ESMA - Transitional provisions under the BMR review
ESMA published a Public Statement on the transitional provisions under the review of Regulation (UE) 2016/1011 (BMR). In particular, under this Statement, benchmarks in scope of BMR provided by administrators that applied to ESMA by 31 December 2025 for recognition or endorsement can continue to be used in the EU unless such application is refused by ESMA. Administrators of benchmarks that are already in the register as authorised, registered, recognised or endorsing shall retain their status until 30 September 2026 and are not obliged to re-apply in the EU if they fall within the scope of the revised BMR on or before such date
ESMA - Clearing thresholds under EMIR 3
ESMA published its draft Regulatory Technical Standards (RTS) setting out new and revised clearing thresholds under EMIR 3. The proposed thresholds ensure continuity in the coverage of systemic risk in over‑the‑counter derivative markets while avoiding unnecessary complexity and additional compliance burdens for market participants. ESMA has submitted the final draft RTS to the European Commission for endorsement, following which they will be subject to adoption.
ESMA - EMIR: Supervisory briefing on the AAR representativeness obligation
ESMA published a supervisory briefing on the representativeness obligation linked to the active account requirement (AAR). The briefing sets out ESMA’s supervisory expectations for how counterparties should comply with and report on the AAR representativeness obligation. It provides guidance and promotes supervisory convergence for the supervision of counterparties subject to the AAR, an issue which has attracted particular scrutiny. The document explains how counterparties should identify the most relevant subcategories for the purpose of the AAR representativeness obligation, how they should report trades, and includes an example of compliance with reporting of the representativeness obligation.
ESMA - Obligations under CFD product intervention measures amid rising offerings of perpetual futures
ESMA has issued a statement reminding firms of their obligation to assess whether newly offered products fall within the scope of existing product intervention measures on contracts for differences (CFDs). The statement responds to the increased offering of derivatives, often marketed as perpetual futures or perpetual contracts, that provide leveraged exposure to underlying values, including crypto-assets such as Bitcoin. These financial instruments are likely to fall within the scope of the existing national product intervention measures on CFDs adopted by national competent authorities. Where these derivatives meet the definition of a CFD, they are subject to the applicable product intervention requirements, including leverage limits, a mandatory risk warning, a margin close-out and negative balance protection, and the prohibition of monetary and non-monetary benefits. The statement also reminds firms that: (i) given their complexity, derivatives require a narrow target market, supported by an aligned distribution strategy; (ii) when providing non-advised services, an appropriateness assessment must be carried out in accordance with the relevant requirements for complex financial instruments; and (iii) firms should take appropriate steps to identify, prevent, or manage conflicts of interest that may arise from the offering of these products
ESMA - Simplification of MiFID II/MiFIR obligations on market data
ESMA has withdrawn its guidelines on the MiFID II/ MiFIR obligations on market data, effective immediately, reflecting its ongoing commitment to simplifying rules and reducing unnecessary compliance burdens for market participants. The decision aligns the framework with the newly applicable regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis (RTS on RCB). Next steps: the RTS on RCB entered into force on 23 November 2025. Market data providers authorised before that date benefit from a transition period until 22 August 2026. The transition period serves solely to allow market data providers to align existing contractual arrangements with the new requirements in the RTS.
Agenzia delle Entrate. Risposta n. 43 del 2026: esclusione obbligo comunicazione rapporti finanziari per una SIM
Con la Risposta n. 43 del 2026 l'Agenzia chiarisce che la SIM che non detiene strumenti finanziari o liquidità dei clienti e svolge solo servizi consulenziali non è tenuta a segnalare i conti all'AT ne agli obblighi di monitoraggio fiscale, Fatca e Crs
Banca d'Italia: Comunicato stampa del 20 febbraio 2026
Riorganizzazione delle competenze di vigilanza sugli intermediari e di gestione degli esposti attribuite alle Filiali.
