Crypto & Digital Assets regulatory updates from European Union.
We track 23 Crypto & Digital Assets updates from European Union regulators, published by ESMA, ECB and EBA. The archive covers 7 guidance notes, 5 reports and 4 news items. Most recent update: October 2026. Coverage runs from 2025 to 2026.
New Q&As available 16 October 2026 CCP Digital Finance and Innovation The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published the following question and answer: Crypto-Asset Service Provider (CASP) Use by CASPs of payment accounts provided by non-bank payment service…
AI Analysis
ESMA published five Q&As on 16 October 2026 covering MiCA client-funds safeguarding, ECSPR fee-based crowdfunding models and EMIR 3’s active account requirement (AAR). The update is principally interpretive, but it materially affects CASP safeguarding structures, crowdfunding platforms marketed as “investment clubs” and counterparties calculating the EUR 6 billion and 85% AAR tests.
Key dates
2026-10-16
ESMA published Q&As 2949, 2950, 2936, 2937 and 2938.
2025-06-25
The EMIR 3 active account regime began applying to counterparties already within scope after the six-month implementation period.
Suggested considerations
CASPs should consider mapping each client-funds flow against MiCA Article 70(2) and (3), documenting the end-of-next-business-day transfer control and verifying that any intermediary-held credit-institution account is specifically held for the CASP and technically segregated.
CASPs and their payment-service-provider partners may wish to review contractual terms, account mandates, insolvency protections, reconciliation processes and evidence demonstrating clients’ ownership rights and prohibition of proprietary use.
Crowdfunding providers using registration, membership or access fees should consider documenting why their model does or does not constitute a crowdfunding service under Regulation (EU) 2020/1503 and reviewing website disclosures, fee descriptions, client communications and investor-protection controls.
AAR counterparties should recalculate the 12-month aggregate month-end average gross notional position, including the applicable group perimeter and excluding client-clearing activity, against the EUR 6 billion and EUR 100 billion thresholds.
AAR counterparties relying on the 85% exemption should consider testing the one-half rule across the relevant derivative classes, retaining the underlying EU-CCP clearing data and avoiding any assumption that the exemption removes the representativeness requirement.
Affected counterparties should review trade-level residual-maturity data, bucket allocation, annual-average trade counts and reporting calendars so that representative clearing can be demonstrated at the applicable reporting date.
Compliance teams may wish to update policies, procedures, management information and regulatory inventories to distinguish ESMA Q&A interpretive expectations from directly binding Level 1 and Level 2 requirements.
What changed
For CASPs, ESMA clarifies that client funds may be temporarily held in an account with a non-bank payment service provider, such as a payment institution or electronic money institution, provided the funds are transferred to an account with a credit institution or central bank no later than the end of the business day following receipt.
Compliance impact
The publication does not create a new standalone authorisation or reporting regime, but it narrows interpretive uncertainty in areas where deficient controls could expose firms to MiCA safeguarding, ECSPR conduct or EMIR supervisory findings. The most consequential points are the restriction of the 85% AAR exemption, the EUR 6 billion trigger for representativeness obligations and the requirement for CASPs to evidence legally and operationally effective segregation and safeguarding arrangements.
The European Banking Authority (EBA) has classified USDC, issued by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) under the Markets in Crypto Assets Regulation (MiCA), following its assessment of the criteria set out in the Regulation. There are currently 45 EMTs in the European Union…
AI Analysis
The EBA has classified Circle Internet Financial Europe SAS’s USDC as the European Union’s first significant e-money token (EMT) under Regulation (EU) 2023/1114 (MiCA). From 2026-11-12, prudential supervision of USDC will be shared between the EBA and France’s ACPR, increasing supervisory scrutiny of own funds, reserves, liquidity, and recovery and redemption arrangements while ACPR retains responsibility for governance and other organisational matters.
Key dates
2026-10-14
The EBA announced that USDC issued by Circle Internet Financial Europe SAS had been classified as a significant EMT under MiCA.
