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ESMA · Aufsichtsmitteilung · · Hoch
ESMA schließt die Überarbeitung der Leitlinien zum Aufschub der Offenlegung von Insiderinformationen ab
ESMA hat ihre aktualisierten Leitlinien der Marktmissbrauchsverordnung zum Aufschub der Offenlegung von Insiderinformationen abgeschlossen. Sie ergänzen fünf berechtigte Interessen für einen Aufschub und streichen solche, die mit langwierigen Prozessen verbunden sind. Die Leitlinien richten sich an Emittenten von Insiderinformationen und die Regeln, die sie bei der Entscheidung anwenden, ob die öffentliche Offenlegung aufgeschoben werden darf.
Daten im Text: 2026-10-16 Datum des Abschlussberichts zu den MAR-Leitlinien zum Aufschub der Offenlegung von Insiderinformationen (ESMA74-268544963-1718).
Zu prüfende Punkte
Prüfen, ob die internen Verfahren für den Aufschub der Offenlegung von Insiderinformationen die fünf zusätzlichen berechtigten Interessen der überarbeiteten Leitlinien abbilden.
Prüfen, ob früher herangezogene berechtigte Interessen im Zusammenhang mit langwierigen Prozessen unter den überarbeiteten Leitlinien nicht mehr verfügbar sind.
New FCA rules bring ESG rating providers into UK regulation for the first time
The FCA has published final rules (PS26/22) creating a new regime for ESG rating providers, bringing them under FCA regulation for the first time. The requirements cover transparency, governance, systems and controls, conflicts of interest, and engagement with users of ESG ratings and rated entities. Firms providing ESG ratings in the UK will need FCA authorisation and the relevant permission, unless an exemption applies.
Daten im Text: 2027-06-24 ESG rating providers operating in the UK market must apply for FCA authorisation (start of application period; application periods are staggered). · 2028-06-29 New ESG ratings framework takes effect; firms providing ESG ratings in the UK need FCA authorisation and permission from this date unless an exemption applies.
Zu prüfende Punkte
Check whether your activities fall within the scope of the new ESG ratings framework, using the FCA guidance published with the rules.
Review the final rules and guidance in PS26/22 against your current ESG rating processes, governance and conflicts of interest arrangements.
Consider whether authorisation is required and whether to engage early with the FCA Pre-Application Support Service.
Commencement of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026
SEBI published a press release announcing the commencement of the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026, dated 6 November 2026 (PR No. 70/2026). The page text does not state the content of the regulations or their entry-into-force details beyond the title.
Zu prüfende Punkte
Review the full text of the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026 to determine whether they apply to your entity.
Check whether internal procedures for handling SEBI administrative or civil proceedings and settlement applications need updating.
CP26/37: Senior Managers and Certification Regime (SM&CR) Review: Phase 2
The FCA consults on the second phase of its review of the Senior Managers and Certification Regime (SM&CR), proposing to streamline senior manager applications, reduce the number of firms in the Enhanced regime, remove the Certification Regime and simplify Conduct Rule training and breach reporting thresholds. It applies to all firms in scope of the SM&CR, including third-country branches, and to cryptoasset firms expected to come into scope.
Daten im Text: 2026-10-22 Consultation opens · 2027-01-22 Deadline to send comments on CP26/37 · 2027-06-30 Expected publication of final rules in a Policy Statement in the first half of 2027
Zu prüfende Punkte
Check whether any of your current SMF roles would be affected by the proposed removal or notification changes.
Review the proposed changes to Statements of Responsibilities, Management Responsibilities Maps, Conduct Rule training and breach reporting thresholds against your current processes.
Consider whether your firm would be affected by the proposed change to Enhanced regime thresholds, and whether to respond by 22 January 2027.
The FCA published findings from its consumer finance supervisory work on how firms assess, evidence and monitor fair value under the Consumer Duty, highlighting good practice and areas for improvement under the price and value outcome in PRIN 2A.4 and chapter 7 of guidance FG22/5. It also shares observations on communicating fees and charges and preventing foreseeable harm from repeat or cumulative charges. The publication states that its examples do not create new requirements, and it is of interest mainly to consumer finance firms subject to the Consumer Duty.
Zu prüfende Punkte
Check whether fair value assessments include all financial and non-financial costs, such as consumers' time and effort, alongside expected benefits.
Review whether fair value conclusions are supported by sufficient evidence, management information and customer outcome data, including for customer groups with characteristics of vulnerability.
