MiFID Monitor Q1 2026

For further information on any of the issues discussed in this publication please contact the related contact(s) on this page.

1 MiFID II

1.1 Withdrawal of Guidelines on the MiFID II/ MiFIR obligations on market data

On 23 February 2026, the European Securities and Markets Authority (ESMA) published its decision to withdraw its Guidelines on the MiFID II¹/MiFIR² obligations on market data³ (Guidelines) reflecting its on-going commitment to simplifying rules and reducing unnecessary compliance burdens for market participants.

The Guidelines are being withdrawn with immediate effect as the clarifications on the subject matter which they covered have been incorporated into the newly applicable regulatory technical standards (RTS) on the obligation to make market data available to the public on a reasonable commercial basis (RTS on RCB)⁴, which came 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 allows market data providers to align existing contractual arrangements with the new requirements in the RTS.

ESMA encourages stakeholders to raise any related issues via email at RCB@esma.europa.eu.

The decision can be accessed here.

1.2 ESMA and EBA issues two consultations on amending Guidelines and RTS on assessment of suitability of management body members and key functions holders

On 25 February 2026, ESMA and the European Banking Authority (EBA) published a Consultation Paper on revising their joint Guidelines on the assessment of the suitability of members of the management body and key function holders in accordance with CRD IV⁵ and the MiFID II. The proposed changes to the Guidelines reflect new requirements for large institutions under CRD VI⁶.

The Consultation Paper can be accessed here.

The EBA on the same day published a Consultation Paper on the draft RTS specifying the documentation and information that large institutions must submit to competent authorities. The draft RTS specify the minimum content of the suitability questionnaire, curriculum vitae and internal suitability assessment to be submitted to the competent authorities for performing the suitability assessment. The aim is to harmonise the minimum content of submissions across the EU.

The Consultation Paper can be accessed here.

The consultations close on 25 May 2026. Public hearings will be held on 15 April, 2026.

1.3 ESMA Supervisory Briefing on algorithmic trading under MiFID II

On 26 February 2026, ESMA published a Supervisory Briefing providing guidance on the supervision of algorithmic trading in the EU.

The Supervisory Briefing considers requirements under Article 17 of the MiFID II and under the RTS specifying the organisational requirements of investment firms engaged in algorithmic trading⁷.

The Supervisory Briefing sets out guidance on:

• Key concepts and definitions;

• Key issues related to algorithmic trading;

• Guidance on pre-trade controls (PTCs), covering issues including requirements to establish PTCs, outsourcing arrangements, hard/soft blocks, and governance practices.

ESMA encourages national competent authorities (NCAs) to incorporate this guidance into their supervisory practices. Investment firms may use the Supervisory Briefing to ensure compliance with the requirements on algorithmic trading.

The Supervisory Briefing can be accessed here.

1.4 Commission Delegated Regulation on equity transparency under the Markets in Financial Instruments Regulation (MiFIR)⁸ published

On 27 February 2026, a Commission Delegated Regulation⁹ amending the Commission Delegated Regulation on equity transparency¹⁰ was published in the Official Journal of the European Union (OJ) (Commission Delegated Regulation).

The amendments reflect changes to the MiFIR made by the MiFIR II¹¹. The proposed changes include:

• Revising the liquid determination for equity instruments;

• Eliminating overlap with the new standalone RTS on reasonable commercial basis (RCB);

• Recalibrating size specific to the financial instrument (SSTI) for the purpose of obligations for systematic internalisers (SIs);

• Defines post-trade risk reduction (PTRR).

The Commission adopted the Commission Delegated Regulation in November 2025.

The Commission Delegated Regulation entered into force and have applied since 2 March 2026 save for the changes under Article 1(4).

The Commission Delegated Regulation can be accessed here.

1.5 Amendments to the European Union (Markets in Financial Instruments) Statutory Instruments

On 5 March 2026, the European Union (Markets in Financial Instruments) Statutory Instruments (S.I) No.80 and 81 of 2026 were amended.