2026-11-12 Deadline
Dual supervision of USDC begins: the EBA assumes direct responsibility for own funds, reserve of assets, liquidity requirements, and recovery and redemption plans, while the ACPR retains specified governance and organisational responsibilities.
Suggested considerations
Circle and its regulatory counsel should map existing own-funds, reserve-of-assets, liquidity, recovery, and redemption controls to the EBA’s supervisory expectations and establish clear evidence and reporting channels before 2026-11-12.
Circle should confirm the allocation of responsibilities between the EBA and ACPR, including supervisory contacts, escalation procedures, information requests, and documentation ownership for prudential and organisational matters.
Crypto-asset service providers should reassess their USDC due diligence, product governance, liquidity, redemption, custody, safeguarding, and operational-risk controls in light of the significant-EMT designation.
Firms using USDC should identify exposures in client assets, settlement, treasury, collateral, and payment flows and assess whether updated counterparty, liquidity, concentration, and business-continuity assessments are appropriate.
Compliance teams should monitor EBA and ACPR communications, supervisory-college activity, and any subsequent guidance or requests concerning significant EMT reporting and recovery or redemption planning.
Firms operating across the EU and United States should review information-sharing, incident-notification, and cross-border supervisory arrangements, noting the EBA’s memorandum of understanding with the New York State Department of Financial Services.
What changed
USDC will be subject to the MiCA framework for significant EMTs from 2026-11-12. The EBA will assume direct supervisory responsibility for own-funds requirements, the reserve of assets, liquidity requirements, and recovery and redemption plans; the ACPR will continue supervising governance, qualifying holdings, fit and proper assessments, outsourcing, and conflicts of interest. Under MiCA Articles 56 and 43(1), an EMT is classified as significant where at least three significance criteria are met during the applicable reporting periods.
Compliance impact
The immediate legal effect is concentrated on Circle as the issuer, but the designation is an important supervisory precedent for the 45 EMTs notified under MiCA and signals that large or systemically connected stablecoins may attract EU-level prudential oversight. Firms distributing or materially using USDC may face heightened scrutiny of liquidity, redemption, safeguarding, operational resilience, and counterparty-risk arrangements, although the publication does not introduce a new obligation for every USDC user.
ESMA seeks evidence on the use of tokenised collateral in central clearing 09 October 2026 CCP Press Releases The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today launched a Call for Evidence on the potential use of tokenised collateral by central…
AI Analysis
ESMA launched a Call for Evidence on 9 October 2026 examining whether EU central counterparties can safely accept and manage tokenised collateral, including digital twins, natively issued distributed-ledger assets and hybrid arrangements. The publication does not change collateral eligibility rules or impose immediate obligations, but it signals that ESMA is testing whether the existing EMIR framework can accommodate tokenised collateral while preserving legal enforceability, liquidity, segregation, settlement finality and default-management protections.
Key dates
2026-10-09
ESMA launched the Call for Evidence on the use of tokenised collateral by EU CCPs.
2027-01-15 Deadline
Deadline for stakeholders to submit responses to ESMA's Call for Evidence.
2027-03-31
ESMA is expected to assess the feedback during the first quarter of 2027; the source does not specify an exact day.
Suggested considerations
CCPs, clearing members and relevant infrastructure providers should consider whether to submit evidence through ESMA's consultation webpage by 15 January 2027, including practical data on existing pilots, live arrangements, legal structures and stress scenarios.
Compliance and legal teams may wish to map each proposed tokenisation model against the collateral requirements in Article 46 of Regulation (EU) No 648/2012 and Commission Delegated Regulation (EU) No 153/2013, including quality, liquidity, credit and market-risk, custody and operational-availability criteria.
Firms developing tokenised collateral arrangements should consider documenting whether the token gives the holder ownership of, a security interest in, or another enforceable right to the underlying asset, and how that right would operate across insolvency, default and cross-border situations.
