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Financial services regulatory round-up: ESMA T+1 guidance, MiFID II commodity review, ESG ratings RTS, AMLA supervision, IOSCO AI toolkit, Islamic finance stability, WFE transition equity (26 May 2026)

Published on: 26 May 2026

Published by a LexisNexis Financial Services expert

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Financial services developments ESMA consults on revised guidelines for allocations and confirmations under T+1

The European Securities and Markets Authority (ESMA) has launched a consultation on refreshed guidelines for standardised procedures and messaging protocols. This exercise forms part of ESMA’s efforts to help market participants get ready for the shift to a T+1 settlement cycle. Stakeholder feedback is requested by 7 July 2026. ESMA will review the submissions and aims to issue a final report, together with the updated guidelines, by October 2026. The revisions seek to accelerate, clarify and harmonise post-trade communications right across the EU. They mirror the amendments outlined in ESMA’s Final Report on Amendments to the RTS on Settlement Discipline and assist firms in complying with tighter timelines following the move to T+1. Key changes include the following:

embedding the mandatory adoption of electronic, standardised communication channels and international messaging standards
eliminating references to non-electronic and non-machine-readable methods of communication, such as oral allocations and confirmations, save where temporary technical disruptions occur

The updated guidelines are intended to apply from 7 December 2026, aligning with the anticipated application date of the proposed new allocations and confirmations requirements under the RTS on Settlement Discipline. The consultation comes...

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