The Amendment to S.I. No. 80 of 2026 clarifies the Central Securities Depositories (CSD) exemption, and amends the client order handling rules. This Amendment can be accessed here.

The Amendment to S.I. No. 81 of 2026 amends the client asset safeguarding regime. This Amendment can be accessed here.

1.6 ESMA Report on Call for Evidence on retail participation in capital markets

On 12 March 2026, ESMA published a Report on its Call for Evidence (CfE) on the retail investor journey: understanding retail participation in capital markets.

The CfE was published in May 2025 to gather information on the investor journey, particularly retail investors’ experiences relating to investment products within the scope of MiFID II.

The Report summarises the feedback received by ESMA in response to the CfE and sets out a plan of follow-up actions.

ESMA outlines 3 focus areas for potential technical actions and operational improvements:

• Streamlining disclosure requirements and tackling information overload for investors;

• Maintaining investor protection while aiming to make suitability and appropriateness assessments less complex;

• Simplifying MiFID II requirements on sustainability preferences.

The list of future actions is non-exhaustive. ESMA plans to use the Report to guide its future technical advice on MiFID II Delegated Acts and potential updates to its Guidelines.

The Report can be accessed here.

1.7 MiFIR reporting webpage updates

On 18 March 2026, the MiFIR reporting webpage was updated. The Financial Instruments Reference Data System (FIRDS) covers the MiFIR and Market Abuse Regulation (MAR)¹² requirements for reference data collection and publication, collection and processing of additional data to support the MiFIR transparency regime and suspensions coordination.

The relevant webpage can be accessed here.

2 DORA

2.1 Guide to Submitting DORA Registers of Information on the Central Bank of Ireland Portal

On 19 February 2026, the Central Bank of Ireland (CBI) published a Guide on submitting DORA Registers of Information on the Central Bank of Ireland Portal.

The purpose of this Guide is to provide system guidance for financial entities subject to DORA in relation to submitting Registers of Information on the Portal. The Guide provides examples of successful and unsuccessful submissions of Registers of Information on the Portal.

The Guide should be read in combination with other relevant documentation and legislative texts concerning DORA Registers of Information.

The Guide can be accessed here.

3 AML & CFT

3.1 EBA and AMLA complete handover of AML/CFT mandates

On 1 January 2026, a Press Release was issued by the European Banking Authority (EBA) and EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) announcing the completed transfer of all AML/CFT mandates and functions from EBA to AMLA. 

Under the new framework AMLA will:

• complete the EU’s Single Rulebook;

• advance supervisory convergence;

• co-ordinate the work of Financial Intelligence Units (FIUs).

The EBA and AMLA will continue to work together to ensure a coherent framework is maintained. A formal ESAs-AMLA Memorandum of Understanding has been put in place to allow for smooth information exchange, joint initiatives and engagement with the private sector.

All existing EBA AML/CFT guidelines and standards will remain in force until replaced by AMLA to guarantee regulatory continuity for industry and supervisors.

The Press Release can be accessed here.

3.2 AMLA consults on draft RTS on pecuniary sanctions, administrative measures and periodic penalty payments

On 9 February 2026, AMLA published a Consultation Paper on draft regulatory technical standards (RTS) on pecuniary sanctions, administrative measures and periodic penalty payments under the Sixth Money Laundering Directive¹³ (MLD6).

The AMLA Public Consultation closed on 9 March 2026. AMLA is currently analysing feedback and preparing the final draft RTS. The text of these draft RTS has remained largely unchanged from the version submitted by the EBA in its response to the Call for Advice¹⁴. AMLA is expected to submit the final draft versions of these RTS to the European Commission for adoption by 10 July 2026.

The Consultation Paper can be accessed here.

3.3 AMLA consults on draft RTS on customer due diligence (CDD)

On 9 February 2026, AMLA published a Consultation Paper on customer due diligence (CDD) under Article 28(1) of the AML Regulation¹⁵. The draft RTS aim to harmonise the way in which AML and CFT requirements are applied in the EU.