CCPs and clearing members may wish to test whether tokenised collateral can be accessed, transferred, valued, liquidated or converted into central-bank money or other liquidity within required default-management timelines, including during distributed-ledger outages, congestion, cyber incidents and loss of connectivity to traditional infrastructures.
Firms should consider assessing client-asset segregation, title-transfer, custody, insolvency-remoteness and settlement-finality arrangements where distributed-ledger systems interact with traditional custodians, central securities depositories or payment systems.
Risk and compliance functions may wish to reassess whether tokenisation changes the risk profile of otherwise eligible collateral, including redemption, transfer restrictions, oracle dependence, smart-contract risk, operational resilience, concentration risk and liquidity-discount assumptions.
Industry respondents may wish to provide ESMA with evidence on interactions between tokenised collateral and tokenised cash, stablecoins, tokenised deposits and other settlement assets, rather than assuming that liquidity in the underlying asset automatically carries over to its tokenised form.
Firms should monitor ESMA's first-quarter 2027 assessment and any subsequent amendments to EMIR technical standards, supervisory convergence measures or supervisory expectations; no immediate change to existing collateral controls should be inferred from the Call for Evidence.
What changed
ESMA has opened a consultation and requested stakeholder evidence by 15 January 2027. It is examining the full collateral lifecycle, including transfer, custody, protection, segregation, access, valuation, settlement and conversion into liquidity during market stress or following a clearing-member default. The Call for Evidence covers tokenised representations of assets held in traditional infrastructures, assets issued directly on distributed-ledger technology, hybrid models, and interactions with tokenised cash and other settlement assets.
Compliance impact
The immediate compliance impact is low because the publication is evidential and introduces no binding obligations or changes to eligible collateral rules. Its supervisory significance is nevertheless material for CCPs and clearing participants: ESMA is signalling that tokenised collateral will need to demonstrate equivalent or stronger legal enforceability, liquidity, operational availability, segregation and default-management performance, with market commentary highlighting particular concerns about rapid liquidation, ownership rights and interoperability with traditional settlement...
ESMA sets out supervisory expectations on services related to unauthorised stablecoins 08 October 2026 Digital Finance and Innovation The European Securities and Markets Authority (ESMA), the EU regulator and supervisor, has published an opinion clarifying supervisory expectations of crypto-asset services involving…
AI Analysis
ESMA published an opinion on 8 October 2026 stating that MiCA-authorised crypto-asset service providers should cease providing EU clients with services relating to asset-referenced tokens and e-money tokens that do not comply with MiCA. The opinion signals a broad, supervisory-enforced wind-down: firms should prevent new or increased client exposure and remediate remaining exposures as soon as possible, and no later than 8 January 2027.
Key dates
2026-10-08
ESMA published its opinion on the provision of crypto-asset services in relation to non-MiCA-compliant asset-referenced tokens and e-money tokens.
2027-01-08 Deadline
Latest date by which National Competent Authorities should require remediation of remaining pre-existing exposures, calculated as three months after publication; firms may be required to act earlier.
Suggested considerations
Firms should inventory every ART and EMT made available to EU clients and classify whether each token satisfies the applicable MiCA requirements, including any relevant authorisation, notification, offer, and admission-to-trading conditions.
Compliance teams may wish to map each affected token across trading, exchange, execution, placing, order-routing, advice, transfer, custody, and portfolio-management workflows, including bundled or indirect services.
Firms should consider suspending onboarding, purchases, subscriptions, trading, swaps, staking-related access where relevant, and other activities that could allow EU clients to acquire or increase exposure to a non-MiCA-compliant token.
Technology and operations teams should assess geolocation, account, wallet, order-management, token-listing, transfer, and API controls, with testing and monitoring designed to prevent EU-client access or increased exposure.
Legal and product teams should review client terms, token-listing policies, disclosures, contractual restrictions, and arrangements with issuers, liquidity providers, exchanges, and other intermediaries.
