news/esma-news/joint-board-appeal-dismisses-appeal-against-eba esma.europa.eu

RSS Hunter • Jul 16

New Q&As available

The European Securities and Markets Authority (ESMA) has released a set of Questions and Answers regarding new financial regulations. These clarifications address the EU ESG Ratings Regulation (ESGRR) and its implications for consulting activities and notification periods. Specifically, the ESGRR guidance covers the separation of business lines for consultants and the application of the two-working-day notification rule. It also details the scope of this rule, access to data for error review, and notifications without a designated contact. Furthermore, the ESGRR addresses the obligation to consider issuer feedback and the use of ESG ratings for internal or in-house purposes. Exemptions for Special Purpose Opinion (SPO) providers under ESGRR are also clarified.In addition, ESMA provided guidance on the Markets in Crypto-Assets Regulation (MiCA). This includes details on authorized Crypto-Asset Service Providers (CASPs) offering custody and administration services for newly issued crypto-assets. The MiCA guidance also compares its scope of advice to MiFID II and clarifies crypto-asset lending services. Finally, ESMA offered clarifications on the Markets in Financial Instruments Regulation (MiFIR) concerning the secondary markets. This relates to aspects of the Consolidated Tape Provider's opt-in regime and the timestamping of orders.

https://www.esma.europa.eu/press-news/esma-news/new-qas-available-July-2026 esma.europa.eu

RSS Hunter • Jul 10

ESMA publishes first market capitalisation data for EU Member States

The European Securities and Markets Authority (ESMA) has released its first annual market capitalisation and ratio report for EU Member States for 2024 and 2025. This publication fulfills a requirement under the FASTER Directive, which mandates ESMA to develop calculation standards and publish this data. The report aims to clarify the market size of each EU country relative to the total EU market capitalization. Countries exceeding 1.5% of the total EU market capitalization for four consecutive years face specific withholding tax relief obligations. This data is crucial for authorities and market participants to understand their standing and prepare for regulatory implementation. ESMA will continue to publish these updated figures and ratios annually. The information provided helps ensure timely preparation and adherence to the FASTER Directive's requirements. This annual release will be a consistent source of market data for the EU. The report details individual Member State contributions to the overall EU market. This initiative promotes transparency and preparedness within the European financial markets.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-first-market-capitalisation-data-eu-member-states esma.europa.eu

RSS Hunter • Jul 10

ESMA launches data collection under the first phase of ESAP

The European Securities and Markets Authority (ESMA) is beginning the first phase of implementing the European Single Access Point (ESAP). ESMA is collecting information from Officially Appointed Mechanisms (OAMs) and National Competent Authorities (NCAs), referred to as collection bodies. This process marks a significant step towards the ESAP platform’s public launch in July 2027. ESAP aims to offer free, simple, and centralized access to both financial and sustainability data concerning various entities and their products. Over the next year, ESAP will accumulate a substantial collection of European Union-wide data before its public opening. The initial phase of ESAP focuses on information related to the Transparency Directive, the Prospectus Regulation, and the Short-selling Regulation. Future legislation will determine how additional types of information will be incorporated onto the platform in the years to come. This initiative is a crucial step in enhancing transparency and accessibility of corporate information within the EU. The data being collected will be made available to the public through the ESAP platform. This development is in line with the requirements set forth by the ESAP Regulation.

https://www.esma.europa.eu/press-news/esma-news/esma-launches-data-collection-under-first-phase-esap esma.europa.eu

RSS Hunter • Jul 10

Financial firms keep EU carbon markets moving

The European Securities and Markets Authority has published its third annual market report on EU carbon markets, highlighting the key role of financial intermediaries in the market. Financial intermediaries provide liquidity, act as counterparties, and help compliance entities access allowances and manage price risk. In 2025, investment firms and credit institutions accounted for around 62% of overall trading volumes in the EU carbon market. The EU carbon market rose to €777 billion in 2025, driven by strong trading activity and higher prices. However, in early 2026, prices fell 29% over three months and volatility reached a two-year high due to different expectations over future EU ETS rules and market conditions. Despite this, the market remains resilient with no major concerns identified on transparency or market integrity. The annual average price of EU emission allowances was up 13% from 2024, and auction revenues rose by 11% despite a slight decrease in the volume of allowances auctioned. ESMA recommends making Legal Entity Identifiers mandatory for all trading accounts, including for the upcoming ETS2, as progress on their availability remains limited. The authority will continue to monitor the carbon markets and support the legislators in their future endeavors. The report provides valuable insights into the EU carbon market, and ESMA's recommendations aim to further strengthen the market's integrity and transparency.

https://www.esma.europa.eu/press-news/esma-news/financial-firms-keep-eu-carbon-markets-moving esma.europa.eu

RSS Hunter • Jul 9

ESMA launches Common Supervisory Action on CASPs’ digital operational resilience for custody

The European Securities and Markets Authority is initiating a Common Supervisory Action (CSA) for Crypto-Asset Service Providers (CASPs). This action specifically targets their digital operational resilience, with a focus on custody services. The CSA aims to evaluate how well CASPs manage risks associated with distributed ledger technology in their custody operations. Key areas of assessment will include governance, key and storage management, and transaction controls. Incident detection, response mechanisms, and smart contract risks are also under scrutiny. Furthermore, the CSA will examine CASPs' reliance on third-party providers. National Competent Authorities will conduct this assessment using a risk-based selection of authorized CASPs. The supervisory exercise is scheduled to take place from the latter half of 2026 through the first half of 2027. This initiative aligns with ESMA's identified risk priorities concerning digital operational resilience and CASPs. ESMA seeks to foster greater supervisory consistency across the EU in this dynamic market sector. A comprehensive report summarizing the findings will be presented to ESMA's Board of Supervisors in the second half of 2027.

https://www.esma.europa.eu/press-news/esma-news/esma-launches-common-supervisory-action-casps-digital-operational-resilience esma.europa.eu

RSS Hunter • Jul 8

ESMA publishes technical standards on CCP admission criteria elements

The European Securities and Markets Authority (ESMA) has released its Final Report on Regulatory Technical Standards (RTS) regarding central counterparties' (CCPs) admission criteria. These RTS are a result of the review of EMIR 3, which amended rules on participation in CCPs, including for non-financial counterparties (NFCs). The standards outline the elements CCPs must consider when setting admission criteria for their clearing members. This includes guidance on aspects related to NFC clearing members and sponsored membership structures. It is important to note that the RTS do not prescribe specific admission criteria but rather the factors CCPs should take into account. ESMA engaged in a public consultation and held a hearing in late 2025 to gather feedback on the draft RTS. The final report incorporates the received feedback into its recommendations. The next step involves submitting these RTS to the European Commission for endorsement. Subsequently, the European Parliament and the Council will scrutinize them.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-technical-standards-ccp-admission-criteria-elements esma.europa.eu

