The European Securities and Markets Authority (ESMA) has published an updated registration guide (dated 14 August), outlining the procedures and expectations for entities seeking registration, authorisation, recognition, or endorsement to operate within EU financial markets. The guide applies to a broad range of entities including credit rating agencies, benchmark administrators, trade and securitisation repositories, and data reporting services providers. It also anticipates the forthcoming mandates such as ESG rating providers and external reviewers under the EU Green Bond Regulation. Applicants are expected to submit complete and accurate documentation aligned with relevant regulatory and implementing technical standards (RTS/ITS). ESMA places particular emphasis on governance, internal controls, ICT resilience, outsourcing risks, and methodological robustness as key criteria in its assessment process. From January 2026, new mandates under the Benchmarks Regulation review and the Environmental, Social, Governance Regulation will expand ESMA's supervisory scope. While not legally binding, the guide serves as a practical tool to promote transparency and consistency across ESMA's supervisory functions and should be read alongside the specific information available on ESMA's website and the relevant RTS/ITS. The Annex to the guide provides a consolidated overview of the applicable legal frameworks for each type of supervised entity, providing a practical reference point for applicants navigating the registration and compliance process.
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