Firms should identify pre-existing client exposures and prepare a documented wind-down or remediation plan capable of completion by 2027-01-08, subject to any earlier NCA requirement.
Firms may wish to define narrowly controlled exit-only services for liquidation, conversion, withdrawal, transfer, and safekeeping, with time limits, risk controls, client communications, records, and escalation to the relevant NCA.
Governance functions should document the interpretation of the ESMA opinion, approvals for affected product changes, control ownership, exceptions, surveillance, management information, and evidence available for supervisory review.
What changed
The opinion covers the full range of MiCA crypto-asset services, including operating trading platforms, exchanging crypto-assets for funds or other crypto-assets, executing orders, placing crypto-assets, reception and transmission of orders, investment advice, transfers, custody and administration, and portfolio management. ESMA expects National Competent Authorities to supervise so that CASPs do not maintain, introduce, or facilitate EU-client access to non-MiCA-compliant ARTs or EMTs.
Compliance impact
The impact is high for MiCA-authorised CASPs because the expectation applies across the service lifecycle and requires controls preventing both continued availability and increased client exposure, not only new issuance or admission to trading. Non-compliance may lead to supervisory intervention, mandated wind-down or remediation, restrictions on services, and heightened scrutiny of governance, systems, client communications, and outsourcing arrangements.
ESMA calls for changes to make MiCA clearer, safer and ready for emerging services 30 September 2026 Digital Finance and Innovation Investor protection The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has responded to the European Commission’s public…
Why this matters
This is a formal ESMA policy statement proposing substantive amendments to MiCA covering investor protection (marketing rules, cost transparency, staking/lending disclosure), supervisory powers (fraud detection, third-country enforcement, stablecoin compliance), DeFi classification, and tokenised securities...
The European Banking Authority (EBA) published today its Work Programme outlining the key areas of focus and deliverables for 2027. The Programme also marks the first step towards a broader medium-term strategy to position the EBA as a next-generation regulator, a body developing supervision at new frontiers, and a…
Why this matters
This is an informational announcement of the EBA's annual work programme, not a binding rule or consultation. However, it carries strategic significance as it outlines the regulator's enforcement and supervisory focus areas for 2027, including completion of the 2024 banking package, DORA implementation, MiCA...
ESMA sets 2027 priorities for stronger, simpler and more integrated EU capital markets 28 September 2026 About ESMA Press Releases Simplification and Burden Reduction The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its annual Work Programme…
Why this matters
This is an informational policy statement and work programme announcement from ESMA Chair. While it signals important regulatory directions (MISP implementation, T+1 settlement, ESG rating provider supervision, crypto-asset oversight, AI/data capabilities, tokenisation), it does not impose immediate binding...
The European Banking Authority (EBA) today published its response to the European Commission’s targeted consultation on the review of the Regulation on Markets in Crypto-assets (MiCA). While MiCA has established a comprehensive regulatory framework for crypto-asset activities in the European Union, the crypto sector…
Why this matters
This is a formal EBA response to the European Commission's targeted consultation on MiCA review, published 24 September 2026. It identifies concrete regulatory priorities including strengthening multi-issuer stablecoin schemes, clarifying crypto-asset classification scope, regulating crypto-asset lending and DeFi...
This is a substantive policy speech by a senior ECB official addressing digital innovation's impact on bank business models and financial stability. It signals supervisory priorities (data aggregation remediation, AI governance, cyber resilience, quantum-resistant cryptography, outsourcing dependencies) and describes...
Ongoing geopolitical and economic vulnerabilities masked by strong investor optimism 10 September 2026 Press Releases Risk monitoring The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today its second risk monitoring report of 2026 , setting out the…
Why this matters
This is ESMA's H1 2026 financial stability report identifying key market vulnerabilities and structural developments. It contains noteworthy regulatory signals on valuation risks, infrastructure resilience, cyber/AI operational risks, and crypto-financial system linkages affecting multiple firm types across capital...
