On 21 May 2025, ESMA launched a call for evidence on the retail investor journey. The aim is to gather input from stakeholders to gain a better understanding of how retail investors use investment services and whether there are regulatory or other barriers that may hinder their engagement with capital markets. Responses are requested by 21 July 2025.
On 7 May 2025, ESMA published its technical advice to the European Commission regarding the objectives of the Listing Act package of legislative measures. This final report contains ESMA’s technical advice concerning the Market Abuse Regulation (MAR) and the part of the Markets in Financial Instruments Directive II (MiFID II) regarding SME growth markets.
On 10 April 2025, ESMA published a final report on technical standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies.
On 10 April 2025, ESMA published a final report, which includes three draft regulatory technical standards as part of the review of the Markets in Financial Instruments Regulation (MiFIR). Topics include the application of the single volume cap and transparency calculations, a new qualitative regime for Systematic Internalisers and rules on circuit breakers and operational resilience of trading venues.
On 8 April 2025, ESMA published a consultation paper on clearing thresholds under EMIR 3. Responses are requested by 16 June 2025.
On 3 April 2025, ESMA published a consultation paper on transparency requirements for derivatives under the MiFIR Review. Responses were requested by 3 July 2025.
On 3 April 2025, ESMA published a consultation paper proposing changes to the format for drawing up and updating insider lists, as part of the Listing Act amendments to the Market Abuse Regulation (MAR). Responses were requested by 3 June 2025.
On 1 April 2025, ESMA published its first code package on the public code repository GitHub with the goal of promoting the availability of ESMA’s data and facilitating its usage.
On 31 March 2025, the European Supervisory Authorities published an evaluation report on the Securitisation Regulation.
On 31 March 2025, the European Supervisory Authorities published their Spring 2025 Joint Committee update on risks and vulnerabilities in the EU financial system, which focuses on the challenges linked to geopolitical tensions and cyber risks.
On 18 February 2025, ESMA published a consultation paper asking for input on guidelines on supplements that introduce new types of securities to a base prospectus. Responses were requested by 19 May 2025.
On 7 February 2025, ESMA announced that it will be supporting the European Commission’s objective to simplify and reduce the reporting burden in the financial sector.
From the beginning of the year, ESMA has published Guidelines regarding the Markets in Crypto Assets Regulation (MiCA). The Guidelines became applicable during the spring. ESMA has also published a list of grandfathering periods decided by Member States under the MiCA Regulation.
Earlier this year, ESMA published a warning on the use of artificial intelligence in investment.
