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ESMA publishes Principles for third-party risk supervision
ESMA publishes Principles for third-party risk supervision
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published newly developed Principles on third-party risks supervision. These principles aim at supporting a common and effective EU-wide supervisory culture.
The 14 principles on third-party risks were developed to address the growing risks observed over recent years in the use of outsourcing, delegation or other types of third-party services by supervised firms.
The principles provide a common supervisory basis to National Competent Authorities (NCAs) and ESMA, enhancing the robustness of supervisory frameworks and help supervised entities understand and manage third-party risks.
Next steps
Going forward, ESMA will support the progressive implementation of the principles through supervisory discussions and case studies among NCAs.
Further information:
Aleksandra Bojanić
Senior Communications Officer
press@esma.europa.eu12/06/2025 ESMA42-1710566791-6103Principles on third-party risks supervision ESMA provides advice and recommendations to streamline prospectuses
ESMA provides advice and recommendations to streamline prospectuses
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published final reports on the Prospectus Regulation and on civil prospectus liability.
These reports provide recommendations meant to facilitate capital market activity by reducing regulatory burden and also include the results of ESMA’s Call for Evidence on civil prospectus liability (CfE).
Key proposals and findings
The technical advice on the Prospectus Regulation contains:
- advice relating to the content and format of prospectuses;
- proposed disclosure annexes for non-equity securities that are advertised with ESG features;
- advice relating to the scrutiny of information in prospectuses as well as advice relating to the procedures for the approval of a prospectus; and
- proposals to updates to the data reporting requirements in line with changes introduced by the Listing Act and in relation to the implementation of ESAP.
The technical advice on civil prospectus liability presents:
- feedback received on the CfE where many stakeholders consider that the current regime is well-balanced and argue that reform is unnecessary at this stage;
- ESMA’s ensuing advice; and
- an update of the sections of the 2013 Report on prospectus liability related to civil prospectus liability.
Next steps
ESMA has submitted the reports to the European Commission (EC). On the proposals to update the data reporting requirements in line with changes introduced by the Listing Act, the EC shall take a decision on whether to adopt the RTS updating Commission Delegated Regulation 2019/979 within three months. The Commission may extend that period by one month.
In relation to the technical advice on the civil prospectus liability, the EC must present a report to the European Parliament and to the Council by 31 December 2025. This should analyse the issue of liability for the information given in a prospectus, assessing whether further harmonisation of the prospectus liability in the Union could be warranted.
12/06/2025 ESMA32-117195963-1417Final Report on the Technical advice concerning the Prospectus Regulation and the RTS updating the CDR on metadata 12/06/2025 ESMA32-117195963-1282Final Report on the Technical advice concerning the Prospectus Regulation and the RTS updating the CDR on metadata - Annex V - Mark-up 12/06/2025 ESMA32-117195963-1282Final Report on the Technical advice concerning the Prospectus Regulation and the RTS updating the CDR on metadata - Annex V - clean 12/06/2025 ESMA32-117195963-1413Final Report on the Technical advice concerning civil prospectus liability 12/06/2025 ESMA32-117195963-1414Annex V Civil liability regimes in EEA Member States in relation to the Prospectus Regulation ESMA publishes latest edition of its newsletter
ESMA publishes latest edition of its newsletter
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused in April and May on the Call for Evidence (CfE) related to the retail investor journey under MiFID II. This CfE seeks feedback from stakeholders to better understand how retail investors engage with investment services. Interested parties – including firms, trade associations, and consumer organisations – are invited to submit their input by 21 July 2025.
In his recent speeches, Klaus Löber, Chair of the CCP Supervisory Committee, emphasised the role of EMIR 3 in strengthening EU clearing systems and aligning them with the broader objectives of the Savings and Investment Union. At the EACH CEO Summit, he focused on supervisory convergence, while at the BME IV Post-Trade Conference, he addressed how EMIR 3 supports a more competitive and resilient EU financial market.