ESMA publishes latest edition of its newsletter 31 July 2026 ESMA newsletter The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today the latest edition of its Spotlight on Markets newsletter, covering key activities and publications from June and…
Why this matters
ESMA newsletter covering multiple regulatory updates including MiCA transitional period wind-down for crypto providers, T+1 settlement preparations, transaction reporting simplification, DORA ICT incident reporting, and consolidated tape provider authorizations.
New Q&As available 10 July 2026 Digital Finance and Innovation Sustainable finance Trading The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published the following question and answer: EU ESG Ratings Regulation (ESGRR) Consulting activities to investors or undertakings…
AI Analysis
Key dates
10 July 2026
- ESMA publishes the new Q&As on ESGRR, MiCA, and MiFIR secondary market topics
Suggested considerations
Review ESG ratings policies to ensure consulting, notification, issuer feedback, and factual error review procedures align with ESMA’s latest ESGRR Q&As.
Update internal case-handling workflows so notifications are screened for the designated contact issue and the two-working-day notification period is calculated consistently.
Document how your firm distinguishes internal-use ESG ratings or in-house financial services from externally provided ESG ratings activity.
Reassess whether any second-party opinion business can rely on the ESGRR exemption and record the legal basis for that conclusion.
Re-map MiCA permissions for custody, administration, transfer, and lending services to confirm the firm is not performing activities outside its authorisation scope.
What changed
- ESMA added a Q&A clarifying consulting activities to investors or undertakings under the EU ESG Ratings Regulation (ESGRR), which is relevant where a ratings provider’s advisory services may...
ESMA added Q&As on the application and scope of the two working day notification period under ESGRR, indicating that firms must apply the notification clock consistently and in line with ESMA’s...
ESMA clarified access to the dataset for factual error review under ESGRR, which affects how rated entities or issuers can review underlying data used in ESG ratings processes.
ESMA added a Q&A on notifications without a designated contact under ESGRR, which is relevant for governance and outreach workflows when a notification lacks an identified recipient.
ESMA clarified the obligation to consider issuer feedback under ESGRR, reinforcing that issuer comments cannot be ignored and must be handled through a documented review process.
Compliance impact
Non-compliance risk is high because these Q&As affect how firms interpret regulatory scope, notification timing, and operational controls across sustainability, crypto, and market structure regimes. Firms that ignore the guidance may face supervisory challenge, remediation costs, and potential findings that their current procedures, permissions, or disclosures are misaligned with ESMA’s expectations.
ESMA launches Common Supervisory Action on CASPs’ digital operational resilience for custody 08 July 2026 Digital Finance and Innovation The European Securities and Markets Authority (ESMA), the EU regulator and supervisor, is launching a Common Supervisory Action (CSA) focusing on the digital operational resilience…
Why this matters
ESMA's Common Supervisory Action targets CASPs' digital operational resilience frameworks for custody activities, focusing on DLT-specific risks. This is informational guidance on a supervisory exercise running 2026-2027, not an urgent regulatory change.
ESMA 2025 Annual Report: focus on stronger supervision, regulatory simplification, and innovation 17 June 2026 About ESMA Board of Supervisors Management Board Press Releases The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its Annual Report…
Why this matters
ESMA's annual report highlights 2025 regulatory achievements across multiple domains: MiCA and crypto-asset implementation, consolidated tape providers under MiFIR, T+1 settlement, DORA digital resilience, ESG/Green Bond regulations, and supervisory reporting simplification.
New Q&As available 28 May 2026 Digital Finance and Innovation Market Abuse Sustainable finance The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published the following question and answer: EU ESG Ratings Regulation (ESGRR) Defined ranking system (2853) Transitional…
AI Analysis
ESMA has released new Q&As clarifying several operational aspects of the EU ESG Ratings Regulation (ESGRR), the Market Abuse Regulation (MAR) delegated audit requirements, and an exemption from MiCA white paper obligations for certain crypto-asset offerings. These Q&As materially affect how ESG rating providers structure their methodologies and registrations, how firms plan and evidence MAR compliance audits, and when MiCA white papers are required, and therefore should immediately be integrated into internal compliance frameworks.