RSS Hunter • Jul 8

The ESAs support ESRB warning on systemic cyber risks from frontier AI models

The European Supervisory Authorities, consisting of the EBA, EIOPA, and ESMA, have expressed support for the European Systemic Risk Board's warning regarding the systemic cyber risks posed by frontier AI models. The ESAs acknowledge that recent advances in frontier AI models have significantly enhanced their ability to identify and exploit vulnerabilities in IT systems. The EU's regulatory framework, including DORA and the AI Act, provides a solid foundation for managing cyber and AI-related risks, but the speed and scale of these tools raise concerns about their potential impact on financial entities. The ESAs have been raising awareness about the ICT risks posed by frontier AI models and have engaged with EU competent authorities to ensure that financial entities take appropriate mitigation measures. The ESAs concur with the ESRB warning and urge financial entities to adapt their cybersecurity capabilities to address the emerging risks. They also invite competent authorities to reflect these developments in their supervisory activities and note the need for all parties to be involved in addressing these risks. The ESAs are working closely with the EU supervisory community to ensure that financial entities proactively identify and mitigate these risks in line with the requirements of DORA. The ESAs are also engaging with critical ICT third-party providers to manage risks and ensure the continuity of services provided to the EU financial sector. The ESRB's warning highlights the need for EU stakeholders to enhance their cybersecurity capacities and for relevant authorities to reflect these risks in their supervisory and oversight work. The ESAs will continue to monitor the use and development of highly cyber-capable frontier AI models and assess their potential impact on the financial sector, promoting a consistent and forward-looking supervisory approach in this area.

https://www.esma.europa.eu/press-news/esma-news/esas-support-esrb-warning-systemic-cyber-risks-frontier-ai-models esma.europa.eu

RSS Hunter • Jul 7

ESMA selects Etrading Software (Netherlands) B.V. as Consolidated Tape Provider for OTC derivatives

The European Securities and Markets Authority (ESMA) has chosen Etrading Software (Netherlands) B.V. to provide the consolidated tape for over-the-counter (OTC) derivatives. This decision is a significant move to increase transparency in OTC derivatives markets, as required by the Markets in Financial Instruments Regulation (MiFIR). ESMA's Executive Director, Natasha Cazenave, highlighted this as a crucial milestone towards establishing consolidated tapes in the EU and achieving MiFIR review objectives. The consolidated tape is expected to foster a more transparent and unified EU market, ultimately benefiting investors and market participants. Etrading Software was selected after ESMA thoroughly evaluated its application based on MiFIR criteria. The company demonstrated its capability to meet ESMA's standards for data quality, resilience, and the distribution of aggregated market data. ESMA will now invite Etrading Software to apply for authorization promptly. Upon receiving authorization, Etrading Software will manage the OTC derivatives consolidated tape for a period of five years under ESMA's direct oversight. This initiative aims to realize the goals of the MiFIR Review regarding market transparency.

https://www.esma.europa.eu/press-news/esma-news/esma-selects-etrading-software-netherlands-bv-consolidated-tape-provider-otc esma.europa.eu

RSS Hunter • Jul 6

ESMA publishes preliminary findings on the Active Account Requirement and the first Annual Report of the Joint Monitoring Mechanism

The European Securities and Markets Authority (ESMA) released an interim report on the Active Account Requirement (AAR) and the first annual report of the Joint Monitoring Mechanism (JMM). The AAR aims to reduce financial stability risks from EU entities' exposure to systemically important third-country central counterparties (CCPs). Preliminary findings indicate around 500 entities, representing over 90% of EU derivatives activity, notified ESMA they are subject to the AAR. These notifications are widespread across member states, with banks forming half of the notified group. Early signs suggest increased clearing at EU CCPs, especially among smaller entities, and a limited shift in market share from third-country CCPs to EU CCPs. The JMM's first annual report details its work in monitoring EU CCPs, clearing members, and clients. The JMM also analyzed cross-border developments, particularly concerning the United States, highlighting interdependencies between EU and US cleared markets. The report assesses trends affecting EU CCPs, noting expansion in cleared asset classes and products. It also inventoried existing EU-wide stress tests to explore synergies within the clearing ecosystem. The AAR's effectiveness will be more comprehensively assessed in 2027 with more complete data. ESMA will develop a dedicated methodology for this future assessment.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-preliminary-findings-active-account-requirement-and-first esma.europa.eu

RSS Hunter • Jul 6

ESMA launches Common Supervisory Action with NCAs on the risk management function

The European Securities and Markets Authority (ESMA) is initiating a Common Supervisory Action (CSA) concerning risk management functions. This initiative will involve EU financial markets and will take place throughout 2026 and 2027. National Competent Authorities (NCAs) will collaborate closely with ESMA on this project. The CSA’s primary goal is to evaluate how market participants adhere to crucial risk-related rules within UCITS and AIFMD frameworks. A central focus will be placed on the effectiveness, autonomy, and knowledge of risk management operations. Risk management is vital for safeguarding investors and maintaining financial stability. It involves identifying, measuring, tracking, and managing significant risks like market, credit, and liquidity. NCAs will specifically examine the governance, organization, risk identification, measurement, monitoring, and reporting to senior management. ESMA has developed a common assessment framework to ensure a consistent approach across the EU. This framework outlines the scope, methodology, and timeline for the exercise. NCAs will exchange supervisory insights through ESMA to foster greater convergence in oversight. ESMA plans to release a comprehensive report detailing the findings in 2028.

https://www.esma.europa.eu/press-news/esma-news/esma-launches-common-supervisory-action-ncas-risk-management-function esma.europa.eu

RSS Hunter • Jul 3

ESMA reminds firms of existing rules and obligations under binary option measures amid growing popularity of prediction markets globally

