The European Securities and Markets Authority (ESMA) has published updated questions and answers (Q&As) on the European Market Infrastructure Regulation (EMIR) and the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114) (MiCA). The impacted EMIR Q&A is ‘Notification of Errors and Omissions related to exchange-traded derivatives involving multiple Entities Responsible for Reporting (‘ERRs’) managed by the same Management Company/AIFM’. The impacted MiCA Q&As are: (1) ‘How to distinguish between different execution services’ and (2) ‘Offerors and CASPs’ responsibilities with regards to white papers for Title II tokens admitted to trading prior to 30 December 2024’.

The Electricity System Operator (ESO) has proposed extending the upcoming long-term connection reforms and applying the ‘first ready, first connected’ approach to the whole queue. The queue for connections has grown rapidly and exceeds the anticipated capacity needs for 2050. The retrospective application of this approach, known within the industry as ‘TMO4’, aims to enable faster connections for viable projects by raising entry requirements and removing stalled projects. Under this reformed approach, projects will progress through gates, with those meeting criteria at ‘Gate 2’ obtaining a connection date. The proposal requires changes to industry codes and licenses, with ESO seeking urgent modification approvals. If approved, the reformed process could be in place by January 2025.

The Electricity System Operator (ESO) has published the Beyond 2030: Celtic Sea report, comprising the ESO’s recommended network design to connect up to 4.5 gigawatts of floating offshore wind renewable energy capacity in the Celtic Sea. The design proposes three connections into South Wales and South West England, providing sufficient green power for over four million homes. This design signifies the first time that a network design has been assessed pre-tender. These proposals are an enabler of the Crown Estate’s Celtic Sea Floating Offshore Wind Leasing Round 5. The Crown Estate has now issued an Invitation to Tender for pre-qualified bidders to bid for the opportunity to develop in the three areas of seabed identified by Estate for this round of leasing.

The Electricity System Operator (ESO) has published an investment plan for Britain’s energy system which proposes a £58bn investment in the electricity grid to meet the growing and decarbonising demand for electricity by 2035. The proposal aims to connect 21GW of offshore wind, increasing the current offshore wind to 86GW, making Britain a global leader in offshore wind and floating offshore windfarms. The ESO’s plan has the capacity to generate 20,000 jobs annually, and includes the development of a new North to South electrical spine to transport the offshore energy generated.

The Electricity System Operator (ESO) has published, in response to a request for advice from the Secretary of State for Energy Security and Net Zero, Ed Miliband, a letter regarding the development of a decarbonised power system by 2030. The ESO has confirmed that it is ‘well positioned to take on this ambitious plan’, especially given the ESO’s transition in Autumn 2024 to become the National Energy System Operator. In this letter, the ESO has explained how this plan will be developed, how it will interact with other energy system reforms, and what the next steps to take are. The ESO has confirmed that it will be carrying out two stakeholder forums in Autumn 2024 to gather insight and expertise from the industry.

The Electricity System Operator (ESO) is seeking views on several Connection and Use of System Code and System Operator Transmission Owner Code modification proposals, which will impact connections stakeholders.

Early Site Permit: Appears to be part of the US regulatory environment leading to the grant of a full licence'>Site Licence.

Équipements Sous Pression Nucléaires (French industry term for “Nuclear Pressure Equipment”). Derived from the European Directive 97/23/CE, ESPN regulations are used principally to size the nuclear vessel and steam generators under French law.

The European Systemic Risk Board (ESRB) has written to the European Parliament, the European Commission and the Council of the EU with reference to the ongoing legislative process regarding certain reporting requirements in the fields of financial services and investment support and to the recent European Parliament and Council’s first readings of the related proposal. The ESRB says it needs to be granted ex ante access to granular data collected by the three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) as part of structured, regular supervisory reporting.

The European Systemic Risk Board (ESRB) has published a report analysing credit default swaps (CDS) markets, identifying significant market imperfections and proposing four policy measures to address systemic risks. The report finds that about 80% of single-name CDSs on EU global systemically important banks and 75% on EU sovereign debt are not centrally cleared and therefore not subject to Markets in Regulation (EU) No 600/2014 (Financial Instruments Regulation (MiFIR)) public disclosure requirements. The ESRB proposes enhancing post-trade transparency for single-name CDSs on EU entities regardless of clearing status, strengthening supervisory data quality and international cooperation, promoting market efficiency, and reducing excessive reliance on CDS spreads for credit risk assessment. The report notes that more than a decade after Regulation (EU) No 648/2012 (European Market Infrastructure Regulation (EMIR)) reporting requirements were introduced, substantial data quality shortcomings persist, limiting authorities' ability to monitor systemic risks effectively.

The European Systemic Risk Board (ESRB) has published the 2025 edition of its EU Non-bank Financial Intermediation (NBFI) Risk Monitor. The report provides an overview of cyclical and structural vulnerabilities in the non-bank financial sector, with a focus on leverage, liquidity mismatches and interconnectedness. These vulnerabilities are observed across undertakings for collective investment in transferable securities (UCITS), hedge funds, real estate investment funds (REIFs), other financial institutions (OFIs) and cryptoasset markets. The ESRB notes that, in 2024, total assets of investment funds and OFIs increased to €50.7trn, exceeding the size of the banking sector. The report warns that ongoing macroeconomic challenges and heightened market volatility could amplify cyclical risks to the stability of the EU financial system due to structural vulnerabilities in NBFI.

The European Systemic Risk Board (ESRB) has published a Summary Compliance report on the ESRB’s Recommendation of 25 May 2020 on liquidity risks arising from margin calls (ESRB/2020/6)—Recommendations A, B(2), B(3), B(4) and C. The Recommendation of 25 May 2020 (published in the Official Journal in July 2020) was aimed at addressing the liquidity risks potentially arising from margin calls (the Recommendation).