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
ESMA 2026 Annual Work Programme
On 3 October 2025, the European Securities and Markets Authority (ESMA) published its annual work programme for 2026.
Verena Ross, Chair of ESMA, said:
“A core focus in 2026 is ESMA’s ambitious, and at the same time pragmatic, approach to simplification and burden reduction. We are pursuing a holistic strategy to streamline
DNB update on supervisory costs
On 30 September 2025, an amendment to the Regulation on supervisory costs of one-off actions (the Supervisory Costs Regulation) was published. The Regulation increases the rates charged by the Dutch Central Bank (De Nederlandsche Bank, DNB) for one-off supervisory actions. One-off supervisory actions are, for instance, screenings of (co-)policymakers and applications
AFM MiCAR newsletter – Update on proprietary trading under MiCAR and information session
On 30 September 2025, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) issued a newsletter on the Markets in Crypto-Assets Regulation (MiCAR). In this newsletter, the AFM, among other things, provides an update on proprietary trading under MiCAR.
The AFM refers to the Q&As issued by the European
ESMA guidelines on outsourcing to cloud service providers – EU translations published
On 30 September 2025, the European Securities and Markets Authority (ESMA) issued the official EU translations of the guidelines on outsourcing to cloud service providers by depositaries under the Alternative Investment Fund Managers Directive and the UCITS Directive that are not subject to the Regulation on digital operational resilience for the financial sector.
Published in OJ – Commission Delegated Regulation (EU) 2025/1493 amending Commission Delegated Regulation (EU) No 876/2013
On 25 September 2025, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2025/1493 of 11 June 2025 amending Commission Delegated Regulation (EU) No 876/2013 supplementing the European Markets Infrastructure Regulation as regards changes to the functioning and management of colleges for central counterparties.
Our earlier blog
Council of EU publishes text of draft Regulation amending CSDR to T+1 settlement cycle
On 17 September 2025, the Council of the EU (Council) published the text of a draft Regulation amending the Central Securities Depositories Regulation (CSDR) to shorten the mandatory settlement cycle for most securities traded on EU trading venues from two business days (T+2) to no later than one business day after
Published in OJ – MiCA level 2 measures relating to an application for authorisation to offer ARTs
- Commission Delegated Regulation (EU) 2025/1125 of 5 June 2025 supplementing MiCA with regard to regulatory technical standards specifying the information in an application for authorisation
EP adopts text of draft Regulation as regards a shorter settlement cycle in the EU
On 10 September 2025, the European Parliament (EP) published the text that it had adopted at first reading of a European Parliament legislative resolution on the proposal for a Regulation of the EP and of the Council amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union. The EP
ESAs’ annual report on PAI disclosures
On 9 September 2025, the Joint Committee of the European Supervisory Authorities (ESAs) published its fourth annual report on the extent of voluntary disclosure of principle adverse impacts (PAIs) under the Sustainable Finance Disclosure Regulation (SFDR).
Background
Article 18 of the SFDR provides that the ESAs must take stock