The European Securities and Markets Authority (ESMA) recently published the latest edition of its Spotlight on Markets newsletter, outlining key regulatory developments across the European Union aimed at strengthening market integration, transparency and supervisory oversight.
The newsletter opened with ESMA welcoming the European Commission’s ambitious proposal on market integration, stressing the importance of deeper, more integrated and efficient EU capital markets to support growth and resilience across the bloc.
ESMA underlines that robust governance frameworks and well-functioning market infrastructure are central to achieving these objectives, particularly at a time of increasing cross-border activity and technological change.
A key highlight is the announcement of the selected applicant for the equity consolidated tape provider, described as a significant milestone towards a more transparent and integrated equity markets landscape in the EU.
The consolidated tape is intended to improve access to market data, enhance price transparency and support fairer and more efficient trading conditions for market participants.
The edition also features ESMA’s final report on Regulatory Technical Standards for non-equity transparency, providing greater clarity on transparency requirements beyond equity markets.
Further references are made to the five-year review of tiering and recognition, as well as a report examining the cross-border investment activity of firms operating within the EU.
The newsletter additionally includes a TRV risk article focusing on the application of the fund names guidelines, highlighting potential risks linked to misleading or unclear fund naming practices.
ESMA also announces plans to launch a Common Supervisory Action focusing on MiFID II conflicts of interest requirements, with the aim of reinforcing supervisory convergence and promoting sound governance practices across EU Member States.
In parallel, the European Supervisory Authorities have designated critical ICT third-party providers under the Digital Operational Resilience Act (DORA), marking an important step in strengthening governance and oversight of key service providers in the EU financial system.
These developments collectively reflect a broader push by EU authorities to enhance market transparency, resilience and investor protection amid evolving market structures and digital risks.
