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 consults on disclosure requirements and updates guidelines and Q&As under the Prospectus Regulation 09 September 2026 Guidelines and Technical standards Prospectus Simplification and Burden Reduction The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has…
Why this matters
This is a multi-part regulatory package including a formal consultation (deadline 9 November 2026), final guidelines on product supplements, and final RTS on prospectus financial information submitted for Commission adoption.
ESMA consults on reporting framework for clearing activity at recognised third-country CCPs 18 August 2026 CCP Simplification and Burden Reduction The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has launched a consultation on a proposed annual reporting…
AI Analysis
ESMA launched a consultation on draft Regulatory Technical Standards and Implementing Technical Standards for the annual EMIR Article 7d reporting of clearing activity conducted through recognised third-country CCPs. The proposal would give EU competent authorities and ESMA a harmonised view of firms’ exposures, including cleared volumes, margins, default-fund contributions and largest payment obligations, while reusing data already available through existing reporting channels.
Key dates
2026-08-18
ESMA launched the consultation on draft EMIR RTS and ITS for annual reporting of clearing activity at recognised third-country CCPs.
2026-10-12 Deadline
Deadline for stakeholders to provide feedback on the reporting framework, templates and format.
Suggested considerations
Compliance teams may wish to submit comments on the proposed framework, templates and reporting format by 2026-10-12.
Firms should consider identifying every recognised third-country CCP used by their EU entities and distinguishing direct clearing-member activity from client clearing activity.
Reporting owners may wish to map the proposed Article 7d data points to existing EMIR Article 9 transaction reporting, margin, collateral, default-fund and treasury or payments data to determine what can be reused and what new data controls are needed.
Groups should consider determining whether reporting will be performed by each EU entity or by the EU parent undertaking on a consolidated basis.
Firms may wish to assess data availability by asset class and Union currency, calculation methodologies for annual average cleared values, and controls for margins, default-fund contributions and largest payment obligations.
Technology and regulatory-reporting teams should consider designing provisional data lineage, reconciliation and governance processes, while treating implementation dates and final fields as subject to the final RTS and ITS.
Firms should monitor ESMA’s Final Report and the subsequent adoption, endorsement and publication of the technical standards before treating the proposed reporting model as a final operative obligation.
What changed
This is a consultation rather than a final binding rule. ESMA proposes the reporting framework, templates and format required under EMIR 3 Article 7d for clearing members and clients that clear transactions through recognised third-country CCPs. Firms established in the EU and not part of an EU-consolidated-supervision group would report to their competent authority; where the firm belongs to such a group, the EU parent undertaking would report on a consolidated basis.
Compliance impact
The proposal would create a new harmonised annual reporting obligation under EMIR 3 Article 7d for relevant EU clearing members and clients, with possible consolidated reporting by EU parent undertakings. The immediate impact is preparatory because the consultation does not itself impose a final submission deadline; however, the data scope identified in related market commentary indicates potentially material work across clearing, risk, collateral, default-fund and payments systems.
EBA, EIOPA and ESMA propose amendments to bilateral margin requirements 03 August 2026 Joint Committee Trading The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a final report on draft Regulatory Technical Standards (RTS), proposing to simplify the bilateral margin requirements of…
AI Analysis
The ESAs have issued a Final Report and draft RTS proposing targeted amendments to Delegated Regulation (EU) 2016/2251 so that counterparties below the EUR 8 billion initial margin threshold under EMIR are fully exempt from exchanging initial margin, both on new and existing uncleared OTC derivatives. This materially simplifies bilateral margining for smaller in-scope counterparties, reduces operational and custodial burdens, and aligns the EU regime with similar reforms already implemented in other jurisdictions (e.g. UK EMIR). Compliance teams must prepare now for the transition from a “legacy-only” margining obligation to a complete exemption once the EUR 8 billion AANA threshold is no longer met.
Key dates
03 August 2026
- ESAs publish the Final Report and draft RTS proposing amendments to Delegated Regulation (EU) 2016/2251 to simplify bilateral margin requirements for counterparties below the EUR 8 billion initial margin threshold
TBD (European Commission adoption)
- The European Commission reviews and, if satisfied, endorses the draft RTS amending the EMIR bilateral margin Delegated Regulation; exact date to be set by the Commission’s internal process
TBD (European Parliament and Council scrutiny)
- Following Commission endorsement, the RTS are subject to scrutiny by the European Parliament and the Council under the standard RTS procedure before publication in the Official Journal
TBD (Entry into force – OJ publication + 20 days)
- The amended RTS enter into force on the date specified in the Official Journal (typically 20 days after publication), from which firms can legally apply the new exemption regime
TBD (Three years after entry into force) Deadline
- By the date three years after entry into force, the ESAs must complete a review of the application and impact of the exemption from initial margin requirements in Article 28(1), potentially informing further changes
Suggested considerations
Map all EMIR in-scope entities within the group and identify those whose AANA of non-centrally cleared OTC derivatives is close to or below the EUR 8 billion threshold, to assess which relationships may benefit from the expanded exemption.
