ESMA publishes latest edition of its newsletter

Your one-stop shop in the world of EU financial markets, in its September and October edition, highlights ESMA’s 2026 Work Programme. Next year’s work will focus on delivering on core policy and supervisory mandates while contributing to ambitious reforms for more integrated, accessible, and innovative EU capital markets.

The ESAs have published their fourth annual report on voluntary disclosures of principal adverse impacts (PAIs) under the SFDR, noting continued progress in transparency at both entity and product levels. The report includes practical recommendations to enhance disclosure quality and regulatory oversight.

In parallel, ESMA’s second consolidated report on sanctions and measures imposed across Member States in 2024 reveals over 970 actions, with fines exceeding €100 million. The data highlights enforcement trends and discrepancies, contributing to greater transparency and supervisory convergence across the EU.

Amid heightened global uncertainty and trade tensions, EU securities markets experienced notable volatility in the first half of 2025. ESMA’s second risk monitoring report of the year provides a detailed update on structural developments and the performance of key financial market sectors during this period.

Other key publications:

• Key reforms to settlement discipline, supporting the transition to T+1
• 2025 European Common Enforcement Priorities and results of fact-finding on materiality considerations in sustainability reporting
• Technical standards on CCP authorisations, extensions and validations
• EU Supervisory Authorities warn consumers of risks and limited protection for certain crypto-assets and providers
• Consultation on CCP participation requirements

The newsletter also features an overview of upcoming events. For updates, follow us on LinkedIn and X.