The European Securities and Markets Authority has issued a statement reminding firms of their obligations under existing product intervention measures on binary options. This statement is in response to the growing popularity of prediction markets, also known as event contracts, which have seen increasing retail participation globally. Event contracts are products with a binary financial outcome, depending on a yes-or-no answer to a question about a future event, and can exist for a wide variety of event questions. The classification of event contracts as financial instruments depends on the event question, and they may also qualify as bets under national gambling legislation. If event contracts are considered financial instruments, they are classified as derivatives and fall within the scope of existing national product intervention measures on binary options. These measures prohibit the marketing, distribution, or sale of binary options to retail clients, and firms must assess whether their newly offered products fall within this scope. The statement also reminds firms that distributing event contracts that qualify as financial instruments in the EU requires authorization as an investment firm. This authorization is necessary even if the event contracts are only distributed to non-retail clients. The European Securities and Markets Authority is emphasizing the importance of investor protection and ensuring that firms comply with existing rules and obligations. The statement provides further information and guidance for firms, and can be found on the ESMA website, with contact information available for Senior Communications Officer Cristina Bonillo.

https://www.esma.europa.eu/press-news/esma-news/esma-reminds-firms-existing-rules-and-obligations-under-binary-option-measures esma.europa.eu

RSS Hunter • Jul 3

ESMA identifies up to €1 billion in potential annual savings from simplifying EU transaction reporting

The European Securities and Markets Authority (ESMA) has released a final report proposing a "Report Once" approach to simplify EU transaction reporting. This initiative aims to reduce costs and improve data quality for supervisors. ESMA's analysis identified fragmentation, frequent regulatory changes, and duplication as key cost drivers. The proposed solution involves a single integrated reporting framework for MiFIR, EMIR, and SFTR. This would allow transaction data to be reported once through a common structure, reusable across authorities. The report estimates potential annual savings of €250 million to €1.0 billion. Recurring costs could decrease by 22% to 24%, with implementation costs recovered in three to four years. ESMA also suggests immediate burden reduction measures like expanding delegated reporting and streamlining exemptions. The implementation will require legislative changes, phased rollout, and industry collaboration. This effort is part of ESMA's broader Simplification and Burden Reduction initiative.

https://www.esma.europa.eu/press-news/esma-news/esma-identifies-eu1-billion-potential-annual-savings-simplifying-eu esma.europa.eu

RSS Hunter • Jul 2

Moody’s Germany fined EUR 2,145,000 for misreporting to ESMA

The European Securities and Markets Authority (ESMA) has fined Moody's Germany EUR 2,145,000 for four breaches of the Credit Rating Agencies Regulation. These breaches involved failing to provide complete, accurate, and up-to-date data to ESMA. The errors affected data submitted by Moody's Germany to ESMA and published on ESMA's central platform. This misreporting did not impact credit ratings published on Moody's Germany's own website. ESMA's Chair emphasized the critical importance of high-quality reporting for detecting risks and maintaining market transparency. The regulator also found deficiencies in Moody's Germany's reporting framework, including its policies and controls. These breaches were attributed to negligence on the part of Moody's Germany. ESMA considered aggravating and mitigating factors when determining the fine amount. The decision aims to ensure credit rating agencies uphold their responsibilities and maintain robust systems. ESMA stressed its commitment to enforcing compliance and protecting investors.

https://www.esma.europa.eu/press-news/esma-news/moodys-germany-fined-eur-2145000-misreporting-esma esma.europa.eu

RSS Hunter • Jul 2

ESMA appoints Peter Tkáč as the new member of its Management Board

The European Securities and Markets Authority, ESMA, has appointed Peter Tkáč as a new member of its Management Board. Tkáč, from Národná Banka Slovenska in Slovakia, was elected at a Board of Supervisors meeting on June 30, 2026. He will serve the remainder of the term of the outgoing member, Ante Žigman, until March 31, 2027. There is a possibility for this term to be renewed. Tkáč's appointment is effective from July 1, 2026.The Management Board oversees ESMA's mission and tasks defined by its founding Regulation. Verena Ross, the Chair of ESMA, will continue to chair the Management Board. The other members include representatives from financial authorities in Finland, France, Germany, Italy, and Malta. ESMA's Executive Director and a representative from the European Commission are also non-voting members. ESMA is the European Union's financial markets regulator and supervisor.

https://www.esma.europa.eu/press-news/esma-news/esma-appoints-peter-tkac-new-member-its-management-board esma.europa.eu

RSS Hunter • Jul 1

ESMA recognises the Clearing Corporation of India Limited as a Tier 1 third-country CCP

The European Securities and Markets Authority, known as ESMA, has recognized The Clearing Corporation of India Limited as a significant central counterparty. This recognition classifies CCIL as a Tier 1 third-country CCP under EMIR. The designation allows CCIL to offer its clearing services to various EU entities. These entities include trading venues and clearing members, such as banks and investment firms. ESMA's decision confirms that CCIL meets the requirements stipulated by EMIR. These requirements involve an equivalence decision from the European Commission regarding India's CCP regulatory framework. Effective supervision and enforcement by the Reserve Bank of India are also crucial. Furthermore, cooperation arrangements between ESMA and the RBI were a key factor. ESMA and the RBI recently signed a Memorandum of Understanding earlier this year. This recognition became effective on June 30, 2026. CCIL has now been added to ESMA's official list of recognized third-country CCPs.

https://www.esma.europa.eu/press-news/esma-news/esma-recognises-clearing-corporation-india-limited-tier-1-third-country-ccp esma.europa.eu

RSS Hunter • Jul 1

ESMA consults on simplifying EU Taxonomy disclosure framework

The European Securities and Markets Authority (ESMA) is consulting on simplifying the EU Taxonomy disclosure framework. This initiative aims to reduce reporting burdens for market participants. The consultation builds on previous simplification efforts and seeks to maintain the relevance of disclosures for investors. ESMA proposes simplifying the operational expenditure key performance indicator (OpEX) due to complexity and reporting concerns. It also seeks feedback on group-level reporting for mixed groups. European Supervisory Authorities (ESAs) were asked by the European Commission to advise on specific review aspects of the Taxonomy disclosure framework. The ESAs are addressing both their remits and common horizontal topics. This consultation will run for six weeks, closing on August 12, 2026. ESMA will hold a public hearing on July 22 to discuss its proposals. The final technical advice will be submitted to the European Commission by the end of October 2026.

https://www.esma.europa.eu/press-news/esma-news/esma-consults-simplifying-eu-taxonomy-disclosure-framework esma.europa.eu

