1) EBA: final draft RTS and ITS on material operations of credit institutions under the CRD published

On 17 July 2026, the European Banking Authority (“EBA”) published its final draft Regulatory Technical Standards (“RTS”) and Implementing Technical Standards (“ITS”) on material acquisitions, transfers of assets or liabilities, mergers and divisions involving credit institutions or (mixed) financial holding companies, implementing Directive (EU) 2013/36, as amended by Directive (EU) 2024/1619 (the “CRD”).

The draft RTS define the minimum content of notifications to be submitted to the competent authorities, introduce a common methodology for the prudential assessment of transactions, and govern the related authorization procedures. The draft ITS, on the other hand, establish uniform procedures and timelines for cooperation among supervisory authorities involved in cross-border transactions, with the aim of ensuring a harmonized approach at the European level.

The new regulatory framework is based on the principle of proportionality, providing for simplifications for intra-group transactions and those involving smaller institutions, as well as measures aimed at avoiding duplication of information and reducing administrative burdens. The new provisions aim to promote the consolidation of the European banking sector by increasing legal certainty and the efficiency of supervisory procedures.

2) EBA: proposed amendments to the data collection for the 2027 market risk benchmarking exercise open for consultation

On 17 July 2026, the European Banking Authority (“EBA”) launched a public consultation on amendments to the implementing technical standards relating to the benchmarking of internal models and the standardized approach for market risk for the 2027 exercise.

The principal innovations subject to the amendments concern: (i) the extension of the exercise to institutions applying the alternative standardized approach (“ASA”) under Regulation (EU) 2024/1623 (“CRR 3”); (ii) the resumption of data collection under the internal model approach (“IMA”) pursuant to Regulation (EU) 2012/648 (“CRR 2”); (iii) the deferral of the 2027 benchmarking exercise to the second half of 2027; (iv) the postponement of the AIMA data collection under CRR 3, on account of uncertainties surrounding its effective implementation; and (v) the reorganization of the market risk reporting templates.

The consultation remains open until 3 September 2026.

3) EIOPA: package of guidelines and technical standards for the implementation of the Solvency II review published

On 16 July 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) published a package of final guidelines and draft technical standards in fulfilment of its Solvency II review mandate and in preparation for the entry into force of the new regulatory framework.

The package introduces the tools provided for by the reform, with new guidelines on liquidity risk management and updates to the existing provisions on the calculation of the risk margin and the application of the matching adjustment (the “Matching Adjustment”). These measures will apply from 30 January 2027.

Among the principal innovations are the new guidelines on supervisory powers to address liquidity vulnerabilities, which govern the modalities, preconditions and scope of exercise of the powers of competent authorities, also specifying the exceptional circumstances in which the temporary suspension of policyholders’ surrender rights may be ordered.

The package also includes new draft regulatory technical standards on the simplified calculation of the risk margin, made necessary by the introduction of the so-called lambda factor, with a consequent update to the guidelines on the valuation of technical provisions.

In addition, the implementing technical standards (“ITS”) on the matching adjustment have been revised, and the guidelines on ring-fenced funds, as well as the ITS on reporting templates and the guidelines on group solvency, reporting and disclosure, have been updated.

The draft technical standards have been transmitted to the European Commission, which must decide on their adoption within three months.

4) ESMA: RTS on CCP admission criteria published

On 8 July 2026, the European Securities and Markets Authority (“ESMA”) published the final report containing the draft Regulatory Technical Standards (“RTS”) on the admission criteria of central counterparties (“CCP”). The measure implements the mandate conferred on ESMA by the new Article 37(7) of Regulation (EU) 648/2012 (“EMIR”), as amended by Regulation (EU) 2024/2987 (“EMIR 3”).

Article 37 of EMIR, in the version amended by EMIR 3, requires each CCP to establish, where applicable on the basis of the relevant product, the categories of eligible direct participants and the related admission criteria (which must be non-discriminatory, transparent and objective) in order to ensure fair and open access to the CCP and to ensure that participants have sufficient financial resources and operational capacity to fulfil the obligations arising from participation in the CCP. The RTS accordingly specify:

  • the elements to be taken into account when a CCP establishes its own admission criteria, including, inter alia, having sufficient financial resources and operational capacity;
  • the elements to be taken into account when a CCP assesses the ability of non-financial counterparties acting as direct participants to satisfy margin requirements and default fund contributions.

The report will be examined by the European Commission, which has three months for its approval.

5) EIOPA: two consultations launched and package of guidelines and RTS in the area of IRRD published

On 8 July 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) published four guidelines and three draft Regulatory Technical Standards (“RTS”), implementing the directive on the recovery and resolution of the insurance sector (“IRRD”), in force from January 2027, which has introduced a harmonized recovery and resolution framework for European (re)insurers, in order to minimize the impact of failures on policyholders, taxpayers and financial stability.

These are, in particular:

  • guidelines on the range of scenarios to be used for the assessment of the credibility and feasibility of insurance companies’ pre-emptive recovery plans;
  • guidelines on the qualitative and quantitative indicators to be taken into account in pre-emptive recovery plans;
  • guidelines on the modalities for presenting information in summary or aggregate form for the purposes of Article 66(2)(b) of Directive (EU) 2025/1;
  • guidelines on the eligibility criteria for simplified obligations for companies and groups;
  • RTS on the independence of valuers from the resolution authority and the entity subject to resolution;
  • RTS on the contractual recognition of the powers to suspend resolution under Directive (EU) 2025/1; and
  • RTS on the methodologies and principles relating to the valuation of liabilities arising from derivative instruments.

Furthermore, also on 8 July 2026, EIOPA launched: (i) a consultation on the proposed RTS on methodologies for the valuation of assets and liabilities in resolution and on the method for calculating the provision for additional losses in provisional valuations; and (ii) a consultation on the proposed RTS for the methodology for assessing the treatment of shareholders, policyholders, beneficiaries, claimants and creditors in the event of insolvency, for the estimation of replacement costs and the separation of valuations in the event of resolution and insolvency proceedings.

Both consultations will remain open until 20 October 2026.