On 2 July 2025, the European Securities and Markets Authority (ESMA) issued a press release stating that it had recently concluded a common supervisory action (CSA), implemented together with Member State competent authorities, on pre-trade controls under the Markets in Financial Instruments Directive II (MiFID II).

The press release adds that the results from the CSA have highlighted that most investment firms have integrated pre-trade controls in their trading activity and in their risk management framework. Nevertheless, it appears that practices related to implementation and governance are often divergent and not always robust. 

ESMA will further analyse the results gathered and publish guidance, including clarifications and best practices, in the coming months.