RSS Hunter • Jul 1

ESMA publishes the register of external reviewers under the EuGB Regulation

The European Securities and Markets Authority has published a register of firms authorized to act as external reviewers of European Green Bonds. External reviewers play a crucial role in ensuring that the use of proceeds of European Green Bonds aligns with EU Taxonomy requirements. They also help boost investor confidence by verifying that their capital supports the green transition. As of June 22, 2026, registered external reviewers are subject to ESMA supervision and must comply with the EuGB Regulation requirements. These requirements include senior management accountability, analytical capabilities, robust methodologies, internal controls, and conflict of interest management. The transitional regime under the EuGB Regulation has ended, and external reviewers listed in the transitional regime register must cease their activities. ESMA has created a separate register for transparency about disclosure requirements for previously issued European Green Bonds. Issuers planning to issue a European Green Bond should consult ESMA's register to select a registered external reviewer. ESMA will regularly update the register to reflect changes in registration status and include newly approved applications. The publication of the register is a key step in ensuring the integrity and transparency of the European Green Bond market, and further information is available from the ESMA Communications Officer.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-register-external-reviewers-under-eugb-regulation esma.europa.eu

RSS Hunter • Jun 22

ESMA contributes to global CCP fire drill exercise

In November 2025, a global fire drill exercise known as the CCP Global International Default Simulation was conducted to promote preparedness and coordination across jurisdictions. The exercise involved 38 central counterparties from around the world, along with clearing members, and simulated the failure of a hypothetical common participant. The European Securities and Markets Authority participated in the lead authorities' group, which advised on the design of the exercise and monitored its execution. The lead authorities' group also included the Bundesbank, BaFin, the Commodity Futures Trading Commission, and the Bank of England. The group surveyed participants to draw lessons learned and inform design improvements for future exercises. A report has been published summarizing the outcomes of the 2025 exercise and setting out feedback from participating clearing members and clients. The report highlights areas where further progress is expected, including reducing fragmentation in procedures and communication conventions employed by central counterparties. The lead authorities also recommend supporting more realistic testing of porting arrangements and considering a voluntary market stress overlay module. The global fire drills aim to strengthen the collective understanding of default management processes and improve operational readiness across the financial system. The exercises are considered a core component of system-wide resilience, and the report follows ESMA's 2023 report on the Global CCP fire drill, providing further information on the progress made in this area.

https://www.esma.europa.eu/press-news/esma-news/esma-contributes-global-ccp-fire-drill-exercise esma.europa.eu

RSS Hunter • Jun 19

ESMA 2025 Annual Report: focus on stronger supervision, regulatory simplification, and innovation

The European Securities and Markets Authority (ESMA) has released its 2025 Annual Report detailing progress in strengthening EU financial markets. The report highlights enhanced supervision, regulatory simplification, and innovation despite global uncertainty. ESMA's Chair noted a shift from policy ambition to concrete action, with a focus on integrated, transparent, and competitive EU markets. The authority made significant advancements in implementing the Markets in Crypto-Assets Regulation (MiCA) and simplification projects. Executive Director Natasha Cazenave emphasized milestones like progress on the T+1 settlement cycle and the selection of consolidated tape providers. ESMA played a crucial role in implementing major legislative frameworks such as MiCA, DORA, and EMIR 3, enhancing supervisory convergence and digital resilience. Sustainable finance development was supported through improved ESG disclosures and new regulations like the Green Bond and ESG Rating regulations. A key focus was simplifying the rulebook and reducing burdens for market participants. The selection of consolidated tape providers marked a significant step towards greater market data transparency. ESMA also supported the transition to a shorter T+1 settlement cycle, enhancing post-trade efficiency. The authority intensified its work on digitalization, including AI and DLT, to harness innovation while protecting markets and investors.

https://www.esma.europa.eu/press-news/esma-news/esma-2025-annual-report-focus-stronger-supervision-regulatory-simplification esma.europa.eu

RSS Hunter • Jun 17

Euribor panel to include KBC Bank

KBC Bank has been added to the Euribor panel by the European Money Markets Institute. Both ESMA and the FSMA have welcomed this inclusion. They view it as a positive step that enhances the strength and dependability of the Euribor benchmark. ESMA's Chair highlighted that KBC's participation shows financial institutions' commitment to Euribor's accuracy. She also noted this demonstrates continued market confidence in the benchmark. The FSMA's Chairman emphasized the importance of Euribor's representativeness for supervision. He also praised the ongoing collaboration between FSMA and ESMA within the Euribor supervisory framework. ESMA oversees EMMI, the administrator of Euribor, under the Benchmarks Regulation. National Competent Authorities, like the FSMA, supervise the banks contributing to Euribor. The FSMA will supervise KBC Bank's contribution to Euribor under the BMR. ESMA and the NCAs cooperate closely on Euribor matters, forming the Euribor College of Supervisors.

https://www.esma.europa.eu/press-news/esma-news/euribor-panel-include-kbc-bank esma.europa.eu

RSS Hunter • Jun 11

ESAs publish the first report on DORA major ICT-related incidents

The European Supervisory Authorities have released their first annual report on major ICT-related incidents in the EU financial sector, as mandated by the Digital Operational Resilience Act (DORA). This report reveals that ICT risks are increasingly borderless and interconnected across the European Union. Out of 3,383 major incidents reported, approximately one-third had a cross-border impact, highlighting reliance on shared infrastructures. System failures and external events were identified as the primary causes of these incidents. While the direct impact on clients and transactions was generally limited, the findings underscore the need for robust third-party risk management. The report emphasizes the growing systemic nature of ICT risk and the importance of resilience and supervision. Financial entities are urged to strengthen cybersecurity measures, especially given the rise of advanced AI-driven tools. Although only 10% of reported incidents were cybersecurity-related, maintaining high cybersecurity standards is crucial. DORA aims to harmonize incident reporting, enabling faster and more coordinated responses to major ICT-related events. This ultimately contributes to the overall resilience of the European financial system.

https://www.esma.europa.eu/press-news/esma-news/esas-publish-first-report-dora-major-ict-related-incidents esma.europa.eu

RSS Hunter • Jun 3

The GMTF presents its findings on EU gas and gas derivative markets

The Gas Market Task Force (GMTF) has released a report analyzing the performance of EU gas and gas derivatives markets based on their 2025 work. Established by the Action Plan for Affordable Energy, the GMTF comprises the European Commission, ACER, and ESMA, tasked with identifying market issues and proposing solutions. The report highlights areas for continued investigation to ensure the markets benefit European competitiveness and consumers. These ongoing efforts aim to maintain the expected functioning of these crucial markets.

https://www.esma.europa.eu/press-news/esma-news/gmtf-presents-its-findings-eu-gas-and-gas-derivative-markets esma.europa.eu