With the increasing spread of online scams targeting retail investors, ESMA has urged social media companies (X, Meta, TikTok, Alphabet, Telegram, Snap, Amazon, Apple, Google, and Reddit) to take proactive steps in preventing the promotion of unauthorised financial services. These activities can mislead consumers into interacting with firms without proper authorisation, potentially leading to financial losses.
ESMA issued guidelines on supervisory practices to prevent and detect market abuse under the Market in Crypto Assets Regulation (MiCA). They consider the unique features of crypto trading, such as its cross-border nature and the intensive use of social media.
Other publications:
- Technical advice on market abuse and SME Growth Markets as part of the Listing Act
- Report on the Quality and Use of Data
- Consultation on the rules for ESG Rating Providers
- ESAs 2024 Joint Annual Report
The newsletter also features an overview of open consultations and upcoming events. For updates, follow us on X and LinkedIn.
10/06/2025 ESMA NewsletterNewsletter April and May 2025 ESMA urges social media companies to tackle unauthorised financial ads
ESMA urges social media companies to tackle unauthorised financial ads
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today written to several social media and platform companies (X, Meta, TikTok, Alphabet, Telegram, Snap, Amazon, Apple, Google, and Reddit) encouraging them to take proactive steps to prevent the promotion of unauthorised financial services.
The increasing spread of online scams targeting retail investors poses a serious risk to investors themselves and to society, with fraudulent actors exploiting digital platforms to advertise unlawful financial services. These activities often mislead consumers into engaging with firms that lack proper authorisation, resulting in financial losses and in the loss of trust in the financial sector.
This approach complements last week’s initiative launched by the International Organization of Securities Commissions, highlighting the global nature of doing online harm linked to financial misconduct.
Further information:
Dan Nacu-Manole
Communications Officer
press@esma.europa.eu28/05/2025 ESMA35-1872330276-2401Letter to X on preventing online harm from unauthorised financial advertisements 28/05/2025 ESMA35-1872330276-2406Letter to Meta on preventing online harm from unauthorised financial advertisements 28/05/2025 ESMA35-1872330276-2400Letter to TikTok on preventing online harm from unauthorised financial advertisements 28/05/2025 ESMA35-1872330276-2402Letter to Alphabet on preventing online harm from unauthorised financial advertisements 28/05/2025 ESMA35-1872330276-2399Letter to Telegram on preventing online harm from unauthorised financial advertisements 28/05/2025 ESMA35-1872330276-2397Letter to Snap on preventing online harm from unauthorised financial advertisements 28/05/2025 ESMA35-1872330276-2403Letter to Amazon on preventing online harm from unauthorised financial advertisements 28/05/2025 ESMA35-1872330276-2405Letter to Apple on preventing online harm from unauthorised financial advertisements 28/05/2025 ESMA35-1872330276-2398Letter to Reddit on preventing online harm from unauthorised financial advertisements 28/05/2025 ESMA35-1872330276-2404Letter to Google on preventing online harm from unauthorised financial advertisements ESMA renews the mandate of the Chair and the two Independent Members of the CCP Supervisory Committee
ESMA renews the mandate of the Chair and the two Independent Members of the CCP Supervisory Committee
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has renewed the mandates of Klaus Löber as Chair of the Central Counterparties (CCP) Supervisory Committee and Nicoletta Giusto and Froukelien Wendt as Independent Members.
These renewals ensure continuity in carrying out ESMA’s mandate in the area of CCPs, supporting ESMA’s mission to safeguard financial stability.
The renewed mandates will be effective as of 1 December for a 5-year period.
The CCP Supervisory Committee (CCP SC) plays a key role for both EU CCPs and third-country CCPs that have been recognised under EMIR. The CCP SC ensures consistent application of supervisory standards, fosters supervisory convergence among EU National Competent Authorities (NCAs), monitors or supervises third-country CCPs, as appropriate, and contributes to the stability of the financial system by addressing risks linked to central clearing.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu
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