Regulatory News
EBA/EIOPA/ESMA: Toward a consistent and risk-based approach for ICT risks from frontier AI models
The ESAs have published a statement which calls for a cross-sectoral, risk-based and consistent supervisory approach to mitigate the ICT risks stemming from frontier AI models. It underlines that financial entities should have robust governance and risk management frameworks in place to support the effective management and mitigation of cyber risks associated with frontier AI models and provides updates on ongoing and planned DORA oversight activities for critical ICT third-party providers to address the risks.
ECB: Geopolitical risk reverse stress test of euro area banks
ECB has published the results of the 2026 SSM thematic stress test, including areas where further improvements are needed. Amongst other matters, ECB is concerned that some management actions specified for the geopolitical risk scenario were “overly optimistic” and will follow up with the banks concerned.
EC: ESG Ratings Regulation – Delegated Regulations
The following have been published in the Official Journal: (i) Commission Delegated Regulation (EU) 2026/904 of 24 April 2026 supplementing the ESG Ratings Regulation with regard to rules of procedure on fines and periodic penalty payments imposed to ESG rating providers by ESMA; and (ii) Commission Delegated Regulation (EU) 2026/910 of 24 April 2026 supplementing the ESG Ratings Regulation with regard to fees charged by ESMA to ESG rating providers.
EIOPA: IORP Risk Dashboard
EIOPA has published its July 2026 Risk Dashboard for IORPs.
EC: ESG Ratings Regulation – Delegated Regulations
The following have been published in the Official Journal: (i) Commission Delegated Regulation (EU) 2026/871 of 21 April 2026 supplementing the ESG Ratings Regulation with regard to regulatory technical standards specifying the elements of ESG rating products to be disclosed to the public and to users of ESG ratings, rated items and issuers of rated items, and (ii) Commission Delegated Regulation (EU) 2026/872 of 21 April 2026 supplementing the ESG Ratings Regulation with regard to regulatory technical standards specifying the measures and safeguards to be implemented by ESG rating providers to separate their ESG rating activities from their other activities.
EC: CRD Implementing Regulation
The following has been published in the Official Journal: Commission Implementing Regulation (EU) 2026/1757 of 20 July 2026 laying down implementing technical standards for the application of CRD with regard to third country branches reporting.
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EBA: Reporting and disclosure framework
EBA is consulting on a draft technical package for version 4.4 of its reporting and disclosure framework, covering IFRS 18 reporting, Pillar 3 ESG disclosures and other technical amendments. Responses are required by 24 August 2026.
EC: CRR Delegated Regulation
The following has been published in the Official Journal: Commission Delegated Regulation (EU) 2026/849 of 16 April 2026 supplementing CRR with regard to regulatory technical standards specifying what constitutes an equivalent legal mechanism that ensures that a residential property under construction is completed within a reasonable time frame.
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FATF: Targeted report on regulatory challenges from decentralised finance
The report highlights that effective implementation of the FATF Standards in the context of DeFi requires a functional and risk-based approach. It sets out a number of recommendations intended to assist jurisdictions regulate and supervise DeFi arrangements.
EC: MiFID Delegated Regulation
The following has been published in the Official Journal: Commission Delegated Regulation (EU) 2026/825 of 14 April 2026 supplementing MiFID with regard to regulatory technical standards specifying the criteria to be taken into account in establishing and assessing the effectiveness of order execution policies of investment firms and repealing Commission Delegated Regulations (EU) 2017/575 and (EU) 2017/576.
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