European Commission - Shareholder Rights Directive: evaluation and review
The European Commission has launched a call for evidence and a consultation seeking the views and experiences of stakeholders to feed into the evaluation and impact assessment for a potential review of the Shareholder Rights Directive. The EC is particularly interested in hearing about: (i) the challenges and shortcomings of the current Shareholder Rights Directive; (ii) existing barriers to the efficient functioning of the market which hold back intra-EU investment, including barriers resulting from the application of the Shareholder Rights Directive;(iii) possible solutions and changes to the Shareholder Rights Directive that would help unlock investment, increase Europe’s competitiveness, streamline and digitalise processes, simplify rules and reduce administrative and financial burdens. The call for evidence and the consultation will run until 6 May 2026
Borsa Italiana: Avviso n. 8506 del 18 febbraio 2026
Modifiche ai Regolamenti dei Mercati SeDeX e del Mercato EuroTLX – Segmento Cert-X in vigore dal 3 marzo 2026, subordinatamente all’esito positivo dei test.
ESMA - Consultation on MAR Guidelines on delay in the disclosure of inside information
ESMA has launched a consultation proposing amendments to its Market Abuse Regulation (MAR) guidelines on the delay in the disclosure of inside information. The proposals align the guidelines with the disclosure regime as amended by the Listing Act, ensuring issuers face fewer administrative burdens while benefiting from clearer requirements. From June 2026, issuers will no longer be required to immediately disclose inside information related to protracted processes before their completion. As a result, ESMA is proposing to remove from the current guidelines the legitimate interests for delayed disclosure connected to such protracted processes. It also identifies additional legitimate interest for delaying disclosure, including situations where a public authority requests non-disclosure of inside information, where the issuer requires more time to collect information, or where the issuer is involved in several procurement processes for similar contracts. ESMA proposes to eliminate the section about the “no misleading the public” condition, as the Listing Act removed it from MAR. Instead, the Listing Act requires that a delayed disclosure must not contradict the issuer’s latest public announcement on the same matter. ESMA will consider the feedback received in relation to the Consultation Paper by 29 April 2026. ESMA has settled for a ten-week consultation period for this short Consultation Paper to be able to publish the Guidelines closer to the date of entry into application of the new MAR disclosure regime, set on 5 June 2026. A Final Report containing a summary of all consultation responses and a final version of ESMA’s Guidelines is expected to be published on ESMA’s website in Q4 2026
ESMA - Statement supporting the smooth implementation of the Listing Act – simplifying prospectus compliance for issuers
ESMA has issued a statement with practical guidance to national competent authorities (NCAs), issuers, and their advisors on the application of the revised prospectus framework introduced by the Listing Act. ESMA clarifies that any registration documents and universal registration documents approved or filed until 4 June 2026 fall within the scope of the Article 48a transitional regime, meaning they may continue to be used in prospectuses throughout their validity period. This approach aligns with ESMA’s simplification and burden reduction efforts while maintaining investor protection. ESMA also offers guidance on what disclosure to include in EU Follow-on prospectuses and EU Growth issuance prospectuses until the in the Delegated Act amending Commission Delegated Regulation (EU) 2019/980 will start applying. ESMA expects NCAs to follow the approach outlined in the statement, enabling issuers and advisors to rely on its content
Agenzia delle Entrate. Risoluzione n. 7 del 12 febbraio 2026: L'IVA nelle operazione di merger leveraged buy-out (MLBO)
Con la risoluzione n. 7 del 12 febbraio 2026, l'Agenzia delle entrate ritiene che l'IVA pagata sui costi di transazione sostenuti da una società veicolo (SPV) nelle operazioni di MLBO è detraibile...
