The European Securities and Markets Authority (ESMA) has published three consultation papers on aspects of the Central Securities Depositories Regulation (CSDR) Refit. The proposed rules relate to the information to be provided by EU CSDs to their national competent authorities (NCAs) for the review and evaluation, the information to be notified to ESMA by third-country CSDs, and the scope of settlement discipline. Responses are sought by 9 September 2024, with the finalised proposals expected to be submitted to the European Commission in Q1 2025. Other consultations about other aspects of the CSDR will follow in the coming months.

The European Securities and Markets Authority (ESMA) has published the translations in all official EU languages of its guidelines on fund names using environmental, social and governance (ESG) or sustainability-related terms, which aim to ensure that investors are protected against unsubstantiated or exaggerated sustainability claims. The guidelines will start applying three months after this publication, ie on 21 November 2024. The transitional period for funds existing before the application date will be six months after that date, ie 21 May 2025. Any new funds created on or after the application date should apply the guidelines immediately.

The European Securities and Markets Authority (ESMA) has published translations of two sets guidelines on the recovery and resolution of central counterparties (CCPS). Both sets of guidelines apply from two months after the date of publication on ESMA’s website in the official languages of the EU.

The European Securities and Markets Authority (ESMA) has published translations of its Guidelines on written arrangements and procedures for the functioning of resolution colleges, and its Guidelines on the types and content of the provisions of Co-operation Arrangements (Article 79 of Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/11321)—the CCPRRR. Both sets of guidelines apply from two months after the date of publication on ESMA’s website in the official languages of the EU.

The European Securities and Markets Authority (ESMA) has announced that, from October 2025, the volume cap mechanism (VCM) under the Markets in Financial Instruments Regulation (EU) 600/2014 (MiFIR) will transition from the current double volume cap mechanism (DVCM) to a single VCM following the MiFIR review. Under the new system, trading under the reference price waiver is expected to be limited to 7% of total EU trading volume over the previous 12 months for each equity and equity-like instrument. If this threshold is exceeded, trading venues will be required to suspend the use of the waiver for three months, based on data published by ESMA.

The European Securities and Markets Authority (ESMA) has published a manual on pre-trade and post-trade transparency under the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR). This manual replaces ESMA’s manual on post-trade transparency under MiFID II and MiFIR.

The European Securities and Markets Authority (ESMA) has published a manual on pre-trade and post-trade transparency under the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR). This manual replaces ESMA’s previous manual on post-trade transparency under MiFID II and MiFIR and incorporates the latest updates following the 2025 review of the Regulatory Technical Standards (RTS), including enhanced guidance on post-trade transparency reports, pre-trade transparency for equity instruments, and the input/output data requirements for Consolidated Tape Providers (CTPs).

The European Securities and Markets Authority (ESMA) has published an updated methodology for mandatory peer reviews in relation to CCPs’ authorisation and supervision under EU EMIR. This methodology replaces the version published on 5 January 2017 and reflects the changes to the regulatory framework for peer reviews introduced in December 2019 with EMIR 2.2 and the ESAs Review.

The European Securities and Markets Authority (ESMA) has published an updated guide detailing registration requirements across its expanding supervisory mandate. The guide, released on 14 August 2025, covers registration processes for credit rating agencies, trade repositories, benchmark administrators, data reporting services providers, external reviewers under EU Green Bond Regulation (EU) 2023/2631, and environment, social and governance (ESG) rating providers under ESG Rating Regulation (EU) 2024/3005. ESMA will begin accepting endorsement applications for benchmarks from 1 October 2025, ahead of assuming supervision of endorsed benchmarks on 1 January 2026. Technical standards for external reviewers are awaiting European Parliament and Council non-objection, while ESG rating provider standards are under development.

The European Securities and Markets Authority (ESMA) has published an updated opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments. It summarises ESMA’s considerations on which ESMA opinions on pre-trade transparency waivers issued under Articles 4(4) and 9(2) of Regulation (EU) 600/20142 (MiFIR) are based.

The European Securities and Markets Authority (ESMA) has published its final report assessing the transition of the securities settlement cycle in the European Union and proposes transitioning from the current T+2 (two business days after the trade date) to T+1 (one business day after the trade date) by October 2027. ESMA recommends amending the Central Securities Depositories Regulation (CSDR) to mandate T+1 for all transactions covered under Article 5(2), with the migration happening on 11 October 2027. It also recommends legal and regulatory changes, industry operationalisation, and a governance structure to facilitate the move to T+1.

The European Securities and Markets Authority (ESMA) has published its final report on the 2024 Common Supervisory Action (CSA) on environmental, social, and governance (ESG) disclosures under the Benchmarks Regulation (EU) 2016/1011 (BMR), conducted with national competent authorities (NCAs). The report offers clarifications on transparency expectations and recommends to the European Commission potential amendments to BMR Level Two measures to reduce regulatory burden, while also advising benchmark administrators on enhancing ESG information transparency and comparability. ESMA plans to continue collaborating with NCAs and the European Commission on follow-up actions and is ready to provide technical advice for future amendments to the BMR Level 2 measures related to ESG disclosures.