The European Securities and Markets Authority (ESMA) has selected Ediphy (fairCT) as the first consolidated tape provider (CTP) for bonds in the EU. Over the last six-months, ESMA assessed applications against the criteria list in MiFIR and Ediphy (fairCT) was selected for meeting all requirements and obtaining the highest overall score. ESMA’s executive director, Natasha Cazenave, described the decision as a decisive step towards establishing consolidated tapes in the EU, enhancing transparency within fixed income markets and contributing to the Savings and Investment Union. ESMA is now inviting Ediphy (fairCT) to apply for authorisation, after which it will operate as the CTP for bonds for a period of five years under ESMA’s direct supervision.

The European Securities and Markets Authority (ESMA) has published an opinion sent to the European Commission with proposed amendments to the European long-term investment fund (ELTIF) regulatory technical standards (RTS). ESMA suggests that there should be a limited number of changes to find the right balance between protecting retail investors and contributing to the capital market union objectives. The Commission may adopt the RTS with the amendments it considers relevant or reject it.

The European Securities and Markets Authority (ESMA) has published an overview of planned consultation papers for 2026, covering EMIR 3, the CSDR Review, investor protection, the Listing Act and AIFMD/UCITS.

The European Securities and Markets Authority (ESMA) has published its final report on ‘Supervisory Expectations for the Management Body’, which aims to provide a consistent reference point for all supervised entities regarding governance arrangements. ESMA says it will consider the supervisory expectations in Annex III for the purpose of its supervision three months after publication of the final report.

The European Securities and Markets Authority (ESMA) has published an assessment study of the suitable data formats and transmission protocols for the purpose of consolidated tape providers (CTPs) and other reporting regimes. It includes the outcome of the preliminary assessment study conducted in the context of the MiFIR review, which aims at relaunching the setup of CTPs.

The European Securities and Markets Authority (ESMA) has submitted its final draft regulatory and implementing technical standards to the European Commission for adoption under the European Green Bonds Regulation (Regulation (EU) 2023/2631), which came into application on 21 December 2024. The package, which comprises five regulatory technical standards (RTS) and one implementing technical standard (ITS), sets out detailed requirements for external reviewers of European Green Bonds. These standards cover key aspects of external reviewer operations, including the criteria for assessing systems, resources, and procedures; requirements for the compliance function; standards for internal processes and ICT risk management; criteria to ensure the quality and reliability of information used in reviews; standardised procedures for non-EU external reviewers seeking recognition; and processes for notifying ESMA of material changes to registration information.

The European Securities and Markets Authority (ESMA) has updated its Q&As on the Alternative Investment Fund Managers Directive (AIFMD) and the Markets in Crypto-Assets Regulation (MiCA).

The European Securities and Markets Authority (ESMA) has updated its Q&As on the Alternative Investment Fund Managers Directive (AIFMD), the Markets in Crypto-Assets Regulation (MiCAR), the Markets in Financial Instruments Directive II (MiFID II) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITS).

The European Securities and Markets Authority (ESMA) has updated its Q&As on the Credit Rating Agencies Regulation (CRAR), the European Market Infrastructure Regulation (EMIR), the Regulation on Markets in Crypto-Assets (MiCA), and the Markets in Financial Instruments Regulation (MiFIR).

The European Securities and Markets Authority (ESMA) has published updated questions and answers (Q&As) on the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA) and the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS). The impacted MiCA Q&As are: (1) ‘Staking on own account’ and (2) ‘Pre-funding clients’ orders with clients’ cryptoassets’. The impacted UCITS Directive Q&A is ‘Performance fees for feeder funds’.

The European Securities and Markets Authority (ESMA) has published updated questions and answers (Q&As) on regulatory implementation relating to the Prospectus Regulation (EU) 2017/1129, the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA) and the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS). The Prospectus Regulation Q&A impacted is ‘Historical financial information’. The impacted MiCA Q&As are: (1) ‘Custody agreements in the exercise of rights attached to cryptoassets’; (2) ‘Commingling clients’ crypto-assets with crypto-assets from other entities of the group when acting as custodian’; and (3) ‘Shared order book model’. The impacted UCITS Directive Q&A is ‘Updates of notification letters for the cross-border marketing of UCITS’.

The European Securities and Markets Authority (ESMA) has published updated Q&As concerning Regulation (EU) 1286/2014 (the PRIIPs Regulation) and its Delegated Acts (the PRIIPs Delegated Regulation), in particular the PRIIPs Key Information Document.  The updates, made on 5 May 2025, were made to chapter III (B) (MRM class determination), chapter VI (Performance Scenarios (Articles 3 and 8 and Annexes IV and V of the PRIIPs Regulation)) chapter XIII (E) (Calculation of the summary cost indicators (Annex VI, Part 2 of the PRIIPs Regulation)).