Europe Reg Desk
Monday, 2026-10-12 · covering the last 72h
EU & ESMA
Council agrees to give ESMA direct supervision of major EU trading venues, CCPs and CSDs. At Friday's ECOFIN meeting in Luxembourg, EU finance ministers agreed a compromise text on the Savings and Investments Union package that creates a new, opt-in "pan-European market operator" framework: significant cross-border trading venues, CCPs and CSDs — plus the largest cross-border crypto-asset service providers — would move to direct ESMA supervision, with a new full-time ESMA executive board (a chair and five independent members) to run it. The deal is narrower than the Commission's original proposal (Germany secured a carve-out for Deutsche Börse's domestically focused venues, and crypto-firm coverage is limited to the largest players rather than all of them), and still faces negotiation at the 15–16 October European Council summit before anything takes effect. This is new since Friday's edition. Council press release
Otherwise quiet. ESMA's press-news and consultations channels, European Commission DG FISMA, and EBA's consultation log were checked and show nothing new on T+1, MiFIR/the Listing Act, or CSDR since Friday. ESMA's final report on the T+1 allocation-and-confirmation guidelines, expected "by October," has still not been published. EuroCTP's operational status remains without primary-source (ESMA or EuroCTP) confirmation either way; commercial distribution of the tape by data vendors (e.g. LSEG) tracing to a mid-September go-live has continued, which is corroborating but not primary evidence, so this stays unresolved rather than reported as new. The ECB, screened for rulemaking only, issued nothing new; its only market-infrastructure item this window was a Governing Council note extending and renewing the Market Infrastructure Board's chair and membership for its next three-year term, which is a governance appointment, not a rule change, and is not reported as one.
United Kingdom
No material items. FCA news and publications were checked; CP26/30 (equity market transparency and market structure) and CP26/31 (consolidated tape framework, including its SI-quotes chapter) remain open, comments due 16 October, unchanged from Friday. No October PRA Regulatory Digest has posted yet — the most recent is the September 2026 edition, published 1 October. The Bank of England's FMI rulemaking channel (CCP/CSD supervision) and the London Stock Exchange's notices listing were checked and show nothing dated in this window.
National & exchanges
No material items. Checked and quiet: BaFin, AMF, Consob/Borsa Italiana, AFM, Deutsche Börse/Xetra, Euronext, SIX/SER-AG, and Nasdaq Nordic. CNMV's automatic-delisting-threshold consultation (draft circular on dissemination, frequency and trading-volume requirements for excluding equities) remains open, comments due 19 October, unchanged from Friday. Among national central banks screened for rulemaking only, nothing new from SNB, Riksbank, Norges Bank or Danmarks Nationalbank.
Informational only — summaries of public regulatory and central bank sources; not advice.