The AMLA public consultation will close on 8 May 2026. AMLA is expected to submit the final draft version of the RTS to the European Commission for adoption by 10 July 2026.

The Consultation Paper can be accessed here.

3.4 AMLA consults on draft RTS on criteria for identifying business relationships, occasional and linked transactions and lower thresholds

On 9 February 2026, AMLA published a Consultation Paper on the criteria for identifying business relationships, occasional and linked transactions and lower thresholdsunder Article 19(9) of the AML Regulation. The draft RTS again aim to harmonise the way AML and CFT requirements are applied in the EU.

The AMLA Public Consultation will close on 8 May 2026. AMLA is expected to submit the final draft version of the RTS to the European Commission for adoption by 10 July 2026.

A copy of the Consultation can be accessed here.

3.5 Final Report on the draft RTS on the inherent and residual risk profile of obliged entities

On 27 February 2026, AMLA published the Final Report on the RTS on the assessment of the inherent and residual risk profile of obliged entities under Article 40(2) of the Sixth Anti-Money Laundering Directive (AMLD6)¹⁶.

The draft RTS establishes a common methodology for supervisors to assess: (i) inherent ML/TF risk; (ii) quality of AML/CFT controls; and (iii) residual ML/TF risk of financial‑sector obliged entities. The draft RTS reflect the feedback received during a three-month Public Consultation on a version of the draft RTS, which took place between March and June 2025.

To address the current fragmentation to entity-level ML/TF risk assessment, the draft RTS introduces a risk-based methodology that is fully harmonised. The draft RTS applies to NCAs and to financial sector obliged entities.

The draft RTS will be submitted to the European Commission for adoption before being published in the OJ.

The Final Report can be accessed here.

3.6 AMLA launches data collection exercise to test risk assessment models for financial sector

On 16 March 2026 AMLA published a reporting package for its data collection exercise to test and calibrate risk assessment models for the financial sector.

The exercise tests and calibrates AMLA’s risk assessment models to:

• inform the selection of up to 40 obliged entities (operating cross-border) for AMLA’s direct supervision beginning in 2028;

• ensure the money laundering risks of credit institutions and financial institutions are assessed consistently by supervisors across the EU.

Participating financial institutions have already been notified by their national supervisors. Participating entities are requested to submit their data by 22 April 2026.

The exercise will enable AMLA to collect high quality data from the private sector which will contribute to the development of a common EU-wide risk assessment methodology.

The Press Release announcing the launch of the data collection exercise can be accessedhere.

4 EMIR

4.1 RTS on conditions of Active Account Requirement under EMIR 3.0 published in OJ

On 6 February 2026, Commission Delegated Regulation (EU) 2026/305 containing RTS on the active account requirement (AAR) and the representativeness obligation under EMIR 3.0 (the AAR RTS) was published in the Official Journal of the European Union (OJ).

The AAR RTS lay down uniform minimum standards that apply to all counterparties.

The AAR RTS specifies the operational conditions that must be met to demonstrate that an active account at an EU CCP is permanently functional as required under Article 7a(3) of EMIR¹⁷. It also specifies how counterparties that are subject to the representativeness obligation must comply with Article 7a(3)(d) EMIR.

The RTS requires counterparties to report, on a periodic basis, information enabling national competent authorities (NCAs) to assess:

• compliance with the operational conditions, including the completion of stress testing at least annually;

• compliance with the representativeness obligation, where applicable; and

• relevant clearing activity and exposures.

The RTS establishes (i) bi‑annual reporting to NCAs and (ii) the use of standardised templates, which are set out in Annex II (operational conditions) and Annex III (representativeness and activity data) respectively.

The AAR RTS entered into force on 26 February 2026.

The AAR RTS can be accessed here.

4.2 ESMA publishes Supervisory Briefing on the Representativeness Obligation

On 20 February 2026, ESMA published a Supervisory Briefing on the representativeness obligation which forms part of the AAR under EMIR 3.0.

The Supervisory Briefing helps to clarify how aspects of compliance with the representativeness obligation should be performed and reported by in-scope counterparties in accordance with EMIR and the AAR RTS.

