In this issue, we inform you about current consultations by the European Securities and Markets Authority (ESMA) on transparency requirements for derivatives and simplified insider list formats. We also look at recent reports from the European Supervisory Authorities (ESAs), which deal with the evaluation of the Securitization Regulation as well as increasing geopolitical tensions and cyber risks.
Table of Contents
- ESMA consults on transparency requirements for derivatives as part of the MiFIR reviewSummary
- ESMA consults on simplified insider list formats under the Listing Act
- European supervisory authorities publish evaluation report on the Securitization Regulation
- ESAs call for increased vigilance in light of rising geopolitical tensions and cyber risks
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ESMA consults on transparency requirements for derivatives as part of the MiFIR reviewSummary
ESMA has published a consultation paper on new regulatory technical standards (RTS) as part of the MiFIR review. The aim is to adapt the transparency requirements for derivatives. Specifically, it concerns
- a new deferral regime for exchange-traded (ETD) and OTC derivatives,
- Definition of size thresholds and liquidity criteria,
- new requirements for pre- and post-trade transparency,
- Changes to the treatment of package transactions and
- Specifications on data quality for the OTC derivatives consolidation data ticker.
Opinion: The reform affects central reporting obligations and could significantly change reporting structures. Companies should take the consultation as an opportunity to review their transparency systems, particularly with regard to size, liquidity and data quality. Participation in the consultation by July 3, 2025 is strongly recommended in order to bring in industry-specific interests. In addition, internal IT and compliance processes should be prepared for any changes at an early stage.
ESMA consults on simplified insider list formats under the Listing Act
Summary: Also on April 3, 2025, ESMA published a consultation paper proposing changes to the format for creating and updating insider lists. These changes are made as part of the amendments to the Market Abuse Regulation (MAR) by the Listing Act and aim to reduce the administrative burden for issuers. Currently, only issuers on SME growth markets benefit from a simplified format; this is now to be extended to all issuers.
Opinion: Extending the simplified format for insider lists to all issuers could significantly reduce the administrative burden and facilitate compliance with MAR. Compliance officers should carefully analyze the proposed changes and examine how they can be implemented in their own processes. Active participation in the consultation is recommended in order to promote practical solutions.
European supervisory authorities publish evaluation report on the Securitization Regulation
Summary:
The three European Supervisory Authorities (ESAs) have published their joint evaluation report on the Securitization Regulation. Among other things, they propose
- clearly link the application of the Regulation to the participation of at least one EU party,
- to expand the definition of public securitizations,
- Simplify due diligence obligations and
- reducing bureaucracy in transparency and reporting obligations (e.g. through aggregated data for certain asset classes).
In addition, targeted adjustments to the STS rules and clarifications on risk retention are required, particularly for CLOs.
Opinion:
These proposals are aimed at a more efficient and investor-friendly securitization market. For compliance officers, this means that early analysis of the proposed changes is necessary in order to identify the regulatory impact on existing and future transactions. The proposed simplifications to due diligence and reporting in particular offer potential for reducing administrative burdens – provided that internal processes are adapted in good time.
ESAs call for increased vigilance in light of rising geopolitical tensions and cyber risks
Summary:
The ESAs publish a joint statement calling on financial market participants to strengthen their resilience to geopolitical tensions, cyber threats and macroeconomic uncertainties. They emphasize:
- The need for robust operational and IT risk management systems.
- The critical importance of contingency plans.
- The increased scrutiny of third party and supply chain risks, particularly in relation to cloud services.
Opinion: This warning highlights the increasing importance of resilience and cyber strategies as part of the compliance agenda. Companies should update their business continuity plans, particularly in relation to IT security, data availability and supply chains. An immediate gap analysis of existing security measures against the requirements of the DORA regulation is advisable.
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Your Riscreen team