ESMA Publishes Latest Q&As on ESG and Crypto Regulations

The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, released a comprehensive set of questions and answers on 10 July 2026. This update addresses various regulatory areas, prominently including the EU ESG Ratings Regulation and the Markets in Crypto-Assets Regulation (MiCA).

ESG Ratings Regulation Insights

ESMA's Q&As cover several facets of the European ESG Ratings Regulation (ESGRR). Notable topics include consulting activities for investors, the two working day notification period, and the review process for datasets.

• Consulting Activities to Investors: Guidance on consulting investors or undertakings, identified under reference 2889.
• Two Working Day Notification: Clarifications on both the application and scope, under references 2719 and 2890, respectively.
• Error Review Access: Procedures for reviewing factual errors in datasets (2891).
• Issuer Feedback Obligation: Issuers must consider feedback as outlined in reference 2716.
• Internal ESG Ratings: Use of ESG ratings for internal purposes or in-house financial services detailed in 2806.
• SPO Providers Exemption: Specific exemptions for Second-Party Opinion providers listed under 2807.

MiCA and Crypto Regulation Developments

The Markets in Crypto-Assets Regulation (MiCA) sees significant attention in this update. ESMA distinguishes between various roles and activities covered by MiCA.

• Authorised CASPs: Details on authorized Crypto-Asset Service Providers (CASPs) offering custody and administrative services, highlighted in reference 2417.
• Advice Perimeter: Comparison of the advice perimeter under MiCA versus MiFID II, explored in reference 2882.
• Crypto-Asset Lending: Regulation of lending services associated with crypto-assets under reference 2883.

Enhancements to MiFIR

Questions related to the Markets in Financial Instruments Regulation (MiFIR) also feature prominently.

• Secondary Markets Regulation: The opt-in regime for Consolidated Tape Providers (2825) and timestamp requirements (2881) are covered.

Access to These Q&As

The full list of Q&As can be accessed on ESMA’s official Questions and Answers section, which is regularly updated to assist market participants and stakeholders.

These Q&As serve as an essential resource for understanding regulatory expectations across the EU's securities markets landscape.