RSS Hunter • Jun 2

ESMA publishes latest edition of its newsletter

ESMA, the EU's financial markets regulator, released its "Spotlight on Markets" newsletter for April and May 2026. This edition summarizes ESMA's activities and publications during that period. The newsletter highlights key takeaways from ESMA's 15th-anniversary conference, focused on strengthening EU capital markets. Important news includes ongoing efforts to simplify EU reporting for funds and transactions. ESMA also launched its sixth stress test for Central Counterparties and issued guidance on CCP crisis planning. Key publications discussed include a call for evidence on European equity market structure. Further topics covered are reporting templates related to EMIR 3 and the Joint Committee Annual Report. ESMA's enforcement actions, ESEF implementation progress, and supervisory convergence in the funds sector are also included. The newsletter further lists upcoming events and consultations held by ESMA. The "Spotlight on Markets" newsletter is readily accessible online for anyone.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-latest-edition-its-newsletter-43 esma.europa.eu

RSS Hunter • Jun 1

ESMA’s annual data report shows increased quality, wider use and digital progress

ESMA, the EU's financial markets regulator, released its annual report on data quality and use. The report highlights a positive cycle where improved data quality enhances supervisory effectiveness and market monitoring. Significant improvements were noted in major regulatory datasets like EMIR and MiFIR, reflecting expanded data quality activities. ESMA and national authorities are increasing their supervisory use of the enhanced data, supporting investor protection and market integrity. The report also addresses simplification and burden reduction, gathering stakeholder input on streamlining reporting. An integrated reporting framework for investment funds is being developed to harmonize requirements and improve data efficiency. The scope of the report has expanded to include new reporting regimes and registers, such as Prospectus reporting. ESMA is increasing automation and utilizes advanced analytical tools for enhanced data analysis. Collaboration with national authorities is being strengthened to promote shared tools and coordination. These activities are part of ESMA's broader data strategy focused on modernizing data-driven supervision. A webinar will be held on June 18th to present the main findings of the report. The contact information for further inquiries is provided for interested parties.

https://www.esma.europa.eu/press-news/esma-news/esmas-annual-data-report-shows-increased-quality-wider-use-and-digital esma.europa.eu

RSS Hunter • May 29

New Q&As available

The European Securities and Markets Authority (ESMA) released a question and answer document concerning financial regulations. The document addresses the EU's ESG Ratings Regulation (ESGRR), including defined ranking systems and transitional provisions. It also covers aspects of the Market Abuse Regulation (MAR) regarding annual audits. Additionally, the document provides clarification on the Markets in Crypto-Assets Regulation (MiCA), specifically relating to exemptions from white paper requirements.

https://www.esma.europa.eu/press-news/esma-news/new-qas-available-may-2026 esma.europa.eu

RSS Hunter • May 28

ESMA consults on revised guidelines to support smoother allocations and confirmations under T+1

ESMA, the EU's financial markets regulator, has initiated a consultation on updated guidelines for standardized post-trade procedures and messaging protocols. This review aids market participants in adjusting to the T+1 settlement cycle. These updates will make communication faster and more consistent across the EU. The changes incorporate mandatory electronic communication and international messaging standards. Obsolete, non-electronic communication methods are removed, except during temporary technical issues. The revised guidelines are expected to take effect from December 7, 2026, aligning with new allocation and confirmation requirements. The consultation provides stakeholders with time to provide feedback before the formal endorsement. ESMA emphasizes the importance of preparing for the T+1 settlement, coming into effect on October 11, 2027. Stakeholders can submit feedback by July 7th. ESMA will publish its final report with updated guidelines by October 2026. This initiative aims to streamline post-trade processes.

https://www.esma.europa.eu/press-news/esma-news/esma-consults-revised-guidelines-support-smoother-allocations-and esma.europa.eu

RSS Hunter • May 26

ESMA publishes shortlist of candidates for position of Chair

ESMA, the EU's financial markets regulator, has announced a shortlist for its next Chair. The organization sent the list of candidates to the Council of the European Union and the European Parliament. The Council will appoint the Chair after parliamentary confirmation. Two candidates, Karen Dortea Abelskov and Carlo Comporti, made the shortlist. These candidates were chosen based on their qualifications and experience. The selection process adhered to the regulations set by ESMA. The anticipated start date for the new Chair is November 1, 2026. This press release provides an update on the selection process. Contact information for further inquiries is also provided. The press release was issued on May 20, 2026.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-shortlist-candidates-position-chair-0 esma.europa.eu

RSS Hunter • May 20

ESMA issues guidance on effective use of resolution tools in CCP crisis planning

ESMA, the EU's financial markets regulator, released a briefing for Central Counterparties (CCPs). This briefing gives practical guidelines to National Resolution Authorities (NRAs) on using the write-down and conversion of instruments (WDCI) tool. It aims to help NRAs better prepare for applying WDCI during financial crises. ESMA's initiative promotes consistent practices across the EU to boost financial market stability. The briefing was created by ESMA’s CCP Resolution Committee, offering a comprehensive methodology. NRAs are advised to define data collection requirements for CCPs, focusing on WDCI resource calibration. Stakeholder impact, including clearing members and financial markets, should be considered by NRAs. Processes must be in place to ensure WDCI's effective implementation, including post-application reorganization. This briefing adds to previous ones, contributing to a unified resolution rulebook. This emphasizes practical tool application for NRAs. The goal is to enhance financial stability within the EU's financial markets.

https://www.esma.europa.eu/press-news/esma-news/esma-issues-guidance-effective-use-resolution-tools-ccp-crisis-planning esma.europa.eu

RSS Hunter • May 13

European Commission launches call for candidates for the ESAs’ Board of Appeal

The European Commission initiated a call for expressions of interest to appoint members to the Board of Appeal. This board oversees the European Supervisory Authorities (EBA, EIOPA, and ESMA). The goal is to create a reserve list of qualified individuals for potential vacancies within the Board of Appeal. This reserve list will be valid for five years following its establishment. Being on the reserve list does not guarantee an appointment as a Member or Alternate. Vacancies will be filled by the ESAs' Management Boards, in consultation with their Supervisory Boards, selecting from the list. Nominated candidates may also be questioned by the European Parliament. The application process, including requirements and deadlines, is detailed in the Official Journal of the European Union. Applications were due by noon on June 8, 2026. The Board of Appeal is a shared body established under the ESAs' regulations. Its primary function is to protect the rights of individuals affected by the ESAs' decisions. The Board of Appeal operates independently, although supported by the ESAs' secretariat. It reviews appeals against certain decisions made by the ESAs.

https://www.esma.europa.eu/press-news/esma-news/european-commission-launches-call-candidates-esas-board-appeal esma.europa.eu

