Weekly highlights

Weekly highlights

Each week, we provide a round up of key developments in EU law and international trade from an EU perspective.

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Latest EU Law News

ESMA publishes discussion paper on integrated EU-wide fund reporting framework

The European Securities and Markets Authority (ESMA) has published a discussion paper proposing the development of an integrated EU-wide reporting framework for fund managers under the revised Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS). The paper aims to reduce duplication, improve data quality and streamline reporting obligations across Member States. It identifies fragmentation in current practices, with over 100 reporting templates in use, and outlines three integration options: reuse of data across frameworks, a fully harmonised EU-wide template and a modular system with optional national extensions. Responses are invited by 21 September 2025, which will inform ESMA’s final report to the European Commission due in April 2026.

ESMA launches call for evidence on streamlining financial transaction reporting

The European Securities and Markets Authority (ESMA) has launched a call for evidence to explore ways to simplify and streamline supervisory reporting across EU financial markets. This initiative, part of ESMA’s broader Data Strategy and burden reduction efforts, seeks feedback on how to reduce reporting costs and complexity while maintaining transparency and effective oversight. ESMA is considering two main options: eliminating overlaps between existing reporting regimes—such as the Markets in Financial Instruments Regulation (MiFIR) (Regulation (EU) 600/2014), the European Markets Infrastructure Regulation (EMIR) (Regulation (EU) 648/2012), and the Securities Financing Transactions Regulation (SFTR)—without changing current channels, or introducing a unified reporting template based on a ‘report once’ principle. Responses are invited by 19 September 2025, and ESMA plans to publish a final report in early 2026 outlining key cost drivers and the proposed way forward.

Commission opens consultation on media content removal guidelines under EMFA

The European Commission has launched a consultation on guidelines for implementing media content removal safeguards under the European Media Freedom Act (EMFA). The guidelines will outline procedures for very large online platforms—those with over 45 million monthly users—to notify media providers before content removal and allow 24 hours for response. The measures, taking effect from August 2025, aim to protect media providers from unwarranted content removal while preserving editorial independence. The consultation closes on 23 July 2025.

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.