On 6 October 2025, the European Commission (Commission) announced that it will not be adopting certain level 2 measures until after 1 October 2027.  The level 2 measures are set out in an annex to a letter that the Commission has sent to the European Supervisory Authorities. Where empowerments have legal deadlines, the Commission will propose to amend or repeal them during the upcoming revisions of the relevant Level 1 acts. The Commission is taking this action so that it may deliver EU policies more effectively and efficiently, as outlined in its Communication on Implementation and Simplification.

By way of background, during the previous legislative term (2019 – 2024), the Commission recevied 430 different mandates for level 2 measures (such as Regulatory Technical Standards (RTS) as well as Implementing Technical Standards (ITS)) under different financial services-related pieces of legislation. The Commission found that adopting measures under 115 of these mandates could lead to high compliance costs and regulatory complexity for the industry. It therefore decided to postpone the deadline for adopting these measures until 01 October 2027. If the level 1 text indicates an obligation for the Commission to act within a specified timeframe, the Commission will propose amendments to the level 1 text to remove such obligation.

Please find a selection of deprioritised level 2 mandates below, grouped under their respective level 1 text.

  1. Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR)
    • RTS on the review of Commission Delegated Regulation 2022/1299 on position management controls for commodity derivatives.
    • ITS on position reporting in commodity derivatives.
    • ITS on Systematic Internaliser Notifications.
    • Review of RTS 22 on transaction reporting.
    • Review of RTS 23 on reference data reporting.
    • Review of RTS 24 on order record keeping.
    • RTS on reporting obligations for consolidated tape providers.
    • RTS on OTC derivatives identifying reference data for the purpose of transaction reporting.
  1. European Market Infrastructure Regulation (EMIR)
    • Delegated Regulation removing the exemption for equity option
    • Delegated Regulation identifying the third countries whose entities cannot benefit from exemptions for intragroup transactions.

iii. Central Securities Depositories Regulation (CSDR)

  • RTS to specify the buy-in for settlement fails.

iv. Sustainable Finance Disclosures Regulation

  • Revised RTS on transparency of the promotion of environmental or social characteristics and of sustainable investments on website. Revised RTS on transparency of the sustainability indicators in relation to adverse impacts in the field of social and employee matters, respect for human rights, anti-corruption and anti-bribery matters at entity level. Revised RTS on transparency of the promotion of environmental or social characteristics and of sustainable investments on website.

  • Revised RTS on transparency of the promotion of environmental or social characteristics and of sustainable investments in periodic reports.

    v. Capital Requirements Regulation and Directive (CRR/CRD IV)

    • RTS on minimum information to be provided for assessing qualifying holdings.

    • RTS on specifying further the conditions and the criteria for assigning exposures to the internal ratings-based approach exposure classes.

    vi. Prospectus Regulation

    • ITS specifying the template and layout of the summaries, including the font size and style requirements.

    vii. Alternative Investment Fund Managers Directive (AIFMD2)

    • RTS on open-ended Loan Originating Funds.

    viii. Benchmark Regulation (BMR)

    • Delegated Regulation on the calculation method for critical benchmark thresholds.

    • Delegated Regulation on the calculation method for significant benchmark thresholds.