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European Commission MiFID II review of commodity derivatives and emissions markets: no urgent reforms; potential targeted changes to data, ancillary activity exemption, position limits, management controls and reporting
The report covers: The European Commission has released the report it forwarded to the European Parliament and the Council, presenting its assessment of the markets for commodity derivatives, for emission allowances and for derivatives of emission allowances, under Article 90(5) of the Markets in Financial Instruments Directive (MiFID II) (Directive (EU) 2014/65), as updated in February 2024. It states that input from stakeholders, together with the Commission’s subsequent appraisal based on market trend analysis, did not indicate an immediate need for substantive revisions to the reviewed parts of the commodity derivatives framework, although certain targeted amendments might be contemplated in future... data aspects relating to commodity derivatives the ancillary activity exemption position limits, position management controls and position reporting Source: REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the Commission’s assessment of the markets for commodity...
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EU funds: ESMA revises LMT guidance under AIFMD/UCITS; provisional RIS agreement amending MiFID, UCITS, AIFMD, Solvency II and PRIIPs; Q&As on UNGC/OECD exclusions for fund names
European Revised guidelines on LMTs under AIFMD and UCITS Directive On 18 December 2025, the European Securities Market Authority (ESMA) issued a report setting out a revised version of its guidelines on LMTs for UCITS and open-ended AIFs. The guidelines explain how fund managers should choose and calibrate LMTs, taking into account their investment strategy, liquidity profile, and the redemption policy of the fund......
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EU: ESMA 2026 CSA on MiFID II conflicts in retail distribution; final MiFIR RTS on derivatives transparency and the OTC derivatives consolidated tape
European ESMA and NCAs to conduct a CSA on conflicts of interest in the distribution of financial instruments in 2026 On 2 December 2025, ESMA disclosed it will commence a CSA with NCAs addressing conflicts of interests in the distribution of financial instruments during 2026. The exercise will assess how investment firms adhere to their obligations under the Markets in Financial Instruments Directive II to identify, prevent and manage conflicts of interest when offering investment products to retail clients......
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EU and Ireland insurance regulation: CBI 2026 supervisory priorities, IRRD implementation, Solvency II reforms, ESRS opinion, PE acquisitions consultation, and resilience themes (AI, DORA, climate) — February 2026
Domestic CBI publishes its Supervisory Priorities for 2026 The CBI has released its Regulatory & Supervisory Outlook for 2026. Key priorities for the (re)insurance market include: treatment of customers (covering a series of consumer-centred thematic reviews) building financial resilience (reflecting the effects of the Solvency II Review, alongside reviews of non-life investment risk and of pricing, underwriting and reserving by international and reinsurance firms) digitalisation and the use of AI (including implementation of the EU’s AI Act and oversight of firms’ AI strategies) climate change and sustainability (including engagement on climate-related protection gaps and firms’ integration of climate risk) operational and cyber resilience For insurance intermediaries, the CBI will likewise emphasise operational and cyber resilience (including implementation of the Digital Operational Resilience Act) and the fair treatment of customers (for example, implementing the revised Consumer Protection Code). It will also...
Ireland—The regulation of credit—overview
This section offers direction on how the Central Bank of Ireland (CBI) regulates businesses that extend credit in Ireland. It includes the following guidance for firms:
- Practice Note: Ireland-When is an authorised credit servicing firm required under the domestic credit servicing regime?
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