Review how fees and charges are communicated and whether controls such as limits on repeat or cumulative charges are monitored for effectiveness.
What does 'fair value' look like in practice? Three years into the Consumer Duty, here’s what we’ve learned.
The FCA blog shares observations from reviews of how firms assess, evidence and monitor fair value under the Consumer Duty, including fees and charges work and supervisory work on home energy consumer hire agreements. It sets out three areas that distinguished stronger from weaker approaches and questions firms can use to challenge their own assessments.
Zu prüfende Punkte
Check whether fair value assessments set quantified customer benefits directly against fees and interest paid, rather than relying on assumptions or product descriptions.
Review whether fair value is assessed across customer segments and pricing groups, not only across the whole target market as one group.
Consider whether comprehension of charges and total price is tested directly with customers, and whether 'pay as you save' or similar promotions could imply guaranteed savings or affordability.
The not-so-fine print: making consumer contracts fair
The FCA blog explains how it reviews and challenges unfair or unclear consumer contract terms under the Consumer Rights Act 2015 and the Consumer Duty, and summarises example cases including a crypto firm's storage fees and a travel insurer's delay wording. It sets out what the FCA expects firms to do, such as using plain language, testing customer understanding and reviewing contracts regularly.
Zu prüfende Punkte
Review consumer contract terms for fairness and transparency, including fees, cancellation rights, variations, exclusions and complaints handling.
Check whether existing contracts still rely on terms that could be unfair, and whether redress may be due where such terms were applied.
Consider testing whether customers understand key contract terms and whether complaints data points to unclear wording.
ESMA schlägt vereinfachte EU-Taxonomie-Berichterstattung vor
ESMA hat einen Abschlussbericht mit technischer Empfehlung an die Europäische Kommission veröffentlicht, wie zentrale Leistungsindikatoren im Rahmen des Taxonomie-Offenlegungsdelegierten Rechtsakts vereinfacht werden können. Empfohlen wird, den verpflichtenden Betriebsausgaben-KPI (OpEx) auf nicht aktivierte Forschungs- und Entwicklungsausgaben zu beschränken und den gewichteten Durchschnitts-KPI aus der Taxonomie-Berichterstattung auf Konzernebene zu streichen. Die Empfehlung ist für die Überprüfung des Delegierten Rechtsakts durch die Kommission vorgesehen und betrifft Emittenten, die der Taxonomie-Offenlegungspflicht unterliegen.
Zu prüfende Punkte
Prüfen Sie, ob Ihr Unternehmen oder die von Ihnen gehaltenen Emittenten in den Anwendungsbereich der KPI-Berichterstattung nach dem Taxonomie-Offenlegungsdelegierten Rechtsakt fallen.
Bewerten Sie, wie sich die aktuellen OpEx- und konzernweiten KPI-Offenlegungen mit gewichtetem Durchschnitt ändern würden, falls die Vorschläge angenommen werden.
The FSA published a request to users of financial institutions in light of recent unauthorized access to internet-facing customer services and business systems that led to leaks of customer information. It asks customers to avoid clicking links in suspicious emails, avoid reusing passwords, use phishing-resistant multi-factor authentication, and promptly contact their financial institution about unfamiliar transaction notices.
Zu prüfende Punkte
Consider whether customer communications on phishing risks and suspicious emails should be updated or reissued.
Check whether customer-facing authentication options include phishing-resistant multi-factor authentication.
Review procedures for handling customer reports of unrecognized transaction notices.
The FCA is consulting on proposed updates to its Financial Crime Guide, covering fraud, cryptoassets, financial and trade sanctions, proliferation financing, data security, financial crime systems and controls, and money laundering and terrorist financing. The consultation is relevant to all firms supervised for financial crime, including Annex 1 financial institutions and cryptoasset businesses under the MLRs.
Daten im Text: 2026-12-24 Consultation closes; feedback on CP26/38 due · 2027-10-01 New cryptoasset regime referenced in the proposals takes effect (month only stated as October 2027 in the text; date shown is an approximation and should be ver
Zu prüfende Punkte
Review the proposed changes to the Financial Crime Guide in CP26/38 against current systems and controls.
Consider whether to submit feedback via the FCA online response form or by email to cp26-38@fca.org.uk before the closing date.
Check whether the proposed cryptoasset changes, which reflect the new regime from October 2027, affect current processes.
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