European Securities and Markets Authority publishes Spotlight on Markets newsletter highlighting MiCA policy package and transparency reforms

The European Securities and Markets Authority published the latest edition of its Spotlight on Markets newsletter, bringing together recent EU financial markets regulatory updates with a focus on the final policy documents supporting the Markets in Crypto-Assets Regulation (MiCA) after it entered into force across the EU on 30 December 2024. The edition notes ESMA’s MiCA work over the past 18 months, comprising more than 30 technical standards and guidelines. It also highlights new Q&As on applying the Guidelines on funds’ names, including further explanations on green bonds, convergence on “meaningfully investing in sustainable investments”, and the definition of controversial weapons. Other items covered include final reports proposing amendments on equity transparency under MiFID II and covering mandates under the MiFIR Review on bond trade transparency and reasonable commercial basis (RCB), an explainer on the difference between credit ratings and private credit ratings, key findings from the European Supervisory Authorities’ (ESAs) 2024 Digital Operational Resilience Act (DORA) dry run and their joint recruitment for the DORA Joint Oversight Team, consultations on applying the European Single Electronic Format to sustainability reporting and on Listing Act-related changes to the Market Abuse Regulation and MiFID II, a feedback statement on securitisation disclosure templates under the Securitisation Regulation, and a consultation on technical standards for open-ended loan-originating AIFs under the revised Alternative Investment Fund Managers Directive.