ESMA sets new supervisory priority on digital innovation from 2027
ESMA will launch a new Union Strategic Supervisory Priority (USSP) on digital innovation starting in 2027, with an initial focus on how supervised entities use artificial intelligence and tokenisation. The new priority will run alongside the existing USSP on cyber and operational resilience, while the USSP on ESG disclosures launched in 2023 is being concluded.
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ESMA flags market vulnerabilities masked by investor optimism
ESMA published its second Trends, Risks and Vulnerabilities (TRV) report of 2026, finding EU financial markets resilient but with stretched technology valuations and heightened geopolitical tensions. The regulator warns of a disconnect between deteriorating macro-financial conditions and upbeat market valuations, increasing the risk of sudden corrections. It also highlights risks in private credit, crypto-asset interconnectedness, cyber risks from frontier AI, and retail investor behaviour on digital platforms.
10 Sep 2026
ESMA consults on Prospectus Regulation disclosure guidelines and publishes Listing Act package
ESMA has published a package of measures under the Prospectus Regulation to reflect the Listing Act changes, including a consultation paper on updated disclosure guidelines, revised Q&As, and two final reports on product supplement guidelines and RTS for key financial information in prospectus summaries. Stakeholders can respond to the consultation until 9 November 2026, with final guidelines expected in Q2 2027.
09 Sep 2026
ESMA Consults on Reporting Framework for Third-Country CCP Clearing Activity
ESMA has launched a consultation on new annual reporting requirements for clearing activity at recognised third-country central counterparties (CCPs) under EMIR. The proposed technical standards aim to improve supervisory visibility of EU firms' exposures while minimising burden by reusing existing data. Stakeholders are invited to respond by 12 October 2026.
18 Aug 2026