RSS Hunter • May 12

ESMA identifies areas for further supervisory convergence on compliance and internal audit in the funds sector

ESMA, the EU's financial markets regulator, released findings from its 2025 Common Supervisory Action (CSA). This CSA focused on fund managers' compliance and internal audit functions, involving all EU and EEA national supervisors. The review revealed overall compliance with key AIFMD and UCITS requirements among fund managers. However, the CSA unearthed governance weaknesses within the sector. These weaknesses included issues regarding the independence of control functions. The quality and implementation of internal policies also varied significantly. Senior management and boards' oversight practices were also scrutinized. The report provides examples of both effective and deficient practices observed. The CSA employed a common assessment framework, utilizing desk reviews and on-site inspections. ESMA urges NCAs to address identified breaches and vulnerabilities promptly with remedial actions. ESMA will continue promoting exchanges to enhance supervisory convergence within the EU funds sector.

https://www.esma.europa.eu/press-news/esma-news/esma-identifies-areas-further-supervisory-convergence-compliance-and-internal esma.europa.eu

RSS Hunter • May 11

ESMA outlines enforcement activities for corporate reporting across the EEA in 2025

ESMA, the EU's financial markets regulator, released a report on 2025 corporate reporting enforcement activities. The report summarizes how national enforcers and ESMA supervised corporate reporting in the European Economic Area during 2025. Financial reporting enforcement aimed to ensure material, transparent, and useful disclosures for decision-making. 2025 marked the first enforcement year for European Sustainability Reporting Standards (ESRS) within scope. The application of ESMA Guidelines on Enforcement of Sustainability Information (GLESI) was also implemented. Digital reporting was a key focus, with enforcers working on improving the quality of marked up financial information. The report is primarily aimed at issuers, auditors, and investors. It provides insights from enforcement experience to improve corporate reporting quality and transparency. It covers enforcement activities in financial, sustainability, and digital reporting under ESEF. The report assesses issuers' compliance with ESMA's 2024 European Common Enforcement Priorities (ECEP). The release date of the report was May 7, 2026.

https://www.esma.europa.eu/press-news/esma-news/esma-outlines-enforcement-activities-corporate-reporting-across-eea-2025 esma.europa.eu

RSS Hunter • May 7

ESMA promotes proportionate supervision of MiFID II sustainability requirements

The European Securities and Markets Authority (ESMA) released a statement on its Common Supervisory Action (CSA) regarding sustainability integration. This CSA focused on how firms assess suitability and govern products in relation to sustainability. The statement outlines key findings from the supervisory exercise, indicating areas of focus. It presents interim supervisory expectations for gathering client sustainability preferences. Matching products to those preferences, employing the portfolio approach, and assessing target markets are also scrutinized. ESMA emphasizes the continued importance of MiFID II sustainability requirements. Recognizing framework revisions, ESMA encourages a proportionate supervisory approach by national authorities. Dialogue with firms is favored over immediate enforcement during the transition. ESMA will use the CSA results to update MiFID II Delegated Acts and ESMA Guidelines. The goal is to simplify the framework and improve its consistent application. ESMA aims to reduce undue burden on firms through these actions. Iris Hude, the Communications Officer, is the point of contact for further information.

https://www.esma.europa.eu/press-news/esma-news/esma-promotes-proportionate-supervision-mifid-ii-sustainability-requirements esma.europa.eu

RSS Hunter • May 6

ESMA consults on a new simplified approach to updating MMF stress test parameters

ESMA, the EU's financial markets regulator, is consulting on a new method for updating stress test parameters within the Money Market Funds (MMF) framework. This new approach involves replacing annual amendments to the Guidelines with an annual web-based publication of calibration parameters. The existing Guidelines will remain in place, outlining the stress testing framework and methodology. The website will act as a central hub for accessing the latest updated parameters. This simplification aims to make the update process easier and improve access to the information. Market participants can then apply the updated parameters instantly upon approval. This change aligns with ESMA's Simplification and Burden Reduction (SBR) initiative, reducing compliance and supervisory requirements. The deadline for feedback on the consultation is August 6, 2026. ESMA will review the feedback and aims to release a final report in the second half of 2026. The new parameter update procedure is anticipated to begin at the end of 2026. The consultation paper provides details on stress test scenarios under the MMF Regulation.

https://www.esma.europa.eu/press-news/esma-news/esma-consults-new-simplified-approach-updating-mmf-stress-test-parameters esma.europa.eu

RSS Hunter • May 5

ESMA advances the simplification of EU reporting frameworks for funds and transactions

The European Securities and Markets Authority (ESMA) has launched a harmonised approach to funds reporting and transaction reporting. This initiative aims to streamline reporting across European markets and reduce operational burdens for market participants. ESMA's chair, Verena Ross, stated the goal is to "report once" while improving data quality and supervisory effectiveness.A final report outlines a new EU-wide framework for funds data, replacing fragmented national reporting with a single, proportionate template. This new framework will feature EU-level data validation, storage, and analytics, while data collection will remain national. ESMA plans to develop technical standards next year, with phased implementation beginning with UCITS and AIMFD reporting.Concurrently, an interim report reviews transaction reporting simplification, identifying challenges like inconsistent requirements and dual reporting. Feedback from over 100 respondents highlighted these issues as major cost drivers. ESMA is engaging further with market participants through an open hearing before releasing final recommendations by mid-year.These reports are key components of ESMA's broader Simplification and Burden Reduction initiative. This initiative targets increasing complexity and operational costs associated with EU reporting requirements. The ultimate goal is to enhance data sharing between authorities and improve overall market supervision and financial stability.

https://www.esma.europa.eu/press-news/esma-news/esma-advances-simplification-eu-reporting-frameworks-funds-and-transactions esma.europa.eu

RSS Hunter • May 4

ESMA launches its sixth stress test exercise for Central Counterparties

The European Securities and Markets Authority, ESMA, has initiated its sixth stress test for Central Counterparties. This exercise is a crucial supervisory tool mandated by EMIR to assess CCP resilience to adverse market conditions. The framework, developed with the European Systemic Risk Board, includes an adverse market scenario to identify potential shortcomings. It aims to evaluate the aggregate impact of CCP recovery and resolution arrangements on Union financial stability. The test will cover sixteen CCPs, including all authorized EU CCPs and two UK-based Tier 2 CCPs. ESMA's Chair emphasized the importance of these tests in a constantly challenged world. The Chair of the CCP Supervisory Committee highlighted the critical role of CCPs in managing credit risk and maintaining financial stability. This year's test introduces a new Recovery and Resolution Component to measure the aggregate effects of these tools. Key components include a Credit Stress Test, Concentration Risk Analysis, and a Reverse Stress Test. ESMA will issue a data request in May, followed by validation, analysis, and the publication of results in the first quarter of 2027.

