On 13 March 2024, the European Securities and Markets Authority (ESMA) issued an overview of planned consultation papers for 2025.

The consultation papers planned for Q2 2025 include:

• AIFMD Review – Integrated reporting under AIFMD/UCITS review.
• EMIR 3 – Regulatory Technical Standards (RTS) on the clearing thresholds.
• MiFID/R Review – Non-equity transparency (derivatives).
• Sustainable finance – RTS on Green Bond Regulation.