The European Securities and Markets Authority (ESMA) has published the results of the annual transparency calculations for equity and equity-like instruments. These calculations, which will be effective from 7 April 2025, include the liquidity assessment, determination of the most relevant market in terms of liquidity, average daily turnover, average value of transactions, and the average daily number of transactions relevant for the tick-size regime. The transparency requirements will apply from 7 April 2025—5 April 2026, with the next annual calculations becoming applicable from 6 April 2027.

The European Securities and Markets Authority (ESMA) has published a risk analysis article examining the systemic importance of cyber risk in EU financial markets, with a focus on measurement and stress simulation. It highlights the growing frequency and sophistication of cyber incidents and the challenges they pose for financial stability, particularly in terms of risk assessment and monitoring. The article introduces conceptual frameworks to understand how individual cyber events can become systemic, focusing on exposures, shock propagation and impact. Drawing on data from the Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (SFTR), it also underscores the role of the Digital Operational Resilience Act (DORA), which establishes a harmonised framework for digital operational resilience and a reporting regime for major information and communication technology (ICT) incidents by EU financial institutions.

The European Securities and Markets Authority (ESMA) has published its second risk monitoring report of 2025, detailing the key risk drivers currently affecting EU financial markets amid heightened geopolitical uncertainties. The report highlights significant volatility in equities, bonds, and crypto asset markets—exacerbated by escalating trade conflicts, ongoing cyber and hybrid threats, and marked by pronounced fluctuations.  EU equity markets recorded a year-to-date performance of +11%, while crypto-asset markets maintain near-peak volumes at €3trn, notwithstanding a 10% drop in the first half of 2025. ESMA has identified high to very high risks across markets, citing potential operational disruptions, service outages, and liquidity strains, following Moody’s May 2025 downgrade of the US credit rating to Aa1.

The European Securities and Markets Authority (ESMA) has published its second statement on the transitional application of revised MiFID II and MiFIR provisions. The statement aims at providing practical guidance to markets participants on the application of the provisions of the MiFID II amended by the MiFID II review in relation to commodity derivatives and derivatives on emission allowances and to the new regime applicable to Systematic Internalisers (SI regime); the ‘single’ volume cap mechanism (VCM) in MiFIR as amended by the MiFIR review; and the application of the revised transparency rules for bonds, structured finance products, emission allowances, and equity instruments introduced by the MiFIR review.

The European Securities and Markets Authority (ESMA) has published a public statement confirming that the ICE Swap Rate and the LBMA Gold Price have been identified as significant benchmarks under Regulation (EU) 2016/1011 (the EU Benchmark Regulation (BMR)).

The European Securities and Markets Authority (ESMA) has issued a statement to support the smooth implementation of the changes introduced by the Listing Act to the Prospectus Regulation by providing guidance about the legal requirements for prospectuses in view of the anticipated delay in the application of the Delegated Act amending Commission Delegated Regulation (EU) 2019/980 as regards the standardised format and sequence and the streamlined content, scrutiny and approval of the prospectus, which the European Commission has now adopted.

The European Securities and Markets Authority (ESMA) has published a public statement on supervising sustainability reporting under the European Sustainability Reporting Standards (ESRS). Against the backdrop of uncertainty arising from the first ESRS application, uneven transposition of the Corporate Sustainability Reporting Directive (CSRD) and the Omnibus legislative proposals, and resulting questions about the approach to supervising sustainability reporting by national competent authorities (NCAs), the statement reaffirms NCAs’ and ESMA’s ongoing commitment to promoting transparent sustainability reporting. This includes efforts to mitigate greenwashing risks while also ensuring that measures applicable to issuers are proportionate.

The European Securities and Markets Authority (ESMA) has published a survey on legal identifiers to gather evidence on the impacts of including alternatives for reporting or record keeping requirements. Responses are due by 12 November 2024.

The European Securities and Markets Authority (ESMA) has published its technical advice to the European Commission to facilitate the effective implementation of Directive (EU) 2024/2811 (the Listing Act), by advising on the delegated acts to be adopted and amended concerning the Market Abuse Regulation (EU) 596/2014 (EU MAR) and the Markets in Financial Instruments Directive 2014/65/EU (MiFID II). Regarding EU MAR, the advice identifies critical moments for public disclosure during protracted processes, clarifies the circumstances in which delayed disclosure is not permitted, and proposes a methodology under the Cross-Market Order Book Mechanism (CMOB) to pinpoint trading venues with significant cross-border activity. With respect to MiFID II, it examines the criteria for registering multilateral trading facilities and their segments as small and medium-sized enterprise (SME) growth markets.

The European Securities and Markets Authority (ESMA) has issued technical advice to the European Commission on amending the research provisions in the MiFID II Delegated Directive, to reflect changes made by the Listing Act, including a new payments option and conditions under which research payments are not considered inducements. This advice aims to guide the implementation of changes to accommodate new payment regimes for research and execution services, promoting harmonisation and supporting research on companies/issuers.

The European Securities and Markets Authority (ESMA) has published its final report on technical advice to the European Commission on the review of the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (Directive 2009/65/EC). A central element of the technical advice is the application of a look-through approach as a fundamental criterion for determining the eligibility of asset classes for at least 90% of the UCITS portfolio. The advice proposes to permit indirect exposures to alternative assets up to 10% (subject to regulatory safeguards on liquidity and valuation) with a view to improving risk diversification and generating returns from uncorrelated asset classes.

The European Securities and Markets Authority (ESMA) has published a set of technical standards on different aspects of Regulation (EU) 2023/2845 (EU Central Securities Depositories Regulation (CSDR) Refit). These standards, detailed in three reports, address the information exchange between European Central Securities Depositories (CSDs) and their national competent authorities (NCAs), criteria for assessing the importance of CSDs in host Member States, and notifications from third-country CSDs. The three reports have been submitted to the European Commission for adoption.