https://www.esma.europa.eu/press-news/esma-news/esma-launches-its-sixth-stress-test-exercise-central-counterparties esma.europa.eu

RSS Hunter • Apr 30

ESMA launches a call for evidence on the structure of European equity markets

The European Securities and Markets Authority, ESMA, has launched a call for evidence concerning the structure of European equity markets. This initiative is based on a data-driven analysis of trading activity between 2022 and 2025, utilizing MiFIR transaction reporting data. The overall assessment indicates that European equity markets are functioning well, with addressable liquidity remaining stable at approximately 85% of total trading. On-book trading also showed relative stability, comprising around 75-80% of trading volume. However, ESMA has observed a decrease in lit continuous trading during the analyzed period. This decline has been compensated by increased activity in other trading methods, notably closing auctions, frequent batch auctions, and systematic internaliser (SI) trading. The analysis further investigates the country-specific allocation of liquidity across various trading mechanisms. ESMA is seeking stakeholder input on the concept of addressable liquidity and its current treatment under RTS 1, including potential adjustments to post-trade transparency flagging. Additionally, ESMA clarified that periodic auctions are subject to the tick-size regime. Stakeholders are invited to submit their views by June 30, 2026, with a feedback statement to follow later in the year. ESMA will continue to monitor market developments, considering recent MiFIR modifications and various trading mechanisms.

https://www.esma.europa.eu/press-news/esma-news/esma-launches-call-evidence-structure-european-equity-markets esma.europa.eu

RSS Hunter • Apr 30

ESMA consults on guidelines on endorsement under the ESG Ratings Regulation

The European Securities and Markets Authority, ESMA, has initiated a public consultation regarding draft guidelines for the endorsement of non-EU ESG ratings. This consultation is a crucial step in implementing the ESG Ratings Regulation. The proposed guidelines aim to ensure a consistent application of the endorsement regime within the EU. Specifically, they will offer guidance on the necessary information for ESG rating providers seeking to endorse ratings from outside the Union. ESMA is actively seeking feedback from ESG rating providers and other stakeholders on these draft guidelines. The objective is to ensure the guidance is clear, proportionate, and practical, aligning with the overarching goals of the ESG Ratings Regulation. This regulation itself establishes a framework for ESG ratings providers operating in the European Union. It incorporates provisions for EU-based rating providers to endorse ratings originating from outside the Union, promoting market integrity and investor protection. ESMA is accepting comments on the consultation paper until May 29, 2026. The authority will carefully review all submitted feedback before finalizing the guidelines. ESMA expects to communicate the outcome of this consultation and the adoption of the final guidelines before the end of July 2026.

https://www.esma.europa.eu/press-news/esma-news/esma-consults-guidelines-endorsement-under-esg-ratings-regulation esma.europa.eu

RSS Hunter • Apr 29

Joint Committee annual report highlights digitalisation, cyber resilience and sustainable finance as key priorities of 2025

The Joint Committee, comprising the EBA, EIOPA, and ESMA, released its 2025 Annual Report. This report detailed key priorities and achievements of its cross-sectoral work during the year. The Joint Committee prioritized consumer protection in digital financial markets. They also focused on strengthening operational and cyber resilience, particularly through DORA implementation. Improving sustainable finance disclosures and enhancing cross-sectoral risk monitoring were further key areas of focus. EIOPA chaired the Joint Committee in 2025, facilitating cooperation between the ESAs, the European Commission, and the ESRB. The Committee also worked on enhancing the EU securitization framework. Support for the European Single Access Point (ESAP) and financial innovation via EFIF were also advanced. The Joint Committee contributed to simplifying the EU financial regulatory framework. This effort specifically targeted sustainable finance and PRIIPs regulations. The Joint Committee is a platform designed to enhance cooperation among the three European Supervisory Authorities.

https://www.esma.europa.eu/press-news/esma-news/joint-committee-annual-report-highlights-digitalisation-cyber-resilience-and esma.europa.eu

RSS Hunter • Apr 24

ESMA support ESEF implementation with updated taxonomy

ESMA, the EU's financial markets regulator, released the 2025 ESEF XBRL taxonomy and an updated Conformance Suite. These resources aid issuers and software vendors in preparing 2026 IFRS consolidated financial statements. The 2025 taxonomy incorporates IFRS 18, effective from January 1, 2027, with early adoption allowed. Two entry points within the taxonomy enable reporting under IAS 1 and IFRS 18. This dual-entry approach promotes understanding and reduces implementation challenges. ESMA will not alter the ESEF RTS or taxonomy in 2026, aligning with the IFRS Foundation's decision. This stability gives more time for implementation and reduces regulatory strain. ESMA recommends stakeholders review the IFRS Foundation's guidance for 2026 reporting. Issuers and software providers are specifically encouraged to refer to this guidance. The email address [email protected] is provided for feedback or questions on the materials. This release ensures consistent and standardized financial reporting across the EU. The update facilitates transparency and comparability within the financial markets.

https://www.esma.europa.eu/press-news/esma-news/esma-support-esef-implementation-updated-taxonomy esma.europa.eu

RSS Hunter • Apr 21

ESMA launches a call for evidence on restricted subscription and private credit ratings

ESMA, the EU's financial markets regulator, has initiated a call for evidence concerning restricted subscription and private credit ratings. This call aims to gather insights from stakeholders on the characteristics and uses of these ratings. ESMA seeks information on the benefits and comparison with publicly disclosed ratings. They are interested in understanding the parties involved in these ratings and their distribution practices. The regulators are investigating whether the analytical processes and controls used are similar to public credit ratings. Stakeholders are encouraged to provide evidence-based responses, including numerical data and market examples. The growing use of these ratings has sparked questions about their purpose and market need. ESMA is committed to evidence-based policymaking and understanding market developments. They will evaluate the responses by the second quarter of 2026 to assess the need for regulatory changes. The overall goal is to clarify the application of the CRA Regulation.

https://www.esma.europa.eu/press-news/esma-news/esma-launches-call-evidence-restricted-subscription-and-private-credit-ratings esma.europa.eu

RSS Hunter • Apr 16

ESMA releases reporting templates and instructions for the Active Account Requirement

