Regulatory News
ESMA: Q&As
ESMA has published new Q&As relating to the ESG Ratings Regulation, MiCAR and MiFIR.
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IAIS: Application papers on recovery and resolution
Further to its November 2025 consultation, IAIS has published two revised papers on recovery planning and resolution powers.
EIOPA: IRRD framework
EIOPA has published consultation papers relating to the implementation of the Insurance Recovery and Resolution Directive. Responses are required by 20 October 2026. Member states are expected to apply measures implementing the IRRD from 30 January 2027.
For more information
- https://www.eiopa.europa.eu/document/download/ccb5c06c-26c1-4b11-9222-70222daa598d_en?filename=EIOPA-BoS-26-268%20-%20Consultation%20paper%20on%20draft%20RTS%20on%20valuation%201%20and%202%20-%20IRRD.pdf
- https://www.eiopa.europa.eu/document/download/83907b69-d87a-4873-89f5-13b493d5f4b0_en?filename=EIOPA-BoS-26-267%20-%20Consultation%20Paper%20on%20draft%20RTS%20on%20valuation%203%20-%20IRRD.pdf
AMLA: Harmonised supervision under MLD6
AMLA has published its final report and draft RTS on pecuniary sanctions, administrative measures and periodic penalty payments under MLD6
ESMA: CASPs’ digital operational resilience for custody
ESMA has announced that it is launching a Common Supervisory Action on the digital operational resilience of Crypto-Asset Service Providers (CASPs), with a specific emphasis on custody services. National Competent Authorities will carry out the exercise on a risk-based sample of authorised CASPs. The exercise will run from H2 2026 to H1 2027. NCAs' findings will be consolidated into a final report, which will be submitted to ESMA in H2 2027.
ESRB: Systemic cyber risks stemming from frontier AI models
ESRB has issued a warning on systemic cyber risks stemming from frontier AI models (FAIMs). The warning follows the ESRB General Board’s assessment of systemic cyber risk, which was classified as “severe” in June, up from “elevated” in March. ESRB has also published a report on addressing FAIMs with cyber capabilities from a financial stability perspective, which provides further analysis of the risks identified. ESAs have published a press release supporting the ESRB’s warning.
For more information
- https://www.esrb.europa.eu/pub/pdf/warnings/esrb.warning260625_on_systemic_cyber_risks_stemming_from_frontier_ai_models~ef424708cf.en.pdf
- https://www.esrb.europa.eu/pub/pdf/reports/esrb.report202607_AImodelscybercapabilites.en.pdf
- https://www.eba.europa.eu/publications-and-media/press-releases/esas-support-esrb-warning-systemic-cyber-risks-frontier-ai-models
ESMA: Triangular Passporting
ESMA has published a supervisory briefing which sets out its supervisory expectations and provides practical guidance for firms and National Competent Authorities in relation to Triangular Passporting under MiFID II.
EC: CSDR Delegated Regulations
The European Commission has adopted the following, which supplement the CSDR: (i) Delegated Regulation (C(2026) 4640 final) amending Commission Delegated Regulation (EU) 2018/1229, with regard to regulatory technical standards (RTS) on settlement discipline; and (ii) Delegated Regulation (C(2026) 4642 final) amending the RTS in Delegated Regulation (EU) 2017/392 as regards the information a CSD provides to its competent authority for the review and evaluation process in Article 22(1) of the CSDR. The Delegated Regulations will enter into force 20 days after publication in the Official Journal of the European Union. The RTS on settlement discipline will largely apply from 7 December 2026. The RTS on the review and evaluation process will apply one year after it enters into force.
ESMA: Binary options
ESMA has published a public statement which reminds firms of their obligation to assess whether newly offered products fall within the scope of existing product intervention measures on binary options. ESMA’s statement responds to the growing popularity of event contracts.
BIS: Speech by Andréa M Maechler: What makes money, money? Ensuring trust in the next-generation financial ecosystem
Text of this speech of 24 June 2026 has now been published. Andréa M Maechler considers the roles of stablecoins and tokenisation in the payments landscape.
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