On 19 May 2026, the European Securities and Markets Authority (ESMA) published the Summary of Conclusions from the Securities and Markets Stakeholder Group (SMSG) meeting held in February 2026. The document outlines discussions and advice from the SMSG on key regulatory topics, including sustainable finance disclosures, market data consolidation, and the review of the European Market Infrastructure Regulation (EMIR). The SMSG, which represents market participants, consumers, and other stakeholders, provides input to ESMA on its policy work.
The SMSG meeting covered several ongoing ESMA initiatives. Members discussed the implementation of the Sustainable Finance Disclosure Regulation (SFDR), focusing on the practical challenges of classifying financial products as Article 8 or Article 9. Some members expressed concerns about the complexity of the regulation and the need for clearer guidance to avoid greenwashing. Others highlighted the importance of maintaining high standards for sustainability claims.
Another key topic was the European Single Access Point (ESAP) and the consolidation of market data. The SMSG debated the costs and benefits of a consolidated tape for equities and bonds, with some members advocating for a mandatory contribution model to ensure data quality and coverage, while others warned about increased costs for smaller market participants. The group also discussed the potential impact on competition among data providers.
On EMIR review, the SMSG examined proposals to simplify clearing requirements for small counterparties and to enhance the resilience of central counterparties (CCPs). Some members supported the reduction of clearing thresholds to lower costs for non-financial counterparties, while others cautioned against weakening risk management standards. The group also touched on the need for harmonised rules across EU member states to avoid regulatory arbitrage.
The Summary of Conclusions is a non-binding document that reflects the SMSG's views. ESMA will consider the feedback in its ongoing policy work, including technical standards and guidelines. The next SMSG meeting is expected in mid-2026.
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