Key dates
03 January 2025
– ESG Ratings Regulation (ESGRR) enters into force, starting the formal legislative timeline and triggering preparatory obligations for future ESG rating providers
02 July 2026
– ESGRR applies and the main substantive requirements become effective; from this date entities have one month to notify ESMA of their intention to apply for authorisation or registration as ESG rating providers
Suggested considerations
Map all existing and planned ESG rating products against ESMA’s clarified concept of a “defined ranking system” and update methodologies, scales, and disclosures to ensure they meet ESGRR and Q&A expectations.
For ESG rating providers operating before 02 July 2026, develop and execute a documented transitional compliance plan that aligns governance, methodologies, data controls and transparency with ESGRR, ensuring timely notification to ESMA within one month from 02 July 2026.
For entities intending to launch ESG rating activities after ESGRR entry into force, prepare and submit complete authorisation or registration files to ESMA before commencing rating activity, incorporating the Q&A guidance on initial registration requirements.
Establish or enhance a formal process to identify, assess and record “material changes to registration information” for ESG rating providers, and implement controls to ensure ESMA is notified within required timelines before or immediately after such changes, as specified in the Q&A.
Review and update MAR compliance frameworks, with particular focus on market soundings procedures, to incorporate ESMA’s expectations on the scope, independence, and documentation of the annually conducted audit required under Commission Delegated Regulation (EU) 2016/957.
What changed
- ESMA clarifies what constitutes a “defined ranking system” under the EU ESG Ratings Regulation (ESGRR), including when rating scales, score bands or league tables will be regarded as a ranking...
ESMA sets out transitional provisions for existing ESG rating providers active before ESGRR application, detailing conditions and timelines under which they may continue operating while completing...
ESMA explains how ESG rating providers established after the ESGRR date of entry into force must comply, including the need to obtain authorisation/registration before commencing activity in the EU...
ESMA defines what qualifies as “material changes to registration information” for ESG rating providers under ESGRR, indicating the types of changes (e.g.
Under MAR and Commission Delegated Regulation (EU) 2016/957, ESMA clarifies expectations regarding the annually conducted audit of market soundings arrangements, including scope, independence of the...
Compliance impact
Non-compliance with ESGRR, MAR and MiCA as interpreted in ESMA’s Q&As may lead to authorisation refusals or withdrawals, administrative fines, product restrictions, and heightened supervisory scrutiny. Given the enforcement nature of ESG ratings supervision and MAR/MiCA regimes, firms face significant conduct, reputational and business model risks if they fail to align promptly with this guidance.
EU financial markets enter 2026 amid high-risk environment 11 March 2026 Press Releases Risk monitoring The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today its first risk monitoring report of 2026 , outlining the key risks and vulnerabilities in EU…
Why this matters
The regulatory update discusses significant market volatility, cyber and hybrid threats, and operational risks in the EU financial markets, particularly impacting securities, crypto-assets, and financial infrastructures.
New Q&As available 27 February 2026 CCP Digital Finance and Innovation Financial reporting Issuer disclosure Transparency The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published or updated the following Questions and Answers: European crowdfunding service providers…
AI Analysis
ESMA has published or updated multiple Q&As covering European crowdfunding, MiCA for crypto-asset service providers (CASPs), EMIR for central counterparties (CCPs), and Transparency Directive requirements on financial reporting and alternative performance measures (APMs). These updates provide clarifications on operational, reporting, and disclosure obligations, enhancing supervisory convergence and compliance certainty amid evolving EU regulations like MiCA and IFRS 18. Compliance professionals must prioritize these to avoid enforcement risks, particularly with upcoming effective dates in 2027.
