On 6 May 2026, the European Securities and Markets Authority (ESMA) issued a public statement presenting the results of its Common Supervisory Action (CSA) on MiFID II sustainability aspects.

The statement summarises the results of the CSA, it highlights the key themes emerged from the work and, in this context, it also provides some high level interim supervisory expectations on a few key areas to foster consistent implementation while reducing burden during the current transition period where the broader sustainable finance framework – particularly the Sustainable Finance Disclosure Regulation – is under review, and consequential amendments to the MiFID II sustainability-preference requirements are anticipated.

ESMA invites Member State competent authorities to adopt a proportionate supervisory approach, encouraging dialogue with firms to address identified issues during the transition period rather than prioritising enforcement actions, without prejudice to cases involving clear breaches or mis-selling. Building on the insights gained from the exercise, ESMA will further reflect on the results in the context of any future updates of the MiFID II Delegated Acts on sustainability (Commission Delegated Regulation (EU) 2021/1253 and Directive 2021/1269) and the related updates of the ESMA Guidelines on suitability and product governance, with a view to simplifying the framework where appropriate and supporting a more consistent and effective application of the relevant requirements.