Planned ESMA Consultation Papers for 2025

The European Securities and Markets Authority (ESMA) is committed to cooperation and transparency, ensuring strong stakeholder engagement with those affected by its activities. In line with its regulatory mandate, ESMA conducts public consultations on proposed technical standards and guidelines, providing an overview of planned consultations to help stakeholders prepare in advance.

Overview of Planned Consultations in 2025:

• AIFMD Review – Integrated reporting under AIFMD/UCITS review (Q2 2025)
• EMIR 3 – RTS on simulation tools and transparency by CCPs and CMs (Q2 2025)
• EMIR 3 – RTS on client clearing fees and cost of clearing at different CCPs (Q2 2025)
• EMIR 3 – RTS on CCPs admission criteria (Q2 2025)
• EMIR 3 – RTS on the clearing thresholds (Q2 2025)
• FASTER Directive – RTS on methodology for the calculation of market capitalisation and market capitalisation ratio (Q2 2025)
• Investor Protection – Joint EBA/ESMA Guidelines on the assessment of suitability of management bodies and key function holders (Q2 2025)
• Listing Act – ITS on insider list (Q2 2025)
• MiFID/R Review – Non-equity transparency (derivatives) (Q2 2025)
• Sustainable Finance – RTS on Green Bond Regulation (Q2 2025)
• Sustainable Finance – ESG rating regulation – RTS on registration, separation of business, and methodological disclosures for ESG Rating Providers (Q2 2025)
• EMIR 3 – CCP requirements (Q3 2025)
• EMIR 3 – RTS on extension of interoperability links to derivatives (Q4 2025)
• EMIR 3 – RTS on post-trade risk reduction services (Q4 2025)
• Investor Protection – Technical advice to the European Commission on investor protection topics (Q4 2025)

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