Review current collateral and margin frameworks to identify legacy contracts where initial margin is still being exchanged solely because the regime requires continuation despite the counterparty having fallen below the EUR 8 billion threshold.
Prepare an internal policy update so that, once the RTS enter into force, initial margin requirements are switched off for counterparties below the EUR 8 billion threshold on both new and existing uncleared OTC derivatives, subject to group risk appetite.
Update EMIR margin procedures and AANA calculation processes to ensure accurate annual determination of whether each counterparty is above or below the EUR 8 billion threshold, including documentation of the March–May calculation methodology.
Review and amend collateral agreements, credit support annexes (CSAs) and associated legal documentation to incorporate the revised treatment for below-threshold counterparties, including terms for stopping margin exchange and potentially releasing segregated collateral.
What changed
- Counterparties whose average aggregate notional amount (AANA) of non-centrally cleared OTC derivatives falls below the EUR 8 billion threshold will no longer be required to exchange initial margin...
The current framework, under which below-threshold counterparties are exempt from initial margin for new trades but must continue to exchange initial margin for pre-existing “legacy” contracts, will...
Article 28(1) of Delegated Regulation (EU) 2016/2251 will be amended to explicitly extend the exemption from initial margin requirements to outstanding contracts where one of the two counterparties...
The RTS introduce a clearer operational framework for entry into and exit from the initial margin regime based on the annual AANA calculation for March–May, including scenarios where one or both...
Once a counterparty falls below the EUR 8 billion threshold under the revised rules, firms will be permitted to terminate related initial margin processes, including ceasing ongoing calculation,...
Compliance impact
The amendments reduce the risk of technical non-compliance for below-threshold counterparties by simplifying obligations, but firms that fail to correctly apply the new threshold-based exemption (e.g. continuing or ceasing margin exchanges incorrectly) may face supervisory findings, remediation demands and potential sanctions under EMIR. Non-compliance could also create contractual disputes and counterparty risk misalignment if margin treatment is inconsistent across jurisdictions or relationships.
ESMA consults on simplifying EU Taxonomy disclosure framework 01 July 2026 Sustainable finance The European Securities and Markets Authority (ESMA), the EU financial markets regulator and supervisor, has launched a consultation on technical advice to the European Commission (EC) on selected KPIs under the Taxonomy…
Why this matters
ESMA consultation on simplifying EU Taxonomy disclosure framework for non-financial undertakings and asset managers. Focuses on reducing reporting complexity while maintaining investor relevance. Consultation period runs until August 2026 with final advice due October 2026.
ESMA consults on revised guidelines to support smoother allocations and confirmations under T+1 26 May 2026 Post Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation on the updated guidelines on standardised procedures and…
AI Analysis
ESMA has launched a consultation on **revised ESMA Guidelines on standardised procedures and messaging protocols for allocations and confirmations**, aligning them with the forthcoming CSDR Settlement Discipline RTS amendments and the EU’s move to **T+1 settlement by 11 October 2027**. The draft guidelines harden expectations around **mandatory electronic, standardised, machine‑readable communication** for post‑trade processes and remove reliance on manual or non‑machine‑readable methods, significantly tightening operational requirements for EU trading, post‑trade and operations functions.
Key dates
07 July 2026 Deadline
– Deadline stated by ESMA for stakeholders to submit consultation feedback on the revised guidelines
October 2026
– ESMA expects to publish its final report, including updated and finalised guidelines on standardised procedures and messaging protocols
07 December 2026
– Expected application date of the revised ESMA Guidelines on allocations and confirmations, aligned with the anticipated application of the amended CSDR RTS on Settlement Discipline requirements for allocations and confirmations
11 October 2027 Deadline
– EU transition date to a T+1 settlement cycle, when trades in in‑scope instruments must settle one business day after the trade date and firms must fully operate under the new T+1‑aligned post‑trade framework
Suggested considerations
Map all current allocation and confirmation workflows and identify any use of non‑electronic, non‑standardised or non‑machine‑readable communication (including email attachments, faxes, PDFs, and oral instructions).
Develop and execute a remediation plan to replace manual or oral allocation and confirmation processes with fully electronic, machine‑readable workflows using recognised international messaging standards.
