Asset Management & Investment Funds: EU & International Developments – April 2026

European Commission adopts RTS under EU Ratings Regulation

The European Commission adopted two draft Delegated Regulations supplementing the ESG Ratings Regulation. The European Securities and Markets Authority (ESMA) consulted on the draft RTS in May 2025.

• Draft Delegated Regulation with regard to RTS specifying the measures and safeguards to be implemented by ESG rating providers to separate their ESG rating activities from their other activities
• Draft Delegated Regulation with regard to RTS specifying the elements of ESG rating products to be disclosed to the public and to users of ESG ratings, rated items and issuers of rated items

The Commission also adopted draft Delegated Regulations on fees to be charged by ESMA to ESG rating providers and on rules of procedure on fines and periodic penalty payments imposed by ESMA on ESG rating providers.

AMLA consults on business-wide risk assessments and group-wide AML/CFT requirements

The EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has launched two consultations under Regulation (EU) 2024/1624 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML Regulation) as follows:

• draft guidelines on the business-wide risk assessment (BWRA) 
• draft regulatory technical standards (RTS) on group-wide requirements and additional measures on branches and subsidiaries in third countries

Consultation on draft guidelines on the BWRA

Article 10(1) of the AML Regulation requires obliged entities to take appropriate measures, proportionate to the nature of their business, including its risks and complexity, and their size, to identify and assess the risks of money laundering (ML) and terrorist financing (TF) to which they are exposed, as well as the risks of non-implementation and evasion of targeted financial sanctions (TFS). The draft BWRA guidelines propose to clarify these obligations by setting out:

• the minimum requirements for the content of the BWRA drawn up by obliged entities under Article 10(1)
• additional sources of information to be taken into account when carrying out the BWRA

The BWRA is positioned as a central element of the risk-based approach. It is intended to enable obliged entities to understand the risks arising from their business model, customers, products, services and transactions, delivery channels and geographical exposure. The draft guidelines propose four minimum requirements that can be applied across all types of obliged entities when conducting their BWRA. In adhering to these minimum requirements, the draft guidelines stress the obliged entities responsibility to take ownership of their BWRA and ensure that it is proportionate to their individual specificities and complexity. The draft guidelines also provide a list of additional sources of information to be taken into account in addition to those already listed in Article 10(1) of the AMLR.

Comments can be made until 15 July 2026. AMLA is holding a public hearing on the draft guidelines on 28 May 2026 and intends to issue the final guidelines in Q4 2026.

Consultation on draft RTS on group-wide requirements and additional measures on branches and subsidiaries in third countries

Articles 16 and 17 of the AML Regulation cover the regulatory provisions regarding the design and implementation of group-wide AML/CFT frameworks, including their application across cross-border group structures and in situations where branches or subsidiaries operate in third countries. The draft RTS address:

• organisational aspects related to group-wide requirements, including minimum requirements for group-wide policies, procedures and controls
• provisions relating to information sharing among entities of a group
• criteria for identifying the EU parent undertaking in cases of two or more obliged entities in the EU belonging to a head office in a third country
• the extension of group-wide requirements to structures other than groups

Comments can be made until 15 June 2026. AMLA is holding a public hearing on the draft RTS on 20 May 2026 and will submit the final draft RTS to the European Commission by 30 September 2026.

New MiFID II RTS on order execution policies

The European Commission adopted a Delegated Regulation setting out new RTS under Article 27 of MiFID II (as amended by MiFID III) on investment firms’ order execution policies. The RTS will replace the existing MiFID II best‑execution RTS (Delegated Regulations (EU) 2017/575 and 2017/576) once they apply.

The RTS applies directly to MiFID investment firms when executing or transmitting client orders. Among other things the RTS set out rules on:

• selecting execution venues to enable investment firms to consistently achieve the best results when executing client orders
• monitoring investment firms’ execution policies
• periodically assessing the effectiveness of investment firms’ order execution policies

The Delegated Regulation will apply 18 months after its entry into force, providing a transition period for MiFID firms to update policies, procedures and systems.

EMIR 3 Active account requirement

ESMA has published reporting templates and instructions for the active account requirement (AAR) under Article 7a of EMIR, as amended by EMIR 3 ((EU) 2024/2987). The templates set out how in-scope entities should report information to their competent authorities. They cover counterparty information, activities and risk exposures, the representative obligation and operational conditions.

The first AAR report is due on 31 July 2026, covering the period from 25 June 2025 to 30 June 2026 with reporting to continue on a six-monthly basis (31 January and 31 July).

The AAR applies to interest rate derivatives denominated in euro, Polish zloty and short-term interest rate (STIR) derivatives denominated in euro. In-scope counterparties who exceed the €3bn clearing threshold in the relevant asset classes must hold active accounts with EU CCPs and clear a representative number of transactions through them. Read our earlier update here.

Delegated Regulations on disclosures and trading under MAR

The European Commission adopted the following Delegated Regulations:

Delegated Regulation supplementing the Market Abuse Regulation (MAR) as regards disclosure of inside information in protracted processes and delay of disclosure. Amendments to the Listing Act excluded intermediate steps in protracted processes from the disclosure obligation and clarifying when delayed disclosure is permitted.

Adopted under Article 17(12) MAR, the Delegated Regulation establishes a non-exhaustive list of final events or final circumstances in protracted processes that require disclosure and the timing thereof (Annex I). It also sets out situations where the inside information whose disclosure is intended to be delayed is in contrast with the latest public announcement or communication by the issuer or emission allowance market participant on the same subject (Annex II).

Delegated Regulation amending Delegated Regulation (EU) 2016/522 as regards the permission for trading during closed periods, the list of designated trading venues that have a significant cross-border dimension in the supervision of market abuse, and the indicators of market manipulation. The amendments reflect the broader scope of the exemptions from the prohibition for persons discharging managerial responsibilities (PDMRs) to trade during closed periods in Article 19(12) of MAR. They also establish a list of designated trading venues for the purpose of implementing the mechanism to exchange order data referred to in Article 25a of MAR relating to shares. The amendments also update the practices specifying the indicators of market manipulation, to account for technical developments, such as algorithmic trading.

The disclosure Delegated Regulation will enter into force three days after its publication in the Official Journal of the European Union while the trading Delegated Regulation will enter into force 20 days after publication.

ESMA call for evidence on restricted subscription and private credit ratings

ESMA 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

The deadline for responses is 31 May 2026.

For more information on these topics please contact any member of A&L Goodbody's Asset Management & Investment Funds team.

Date published: 30 April 2026