The European Securities and Markets Authority (ESMA) published its latest Spotlight on Markets newsletter, summarising EU financial markets supervisory and policy developments covered in April and May, with a focus on evidence-gathering on the retail investor journey under MiFID II and recent work on crypto-asset market abuse and online scams. The edition highlights ESMA’s call for evidence on how retail investors engage with investment services, and notes remarks by CCP Supervisory Committee Chair Klaus Löber on the role of EMIR 3 in strengthening EU clearing systems and supporting the Savings and Investment Union, including supervisory convergence and competitiveness themes raised at industry conferences. It also recounts ESMA’s outreach to major online platforms (including X, Meta, TikTok, Alphabet, Telegram, Snap, Amazon, Apple, Google, and Reddit) urging action to curb promotion of unauthorised financial services, and points to ESMA guidelines on supervisory practices for preventing and detecting market abuse under the Market in Crypto Assets Regulation (MiCA), reflecting crypto trading’s cross-border features and intensive use of social media. Other items referenced include technical advice on market abuse and SME Growth Markets under the Listing Act, a report on the quality and use of data, a consultation on rules for ESG Rating Providers, and the European Supervisory Authorities’ 2024 Joint Annual Report. Responses to the MiFID II retail investor journey call for evidence are due by 21 July 2025.

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