Review and update front‑to‑back trade processing systems (OMS, EMS, middle‑office, back‑office, matching engines) to ensure they can generate, receive and process standardised electronic allocation and confirmation messages within same‑day T+1‑compatible timelines.
Engage with CSDs, custodians, brokers, counterparties and third‑party vendors to confirm their roadmap and readiness for the mandated electronic standards and to align implementation timelines to the 7 December 2026 application date.
Update contractual documentation with clients and counterparties (including terms of business and service level agreements) to incorporate obligations for electronic, standardised, machine‑readable allocations and confirmations and to remove reliance on manual methods except as contingency.
What changed
- ESMA proposes revised Guidelines on standardised procedures and messaging protocols for allocations and confirmations under CSDR Settlement Discipline, specifically to support the transition to a...
The guidelines will mandate the use of electronic, standardised communication channels for post‑trade allocations and confirmations, moving away from mixed paper / manual practice to fully electronic...
Firms will be required to use international messaging standards (e.g. ISO‑based protocols) for post‑trade communication, to ensure interoperability and faster straight‑through processing across EU...
The guidelines remove references to non‑electronic and non‑machine‑readable methods, including oral allocations and confirmations, except where there is a temporary technical disruption that prevents...
The revisions are explicitly aligned with ESMA’s Final Report on Amendments to the CSDR RTS on Settlement Discipline, which introduce same‑day timing for allocations and machine‑readable formats for...
Compliance impact
The change is high impact for operational and conduct compliance: failure to implement mandatory electronic, standardised post‑trade communication and to meet compressed T+1 timelines will directly increase settlement fails, trigger CSDR Settlement Discipline measures and may expose firms to supervisory findings, sanctions and client detriment. Given the hard deadlines and dependency on technology and counterparties, non‑compliance risks crystallising as both regulatory breaches and material operational risk.
ESMA consults on a new simplified approach to updating MMF stress test parameters 05 May 2026 Fund Management Simplification and Burden Reduction The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today launched a consultation on a new approach to updating…
ESMA launches a call for evidence on the structure of European equity markets 30 April 2026 Trading The European Securities and Markets Authority (ESMA) has published a call for evidence (CfE) presenting a data driven analysis of the evolution of trading in European equity markets between 2022 and 2025, based on MiFIR…
ESMA consults on guidelines on endorsement under the ESG Ratings Regulation 29 April 2026 Credit Rating Agencies The European Securities and Markets Authority (ESMA) has launched a public consultation on draft guidelines on endorsement under the ESG Ratings Regulation 1 . The consultation paper sets out ESMA’s…
ESMA launches a call for evidence on restricted subscription and private credit ratings 16 April 2026 Credit Rating Agencies The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched a call for evidence to gather stakeholder views on the purposes, market…
AI Analysis
ESMA has launched a call for evidence on restricted subscription and private credit ratings to gather stakeholder input on their market practices, uses, risks, and potential regulatory gaps under the CRA Regulation. This matters because rising use of these non-public ratings could prompt future clarifications or adjustments to ensure consistent standards with public ratings, impacting credit rating agencies (CRAs) and users reliant on them for regulatory or investment purposes.
Key dates
Q2 2026
- ESMA reviews responses to assess potential regulatory adjustments under CRA Regulation
31 May 2026 Deadline
- Deadline for submitting evidence-based responses, including quantitative data and market examples, via ESMA's online consultation form in docx format
Suggested considerations
Review the full Call for Evidence document and annexes for specific questions on restricted subscription (Annex I) and private credit ratings (Annex II).
Prepare and submit evidence-based responses addressing key areas: use cases/benefits vs. public ratings, contracting/distribution parties, analytical/governance comparability, transparency impacts, risks/mitigations, and multi-CRA practices.
Provide quantitative data, concrete examples, and rationale; indicate specific questions and alternatives considered.
Submit online by 31 May 2026 using the docx reply form; note responses may be published unless confidentiality requested.
What changed
There are no immediate regulatory changes; this is a fact-finding call for evidence to assess whether adjustments to the CRA Regulation are needed. ESMA seeks views on definitions (e.g., restricted subscription ratings as selectively distributed to limited subscribers with economic interest; private ratings excluded from CRA scope if not distributed to >150 persons), production processes, governance comparability to public ratings, distribution risks, and market needs. Potential future outcomes include enhanced clarity on CRA Regulation application, but none are confirmed yet.
Compliance impact
Urgency: Medium - This is not mandatory rulemaking but a critical opportunity to influence potential CRA Regulation clarifications amid growing private rating use, which could standardize governance/internal controls or expand scope. Firms using or issuing these ratings should engage to mitigate risks of future unaddressed practices leading to enforcement or restrictions; inaction may expose gaps if ESMA identifies inconsistencies with public rating standards.