The Supervisory Briefing:

• Identifies the most relevant subcategories;

• Outline reporting on the representativeness compliance;

• Provides a worked example of compliance.

The ESMA Press Release and Supervisory Briefing can be accessed here.

4.3 ESMA consults on guarantees as CCP collateral and on certain aspects of CCP investment policy

On 23 February 2026, ESMA launched a Public Consultation on draft RTS amending Commission Delegated Regulation 153/2013 that sets out the CCPs.

ESMA is encouraging all relevant stakeholders to share their views on the following:

• The conditions under which public guarantees, public bank guarantees and commercial bank guarantees may be accepted by CCPs as collateral.

• The conditions under which debt instruments can be considered as eligible financial instruments for the purpose of CCP investment policy.

• The arrangements in which emission allowances posted as margins or default fund contributions can be deposited.

The deadline for responses is 30 April 2026. Based on the responses received, ESMA will prepare the Final Report and submit the final draft technical standards to the European Commission by the end of 2026.

The ESMA Press Release and Consultation Paper can be accessed here.

4.4 ESMA publishes a Final Report setting out new clearing thresholds under EMIR 3.0

On 25 February 2026, ESMA published its Final Report and draft RTS setting out new and revised clearing thresholds (CTs) under EMIR 3.0.

The draft RTS seeks to amend Delegated Regulation (EU) No 149/2013 which sets out the currently existing clearing thresholds for OTC derivatives; and how those thresholds must be calculated by counterparties, for the purposes of Articles 4a (financial counterparties(FCs))and10 (non‑financial counterparties (NFCs)) of EMIR.

To avoid unnecessary complexity and additional compliance burdens, ESMA has:

• retained five CTs categories, avoiding additional categories or more granular thresholds.

• clarified the timing of calculation of positions (allowing counterparties to apply the new CTs during their usual assessment window or earlier) and transition mechanics

• increased the thresholds in the commodity, interest rate and credit derivatives asset classes compared to what was previously proposed in the consultation paper in April 2025.

ESMA has submitted the final draft RTS to the European Commission for endorsement, following which they will be subject to adoption. The revised clearing‑threshold regime will apply 20 days after the adopted RTS are published in the OJ.

The Final Report can be accessed here.

4.5 ESMA consults on draft RTS on post-trade risk reduction services under EMIR

On 26 February 2026, ESMA published a Consultation Paper on draft RTS relating to requirements for post-trade risk reduction (PTRR) services for the purpose of the clearing obligation exemption under EMIR.

Article 4b of EMIR contains a conditional exemption from the clearing obligation exemption for transactions resulting from PTRR services subject to certain requirements. ESMA is mandated under EMIR to draft RTS specifying the requirements for benefitting from the PTTR exemption.

The proposed draft RTS contains provisions on:

• The requirements for the different types of PTRR services that can benefit from the exemption;

• The requirements for PTRR exercises;

• Operating conditions for the PTRR service providers;

• The process for competent authorities to monitor the application of the PTRR exemption.

The deadline for responses is 20 April 2026. ESMA expects to publish a final report on the RTS and submit them to the European Commission for endorsement in Q4 2026.

The Consultation Paper can be accessed here.

4.6 ESMA publishes a Final Report on the RTS on margin transparency and a Final Report on the cost of clearing under EMIR

On 2 March 2026, ESMA published a Final Report on the draft RTS on margin transparency. The final draft RTS outlines the detailed information which CCPs are required to provide to their clients on their margin models and their initial margin simulation tools to their clients.

On the same date, ESMA also published a Final Report on the draft RTS on information on clearing fees and associated costs. The final draft RTS contain provisions on, among other things, on-boarding fees, fixed fees and transaction fees charged by CSPs.

ESMA will now submit the draft RTS to the European Commission for endorsement.

The Final Report on draft RTS on margin transparency requirements can be accessedhere.

The Final report on draft RTS on information on clearing fees and associated costs can be accessed here.

