The European Securities and Markets Authority (ESMA) and national competent authorities (NCAs) have issued a warning to raise awareness on the requirements established by the Market Abuse Regulation (MAR) which apply when posting investment recommendations on social media. They are also warning about the risks of market manipulation in such publications.

The European Securities and Markets Authority (ESMA) has launched a call for evidence on the retail investor journey under MiFID II (Directive 2014/65/EU). ESMA is seeking feedback from firms, trade associations, and consumer organisations on factors that discourage retail investor participation in capital markets. The consultation examines both regulatory and non-regulatory barriers, including the complexity and clarity of information, high costs and fees, and the impact of previous negative investment experiences. It also considers the growing preference among younger investors for speculative products and evaluates the effectiveness of current suitability and appropriateness assessments, as well as the presentation of marketing and contractual materials. Responses, which are due by 21 July 2025, will be reviewed in collaboration with national competent authorities to determine whether adjustments or clarifications are needed to simplify the investor journey while ensuring robust investor protection.

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.

The European Securities and Markets Authority (ESMA) has launched a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) to assess the compliance and internal audit functions of UCITS management companies and Alternative Investment Fund Managers (AIFMs) across the EU. Set to run throughout 2025, the CSA will evaluate the effectiveness of these functions under the AIFM and UCITS directives, utilising a common assessment framework developed by ESMA.

The European Securities and Markets Authority (ESMA) has launched a consultation on draft Regulatory Technical Standards (RTS) setting out the factors that central counterparties (CCPs) should take into account when defining participation requirements. The consultation seeks stakeholder views on the elements that a CCP should consider when: (1) establishing admission criteria; and (2) assessing the ability of non-financial counterparties acting as clearing members to meet margin requirements and default fund contributions. Responses are invited from CCPs, direct and indirect participants of CCPs and both financial and non-financial counterparties. The consultation closes on 5 January 2026, and ESMA plans to submit the final draft RTS to the European Commission by the end of Q1 2026.

The European Securities and Markets Authority (ESMA) has published a consultation on draft Technical Standards (RTS) to establish an EU code of conduct (EU CoC) for issuer-sponsored research. The EU CoC aims to enhance trust and use of issuer-sponsored research by setting standards of independence, objectivity, and procedures for identifying, preventing, and disclosing conflicts of interest. Responses are sought by 18 March 2025 with ESMA set to submit final draft Regulatory Technical Standards to the European Commission by 5 December 2025.

The European Securities and Markets Authority (ESMA) has launched a consultation on three sets of proposed Regulatory Technical Standards (RTS) under the Markets in Financial Instruments Regulation (MiFIR) Review. The consultation covers transparency requirements for exchange traded derivatives (ETD) and over-the-counter (OTC) derivatives, amendments to package orders requirements, and input/output data specifications for the OTC derivatives consolidated tape. Responses are requested by 3 July 2025 and ESMA plans to submit final draft technical standards to the European Commission in Q4 2025.

The European Securities and Markets Authority (ESMA) has launched a consultation on a proposed methodology for calculating EU Member States’ market capitalisation and market capitalisation ratios, as required under Directive (EU) 2025/50 on faster and safer relief of excess withholding taxes (FASTER Directive). The methodology is designed to identify jurisdictions that exceed 1.5% of the total EU market capitalisation for four consecutive years, which would trigger specific obligations related to withholding tax relief. It uses transaction data reported under the Markets in Financial Instruments Regulation (MiFIR) (Regulation (EU) 600/2014) to ensure a consistent and transparent approach to calculating share prices and aggregating market values at the instrument, company and national levels. Responses are sought by 25 July 2025, with ESMA expected to publish a final report and submit draft regulatory technical standards (RTS) to the European Commission in October 2025.

The European Securities and Markets Authority (ESMA) released a discussion paper on 23 June 2025 seeking feedback on integrating funds reporting requirements. The paper outlines proposals to reduce regulatory burden through template integration and centralised reporting processes. The consultation aims to address current fragmentation in national and European reporting regimes. ESMA is accepting responses until 21 September 2025, with final recommendations expected in April 2026. This forms part of ESMA's broader initiative to simplify financial sector reporting while maintaining market stability and investor protection objectives.

The European Securities and Markets Authority (ESMA) has launched a package of consultations as part of the review of the Markets in Financial Instruments Regulation, Regulation (EU) 600/2014 (MiFIR) review with the objective of increasing transparency and system resilience in financial markets, reducing reporting burden and promoting convergence in the supervisory approach. Responses to sections 3, 4 and 8 are sought by 15 September 2024. Responses to section 5, 6 and 7 are sought by 15 October 2024.

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.

The European Securities and Markets Authority (ESMA) has published a report following its 2025 call for evidence (CfE) on the retail investor journey. It outlines a number of actions and operational improvements ESMA will take forward to make it easier for retail investors to access suitable investment opportunities, focusing on three areas: streamlining disclosure requirements and tackling information overload for investors; reducing complexity in suitability and appropriateness assessments; and simplifying MiFID II requirements on sustainability preferences.