ESMA consults on post-trade risk reduction services under EMIR 3 26 February 2026 Post Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation on the requirements for how post-trade risk reduction (PTRR) services can benefit from…
AI Analysis
ESMA has launched a consultation on draft Regulatory Technical Standards (RTS) that establish requirements for **post-trade risk reduction (PTRR) services** to qualify for a conditioned exemption from the mandatory clearing obligation under EMIR 3. This framework is critical because it balances market efficiency gains from risk reduction tools against systemic risk concerns, requiring compliance professionals to understand new operational, transparency, and monitoring requirements before the standards take effect.
Key dates
26 February 2026
- ESMA launches consultation
Q2 2026
- ESMA considers feedback received and prepares final report
20 April 2026 Deadline
- Deadline for stakeholder feedback submissions
Q4 2026
- Draft RTS submitted to the European Commission
Suggested considerations
*For PTRR Service Providers:
*Assess current operations against proposed RTS requirements, particularly regarding market risk neutrality and risk reduction thresholds
*Review algorithm safeguards and execution protocols to ensure compliance with transparency and non-discrimination standards
*Establish record-keeping systems capable of documenting PTRR exercises and demonstrating exemption qualification
*Prepare monitoring capabilities to support NCA oversight and supervisory reporting
What changed
The draft RTS introduce a structured framework governing how PTRR services operate under the clearing obligation exemption: Eligible Service Types The standards focus on three primary PTRR service...
Market risk neutrality in PTRR exercises—transactions must not alter the overall market risk profile of portfolios
Required risk reduction in submitted portfolios—genuine risk mitigation rather than speculative activity
Compliance with pre-agreed rules and reasonable, transparent, non-discriminatory conduct Operational & Governance Framework The RTS establish requirements across multiple dimensions:
Transparency towards participants in PTRR exercises
The EBA and ESMA consult on revised suitability assessment requirements for banks and investment firms 25 February 2026 Investor protection The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today launched a consultation on the revised joint guidelines on the assessment of…
AI Analysis
The EBA and ESMA have launched a consultation on revised joint guidelines updating suitability assessments for management body members and key function holders in banks and investment firms, incorporating new requirements from the revised CRD and MiFID II to enhance harmonization and supervisory convergence. This matters for compliance professionals as it introduces mandatory assessments for additional roles, strengthens AML/CFT links, and includes simplifications to reduce burdens, potentially impacting governance processes once finalized and replacing the 2021 guidelines.
Key dates
15 April 2026, 14:00
15:30; - Public hearing on joint guidelines
15 April 2026, 15:30
16:30; - Public hearing on EBA RTS
25 May 2026 Deadline
- Deadline for submitting comments on joint guidelines and EBA RTS
Post
25 May 2026; - EBA publishes all contributions (unless requested otherwise)
TBD (post
consultation); - Revised guidelines enter into force, repealing 2021 guidelines
Suggested considerations
Assess current suitability processes against new requirements (e.g., ex-ante applications, AML/CFT checks, third-country branch specs) and prepare for mandatory assessments of additional roles like CFOs.
For large institutions, evaluate EBA RTS on documentation and align internal templates (e.g., suitability questionnaires, CVs).
Participate in public hearings on 15 April 2026 if relevant.
Plan governance updates, including ongoing monitoring of collective/individual suitability and corrective measures.
What changed
- Incorporation of revised CRD requirements for large institutions, including ex-ante applications where authorities perform ex-post assessments, and mandatory suitability assessments for key roles...
Expanded application to CRD-covered entities and MiFID II investment firms, with further specifications for third-country branches.
Strengthened integration with AML/CFT framework, providing guidance on identifying reasonable grounds to suspect money laundering or terrorist financing risks during assessments.
Introduction of targeted simplifications to streamline processes, reduce administrative burdens, and offer greater flexibility/clarity for institutions and supervisors.
Parallel EBA consultation on RTS specifying standardized documentation (e.g., suitability questionnaires, CVs, internal assessments) for large institutions to ensure consistent submissions.
Compliance impact
Urgency: High - As a consultation launched today (25 February 2026), firms have ~3 months to engage, but final guidelines will repeal existing ones, mandating process updates for core governance/AML functions in banks and investment firms; delays risk non-compliance with harmonized EU standards, especially for large institutions facing RTS on documentation. Matters due to expanded scope (e.g., CFOs, third-country branches) and AML ties, amplifying fit-and-proper regime enforcement amid supervisory convergence push.
