ESMA clarifies access to third-country CSD services beyond January 2027
ESMA has published a statement clarifying that EU market participants should not be prevented from accessing third-country CSD services after 17 January 2027, until the EU finalises legislation extending the current transitional regime. The extension is proposed under the Market Integration and Supervision Package (MISP), which is still under negotiation, and ESMA understands both the Council and the European Parliament support it.
Related updates
ESMA finalises revised MAR guidelines on delaying disclosure of inside information
ESMA has published the final report updating and streamlining its Market Abuse Regulation guidelines on the delay in disclosure of inside information. Following a public consultation, the regulator adds five new legitimate interests that may justify a delay and removes the interests linked to protracted processes, reflecting the amended MAR framework applicable since June 2026. The revised guidelines apply from the date of their publication on ESMA's website in all 24 official EU languages.
16 Oct 2026
ESMA's third Sanctions Report highlights need for greater enforcement convergence
ESMA has published its third consolidated report on sanctions and measures imposed across the EEA in 2025. National authorities imposed more than 950 administrative sanctions and measures, with aggregated fines of almost €82 million, while enforcement activity remained concentrated in a small number of jurisdictions. ESMA identifies significant divergences in sanctioning practice and announces further convergence work, including case discussions among national supervisors.
15 Oct 2026
ESMA updates MiFID II transparency manual with OTC derivatives and tick-size guidance
ESMA has updated its MiFID II/MiFIR post-trade transparency manual with guidance on identifying OTC derivatives subject to transparency requirements and on the tick-size regime. The update also clarifies how identifying reference data for OTC derivatives should be provided for transparency and consolidated tape purposes, and incorporates published Q&As and recommendations on tick-size application. The OTC reference data guidance is a draft until RTS 2 and the CTP input/output RTS enter into force.
15 Oct 2026