ESMA News

ESMA Actions to Simplify Retail Investor Journey

The European Securities and Markets Authority (ESMA) has published actions to simplify the retail investor journey and improve accessibility to investment opportunities. These actions stem from a Call for Evidence and focus on streamlining disclosures, reducing complexity in suitability assessments, and simplifying sustainability preference requirements under MiFID II.

ESMA Report on Costs and Performance of EU Retail Investment Products

The European Securities and Markets Authority (ESMA) has released its 2025 market report on the costs and performance of EU retail investment products. The report indicates a general decline in ongoing costs, primarily driven by new investment funds entering the market.

ESMA Publishes Annual Equity Transparency Calculations

The European Securities and Markets Authority (ESMA) has published its annual transparency calculations for equity and equity-like instruments, effective April 6, 2026. These calculations determine liquidity assessments, relevant markets, large-in-scale thresholds, and tick-size regimes.

ESMA Publishes Q&As on Financial Markets, MiCA, CCPs, and Transparency

The European Securities and Markets Authority (ESMA) has published updated Questions and Answers documents covering various EU financial market regulations. These Q&As provide clarifications on topics including crowdfunding, Markets in Crypto-Assets (MiCA), OTC derivatives, central counterparties (CCPs), and the Transparency Directive.

ESMA Supervisory Briefing on Algorithmic Trading

The European Securities and Markets Authority (ESMA) has issued a supervisory briefing to support consistent supervision of algorithmic trading across the EU. The briefing provides National Competent Authorities with tools and clarified expectations for supervising firms engaged in algorithmic trading under MiFID II, including considerations for AI.

ESMA Consults on EMIR 3 Post-Trade Risk Reduction Services

The European Securities and Markets Authority (ESMA) has launched a consultation on the requirements for post-trade risk reduction (PTRR) services under EMIR 3. The consultation seeks feedback on draft Regulatory Technical Standards (RTS) that define conditions for PTRR services to benefit from a clearing obligation exemption.

ESMA Draft RTS on EMIR 3 Clearing Thresholds

The European Securities and Markets Authority (ESMA) has published draft Regulatory Technical Standards (RTS) detailing new clearing thresholds under EMIR 3. These proposals aim to manage systemic risk in OTC derivative markets while minimizing compliance burdens for market participants.

ESMA Withdraws MiFID II/MiFIR Market Data Guidelines

The European Securities and Markets Authority (ESMA) has withdrawn its guidelines on MiFID II/MiFIR obligations concerning market data. This action aligns the regulatory framework with new technical standards that entered into force in November 2025, aiming to simplify rules for market participants.

ESMA Consults on CCP Collateral and Investment Policy

The European Securities and Markets Authority (ESMA) has launched a public consultation on proposed changes to central counterparty (CCP) collateral and investment policies, stemming from EMIR 3. The consultation seeks feedback on the acceptance of various guarantees as collateral and the eligibility of debt instruments for CCP investment policies, with a deadline for responses on April 30, 2026.

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.