On 28 November 2025, ESMA published a statement on the technical specifications and formats regarding crypto-asset descriptions and the accounting of crypto-asset service providers. These specifications and formats promote transparency, comparability of information and market surveillance in the crypto-asset market. The above-mentioned specifications can be found on ESMA’s MiCA Regulation website.
On 18 November 2025, the European Supervisory Authorities (EBA, EIOPA and ESMA – i.e. ESAs) published a DORA oversight list of designated critical ICT third-party providers (CTPPs) under the Digital Operational Resilience Act (DORA). This designation marks a crucial step in the implementation of the DORA oversight framework.
On 6 November 2025, ESMA published a report on the total costs of EEA investment funds. Some 48% of UCITS fund costs are related to distribution, particularly through banks and investment firms. Digital platforms are less expensive. Inducements account for a significant proportion of ongoing costs, up to 45%, when there are inducement agreements between the distributor and the manufacturer of a UCITS.
On 15 October 2025, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued their technical advice in response to the European Commission’s Call for Advice (CfA) on the Investment Firms Regulation (IFR) and Investment Firms Directive (IFD). The authorities propose limiting significant changes to the framework, which has proven to be fit-for-purpose, as confirmed by stakeholder feedback during the joint consultation. The EBA and ESMA recommend targeted revisions to the investment firms’ prudential framework
On 6 October 2025, the European Supervisory Authorities issued a warning to consumers, reminding them that crypto-assets can be risky and that legal protection, if any, may be limited depending on the type of crypto-assets in which consumers are invested. The warning was accompanied by an information sheet explaining what the EU’s MiCA Regulation on crypto-asset markets means for consumers.
ESMA announced on 24 July 2025 that it had updated the volume cap mechanism. From October, the previous double volume cap mechanism (DVCM) will be replaced by a new “single” volume cap mechanism (VCM), in accordance with the changes introduced by the Markets in Financial Instruments Regulation (MiFIR) Review.
On 16 June 2025, ESMA published its annual report for 2024. ESMA’s activities in 2024 focused on strengthening the EU capital markets and putting citizens and businesses at the heart of it.
On 12 June 2025, ESMA published a final report containing ESMA’s final technical advice to the Commission on simplifying prospectuses.
On 16 June 2025, ESMA issued timelines regarding ESG rating providers. From 2 July 2026, all ESG rating providers wishing to continue operating in the EU will be required to notify ESMA of their intention to do so.
On 23 June 2025, ESMA asked stakeholders their views on streamlining transaction reporting in the context of MiFIR. Feedback and contributions were requested by 19 September, after which ESMA will continue to assess the implementation challenges. The final report on the roadmap will be published in early 2026. The aim is to reduce costs and the administrative burden in the short term.