Key dates
27 February 2026
- Publication date of new/updated Q&As on crowdfunding, MiCA, EMIR, and Transparency Directive
1 January 2027
- Effective date for new Q&A on IFRS 18 & APMs interaction (2775) and updates to APM-related Q&As (1868, 1874, 1875, 1877)
31 December 2027 Deadline
- Deadline for trading platform operators under MiCA to ensure compliant white papers for legacy tokens (related context from prior MiCA Q&As)
Suggested considerations
Review and update policies: CASPs must align withdrawal processes (Art. 75), overhead calculations, client fund interest handling, fiat payout mechanisms, offer/placing distinctions, and trading platform compliance with Title II.
Crowdfunding firms: Assess and document use of nominee structures per Q&A 2601.
CCPs/counterparties: Implement AAR reporting for thresholds, representativeness (with subcategory identification and trade reporting examples), and stress testing; reference ESMA's supervisory briefing for compliance models.
Issuers/reporters: Revise APM disclosures for IFRS 18 compatibility, ensuring prominence, clear definitions, and consistent presentation inside/outside statements effective 1 January 2027.
General: Integrate Q&As into compliance training, internal audits, and NCA reporting; monitor ESMA's Questions and Answers section for full texts.
What changed
- Crowdfunding: New Q&A (2601) on use of fiduciary (nominee) structures in equity crowdfunding, clarifying permissible structures for service providers.
MiCA (CASPs): Updates include clarification on withdrawal requirements under Article 75 (2320); fixed overheads calculation (2349); interests from client funds at credit institutions (2486); fiat...
EMIR (CCPs): New Q&As on AAR threshold calculation (2418, 2779), AAR representativeness obligation (2776, 2777), and AAR stress testing (2778), building on ESMA's supervisory briefing for...
Transparency Directive: New Q&A (2775, effective 1 January 2027) on IFRS 18 and APMs interaction; updated Q&As (effective 1 January 2027) on measures in/outside financial statements (1868), interim...
Compliance impact
Urgency: High - These Q&As address supervisory priorities in high-risk areas like crypto (MiCA) and CCP resilience (EMIR), with imminent 2027 deadlines for reporting changes aligning to IFRS 18. Non-compliance risks fines, authorization delays, or supervisory actions, especially as ESMA emphasizes convergence (e.g., AAR briefing). Firms in crypto/digital assets face heightened scrutiny amid MiCA rollout, while reporters must adapt quickly to avoid disclosure breaches.
ESMA reminds firms of their obligations under CFD product intervention measures amid rising offerings of perpetual futures 24 February 2026 Investor protection The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued a statement reminding firms of their…
Why this matters
The regulatory update from ESMA focuses on the increased offering of perpetual futures and similar derivatives, often linked to crypto-assets, which are likely to fall under the existing CFD product intervention measures.
ESMA publishes latest edition of its newsletter 13 February 2026 ESMA newsletter The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today its latest edition of the Spotlight on Markets Newsletter. This edition opens with ESMA’s Digital and Data…
Why this matters
This regulatory update from ESMA covers several key areas including data and digital strategies, post-trade transparency for OTC derivatives, cooperation with other regulators, and various publications on ESG and risk-based supervision.
This regulatory update discusses the establishment of the European Anti-Money Laundering Authority (AMLA) and its impact on banking supervision, particularly in relation to money laundering and terrorist financing risks.
This speech covers the ECB's approach to digital transformation and innovation in the banking sector, with a focus on the opportunities and risks of technologies like AI and tokenization.
ESMA’s Digital and Data strategies support supervision of EU financial markets 13 January 2026 About ESMA Market data Press Releases The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has adopted a new Digital Strategy and updated its Data Strategy . They reflect…
Why this matters
This regulatory update from ESMA focuses on the adoption of new digital and data strategies to support the supervision of EU financial markets. It covers topics related to technology, data reporting, and operational resilience, which are relevant across various financial sectors including capital markets, crypto...
This regulatory update is relevant for banks, fintechs, and crypto exchanges as it provides guidance on implementing the TIBER-EU framework for digital operational resilience, which is a key requirement under the DORA regulation.