Handelszeiten in Europa
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Joint Committee annual report highlights digitalisation, cyber resilience and sustainable finance as key priorities of 2025
Joint Committee annual report highlights digitalisation, cyber resilience and sustainable finance as key priorities of 2025
Joint CommitteeThe Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published its Annual Report for 2025, setting out the main priorities and achievements of its cross-sectoral work over the past year. In 2025, the Joint Committee focused on protecting consumers in increasingly digital financial markets, strengthening operational and cyber resilience through the implementation of the Digital Operational Resilience Act (DORA), improving the effectiveness of sustainable finance disclosures, and enhancing cross-sectoral risk monitoring.
Chaired by the European Insurance and Occupational Pensions Authority (EIOPA), in 2025, the Joint Committee continued to act as a key coordination platform, supporting close cooperation and information exchange between the ESAs, the European Commission and the European Systemic Risk Board (ESRB).
The Joint Committee also advanced a range of other cross-sectoral initiatives, including work to enhance the EU securitisation framework, progress on the European Single Access Point (ESAP), and support for financial innovation through the European Forum for Innovation Facilitators (EFIF).
In line with the European Commission’s priorities, the Joint Committee further contributed to efforts to simplify the EU financial regulatory framework and reduce unnecessary complexity, notably in the areas of sustainable finance and packaged retail and insurance-based investment products (PRIIPs).
Background
The Joint Committee is a forum established to strengthen cooperation between the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA). It coordinates cross-sectoral supervisory work and promotes consistent supervisory practices across the EU.
In an environment marked by heightened geopolitical uncertainty, accelerating digitalisation and rapid financial innovation, the ESAs focused on ensuring that regulatory frameworks remain robust, proportionate and forward-looking.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.eu24/04/2026 JC 2026 10Joint Committee Annual Report 2025 ESMA support ESEF implementation with updated taxonomy
ESMA support ESEF implementation with updated taxonomy
Electronic reportingThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the 2025 European Single Electronic Format (ESEF) XBRL taxonomy files, together with an updated ESEF Conformance Suite. These materials support issuers and software vendors in preparing 2026 IFRS consolidated financial statements using the most up‑to‑date ESEF format.
The 2025 taxonomy reflects the introduction of IFRS 18 Presentation and Disclosure in Financial Statements, effective from 1 January 2027, with early application permitted. The ESEF taxonomy includes two entry points, allowing issuers to report under either IAS 1 and IFRS 18. This approach facilitates prompt understanding of the new structure, encourages timely preparation, and lowers implementation risks.
ESMA does not plan to amend the ESEF RTS or taxonomy in 2026. This follows the IFRS Foundation’s decision not to issue a 2026 IFRS Accounting Taxonomy update and will provide greater regulatory stability and more time for implementation.
Next steps
ESMA encourages issuers and software providers to consult the IFRS Foundation’s guidance on the use of the 2025 IFRS Accounting Taxonomy for 2026 reporting periods when preparing for upcoming reporting requirements.
Stakeholders wishing to provide feedback or raise questions on the 2025 ESEF Taxonomy and Conformance Suite are invited to contact esef@esma.europa.eu.
Further information:
Iris Hude
Communications Officer
press@esma.europa.eu21/04/2026 ESEF Taxonomy 2025ESEF Taxonomy 2025 21/04/2026 ESEF Conformance Suite 2025ESEF Conformance Suite 2025 ESMA launches a call for evidence on restricted subscription and private credit ratings
ESMA launches a call for evidence on restricted subscription and private credit ratings
Credit Rating AgenciesThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched a call for evidence to gather stakeholder views on the purposes, market practices, needs and risks associated with restricted subscription and private credit ratings.
ESMA is encouraging all interested stakeholders to share views, data and analysis including:
- The characteristics and use cases of restricted subscription and private credit ratings, including their benefits compared with publicly disclosed ratings.
- The characteristics of the parties who are contracting for restricted subscription and private credit ratings and those to whom they are disclosed or distributed.
- Evidence on whether, and to what extent, the analytical processes, governance arrangements, and internal controls applied to restricted subscription and private credit ratings are comparable to those applied to public credit ratings.
Stakeholders are invited to provide evidence‑based responses, including quantitative information where available, as well as concrete examples drawn from market practice. ESMA will consider all responses received by 31 May 2026.
Background
The use of restricted subscription and private credit ratings has been increasing in recent years. This development raises questions about the purposes and market needs these products are intended to serve; how they are produced, distributed and used in practice; and the potential benefits and risks associated with selective access to rating information.
Calls for evidence form part of ESMA’s commitment to evidence‑based policymaking and stakeholder engagement, enabling ESMA to better understand market developments and practices.
Next steps
ESMA will review the responses received in the second quarter of 2026 with a view to assessing whether specific regulatory adjustments or clarifications may be needed to enhance clarity on the application of the CRA Regulation.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.eu16/04/2026 ESMA00-666616337-488Call for Evidence on the restricted subscription and private credit ratings ESMA releases reporting templates and instructions for the Active Account Requirement
ESMA releases reporting templates and instructions for the Active Account Requirement
CCPMarket dataThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the reporting templates and instructions for the Active Account Requirement (AAR) reporting under European Market Infrastructure Regulation (EMIR 3).
The new templates set out in detail how entities subject to the AAR should report the required information to their competent authorities. Through this development, ESMA aims to ensure a harmonised and efficient approach to AAR reporting across the EU, providing standardised templates and clear instructions while facilitating consistent supervisory practices.
Next steps
The first AAR reporting submission is expected on 31 July 2026, covering the period from 25 June 2025, when the AAR became applicable, to 30 June 2026.
Thereafter, reporting will take place on six months basis, with submissions due on 31 January and 31 July each year, each covering a twelve‑month reference period.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.euESMA publishes latest edition of its newsletter
ESMA publishes latest edition of its newsletter
ESMA newsletterThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today its latest edition of the Spotlight on Markets newsletter.
This edition opens with ESMA’s actions to simplify the retail investor journey and make investing more accessible, setting out steps to support retail participation in capital markets.
Top news highlights include the publication of the first Trends, Risks and Vulnerabilities (TRV) report of 2026, which points to a high-risk environment for EU financial markets, as well as analysis showing that new investment funds are helping to reduce costs for investors.
Key publications featured in this edition include:
- Annual transparency calculations for equity and equity-like instruments;
- a joint EBA-ESMA consultation on revised suitability assessment requirements for banks and investment firms;
- ESMA’s proposals to simplify MiFID II/MiFIR obligations on market data; and
- Statement supporting the smooth implementation of the Listing Act and simplified prospectus compliance for issuers.
Other updates in this edition cover new Q&As, EMIR 3, supervisory and enforcement actions, market abuse guidelines, sustainability reporting, and upcoming events.
For regular updates, follow ESMA on LinkedIn, X and Instagram.
10/04/2026 ESMA newsletterNewsletter February and March 2026
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