On 7 May 2025, the European Commission (Commission) adopted a Commission Delegated Regulation (EU) amending Commission Delegated Regulation (EU) 2022/803 as regards rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities Markets Authority (ESMA) with respect to consolidated tape providers
Regulation and compliance
ESMA Final Report – Technical advice concerning MAR and MiFID II SME GM
On 7 May 2025, the European Securities and Markets Authority (ESMA) issued its Final Report containing technical advice to the European Commission (Commission) on a range of topics related to the legislative changes brought by the Listing Act in respect of the Market Abuse Regulation (MAR) and the part…
ESMA’s response to the Commission commodity derivatives review
On 6 May 2025, the European Securities and Markets Authority (ESMA) published its response to the European Commission’s (Commission) targeted consultation document on the functioning of commodity derivative markets.
Background
On 26 February 2025, the Commission published a targeted consultation document on the functioning of commodity derivatives markets. The consultation document…
ESMA report on quality and use of data

- Data reported under the European Market Infrastructure Regulation and the Securities Financing Transactions Regulation.
- The transaction data reported under the Markets in Financial Instruments
Barriers to financial market integration

Background
The creation of this dedicated channel was announced in the Savings and Investments Union (SIU) Communication adopted on 19 March 2025.
Next steps
The Commission will regularly monitor the feedback, which it will use in its ongoing efforts to tackle existing obstacles to financial market integration and free movement of capital, with…
FSB chair letter to G20 Finance Ministers

On 23 April 2025, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 23-24 April.
In the letter Mr Knot reflects on the progress made in addressing global challenges to financial stability and outlines priorities for…
Commission consults on the integration of EU capital markets
On 15 April 2025, the European Commission (Commission) launched a targeted consultation on the integration of European Union (EU) capital markets. The aim of the consultation is to collect feedback on obstacles to financial market integration across the EU and it is part of the Savings and Investments Union (SIU…
ESMA Final Report on technical standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies
On 10 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report on the technical standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies.
Background
Directive (EU) 2024/790 which amended the Markets in Financial Instruments Directive II (MiFID II ) was published…
ESMA Final Reporton SI notification, the volume cap and transparency calculations and circuit breakers
On 10 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report on systematic internaliser (SI) notification, the volume cap and transparency calculations and circuit breakers.
Background
Directive (EU) 2024/790 and Regulation (EU) 2024/791 amended both the Markets in Financial Instruments Directive II (MiFID II) and…
Qualification of fractional shares under MiFID II
On 9 April 2025, the European Securities and Markets Authority (ESMA) published a letter from its chair to Maria Luís Albuquerque (Commissioner for Financial Services and the Savings and Investments Union, DG FISMA) regarding the qualification of fractional shares under the Markets in Financial Instruments Directive II (MiFID II).
ESMA is…