The European Securities and Markets Authority published and updated Questions and Answers across several EU frameworks, providing additional supervisory guidance for European crowdfunding service providers, crypto-asset service providers under the Markets in Crypto-Assets Regulation (MiCA), central counterparties under EMIR, and issuers applying the Transparency Directive. The updates cover the use of fiduciary (nominee) structures in equity crowdfunding, MiCA topics including withdrawal requirements under Article 75, fixed overheads calculations, interest earned on client funds held at credit institutions, fiat payouts in exchange services, the overlap between offers of crypto-assets and placing, and the application of Title II to CASPs operating a trading platform for crypto-assets. For EMIR central counterparties, the Q&As address AAR threshold calculation, AAR representativeness obligations and AAR stress testing. Under the Transparency Directive, ESMA added a new Q&A on the interaction of IFRS 18 and the APMs Guidelines and amended Q&As on measures presented simultaneously inside and outside financial statements, interim financial statements, the concept of prominence and the definition of an APM, with these Transparency Directive changes effective from 1 January 2027.
European Securities and Markets Authority 2026-02-27
European Securities and Markets Authority updates Q&As on crowdfunding nominee structures, MiCA CASP obligations, EMIR CCP AAR metrics and Transparency Directive APMs
The European Securities and Markets Authority updated its Q&A across several EU frameworks, providing guidance for crowdfunding and crypto-asset service providers, central counterparties under EMIR, and issuers under the Transparency Directive. Updates include fiduciary structures in equity crowdfunding, MiCA withdrawal requirements, and EMIR AAR threshold calculations. Changes to the Transparency Directive, effective 1 January 2027, address IFRS 18 interaction and APMs Guidelines.