The European Securities and Markets Authority (ESMA) is consulting on proposed guidance for benchmark administrators, credit rating agencies, and three types of market transparency infrastructures: securitisation repositories under SECR, trade repositories under EMIR/SFTR, and data reporting service providers under MiFiR. Responses are sought by 18 October 2024, with a final report due in Q1 2025.

The European Securities and Markets Authority (ESMA) is consulting on updated guidelines on standardised procedures and messaging protocols. This review is part of ESMA’s work to support market participants in preparing for the transition to a T+1 settlement cycle. Responses are sought by 7 July 2026. ESMA will then consider the feedback received and expects to publish the final report including updated guidelines by October 2026.

The European Securities and Markets Authority (ESMA) is consulting on its proposed technical standards and its first reflections regarding consolidated tape provider (CTP) selection criteria and issues for data reporting service providers (DRSPs). Responses are sought by 28 August 2024. ESMA intends to submit the final draft technical standards to the European Commission by the legislative deadline of 29 December 2024. It will also publish a feedback statement on the specification of the assessment criteria for the CTP selection procedure by the end of 2024.

The European Securities and Markets Authority (ESMA) has published a consultation paper seeking feedback on proposed technical standards related to the European Green Bonds Regulation (EU) 2023/2631, aiming to gather feedback on the proposed Level two measures related to the Regulation. The paper covers six areas: systems, resources and procedures; the compliance function; internal policies and procedures; information used for assessment activities; applications for recognition of third-country external reviewers; and notification of material changes to registration information. This paper is the second of two public consultations on these technical standards. Responses are sought by 30 May 2025. ESMA will consider the feedback received from this consultation and expects to publish a final report in Q4 2025. The draft technical standards will be submitted to the European Commission for endorsement by 21 December 2025 at the latest.

The European Securities and Markets Authority (ESMA) has published a consultation paper seeking stakeholders’ views on how the European Single Electronic Format (ESEF) can be applied to sustainability reporting. The proposals also aim to ease the burden associated with financial reporting. Responses are sought by 31 March 2025. ESMA expects to publish a final report and submit draft technical standards submitted to the European Commission for endorsement in Q3 2025.

The European Securities and Markets Authority (ESMA) has published a Feedback Statement summarising responses to its February 2025 consultation on a simplified disclosure template for private securitisations under Article 7 of the Securitisation Regulation (Regulation (EU) 2017/2402). The proposed template aimed to reduce reporting complexity and to better reflect the bilateral nature of private transactions. While stakeholders generally supported the objective of simplification, most respondents advised against proceeding with the amendments at this stage, citing the ongoing review of the Level 1 framework and the risk of regulatory misalignment. ESMA has therefore decided to defer any changes to the technical standards until key concepts under Level 1 are clarified.

The European Securities and Markets Authority (ESMA) has issued a public statement on deprioritising supervisory actions linked to the eligibility of uncollateralised public guarantees, public bank guarantees, and commercial bank guarantees for non-financial counterparties (NFCs) acting as clearing members, pending the entry into force of Regulation (EU) No 648/2012 (EMIR) 3.

The European Securities and Markets Authority (ESMA) has published a letter to the European Commission in which it provides details of a number of its 2025 deliverables which are being deprioritised and postponed to free up resources for ESMA’s highest priority workstreams, Postponed deliverables include RTS on buy-in and deferred net settlement under CSDR Refit, RTS on post trade risk reduction services under EMIR 3 and RTS on order execution policies under the MiFID II Review. The full list may be found in the Annex to ESMA’s letter.

The European Securities and Markets Authority (ESMA) has extended to 30 June 2028 the application of the recognition decisions under Article 25 of EU EMIR for three CCPs established in the UK. In addition, ESMA and the Bank of England have signed a revised Memorandum of Understanding.

Article 28 of the EU Money Markets Funds Regulation (MMF Regulation) provided that the European Securities and Markets Authority (ESMA) would develop guidelines with a view to establishing common reference parameters of the stress test scenarios to be included in the stress tests that MMFs or managers of MMFs are required to conduct.

The European Securities and Markets Authority (ESMA) has published final reports on the EU Prospectus Regulation (Regulation (EU) 2017/1129) and civil prospectus liability, offering technical advice and recommendations to reduce regulatory burdens and support capital market activity. Both reports have been submitted to the European Commission, which must decide within three months—extendable by one month—on the proposed updates to data reporting requirements. Additionally, the Commission is required to present a report by 31 December 2025 assessing whether further harmonisation of prospectus liability across the EU is warranted.

The European Securities and Markets Authority (ESMA) has published its Final Report on the Methodology for the Calculation of Market Capitalisation, as mandated by the Directive (EU) 2025/50 on faster and safer relief of excess withholding taxes (FASTER Directive). The report sets out the final Regulatory Technical Standards (RTS) for calculating and publishing each EU Member State’s market capitalisation and market capitalisation ratio, using MiFIR transaction data. It responds to feedback from the June 2025 consultation and sets out the next steps toward implementation. The report was submitted to the European Commission on 15 October 2025, which has three months to decide whether to endorse the draft RTS.