The FIA’s European Agent-Trustee Model (EATM) represents one of the most significant recent developments in the European OTC derivatives clearing market. Launched at LCH Ltd in December 2025, the EATM offers clients and clearing members an alternative to the principal-to-principal clearing framework. In this Briefing Note, we explore: (i) how the EATM
On 20 October 2026, the European Securities and Markets Authority (ESMA) issued a final report on regulatory technical standards (RTS) on the requirements for Post-Trade Risk Reduction (PTRR) services for the purpose of the clearing obligation exemption under the European Market Infrastructure Regulation (EMIR).
Background
Regulation (EU)
On 19 October 2026, the European Securities and Markets Authority (ESMA) issued a final report on draft regulatory technical standards (RTS) amending Commission Delegated Regulation 153/2013 in relation to public guarantees, public bank guarantees and commercial bank guarantees as collateral and in relation to certain aspects of investment policy and highly
On 16 October 2026, the European Securities and Markets Authority (ESMA) published a Final Report setting out revised guidelines under the Central Securities Depositories Regulation (CSDR) on standardised procedures and messaging protocols used between investment firms and their professional clients.
Background
Article 6(2) of the CSDR requires investment firms to establish
On 16 October 2026, the European Securities and Markets Authority (ESMA) issued a Final Report setting out revised Market Abuse Regulation (MAR) guidelines on the delay in the disclosure of inside information.
Background
The Final Report follows a consultation that ESMA issued on the guidelines in February 2026. It sets out
On 15 October 2026, the European Securities and Markets Authority (ESMA) updated its manual on pre-trade and post-trade transparency under MiFID II/MiFIR.
The updated manual provides further guidance on the identification of over-the-counter (OTC) derivatives subject to transparency requirements, clarifies how the identifying reference data for OTC derivatives should be
On 13 October 2026, the Joint Committee of the European Supervisory Authorities published its Annual Work Programme for 2027, setting out its priorities for addressing cross-sectoral risks and strengthening coordination across the European Union’s financial sector. Key priorities include digital operational resilience, technological innovation, sustainable finance, securitisation and cross-sectoral risk monitoring. Consumer protection will
On 12 October 2026, the European Securities and Markets Authority (ESMA) issued two additional thematic notes on sustainability-related claims. The additional notes cover impact claims and climate transition claims.
Background
The thematic notes do not create new regulatory requirements and should not be understood as prescribing a particular approach or level of
On 9 October 2026, the European Banking Authority (EBA) issued a Final Report on draft regulatory technical standards (RTS) on amending Commission Delegated Regulation (EU) 2017/390 supplementing the Central Securities Depositories Regulation (CSDR) on prudential requirements for central securities depositories (CSDs) and designated credit institutions offering banking-type