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EMIR: Active account requirement RTS published in the Official Journal of the European Union
On 6 February 2026, the Commission Delegated Regulation (EU) 2026/305, which contains regulatory technical standards (RTS) specifying the operational conditions, the representativeness obligations and the reporting requirements related to the active account requirements under EMIR 3 ((EU) 2024/2987) was published in the Official Journal of the European Union. The RTS aims to supplement Regulation (EU) No 648/2012 (EMIR).
The RTS entered into force on 26 February 2026.
ESMA published consultation paper on MAR guidelines on delay in disclosure of inside information
On 19 February 2026, the European Securities and Markets Authority (ESMA) published a consultation paper on proposed amendments to the Market Abuse Regulation (MAR) guidelines on delay in the disclosure of public information. ESMA is proposing to delete from the MAR guidelines, all those legitimate interests for the delayed disclosure that relate to protracted processes. ESMA has also identified legitimate interests for the delay, which include:
The Listing Act has also removed the condition that the delay in the disclosure should not mislead the public from MAR and therefore, ESMA has also removed the relevant section from its guidelines.
The deadline for comments is 29 April 2026 and a final report containing the final version of ESMA’s guidelines is expected to be published in Q4 2026.
Decision issued by the ESMA Board of Supervisors on the withdrawal of guidelines on MiFID II/ MiFIR obligations on market data
On 23 February 2026, the ESMA Board of Supervisors issued a decision on the withdrawal of guidelines on the MiFID II/MiFIR obligations on market data (the Decision). The Decision provides that the guidelines should be withdrawn because their content has been fully incorporated into the Commission Delegated Regulation (EU) 20251156, which provides for the RTS covering market data publicly available on a reasonable commercial basis. The RTS is mandated under article 13 of Regulation (EU) 2024/791, which enhances data transparency, supports consolidated tape development, optimises trading obligations and bans payment for order flow.
ESMA issues public statement on identifying derivatives within the scope of national product intervention measures on CFDs
On 24 February 2026, ESMA issued a public statement (the Statement) on identifying derivatives within the scope of the national product intervention measures on contracts for difference (CFDs). ESMA and National Competent Authorities have noted an increased offering of derivatives, often marked as perpetual futures or perpetual contracts, that provide leveraged exposure to underlying values to crypto assets.
The Statement provides that these could fall within the scope of a CFD and if so, will be subject to the applicable product intervention measures, including leverage limits, a mandatory risk warning, a margin close-out and negative balance protection, along with the prohibition of monetary and non-monetary benefits.
The Statement aims to remind firms that they should assess whether the national product intervention measures apply to products they offer, having assessed the specific product characteristics. It also seeks to highlight to firms the application of certain investor protection requirements established under Directive 2014/65/EU (MiFID II).
Date published: 30 March 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.