The European Securities and Markets Authority (ESMA) has fined Modefinance S.r.l. (Modefinance), an Italian credit rating agency, €420,000 for using ESMA's name in a way that suggested or indicated endorsement or approval of its credit rating activities. This infringement occurred on four occasions between September 2018 and October 2021, violating Article 10(6) and Point 52 of Section I of Annex III of Regulation (EC) 1060/2009 (the Credit Rating Agencies Regulation) (CRA Regulation). Modefinance referred to ESMA in its public statements on its website as having ‘certified’ or ‘validated’ its multi objective rating evaluation model, misleadingly implying ESMA's endorsement or approval. The fine was determined after considering both aggravating and mitigating factors set out in the CRA Regulation,. Further details are set out in the public notice issued by ESMA. The breach was found to have resulted from Modefinance’s negligence.

The European Securities and Markets Authority (ESMA) has fined Scope Ratings GmbH (Scope) €640,000 and issued a public notice, for breaches of the Credit Rating Agencies Regulation (CRAR), Regulation (EC) 1060/2009, concerning ‘the systematic application of its 2015 Covered Bonds Methodology (CBM) and its revision.’ Scope committed the breaches negligently and failed to meet the special care required from a credit rating agency.

The European Securities and Markets Authority (ESMA) recently convened a high-profile conference in Paris, attracting 300 in-person attendees and approximately 1,000 online participants. The event, titled 'Shaping the future of EU capital markets', focused on: steps towards realising the Savings and Investments Union; debating the gap in funding and; cultivating a culture of retail investment. The overarching aim of the conference sought to empower EU citizens and companies to engage more actively in EU capital markets.

The European Securities and Markets Authority (ESMA) has launched a data collection exercise together with the national competent authorities (NCAs) on costs linked to investments in Alternative Investment Funds (AIFs) and Undertakings for Collective Investment in Transferable Securities (UCITS). The data collection follows the Level 1 mandate received from the European Commission under the UCITS/AIFMD review. A report based on the collected data will be submitted to the European Parliament, the Council, and the European Commission in October 2025.

The European Securities and Markets Authority (ESMA) has launched the first selection process for the Consolidated Tape Provider (CTP) for bonds, with interested entities required to register and submit requests by 7 February 2025. ESMA plans evaluate the requests and invite successful candidates to apply, with a decision expected by early July 2025. The selected applicant will operate the CTP for five years and must seek authorisation from ESMA, which will also supervise the CTP.

The European Securities and Markets Authority (ESMA) has issued its annual European Common Enforcement Priorities (ECEP) statement for 2024 corporate reporting. The ECEP statement highlights the significance of financial and non-financial information connectivity, referencing ESMA's publications on IFRS 17 Insurance Contracts, carbon allowances, ESRS application by large issuers, and the ESEF reporting manual.

The European Securities and Markets Authority (ESMA) has published a call for evidence (CfE) presenting a data-driven analysis of the evolution of trading in EU equity markets between 2022 and 2025, based on MiFIR transaction reporting data. It seeks stakeholder feedback on observed trends and their potential regulatory implications. Responses are sought by 30 June 2026, with a feedback statement planned for the second half of 2026.

The European Securities and Markets Authority (ESMA) has published a call for evidence on the review of the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD). ESMA is seeking to gather information from stakeholders to assess possible risk and benefits of UCITS gaining exposure to various asset classes. Responses are sought by 7 August 2024.

The European Securities and Markets Authority (ESMA) has published a consultation paper and a call for evidence (CfE) following the European Council's adoption of the EU Listing Act in October 2024. ESMA seeks feedback on draft technical advice on the Prospectus Regulation and on proposed changes to Commission Delegated Regulation (EU) 2019/979 (the CDR on metadata). Responses are due by 31 December 2024.

The European Securities and Markets Authority (ESMA) has published a final report on the guidelines on enforcement of sustainability information (GLESI) and a public statement on the first application of the European Sustainability Reporting Standards (ESRS). They aim to support the consistent application and supervision of sustainability reporting requirements. ESMA says it will translate the GLESI in all EU languages, make these translations available on its website, and release in Q4 recommendations in relation to the sustainability statements of listed companies in its public statement on the 2024 European common enforcement priorities.

EU Law analysis: The European Securities and Markets Authority (ESMA) has published the final report containing guidelines on fund names using environmental, social and governance (ESG) or sustainability-related terms. The guidelines will be translated into all EU languages and will subsequently be published on ESMA’s website. They will start applying three months after that publication. The transitional period for funds existing before the application date will be six months after that date. Any new funds created after the application date should apply these guidelines immediately in respect of those funds.

The European Securities and Markets Authority (ESMA) has published guidelines on maintenance of systems and security access protocols under the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA), Article 14(1), point (d), as well as guidelines on the procedures and policies, including the rights of clients, in the context of transfer services for cryptoassets on investor protection under Article 82(2) of MiCA, both sets of guidelines prepared in cooperation with the European Banking Authority (EBA). ESMA has also published guidelines on identifying and managing situations where third-country firms are deemed to solicit clients within the European Union (EU) under Article 61(3) of MiCA. The guidelines were all published alongside official translations.