European

Supervisory expectations on triangular passporting

On 7 July 2026, the European Securities and Markets Authority (ESMA) published a supervisory briefing on triangular passporting. Triangular passporting is the practice of authorised investment firms using a branch or tied agent established through the freedom of establishment in a host Member State to provide investment services in accordance with the freedom to provide investment services and activities in another host Member State. The purpose of the supervisory briefing is to provide clarifications and enhance certainty and supervisory consistency by setting out ESMA’s supervisory expectations for investment firms and national competent authorities. 

New technical standards setting out enhanced rules on execution polices published

On 23 July, new MiFID II regulatory technical standards (RTS) on order execution policies (OEPs) were published in the Official Journal of the EU via Commission Delegated Regulation (EU) 2026/825. The RTS set out requirements relating to:

• the contents of the OEP
• selection of execution venues for the OEP
• monitoring of the OEP
• annual and periodic assessment of the OEP
• order routing criteria
• client instructions
• dealing on own account when executing client orders

The Delegated Regulation will apply from 12 February 2028 and will repeal Commission Delegated Regulations (EU) 2017/575 and (EU) 2017/576.  

Date published: 6 August 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.