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Latest EU Law News

EFRAG publishes report on ESRS simplification

The European Financial Reporting Advisory Group (EFRAG) has published a Progress Report outlining six key levers to simplify the European Sustainability Reporting Standards (ESRS) and reduce the number of mandatory datapoints by over 50%. The measures—developed in response to a 5 May 2025 request from Commissioner Albuquerque—include simplifying the Double Materiality Assessment, improving the clarity and integration of sustainability statements, revising the relationship between Minimum Disclosure Requirements and topical standards, enhancing understandability and accessibility, introducing burden-reduction reliefs, and strengthening interoperability. Approved by the EFRAG Sustainability Reporting Board on 19 June 2025, the report reflects extensive feedback from companies, auditors and stakeholders, and will inform an upcoming exposure draft, with final decisions expected by the end of July 2025.

Commission adopts new RTS to enhance MiFIR transparency regime

The European Commission has adopted a Delegated Regulation amending the regulatory technical standards (RTS 1 and RTS 2) under Delegated Regulations (EU) 2017/587 and (EU) 2017/583, respectively, to align with the revised Markets in Financial Instruments Regulation (MiFIR) (Regulation (EU) 600/2014). The amendments aim to enhance transparency and support the establishment of consolidated tapes for bonds and equities. Key changes include updated definitions, revised pre- and post-trade transparency requirements for bonds, structured finance products, emission allowances and equity instruments, and the removal of outdated provisions. The amendments are based on technical standards developed by European Securities and Markets Authority (ESMA) following consultation and are scheduled to apply from 2 March 2026.

PensionsEurope warns US Senate about pension fund tax changes in new Bill

PensionsEurope sent a letter to the US Senate on 16 June 2025 expressing concerns about section 899 of the One Big Beautiful Bill Act. This follows the approval of the Bill by the US House of Representatives on 22 May 2025. This section, which will be added to the US Internal Revenue Code, aims to raise net income and withholding tax rates on US-source income earned by non-US individuals classified as ‘applicable persons’—a group that includes pension funds. As this change poses significant risks to European pension funds’ investments in the US, and with the US Senate scheduled to vote on the Bill on 23 June 2025, PensionsEurope is actively collaborating with the World Pension Alliance and other workplace pension organisations to address the issue.

ESMA launches selection process for shares and ETFs CTP

The European Securities and Markets Authority (ESMA) has launched the first selection procedure for a Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs). The CTP will consolidate pre- and post-trade data from trading venues into a single, continuous electronic stream with the aim of enhancing market transparency and efficiency, supporting better-informed decision-making and contributing to the Savings and Investment Union. Interested entities must register and submit their requests to participate by 25 July 2025. The selection will be based on criteria outlined in the regulated technical standards (RTS) adopted by the European Commission on 12 June 2025. The successful applicant will be appointed for a five-year term, subject to ESMA authorisation and supervision, with a final decision expected by the end of 2025.

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