European Union

EU Legislation and Notices - February 23, 2026

The EU published several legislative acts and decisions on February 23, 2026. These include implementing regulations concerning restrictive measures in Russia, amendments to active substance approvals for biocidal products, and a decision on Iceland's participation in the Union Space Programme.

European AI Innovation Month Announced

The European Commission and the Irish Presidency of the Council have announced the European AI Innovation Month, a series of events scheduled from mid-October to mid-November 2026. The initiative aims to discuss and showcase AI development and deployment in Europe, culminating in the European Apply AI Summit.

ESMA Supervisory Briefing on CCP AAR Representativeness Obligation

The European Securities and Markets Authority (ESMA) has issued a supervisory briefing clarifying the representativeness obligation for Central Counterparties (CCPs) regarding their Approved Alternative Arrangements (AARs). This guidance aims to ensure consistent application of the obligation across the EU.

ESMA Supervisory Briefing on AAR Representativeness Obligation

The European Securities and Markets Authority (ESMA) has published a supervisory briefing clarifying expectations for counterparties regarding the active account requirement (AAR) representativeness obligation. The briefing provides guidance on identifying relevant subcategories, reporting trades, and includes an example of compliance.

Garante Privacy Sanctions eCampus, Rejects Pescara Body Cams

The Italian Data Protection Authority (Garante Privacy) has sanctioned the University eCampus with a €50,000 fine for unlawfully processing biometric data using facial recognition for online course attendance verification. Additionally, the Garante has prohibited the municipality of Pescara from using body cameras for local police due to risks of data transfer to non-EU countries.

EU Official Journal L Series Daily View - February 20, 2026

The EU Official Journal L series published several regulations on February 20, 2026. These include amendments to regulations concerning statistical information collection by the European Central Bank, emissions type-approval for heavy-duty vehicles, and import registration for sodium benzoate from China.

EU Investigates Shein Under Digital Services Act

The European Commission has opened formal proceedings against Shein under the Digital Services Act. The investigation will focus on the sale of illegal products, addictive design features, and the transparency of recommender systems. This action follows concerns about potential violations of EU digital regulations.

ESMA Publishes Sovereign Bond Deferrals List

The European Securities and Markets Authority (ESMA) has published a list of supplementary deferrals for sovereign bonds under MiFIR, effective May 4, 2026. These deferrals allow for the omission of trade volume publication for medium-sized trades on liquid bonds until the end of the trading day.

ESMA Fines Regis-TR €1.37M for EMIR/SFTR Breaches

The European Securities and Markets Authority (ESMA) has fined Regis-TR €1.37 million for seven breaches of EMIR and SFTR regulations. This is ESMA's first enforcement action for SFTR breaches and the highest fine imposed on a trade repository, requiring Regis-TR to cease ongoing infringements.

ESMA Consultation on MAR Guidelines for Inside Information Disclosure Delay

The European Securities and Markets Authority (ESMA) is consulting on proposed amendments to its Market Abuse Regulation (MAR) guidelines concerning the delay of inside information disclosure. The changes aim to align with the Listing Act, reduce administrative burdens for issuers, and clarify requirements. Stakeholders are invited to provide feedback by April 29, 2026.