Europe Reg Desk

Monday, 2026-09-28 · covering the last 72h

EU & ESMA

ESMA sets 2027 priorities, advances reporting-simplification agenda. ESMA published its 2027 work programme alongside a report on simplification and burden reduction, reaffirming the EU/UK T+1 settlement transition target of 11 October 2027, confirming its first full year of supervision for ESG rating providers, external reviewers of European Green Bonds and (pending) consolidated tape providers, and advancing four “report once” projects — including converging MiFIR/EMIR/SFTR transaction reporting — estimated to save €1–4bn over ten years. No new SSM, TARGET2/T2S, collateral-framework or macroprudential rule from the ECB in the window. ESMA press release

United Kingdom

FCA's onshored equity pre-trade transparency rules take effect. FCA instruments 2026/30 and 2026/31 came into force today, creating new Handbook chapter MAR 11A and moving the onshored MiFID RTS 1 equity transparency calculations — large-in-scale, reference-price and negotiated-transaction waiver thresholds — into FCA rules. It is the legal-framework step behind the equity market transparency reform package the FCA announced in July, which is itself the run-up to a planned UK equity consolidated tape. No PRA/CCP/CSD or FMI rulemaking from the Bank of England in the window. FCA Handbook, MAR 11A

National & exchanges

No material items from BaFin/Deutsche Börse, AMF/Euronext, Consob/Borsa Italiana, CNMV/BME, AFM, SIX or Nasdaq Nordic, and no rule-relevant items from the SNB, Riksbank, Norges Bank or Danmarks Nationalbank, in the window.

Informational only — summaries of public regulatory and central bank sources; not advice.