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Cards Wire 6 segments
ESMA ESMA Source document ↗
European Union ESMA Governance & Accountability ✓ 17 claims 29 Oct 2026

ESMA newsletter confirms Comporti as next chair, sets 2027 priorities

ESMA's bimonthly Spotlight on Markets newsletter rounds up September and October activity, led by confirmation of its incoming Chair and a preview of 2027 supervisory priorities. Compliance teams tracking T+1 settlement, MiCA amendments and cross-border supervisory cooperation will find pointers to the underlying publications here.

  • Carlo Comporti's appointment as ESMA's next Chair was confirmed by the Council of the European Union, effective 1 November 2026.
  • The newsletter flags ESMA's 2027 Annual Work Programme and a new Union Strategic Supervisory Priority on digital innovation.
  • The European Supervisory Authorities issued a joint call for vigilance over external dependencies, cyber threats and private markets.
  • ESMA set out proposals aimed at making MiCA clearer, safer and ready for emerging services.
  • ESMA signed a Memorandum of Understanding with the Securities and Exchange Board of India.
Source document
ESMA ESMA Source document ↗
European Union ESMA Conduct & Consumer ✓ 19 claims 19 Oct 2026

ESMA finds EEA enforcement uneven as three states hold two-thirds of fine value

ESMA's annual consolidated account of how national authorities enforce EU financial markets rules is the clearest public measure of where, and whether, breaches are actually punished. The 2025 edition finds enforcement volumes stable but heavily concentrated, and openly flags divergence that market size does not explain. For anyone operating across EEA jurisdictions, it signals where ESMA now wants outcomes to converge.

  • National authorities imposed more than 950 administrative sanctions and measures across the EEA in 2025, with aggregate fines of almost €82 million.
  • Germany, France and Spain together accounted for two-thirds of the total value of administrative fines across the EEA.
  • Enforcement remained focused on breaches of the Market Abuse Regulation and MiFID II/MiFIR, with increased use of settlements noted.
  • ESMA will continue case discussions among national authorities to make similar breaches produce similar enforcement outcomes across the EU.
Source document
ESMA ESMA Source document ↗
European Union ESMA Governance & Accountability ✓ 13 claims 19 Oct 2026

ESMA says access to third-country CSDs will continue past January 2027 deadline

ESMA has issued a statement addressing uncertainty over what happens when the transitional regime for third-country Central Securities Depositories expires on 17 January 2027, before EU legislation extending it is finalised. This matters for issuers and other market participants relying on notary and central maintenance services from non-EU CSDs.

  • The current transitional regime for third-country CSDs is set to expire on 17 January 2027.
  • ESMA's statement, reference ESMA74-2119945926-3877, was published on 7 October 2026.
  • The Market Integration and Supervision Package, which proposes extending the transitional regime, remains under negotiation.
  • ESMA states it understands both the Council of the European Union and the European Parliament support an extension.
  • Issuers had raised concerns about operational challenges stemming from uncertainty over continued access to third-country CSD services.
Source document
ESMA ESMA Source document ↗
European Union ESMA Markets & Infrastructure ✓ 18 claims 18 Oct 2026

ESMA completes T+1 rulebook, sets 7 December 2026 as first compliance deadline

ESMA has published the final piece of the regulatory framework for the EU's move to T+1 securities settlement, confirming an 11 October 2027 switchover. The briefing matters because the first binding obligation arrives sooner, on 7 December 2026, when investment firms and their clients must meet new allocation and confirmation requirements. This covers what is now fixed and what firms must do next.

  • The EU will switch to T+1 settlement on 11 October 2027, with the regulatory framework now complete.
  • From 7 December 2026, investment firms and their clients must comply with new allocation and confirmation requirements.
  • Those requirements mandate electronic, standardised communication channels, international messaging standards and machine-readable methods, except during temporary technical disruptions.
  • ESMA has published the RTS and revised Guidelines on standardised procedures and messaging protocols, and published a final report under reference ESMA74-2119945926-3749.
Source document
ESMA ESMA Source document ↗
European Union ESMA Governance & Accountability ✓ 15 claims 13 Oct 2026

ESAs name DORA oversight, AI and private credit among 2027 joint priorities

The three European Supervisory Authorities have published their Joint Committee work programme for 2027. It signals where cross-sectoral supervisory attention will fall next year: critical ICT third-party oversight under DORA, the implications of AI, consumer protection, sustainable finance and securitisation. This is the forward map of coordinated EU supervision, and the point at which firms can see which shared files the three authorities intend to push together.

  • The Joint Committee of the EBA, EIOPA and ESMA published its Annual Work Programme for 2027 on 13 October 2026.
  • Priorities include digital operational resilience under DORA, AI and technological innovation, consumer protection, sustainable finance and securitisation.
  • The programme aligns with the Commission's Savings and Investment Union objectives and a simplification agenda to reduce regulatory burden.
Source document
ESMA ESMA Source document ↗
European Union ESMA Digital Assets ✓ 11 claims 12 Oct 2026

ESMA tells MiCA-licensed crypto firms to stop serving non-compliant stablecoins

ESMA has issued an opinion drawing a hard line around stablecoins that do not meet MiCA. It tells authorised crypto-asset service providers to cease offering any MiCA service connected to non-compliant asset-referenced and e-money tokens, and directs national regulators to enforce controls and clear legacy exposures within three months. This segment covers what binds, the carve-outs, and the compliance clock.

  • Authorised CASPs must cease all MiCA services linked to non-MiCA-compliant ARTs and EMTs for EU clients.
  • NCAs must require remediation of pre-existing exposures within three months of the 8 October 2026 opinion.
  • Residual activity is confined to liquidation, conversion, withdrawal, transfer or safekeeping, time-limited and supervised.
Source document