The European Securities and Markets Authority (ESMA) announced on 7 July 2026 that it will deprioritise supervisory actions related to the mechanical issuance of invoices under the Regulatory Technical Standards (RTS) on reasonable commercial basis. The statement, published as ESMA74-276584410-11272, indicates that ESMA will not prioritise enforcement against firms that mechanically issue invoices without assessing whether the charges comply with the reasonable commercial basis requirement, provided certain conditions are met. This move aims to reduce administrative burden on market participants while ESMA continues to monitor the overall compliance landscape.
The deprioritisation applies specifically to the mechanical issuance of invoices, meaning where invoices are generated automatically without individual assessment of the commercial reasonableness of the fees. ESMA clarified that this does not affect its broader supervisory priorities regarding the RTS, and it reserves the right to take action if systemic issues or consumer harm arise. The statement is intended to provide clarity to market participants and national competent authorities on ESMA's enforcement approach.
This decision impacts several stakeholders. For EU trading venues and investment firms, the deprioritisation reduces the immediate compliance burden and potential penalties related to invoicing processes, allowing them to focus resources on other regulatory obligations. However, it may also create uncertainty for market participants who rely on clear enforcement signals to ensure fair pricing. EU consumers and investors could face indirect effects if the lack of enforcement leads to less scrutiny of invoice charges, potentially increasing costs. National competent authorities, which are responsible for day-to-day supervision, may need to adjust their own enforcement priorities in line with ESMA's guidance, potentially leading to divergent practices across member states.
ESMA's statement does not set a specific timeline for the deprioritisation and notes that it will keep the approach under review. Market participants are expected to continue complying with the underlying RTS requirements, and ESMA encourages voluntary adherence to the reasonable commercial basis principle. No further regulatory action or legislative follow-up is anticipated at this stage.