European Union: Securities

EU financial supervisory authorities have published their 2025 annual reports, revealing a fundamental shift from framework development to operational enforcement and implementation monitoring. The reports demonstrate how the European Banking Authority, ESMA, EIOPA, ECB-SSM, and Single Resolution Board are moving toward data-driven supervision, systematic DORA monitoring, and enhanced cross-sectoral coordination. What does this transition from rule construction to demonstrable, peer-comparable outcomes mean

Two key Level 2 measures implementing the Listing Act reforms to the EU Market Abuse Regulation were published in the Official Journal of the European Union on 16 July 2026. These delegated regulations address critical aspects of inside information disclosure, closed period trading permissions, and indicators of market manipulation, with practical implications for issuers and market participants across EU capital markets.

Malta was the first EU country to pass the VFA Act in 2018, which attracted investment, skilled workers, and licensing activities, making it a leading hub for digital assets. . Malta’s early regulatory approach...

The Anti-Money Laundering Regulation introduces sweeping changes to EU financial compliance, establishing a EUR 10,000 cap on cash transactions, prohibiting anonymous financial instruments, and mandating the conversion of bearer shares. These measures fundamentally reshape how businesses handle large payments and corporate ownership structures, with strict deadlines and automatic penalties for non-compliance.

The European Single Access Point (ESAP) Regulation introduces new procedural obligations for issuers of securities in Ireland, requiring parallel submission of prospectus, transparency, and market abuse information...

On the 15th of June 2026, the European Commission published Commission Implementing Regulation (EU) 2026/1291 introducing a revised set of implementing technical standards under the Market Abuse Regulation...

La société de gestion d’un fonds commun de placement, qui exerce les droits de vote attachés aux titres détenus par le fonds en qualité de mandataire des porteurs de parts, ne peut être qualifiée d’entreprise en contrôlant une ou plusieurs autres au sens de l’article L. 233-3, I-3° du Code de commerce, dès lors qu’elle n’a pas la qualité d’actionnaire et n’exerce les droits de vote que par l’effet de la loi, dans l’intérêt exclusif des porteurs de parts, sans disposer d’un pouvoir propre de contrôle sur les sociétés dans lesquelles le fonds commun de placement qu’elle gère a investi.

The EU Listing Act introduces significant reforms to the Market Abuse Regulation, fundamentally changing how issuers assess disclosure obligations for protracted processes and delayed announcements. These changes, effective from June 2026, shift the analytical framework from intermediate step disclosure to final event triggers, while introducing a revised test for delaying disclosure that replaces the previous "not misleading" standard with an objective benchmark linked to prior public communications.

This May 2026 edition of Funds Focus examines critical regulatory developments affecting asset management and investment funds, including Ireland's implementation of AIFMD II legislation and the Central Bank of Ireland's latest guidance on board effectiveness and liquidity management tools. The update also covers significant enforcement actions and European regulatory harmonization efforts that will shape fund management practices in the coming months.