UIF - IBAN virtuali (aggiuntivi): Opportunità e rischio di riciclaggio di denaro
Pubblicato il n. 33 della collana "I quaderni dell'antiriciclaggio" dedicato all'esame dell’emissione di più IBAN collegati a un unico conto, i "virtual IBAN" (vIBAN). Introdotti per agevolare la riconciliazione dei pagamenti, tali identificativi offrono vantaggi operativi ma comportano anche rischi di riciclaggio di denaro. Lo studio propone una tassonomia delle configurazioni di vIBAN, evidenziandone le implicazioni nell'ambito dei pagamenti al dettaglio nell’area SEPA e delle tendenze di settore quali Open Banking e Banking-as-a-Service. Il lavoro si completa con un approfondimento empirico su dati dei principali fornitori di vIBAN e sulla distribuzione delle istituzioni di pagamento nell'Unione europea
FAFT GAFI - Outcomes Plenary, 11-13 February 2026
The fifth FATF Plenary meeting concluded on 13th February, with action agreed to help stop fraudsters and other criminals from profiting from illicit activity. The Plenary adopted assessment reports of Austria, Italy and Singapore under the new round of mutual evaluations. This follows the first two FATF reports published under the new round in December 2025. The FATF also approved new publications on cyber-enabled fraud and virtual assets. In support of responsible technological innovation, these projects will help countries stay alert to evolving threats and harness technology to mitigate against risks. The Plenary appointed Mr. Giles Thomson of the United Kingdom as the incoming President of the FATF (July 2026 – June 2028)
Banca d'Italia - Trasmissione annuale dei registri delle informazioni ai sensi di DORA
La Banca d'Italia ha pubblicato una comunicazione per indicare i tempi per la trasmissione annuale a regime dei registri delle informazioni ai sensi del Regolamento (UE) 2022/2554 (DORA). Ogni anno, a partire dal 2026, la trasmissione dovrà avvenire entro il 15 marzo, con data di riferimento al 31 dicembre dell'anno precedente
EDPB - Work programme 2026-2027
The work programme is based on the priorities set out in the EDPB strategy and the needs identified as most critical for stakeholders. It also takes into account the commitments made in the Helsinki Statement on enhanced clarity, support and engagement aimed at making GDPR compliance easier, strengthening consistency, and boosting cross-regulatory cooperation. Built on the four pillars of the EDPB strategy, the work programme focuses on 1) enhancing harmonisation and promoting compliance, 2) reinforcing a common enforcement culture and effective cooperation, 3) safeguarding data protection in the developing digital and cross-regulatory landscape, and 4) contributing to the global dialogue on data protection
Agenzia delle Entrate. Global minimum tax - Pubblicato il modello per la dichiarazione
Con un provvedimento del direttore dell’Agenzia del 6 febbraio 2026, è stato approvato il modello di dichiarazione annuale relativo all’imposizione integrativa prevista dall’articolo 53 del Dlgs n. 209/2023
European Commission - Targeted consultation on the competitiveness of the EU banking sector
The Commission’s savings and investment union (SIU) Communication recognises that a stronger, more integrated and more competitive banking sector is a key building block for a competitive European economy and announces that the Commission will prepare a report on the competitiveness of the banking sector in 2026. This consultation is therefore a central element of the preparatory process: the Commission attributes great importance to gathering robust practical and evidence-based feedback from all relevant stakeholders, as their views and experience will directly inform its analysis. The consultation will run until 19 April 2026
AMLA - Consultations on key mandates for the private sector and harmonized supervision
AMLA has launched public consultations on three draft Regulatory Technical Standards (RTS). The draft RTS on Business Relationships establish criteria for identifying business relationships, occasional transactions and linked transactions, which form the structural basis upon which customer due diligence obligations apply. The draft RTS on Customer Due Diligence build on the AML Regulation framework and set out how obliged entities verify customer identity and conduct ongoing monitoring in a risk-sensitive and proportionate way. The draft RTS on Enforcement establish a common supervisory approach to assessing, categorising and responding to breaches of institutions’ AML/CFT obligations.
Consob - Primo Rapporto dell'Osservatorio "Pmi e Mercato dei Capitali"
Pubblicato il Primo Rapporto dell'Osservatorio "Pmi e Mercato dei Capitali", istituito da Consob e CeTIF – Università Cattolica, per analizzare, per la prima volta in modo sistematico, le condizioni di accesso e permanenza delle Piccole e Medie Imprese italiane nei mercati dei capitali. Il Rapporto fotografa uno scenario dove le Pmi fanno fatica ad accedere al mercato dei capitali nonostante sia considerato un potente acceleratore di crescita e di competitività. Il Rapporto propone alcune direzioni di intervento quali: (i) Aumentare la presenza di investitori istituzionali, inclusi fondi pensione e assicurazioni; (ii) Sostenere e stabilizzare strumenti come Pir ed Eltif (European Long Term Investment Fund), che hanno già dimostrato efficacia nel canalizzare risparmio verso le Pmi; (iii) Favorire la crescita dimensionale delle imprese per aumentarne l'attrattività sui mercati; (iv) Rafforzare gli standard di qualità all'ingresso, per incrementare la reputazione del mercato; e (v) Supportare la formazione degli imprenditori, soprattutto nei primi anni successivi alla quotazione
