Domestic

AIFM loan origination authorisation

The Central Bank of Ireland (CBI) has issued a new authorisation process note outlining a streamlined authorisation process for alternative investment fund managers (AIFMs) that currently manage loan originating Qualifying Investor AIFs (QIAIFs) and that need to obtain approval for the new AIFM function of loan origination under AIFMD II. The process is designed to enable them to meet the requirements of AIFMD II prior to the 16 April 2026 AIFMD II implementation deadline.

European

ESMA’s principles on risk-based supervision

ESMA published principles for risk-based supervision, reinforcing the EU approach that priorities supervisory focus on and address risks that pose the greatest threats to investor protection, financial stability, and orderly markets. The principles also support the EU simplification and burden reduction agenda.

The principles aim to promote a common EU supervisory culture with a framework for identifying, prioritising, mitigating and managing risks. They apply to both national competent authorities (NCAs) and ESMA when carrying out direct supervision.

European Commission consults on EU venture and growth capital funds reform

The European Commission has launched a targeted consultation on proposed reforms to the regulatory framework for EU venture and growth capital funds, as part of its SIU strategy.

The consultation seeks feedback on the barriers faced by fund managers and potential policy measures to address them under the European Venture Capital Funds Regulation (EuVECA Regulation), AIFMD, and national regimes applicable to small and mid-sized AIFMs.

The Commission's target audience comprises fund managers, businesses, institutional investors, and public authorities and supervisors. It also launched a public consultation.

The deadline for responses to both consultations is 12 March 2026.

ESMA’s second thematic note on sustainability-related claims

ESMA published a thematic note addressing how market participants use the terms ESG integration and ESG exclusions in non-regulatory oral and written communications.

The note concentrates on statements made in relevant communications relating to ESG integration and ESG exclusions, noting that references to these strategies are often made by market participants and widely referenced in marketing communications directed to retail investors. The aim of the note is not to define these strategies, but to call on market participants to be clear about what they mean when referencing them, in the interests of ensuring clear, fair and not misleading communications and, ultimately, the avoidance of greenwashing.

Like ESMA’s first thematic note on ESG credentials, this publication provides practical dos and don’ts and examples of good and poor practices to support clear, fair and not‑misleading ESG disclosures.

Amendment to definition of controversial weapons for PAB/CTB exclusions

The European Commission has adopted a delegated regulation amending the Climate Benchmark Regulation (EU) 2025/1775. From 19 January 2026 for new PAB/CTB benchmarks (and from 30 June 2026 for benchmarks authorised before 19 January 2026), the term “controversial weapons” will be replaced by “prohibited weapons.” “Prohibited weapons” will cover anti-personnel mines, cluster munitions, biological weapons, and chemical weapons, the use, possession, development, transfer, manufacture, or stockpiling of which is expressly banned under the main international conventions to which the majority of Member States are parties.

Commission notice on sustainable finance, CSDDD and the defence sector

The European Commission published a notice clarifying how the EU sustainable finance framework (SFDR, MiFID II, the EU Taxonomy Regulation, CSRD, the Benchmarks Regulation (BMR) and CSDDD) apply to the defence sector. Its aim is to help prevent undue discrimination of the sector in investment decisions and ensure a better understanding and recognition of the sector’s potential to contribute to social sustainability, in line with the objectives of the European defence industrial strategy and the Joint White Paper for European Defence Readiness 2030.

ESMA communication on EMIR 3.0 reporting obligations

ESMA issued a public statement providing clarifications on two key reporting obligations introduced by EMIR 3.0 (Regulation (EU) 2024/2987).

• Reporting under the Active Account Requirement (AAR) - the AAR became applicable on 25 June 2025 for counterparties meeting the conditions set out under Article 7a(1) of EMIR. ESMA expects the first reporting submission by entities subject to the AAR to be provided by July 2026, including any backlog data. ESMA will develop additional instructions on how to report according to the templates included in the draft regulatory technical standards (RTS).
• Reporting of information on clearing activity at recognised third-country CCPs - counterparties subject to the new reporting obligation in relation to their clearing activity at recognised third-country CCPs (Article 7d of EMIR) are expected to report to their competent authorities annually. It is expected that the first reporting will be submitted together with the 2026 reporting cycle, following the implementation of RTS and implementing technical standards (ITS).

Date published: 26 February 2026

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.