The European Securities and Markets Authority published Q&A entries under the EU ESG Ratings Regulation, the Markets in Crypto-Assets Regulation and the Markets in Financial Instruments Regulation secondary markets framework. The ESG ratings guidance focuses on consulting activities to investors or undertakings and separation of business, several aspects of the two working day notification period known as the 48h rule, internal use of ESG ratings or in-house financial services, and the exemption for second-party opinion providers. Under MiCA, the Q&A address when an authorised crypto-asset service provider may provide custody and administration or transfer services in relation to other crypto-assets issued after a public offer, the perimeter of advice under MiCA compared with MiFID II, and crypto-asset lending services. For MiFIR secondary markets, ESMA added Q&A on the consolidated tape provider opt-in regime and on the timestamp of the order.
European Securities and Markets Authority2026-07-10
European Securities and Markets Authority publishes Q&A on ESG ratings 48h rule MiCA service perimeter and MiFIR consolidated tape
The European Securities and Markets Authority published Q&A entries covering the EU ESG Ratings Regulation, MiCA and MiFIR secondary markets. The topics include the ESG ratings 48h rule and separation of business, MiCA service perimeter issues including advice and lending, and operational points for the consolidated tape provider regime.