ESMA, the EU's financial markets regulator, released reporting templates for the Active Account Requirement (AAR). These templates outline how entities must report information under EMIR 3. ESMA seeks to standardize AAR reporting across the EU for efficiency. The templates provide clear instructions and aim for consistent supervisory practices. The first AAR report is due on July 31, 2026, covering a year starting June 25, 2025. Subsequent reports will be submitted every six months. Reports will be due on January 31st and July 31st. Each subsequent report will cover a twelve-month period. This structured approach ensures regular and comprehensive data collection. Cristina Bonillo is the contact for further inquiries.

https://www.esma.europa.eu/press-news/esma-news/esma-releases-reporting-templates-and-instructions-active-account-requirement esma.europa.eu

RSS Hunter • Apr 13

ESMA publishes latest edition of its newsletter

ESMA, the EU's financial markets regulator, released its "Spotlight on Markets" newsletter on April 10, 2026. This edition focuses on actions to simplify retail investor access to capital markets. The newsletter highlights the first Trends, Risks, and Vulnerabilities (TRV) report of 2026, which indicates a risky environment. Analysis in the newsletter also pointed out that new investment funds are contributing to cost reductions for investors. Key publications discussed include annual transparency calculations for equity instruments. Furthermore, it covers a joint consultation on suitability assessment and proposals to simplify market data obligations. ESMA expressed support for the smooth implementation of the Listing Act. The newsletter covers updates on topics such as Q&As, EMIR 3, and sustainability reporting. Other areas covered include supervisory/enforcement actions and market abuse guidelines. Information on upcoming events is also included in the publication. Readers are encouraged to follow ESMA on social media for regular updates.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-latest-edition-its-newsletter-42 esma.europa.eu

RSS Hunter • Apr 10

ESMA clarifies expectations in the run-up to the launch of EU’s Consolidated Tapes

ESMA has issued Q&As to clarify expectations for the EU's Consolidated Tapes' launch, aiming to increase certainty for market participants. The Q&As cover data contributor onboarding and operational rules for Consolidated Tape Providers. Trading venues and Authorised Publication Arrangements have a legal obligation to contribute data from the CTs’ go-live. ESMA expects these data contributors to engage with selected CTPs before formal authorization to establish data transmission setups. This engagement includes agreeing on protocols and conducting various tests. Selected CTPs are also expected to ensure the confidentiality and integrity of information received during this preparatory phase. fairCT was selected for the bonds CT and EuroCTP for the equities CT in 2025, with their authorization processes ongoing. The derivatives CT provider selection was launched in January 2026, with an announcement expected by July 2026.

https://www.esma.europa.eu/press-news/esma-news/esma-clarifies-expectations-run-launch-eus-consolidated-tapes esma.europa.eu

RSS Hunter • Apr 1

ESAs spring risk update highlights geopolitical pressures and rising private finance risks

The European Supervisory Authorities (ESAs) released their spring 2026 update on risks within the EU financial system. The update emphasizes geopolitical tensions and developments in private finance as key areas of concern. Ongoing global conflicts, like those in the Middle East, pose risks through higher energy prices and potential economic impacts. The ESAs are concerned about market volatility and the impact of higher interest rates on funding conditions. Cyberattacks and infrastructure disruptions also represent significant threats to financial stability. Emerging risks in private finance are highlighted due to limited data, low transparency, and complex interconnections. Developments in US private credit funds reveal potential vulnerabilities. Despite these challenges, the EU financial sector has shown resilience, particularly in insurance, IORPs, and the banking sector. The ESAs call for continued vigilance from supervisors and market participants. This vigilance involves proactive risk assessments and prudent management of exposures. Monitoring indirect effects from energy prices and vulnerable sectors is also essential. Financial institutions are urged to closely manage risks associated with private markets, especially in light of upcoming regulatory changes.

https://www.esma.europa.eu/press-news/esma-news/esas-spring-risk-update-highlights-geopolitical-pressures-and-rising-private esma.europa.eu

RSS Hunter • Mar 27

Postponement of the rollout for Commodity Derivatives Weekly Position Reporting

ESMA announced the postponement of the Commodity Derivatives Weekly Position Reporting solution, originally set for April 1, 2026. This delay is due to issues discovered during final testing that necessitate further corrective actions. A new go-live date will be communicated after the fixes are implemented and validated, and stakeholders should continue with the current system in the interim. ESMA expressed gratitude for the cooperation of reporting entities.

https://www.esma.europa.eu/press-news/esma-news/postponement-rollout-commodity-derivatives-weekly-position-reporting esma.europa.eu

RSS Hunter • Mar 27

SEC confirms exemption for directors and officers of EEA Foreign Private Issuers

The SEC has exempted directors and officers of European Economic Area (EEA) foreign private issuers from US Section 16(a) reporting requirements. This decision aligns US regulations with the EU's Market Abuse Regulation (MAR), which has similar disclosure obligations for managerial roles. Consequently, these individuals will no longer need to file the specific US reports. This move ensures consistency between US and EU regulatory frameworks for market abuse disclosures.

https://www.esma.europa.eu/press-news/esma-news/sec-confirms-exemption-directors-and-officers-eea-foreign-private-issuers esma.europa.eu

RSS Hunter • Mar 18

ESMA sets out actions to simplify the retail investor journey and make investing more accessible

The European Securities and Markets Authority (ESMA) has released its findings from a 2025 Call for Evidence concerning the retail investor experience. ESMA will implement actions and operational improvements aimed at simplifying access to suitable investment opportunities for retail investors. Key areas of focus include streamlining disclosure requirements to combat information overload and simplifying suitability and appropriateness assessments. Additionally, ESMA will work on making MiFID II requirements regarding sustainability preferences less complex. Consumer testing will be employed to refine disclosures and digital investor journeys, with a particular emphasis on mobile accessibility. ESMA's Chair, Verena Ross, highlighted that enhancing the investor journey is a priority project to reduce burdens and facilitate participation in EU capital markets. Stakeholders reported numerous regulatory and non-regulatory barriers preventing retail investors from engaging with financial markets. These barriers include disclosures that are too long, complex, and not digital-first, as well as suitability assessments that, while valuable, are perceived as burdensome. Furthermore, non-regulatory obstacles such as lack of trust, high costs, limited product comparability, low financial literacy, and complex taxation were identified. This report will inform ESMA's future technical advice and potential guideline updates, aligning with the Retail Investment Strategy.

https://www.esma.europa.eu/press-news/esma-news/esma-sets-out-actions-simplify-retail-investor-journey-and-make-investing-more esma.europa.eu

RSS Hunter • Mar 12