On 20 February 2023, the European Commission (Commission) published a letter from John Berrigan, regarding the Call for Advice it had issued to the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) for the purposes of the reports on the prudential requirements applicable to investment firms.

The letter notes that in accordance with Article 60 of the Investment Firms Regulation and Article 66 of the Investment Firms Directive the Commission is to submit two reports to the European Parliament and the Council by 26 June 2024. In preparing these reports, the Commission is required to consult with the EBA and ESMA. The Call for Advice sets out the areas where the Commission would welcome the EBA’s and ESMA’s advice. The EBA and ESMA are asked to deliver this advice by 31 May 2024.