Dernières publications de ESMA (European Securities and Markets Authority) avec type, impact, dates et vérifications à envisager, lues à la source officielle toutes les 15 minutes.
Dernières publications
ESMA · Communiqué · · Information
ESMA analysis shows continued growth in cross-border investment services
ESMA, with national competent authorities, published the results of its annual analysis of cross-border provision of investment services to retail clients, based on data from firms in 30 EU/EEA jurisdictions for 2025. It reports 379 firms providing cross-border retail services, about 15.5 million clients, a 47% rise in retail clients compared with 2024, and stable complaints. The next data collection is planned for 2027.
Dates dans le texte: 2027-01-01 Next ESMA data collection on cross-border investment services planned for 2027 (exact date not stated in the text).
One year to go for T+1 settlement: the regulatory framework is complete, now let’s make it happen
ESMA publishes a press release stating that the EU will switch to T+1 settlement on 11 October 2027 and that the regulatory framework for the transition is now complete. It refers to the revised RTS on Settlement Discipline and the revised CSDR Guidelines on standardised procedures and messaging protocols between investment firms and their professional clients, which set requirements on allocations and confirmations.
Dates dans le texte: 2026-12-07 Investment firms and their clients must comply with the new requirements on allocations and confirmations, including mandatory use of electronic standardised ch · 2027-10-11 EU switches to T+1 settlement.
Vérifications à envisager
Check whether current allocation and confirmation processes with professional clients meet the mandatory electronic, standardised, and machine-readable communication requirements applicable from 7 December 2026.
Assess readiness of systems and processes across the trading and settlement chain for the T+1 switch on 11 October 2027 and consider testing as early as possible.
ESMA updates its manual on transparency with new guidance for OTC derivatives and tick-size regime
ESMA has updated its manual on post-trade transparency under MiFID II/MiFIR. The update adds guidance on identifying OTC derivatives subject to transparency requirements, on providing identifying reference data for OTC derivatives, and on the tick-size regime, including Q&As and recommendations on when trading venues and national competent authorities may intervene. The text states that the updated manual is a draft until the related RTS 2 and RTS on CTP input/output data enter into force.
Vérifications à envisager
Check whether the firm's OTC derivatives are subject to transparency requirements under the updated guidance on identification.
Review how identifying reference data for OTC derivatives is provided for transparency reporting, noting the manual is a draft until the related RTS enter into force.
Review the tick-size Q&As and recommendations on trading venue and national competent authority intervention where relevant to the firm's trading activity.
ESMA specifies requirements to facilitate safe use of post-trade risk reduction services
ESMA has published a final report specifying conditions and requirements for post-trade risk reduction (PTRR) services, which determine when certain OTC derivative transactions may be exempt from the clearing obligation under EMIR 3. The rules cover information to participants, exercise procedures, provider controls, record-keeping and monitoring of the exemption, and concern providers and users of PTRR services. The draft Regulatory Technical Standards will now be submitted to the European Commission for endorsement.
Vérifications à envisager
Check whether your firm provides or uses PTRR services relevant to the EMIR 3 clearing obligation exemption.
Review the final report ESMA74-1049116226-981 for the requirements on information, controls and record-keeping that would apply to your role.
ESMA's third Sanctions Report highlights the need for greater convergence in enforcement
ESMA published its consolidated report on administrative sanctions and measures imposed across the EEA in 2025, reporting more than 950 sanctions and almost €82 million in aggregate fines. The report highlights differences in enforcement across jurisdictions and an increased use of settlements, with most activity relating to the Market Abuse Regulation and MiFID II.
ESMA finalises the review of guidelines on the delay in disclosure of inside information
ESMA has finalised its updated Market Abuse Regulation guidelines on the delay in disclosure of inside information, adding five legitimate interests for delaying disclosure and removing those linked to protracted processes. The guidelines concern issuers of inside information and the rules they apply when deciding whether to delay public disclosure.
Dates dans le texte: 2026-10-16 Date of final report on the MAR guidelines on delay in disclosure of inside information (ESMA74-268544963-1718).
Vérifications à envisager
Review whether internal procedures for delaying disclosure of inside information reflect the five additional legitimate interests in the revised guidelines.
Check whether any protracted-process legitimate interests previously relied on are no longer available under the revised guidelines.
ESMA has published a Final Report with technical advice to the European Commission on simplifying key performance indicators under the Taxonomy Disclosures Delegated Act. It recommends narrowing the mandatory operating expenditure KPI to non-capitalised research and development expenditure and removing the weighted-average KPI from group Taxonomy reporting. The advice is submitted for the Commission's review of the Delegated Act and concerns issuers subject to Taxonomy disclosure.
Vérifications à envisager
Check whether your entity or the issuers you hold are within scope of the Taxonomy Disclosures Delegated Act KPI reporting.
Review how current OpEx and group-level weighted-average KPI disclosures would change if the proposals are adopted.
ESMA streamlines several Q&As as part of simplification efforts
ESMA has updated its Q&As on market structure under MiFID II, the Market Abuse Regulation and the Short Selling Regulation, withdrawing or amending several items as part of its Simplification and Burden Reduction initiative. The changes cover Q&As that are outdated, duplicative or covered by other ESMA guidance, such as supervisory briefings and opinions. The publication is relevant to firms that rely on these Q&As for interpreting MiFID II, MAR and SSR obligations.
Vérifications à envisager
Check whether your internal procedures reference any Q&As that have been withdrawn or amended.
Review the updated set of Q&As together with other ESMA guidance, such as supervisory briefings and opinions, for the applicable interpretation.
ESMA published a set of new Questions and Answers covering crowdfunding service providers charging access fees, use by crypto-asset service providers (CASPs) of payment accounts from non-bank payment service providers for client funds, and EMIR questions on CCPs (AAR 85% exemption, AAR thresholds calculation, AAR representativeness obligation). The item lists the Q&A references only and does not set out the answers in the text provided.
ESMA published the latest edition of its Spotlight on Markets newsletter, covering September and October 2026. It reports the appointment of Carlo Comporti as ESMA Chair, who takes up the position on 1 November 2026, and summarises several publications including the 2027 Annual Work Programme, preparations for T+1 settlement, proposals on MiCA, and a Trends, Risks and Vulnerabilities Report.
Dates dans le texte: 2026-11-01 Carlo Comporti takes up his position as ESMA Chair
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