The European Securities and Markets Authority has published and updated a set of Questions and Answers spanning multiple EU frameworks, providing additional interpretative guidance for market participants and supervisors. The updates cover exclusions under the Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive linked to the UN Global Compact and OECD Guidelines, clarifications under the ESG Rating Activities Regulation on group-affiliated small ESG rating providers and the temporary regime notification process (including its content, ESMA’s assessment, and cases where a provider no longer meets the size conditions), guidance under the Market Abuse Regulation on the scope of the Article 19(12a) exception allowing certain trading by persons discharging managerial responsibilities during closed periods, and clarification under the Markets in Crypto-Assets Regulation on the meaning of “trading platform for crypto-assets” in Article 78(5) where client orders are executed outside a trading platform.
European Securities and Markets Authority 2025-12-19
European Securities and Markets Authority updates Q&As on ESG rating activities, MiCA trading platforms, MAR closed period trading and AIFMD and UCITS exclusions
The European Securities and Markets Authority updated its Q&A for EU frameworks, providing guidance for market participants and supervisors. Key updates clarify exclusions under the Alternative Investment Fund Managers Directive, ESG Rating Activities Regulation, Market Abuse Regulation, and Markets in Crypto-Assets Regulation, addressing issues like small ESG rating providers and crypto-asset trading platforms.