ESMA consults on guarantees as CCP collateral and on certain aspects of CCP investment policy 23 February 2026 CCP The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a public consultation following the review of the European Market Infrastructure…
AI Analysis
ESMA has launched a public consultation under EMIR 3 to gather stakeholder input on conditions for CCPs accepting public guarantees, public bank guarantees, and commercial bank guarantees as collateral, eligibility of debt instruments for CCP investment policies, and secured arrangements for emission allowances as margins or default fund contributions. This matters because it permanently broadens eligible collateral types and extends access to NFC clients, enhancing EU CCP efficiency, competitiveness, and accessibility amid liquidity pressures in energy and other markets.
Key dates
End of 2026
- ESMA to submit final draft technical standards to the European Commission following final report preparation
30 April 2026 Deadline
- Consultation response deadline; submit online via ESMA portal, addressing specific questions with rationale
Suggested considerations
Review and Respond to Consultation: CCPs, clearing members, NFCs, and clients should analyze the paper, prepare responses to Annex 1 questions by 30 April 2026, and submit online; indicate confidentiality if needed.
Assess Internal Policies: CCPs must evaluate current collateral, investment, and emission allowance frameworks against proposed conditions; clearing members/NFCs should model impacts on liquidity and margin posting.
Monitor Developments: Track ESMA's final report and RTS submission; prepare for potential supervisory expectations on guarantee acceptance and debt instrument eligibility post-2026.
Engage with Industry: Join associations like EACH for coordinated feedback on risk-based approaches and proportionality.
What changed
- Permanent expansion of eligible CCP collateral to include public guarantees, public bank guarantees, and commercial bank guarantees, with specified conditions for acceptance.
Criteria for deeming debt instruments as eligible financial instruments under CCP investment policies.
Requirements for highly secured arrangements to deposit emission allowances as margins or default fund contributions. These build on EMIR 3's measures to broaden collateral scope and entity coverage,...
Compliance impact
Urgency: High - Firms face a tight 2-month window (from 23 February 2026) to influence final RTS, with implementation likely in 2027+ affecting core clearing operations; delays risk non-compliance with broadened collateral rules amid ongoing liquidity strains, especially for NFCs in volatile markets like energy.
ESMA seeks input to streamline and simplify its market abuse guidelines 19 February 2026 Market Abuse Market Integrity The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation proposing amendments to its Market Abuse Regulation (MAR)…
AI Analysis
ESMA has launched a consultation on amending its Market Abuse Regulation (MAR) guidelines on delaying disclosure of inside information, aligning them with changes introduced by the Listing Act to reduce issuer burdens and clarify requirements. This matters because it simplifies compliance for issuers by removing outdated delay justifications and adding new ones, effective from June 2026, potentially lowering administrative costs while maintaining market integrity.
Key dates
19 February 2026
Consultation launch date
29 April 2026 Deadline
Consultation response deadline; (10-week period)
5 June 2026 Deadline
Entry into application of amended MAR disclosure regime; (issuers no longer required to immediately disclose protracted process inside information)
Q4 2026
ESMA final report and updated guidelines publication
Suggested considerations
Respond to consultation: Submit feedback via ESMA's online .docx form by 29 April 2026, focusing on proposed amendments, additional legitimate interests, and interactions with prudential supervision (Annex IV of Consultation Paper).
Review and update policies: Assess current inside information disclosure procedures against proposed changes, particularly removing protracted process delays and incorporating new legitimate interests; prepare for non-contradiction with latest public announcements.
Train staff: Update compliance training on MAR delay conditions ahead of June 2026, ensuring alignment with Listing Act changes.
Monitor updates: Track ESMA's Q4 2026 final report for binding guidelines and adjust insider lists, PDMR notifications, and disclosure workflows accordingly.
What changed
- Alignment with Listing Act: Guidelines will reflect MAR amendments, removing the requirement for immediate disclosure of inside information on protracted processes before completion (effective June...
New legitimate interests for delay: Adds scenarios such as public authority requests for non-disclosure, issuer need for more time to collect information, or involvement in multiple similar...
Elimination of "no misleading the public" condition: Removes Guideline 2 entirely, as the Listing Act deleted this from MAR; replaces with requirement that delayed disclosure must not contradict the...
Overall simplification: Reduces administrative burdens for issuers while providing clearer, non-exhaustive lists of delay situations.
Compliance impact
Urgency: Medium. This is a consultation on simplifications that reduce burdens rather than impose new obligations, with changes not effective until June 2026—giving firms over four months post-consultation to adapt. It matters for issuers to engage now for influence and early policy alignment, avoiding future misalignment penalties under MAR, but lacks immediate enforcement risk.