The European Securities and Markets Authority (ESMA) has published draft regulatory technical standards (RTS) on open-ended loan-originating AIFs (OE LO AIFs). The draft rules determine the requirements with which LO AIFs must comply to maintain an open-ended structure. The draft RTS were mandated under the AIFMD and have been submitted to the European Commission (EC) for adoption. ESMA draws stakeholders’ attention to the inclusion of these RTS on the list of the non-essential Level 2 acts that the European Commission will not adopt before 1 October 2027 at the earliest.

The European Securities and Markets Authority (ESMA) has published advice from its Securities and Markets Stakeholder Group (SMSG) on its consultation paper on draft technical standards under Regulation (EU) 2024/3005 on the transparency and integrity of environmental, social and governance (ESG) rating activities (ESG Rating Regulation). The SMSG broadly supports ESMA’s simplification approach but calls for further streamlining, clearer definitions and a more proportionate application of requirements—particularly for small and medium-sized enterprises (SMEs) and start-ups. It encourages ESMA to ensure that the final standards promote transparency while avoiding unnecessary burdens on ESG rating providers.

The Securities and Markets Stakeholder Group (SMSG) has provided advice to the European Securities and Markets Authority (ESMA) on its consultation paper on amendments to the research provisions in the Markets in Financial Instruments II Delegated Directive (MiFID II), following changes introduced by the EU Listing Act.

The European Securities and Markets Authority (ESMA) has published a table which provides a summary of the language and ex ante notification requirements for the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs) in different Member States.

The European Securities and Markets Authority (ESMA) has published amended guidelines on outsourcing to cloud service providers, narrowing their scope following the implementation of the Digital Operational Resilience Act (DORA) on 17 January 2025. DORA consolidates the EU legal framework on digital operational resilience and ICT third-party risk management. The revised guidelines now apply exclusively to certain depositaries under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive that fall outside DORA's remit. Specifically, this includes depositaries identified in Articles 21(3)(c) and 21(3) of AIFMD, and Article 23(2)(c) of the UCITS Directive, which are not subject to DORA.

The European Securities and Markets Authority (ESMA) has published a new Trends, Risks and Vulnerabilities (TRV) article examining the implications of Maximal Extractable Value (MEV) in cryptocurrency markets. Released under ESMA’s Digital Finance and Innovation section, the article analyses how MEV practices influence crypto market operations and trading behaviour. The article finds that MEV is widespread on Ethereum and is increasing on other blockchains, although available data are limited and subject to constraints. MEV arises from the decentralised structure of blockchain systems and enables certain actors, such as miners or validators to reorder transactions within a block to maximise their own gains. While MEV may address some inefficiencies in decentralised finance (DeFi) protocols, it often results in financial losses for users and raises concerns regarding transparency, fairness and market integrity. Existing counter-measures have not resolved these issues. Although newer approaches show potential, they remain under development. ESMA emphasises the need for further research and the development of effective solutions by the crypto community to mitigate the adverse effects of MEV and support trust in DeFi and broader crypto markets.

The European Securities and Markets Authority (ESMA) has published its annual peer review report on the supervision of EU central counterparties (CCPs) by national competent authorities (NCAs). The review assesses the effectiveness of NCA supervisory practices in ensuring CCP compliance with the European Market Infrastructure Regulation (EU) 648/2012 (EMIR) requirements on outsourcing and intragroup governance arrangements. The findings show that NCAs have generally met supervisory expectations, although some areas require improvement, for which ESMA has issued recommendations. The review also highlights the need for further supervisory convergence in defining major activities linked to risk management.

The European Securities and Markets Authority (ESMA) has published its annual report on administrative sanctions and measures imposed by Member States in 2024 across financial sectors under ESMA’s remit.  The highest administrative fines were imposed under the Market Abuse Regulation (EU MAR) and the Markets in Financial Instruments Directive (EU MiFID II). The total value of fines exceeded EUR 100 million, marking an increase compared to 2023. In total, more than 970 administrative sanctions and measures were imposed. The report highlights significant discrepancies among Member States in the use of sanctioning powers—particularly in the amounts of fines, the number and types of sanctions, and the use of settlements.

The European Securities and Markets Authority (ESMA) has published a compliance table listing the competent authorities which comply, do not comply or intend to comply with ESMA’s guidelines on the enforcement of financial information (ESMA32-50-218).

The European Securities and Markets Authority (ESMA) has published a consultation on proposed amendments to Commission Delegated Regulation (EU) No 447/2012 and to Annex I of the Credit Rating Agencies Regulation (CRAR). ESMA will consider the feedback received to this consultation and will submit its Technical Advice to the European Commission by December 2024.

The European Securities and Markets Authority (ESMA) has published a decision of the board of supervisors setting out rules of procedure on mediation. Articles 8(1)(b) and Article 21(4) of Regulation (EU) 1095/2010 (the ESMA Regulation) assign ESMA the task of having a legally binding mediation role to resolve disputes between competent authorities. ESMA may assist the competent authorities in settling disagreements at the request of one or more of the competent authorities concerned or on its own initiative. The decision came into force the day after publication (ie on 29 March 2022).

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.