The European Securities and Markets Authority (ESMA) has published draft regulatory technical standards (RTS) and a final report on guidelines concerning liquidity management tools (LMTs) for funds. This is part of the implementation of the revised Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive, which requires ESMA to develop draft RTS to determine the characteristics of LMTs for funds. ESMA is also required to develop guidelines on the selection and calibration of LMTs by fund managers for liquidity management and for mitigating financial stability risks. The guidelines recognise that the primary responsibility for liquidity risk management remains with the managers and clarify the circumstances in which side pockets may be activated. The draft RTS has been submitted to the European Commission for adoption and the guidelines will be translated and applied following the adoption of the RTS.

The European Securities and Markets Authority (ESMA) has today launched two public consultations in the form of draft Regulatory Technical Standards (RTS) following the review of the European Market Infrastructure Regulation (EMIR 3). EMIR 3 introduces several measures to make EU clearing services and EU central counterparties (CCPs) more efficient and competitive by streamlining supervisory procedures for initial authorisations, extensions of authorisation and validations of changes to models and parameters.  The two draft RTS relate to (1) the conditions for extensions of authorisation and the list of documents for applications for initial authorisations and extensions of authorisation under EMIR 3 and (2) the conditions and the list of documents for an application for validation of changes to models and parameters under Articles 49 and 49a of EMIR. The deadline for responses to the consultation papers is 7 April 2025.

The European Securities and Markets Authority (ESMA) has published a Feedback Statement summarising the responses to its consultation paper on securitisation disclosure templates under Article 7 of the Securitisation Regulation (SECR). Stakeholders acknowledged the need for improvements in the transparency regime but recommended postponing the template review due to concerns about its timing in relation to a broader SECR review. ESMA plans to work closely with the European Commission to explore interim adjustments to the technical standards, particularly regarding disclosures for private securitisations, before the review of the Level 1 text.

The European Securities and Markets Authority (ESMA) has published the feedback received to its call for evidence on shortening the settlement cycle. ESMA says it will continue assessing the responses received, including the demands for regulatory/supervisory guidance, and intends to deliver its final assessment to the European Parliament and to the Council before 17 January 2025.

The European Securities and Markets Authority (ESMA) has published a final report providing technical advice to the European Commission on the scope of the settlement discipline regime under the EU Central Securities Depositories Regulation (CSDR) (Regulation (EU) 909/2014), as amended by CSDR Refit. The report identifies specific causes of settlement fails that are not attributable to participants and clarifies which operations are not considered trading. Scenarios that would not trigger cash penalties include technical failures at the central securities depository (CSD) level such as system outages, cyberattacks and network disruptions, full-day trading suspensions of an ISIN on its most liquid market, and the technical creation or redemption of fund units or shares on the primary market, including those related to exchange-traded funds (ETFs). The Commission will consider this advice when preparing a delegated act further specifying the scope of operations and transactions subject to the settlement discipline regime.

The European Securities and Markets Authority (ESMA) has published a final report on its technical advice to the European Commission on revisions to Commission Delegated Regulation (EU) 447/2012 and Annex I of CRA Regulation. The changes are intended to ensure  better traceability on the incorporation of ESG factors in credit rating methodologies and better disclosure of the relevance of ESG factors to individual credit rating actions.

The European Securities and Markets Authority (ESMA) has published its final report on the technical standards for the Green Bonds (EU) 2023/2631 Regulation (EuGB Regulation). Following consultation, ESMA has revised the draft regulatory technical standards (RTS) and implementing technical standards (ITS) based on feedback received. The draft RTS and ITS have been submitted to the European Commission for adoption and will be subject to non-objection by the European Parliament and Council. The RTS and ITS are set to apply to ESMA-registered external reviewers from 21 June 2026, compliance on a ‘best efforts basis’ is expected during the transitional period.

The European Securities and Markets Authority (ESMA) has published its final report recommending amendments to the Regulatory Technical Standards (RTS) on Settlement Discipline, intended to enhance settlement efficiency across the EU and facilitate the transition to a shorter settlement cycle (T+1) by 11 October 2027. The amendments feature a phased implementation schedule beginning in December 2026 and concluded by 11 October 2027. The recommended amendments have been submitted to the European Commission, which has three months to decide on their adoption.

The European Securities and Markets Authority (ESMA) has published its final report on the draft regulatory technical standards (RTS) for establishing an EU code of conduct for issuer-sponsored research. Developed under Article 24(3c) of the Markets in Financial Instruments Directive (MiFID II) and the Listing Act Directive, the RTS set out procedural and organisational requirements intended to support the production and distribution of issuer-sponsored research within a harmonised framework. If endorsed by the European Commission, the regulation will apply from 6 June 2026.

The European Securities and Markets Authority (ESMA) has published its Final Report on the Active Account Requirement under the European Market Infrastructure Regulation (EU) 2024/2987 (EMIR 3). Developed in cooperation with the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Systemic Risk Board, the report aims to mitigate financial stability risks arising from EU counterparties’ reliance on third-country central counterparties (Tier 2 CCPs). It requires certain financial and non-financial counterparties to maintain operational and representative active accounts with EU-based CCPs. The draft regulatory technical standards will be submitted to the European Commission for adoption, pending non-objection from the European Parliament and Council.

The European Securities and Markets Authority (ESMA) has published the final report on containing draft regulatory technical standards (RTS) on investment firms' order execution policies under Markets in Financial Instruments Directive (MiFID II), aimed at enhancing order execution and investor protection. The draft RTS have been submitted to the European Commission for adoption, with a decision expected within three months.

The European Securities and Markets Authority (ESMA) has published a final report on technical advice to the European Commission on fees charged to Tier 1 Third-Country counterparties (CCP)s under Regulation (EU) No 648/2012 (EMIR). The final report provides ESMA’s updated technical advice to the European Commission on the revision of Delegated Regulation (EU) 2020/1302 (the Fees Delegated Regulation).