ESMA will now submit the draft RTS to the European Commission for endorsement.

4.7 ESMA announces the publication of standardised reporting templates and instructions for the Active Account Requirement

On 13 April 2026, ESMA announced the publication of standardised reporting templates and instructions for the AAR under EMIR 3.0. The new templates and instructions set out in detail how entities subject to the AAR should report the required information to their NCAs.

ESMA has indicated that it expects the first AAR reporting submissions by July 2026 covering the period from 25 June 2025, when the AAR became applicable, to 30 June 2026. The AAR RTS indicates that the annual reporting shall take place bi-annually on the last day of January and on the last day of July in each year each covering a twelve‑month reference period.

ESMA has also indicated that it will develop additional instructions on how to report according to the RTS templates.

A copy of ESMA’s Press Release, reporting templates and instructions are available here.

5 MISCELLANEOUS

5.1 Central Bank of Ireland Brokers / Retail Intermediaries Webpage

On 4 February 2026, the Central Bank of Ireland provided an update on the Brokers/Retail Intermediaries webpage.

The update is an Industry notice in relation to the Central Bank of Ireland’s launch of a new streamlined authorisation process for Sole Traders who propose to become Single Director Companies.

This new process applies where the proposed Single Director Company represents a continuation of an existing Sole Trader business.

Applicants are required to complete a short confirmations-based form. This form can be found on the Central Bank’s Portal.

The webpage can be accessed here.

5.2 IOSCO Work Programme for 2026

On 9 February 2026, the International Organization of Securities Commissions (IOSCO) published its Work Programme for 2026.

IOSCO's work in 2026 will focus on five key areas:

• Strengthening financial resilience and market effectiveness - The Board approved new initiatives in this field including addressing issues of fragmentation in OTC derivatives, the impact of market microstructures on liquidity, extended hours on equity trading venues and work on the issue of leverage in non-banking financial institutions (NBFIs).

• Protecting Investors - Through continued promotion of existing technology, such as I-SCAN, alongside the launch of its first TechSprint, IOSCO will further strengthen investor education.

• Evolution of Public and Private Markets - IOSCO will monitor this evolution through contributions to the Financial Stability Board’s (FSB) deep dive on private credit and research on equity public markets.

• Technological transformation - IOSCO notes the opportunities and risks that come along with technological advancement, such as AI and tokenisation. To address this IOSCO will, among other things, advance its crypto asset roadmap, develop a supervisory toolkit on AI and monitor developments arising from financial technology adoption.

• Promoting regulatory co-operation and effectiveness - Building strong capital markets through enhanced capacity building, partnerships with international financial institutions and assisting with challenges.

IOSCO’s 2026 Work Programme can be accessed here.

5.3 ESMA Q&As 2026 (updated 23 March 2026)

The ESMA Q&As were most recently updated on 23 March 2026. A key objective of ESMA is ensuring consistent application of the EU Single Rulebook for financial services. Any stakeholder or citizen can pose questions to ESMA relating to the practical application or implementation of the Single Rulebook.

While the answers provided by ESMA serve as practical guidance, they have no binding force in law.

The Q&As can be accessed here.

Footnotes

1 Markets in Financial Instruments Directive (Directive 2014/65/EU) as amended

2 Regulation (EU) 600/2014

3 Final Guidelines On the MiFID II/ MiFIR obligations on market data. Dated 18/08/2021. ESMA70-156-4263

4 Commission Delegated Regulation (EU) 2025/1156

5 Directive 2013/36/EU as amended

6 Directive (EU) 2024/1619

7 Commission Delegated Regulation (EU) 2017/589

9 Commission Delegated Regulation (EU) 2026/482

10 Commission Delegated Regulation (EU) 2017/567

11 Regulation (EU) 2024/791, which amends MiFIR

12 Regulation (EU) 596/2014

13 Directive (EU) 2024/1640) (MLD6)

14 EBA Response to the European Commission’s Call for Advice on six AMLA mandates

15 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)

16 Directive (EU) 2024/1640

17 Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) as revised by EMIR 3.0