ESMAESMA finalises draft standards for the PTRR clearing exemption.
Financial marketsFrance · Luxembourg
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Editorial selection8–22 Oct 2026 · Sources checked on 22 Oct
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Publications
8 publications
ESMAESMAESMA updates legitimate interests supporting delayed disclosure.
Market abuseFrance · Luxembourg
Open full briefingESMAESMA calls for testing across the settlement chain.
SettlementFrance · Luxembourg
Open full briefingESMANew guidance covers OTC identification data and tick sizes.
Financial marketsFrance · Luxembourg
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AMFAMF publishes instruction DOC-2026-05 for relevant non-ELTIF funds.
Asset managementFrance
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ACPR · AMFACPR and AMF summarise findings from 2020–2024 inspections.
Client protectionFrance
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Conseil de l’UEThe Council outlines its market integration and supervision position.
European supervisionFrance · Luxembourg
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CSSFCSSF specifies information for Luxembourg managers starting this activity.
GovernanceLuxembourg
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EMIR 3: safeguards for risk-reduction services
ESMA finalises draft standards for the PTRR clearing exemption.
Key takeaways
The report addresses controls, records and exemption monitoring. Commission endorsement remains pending.
Impacts & actions
Liravo editorial analysis · assess against your authorisation and activities.
- Publication type
- Draft technical standards
- Timing to note
- Monitor EU adoption; the report alone does not establish immediate applicability.
Relevant institutions
Banks, investment firms and managers using OTC derivatives and PTRR services.
Impact to assess
Controls and audit trails may need review.
Actions to consider
- Inventory PTRR services.
- Compare controls with the draft.
- Geographical scope
France
Luxembourg- Source checked on
- 22 Oct 2026
Inside information: revised MAR guidelines
ESMA updates legitimate interests supporting delayed disclosure.
Key takeaways
Five situations are added; references to protracted processes are revised following the June 2026 changes.
Impacts & actions
Liravo editorial analysis · assess against your authorisation and activities.
- Publication type
- Revised guidelines
- Timing to note
- Applicable upon publication in all 24 official languages.
Relevant institutions
Issuers subject to MAR, including listed financial institutions.
Impact to assess
Review decision-making and delay documentation.
Actions to consider
- Compare disclosure procedures with the revision.
- Update decision templates following scope assessment.
- Geographical scope
- FranceLuxembourg
- Source checked on
- 22 Oct 2026
T+1: prepare allocations and confirmations
ESMA calls for testing across the settlement chain.
Key takeaways
The release separates messaging requirements from the future settlement-cycle change.
Impacts & actions
Liravo editorial analysis · assess against your authorisation and activities.
- Publication type
- Release and CSDR guidelines
- Timing to note
- Messaging: 7 December 2026; T+1: 11 October 2027, according to the release.
Relevant institutions
Relevant investment firms, professional clients, managers, custodians and infrastructures.
Impact to assess
Assess automation and operational dependencies.
Actions to consider
- Map counterparty communications.
- Plan tests with custodians and providers.
- Geographical scope
- FranceLuxembourg
- Source checked on
- 22 Oct 2026
OTC transparency: ESMA updates its manual
New guidance covers OTC identification data and tick sizes.
Key takeaways
ESMA distinguishes published guidance from OTC provisions remaining draft pending related technical standards.
Impacts & actions
Liravo editorial analysis · assess against your authorisation and activities.
- Publication type
- Supervisory manual
- Timing to note
- Relevant OTC guidance remains draft until related RTS enter into force.
Relevant institutions
Banks, investment firms and venues within relevant MiFIR requirements.
Impact to assess
Compare data quality and pricing rules with the manual.
Actions to consider
- Identify affected OTC flows.
- Check reference data and tick sizes.
- Geographical scope
- FranceLuxembourg
- Source checked on
- 22 Oct 2026
OPCI and evergreen FCPR: liquidity buffers
AMF publishes instruction DOC-2026-05 for relevant non-ELTIF funds.
Key takeaways
It addresses permanent liquid-asset buffers and stress tests for relevant submissions.
Impacts & actions
Liravo editorial analysis · assess against your authorisation and activities.
- Publication type
- Instruction and AMF release
- Timing to note
- Funds established before 13 October 2026: two-year transition and AMF notification.
Relevant institutions
Managers of OPCI and evergreen FCPR funds without ELTIF authorisation.
Impact to assess
Review calibration, simulations and fund documents.
Actions to consider
- Identify funds in scope.
- Review buffers, stress tests and documentation.
- Geographical scope
- France
- Source checked on
- 22 Oct 2026
Distribution: three areas for attention
ACPR and AMF summarise findings from 2020–2024 inspections.
Key takeaways
Product governance, personalised advice and conflicts of interest are highlighted.
Impacts & actions
Liravo editorial analysis · assess against your authorisation and activities.
- Publication type
- Educational inspection summary
- Timing to note
- No new deadline in this release; existing expectations are recalled.
Relevant institutions
Investment and life-insurance distributors; managers according to distribution activities.
Impact to assess
Reassess distribution controls and customer information.
Actions to consider
- Test target markets and suitable advice.
- Review remuneration and conflicts.
- Geographical scope
- France
- Source checked on
- 22 Oct 2026
EU markets: Council reaches political agreement
The Council outlines its market integration and supervision position.
Key takeaways
The package covers selected cross-border infrastructures, major crypto providers and asset-management simplification.
Impacts & actions
Liravo editorial analysis · assess against your authorisation and activities.
- Publication type
- Negotiating position
- Timing to note
- Track the legislative process; no compliance deadline inferred.
Relevant institutions
Cross-border infrastructures, crypto providers, managers and relevant custodians.
Impact to assess
Supervisory arrangements may change; this is not final applicable legislation.
Actions to consider
- Assess potentially affected activities.
- Monitor negotiations with Parliament.
- Geographical scope
- FranceLuxembourg
- Source checked on
- 22 Oct 2026
White-label funds: dedicated CSSF form
CSSF specifies information for Luxembourg managers starting this activity.
Key takeaways
The form documents compliance, including conflicts linked to third-party initiators.
Impacts & actions
Liravo editorial analysis · assess against your authorisation and activities.
- Publication type
- Communication and form
- Timing to note
- Submit the form when undertaking this activity for the first time.
Relevant institutions
Relevant Luxembourg AIFMs and UCITS management companies.
Impact to assess
Starting this business requires dedicated documentation.
Actions to consider
- Identify third-party-initiated projects.
- Prepare the form and supporting compliance evidence.
- Geographical scope
- Luxembourg
- Source checked on
- 22 Oct 2026