1) ESMA: consultation on guidelines on stress test scenarios under the MMF Regulation

On 5 May 2026, the European Securities and Markets Authority (“ESMA”) launched a public consultation on a new approach for the update of the parameters relating to the stress test scenarios provided for under the regulatory framework for money market funds (“MMFs”) under Regulation (EU) 2017/1131 (the “MMF Regulation”).

In particular, ESMA — with a view to simplifying the process of updating the stress test guidelines and improving their accessibility — proposes to replace the current mechanism, which provides for the annual update of those guidelines by ESMA, with an annual online publication of the relevant benchmark parameters. Under the proposed approach, the guidelines would continue to define the reference framework and methodology for stress tests, while ESMA’s website would serve as a single access point for the updated parameters, enabling market operators to apply those new parameters immediately after their approval.

The consultation will remain open until 6 August 2026.

2) Bank of Italy: the guide to prudential supervision of banks and financial intermediaries updated and restructured

On 5 May 2026, Bank of Italy published the 17th update to Circular No. 269 of 7 May 2008, containing the Guide to supervisory activity, as part of the broader process of simplification of the prudential supervisory framework applicable to banks and non-banking supervised intermediaries.

The principal innovation introduced consists in a new structure of the Guide, organized into five thematic modules dedicated, respectively, to:

• the supervisory review and evaluation process (SREP);
• inspection activity;
• supervisory action and sanctioning procedures;
• administrative procedures; and
• organization and coordination.

Each module is in turn subdivided into three levels of depth: level 1 sets out the general principles; level 2 collects the more analytical aspects relating to supervisory methodologies and processes; level 3 comprises the technical annexes of a more operational character.

Bank of Italy has communicated that it will assess possible expansions of the public version of the Guide, the sharing of further simplification initiatives in processes and methodologies, as well as the development of further functionalities for the search and access to content.

3) ESMA: simplified reporting requirements for funds

On 4 May 2026, the European Securities and Markets Authority (“ESMA”), as part of the broader program of simplification and reduction of reporting burdens launched in 2025, published a report on the integrated collection of fund data.

In particular, in the report, developed pursuant to Articles 69-bis of Directive (EU) 2011/61 (the “AIFMD”) and 20-bis of Directive (EC) 2009/65 (the “UCITS Directive”), ESMA outlined a transition from fragmented national reporting to an integrated European reporting framework centered on a single common reporting model designed to remain proportionate to the different sizes of funds and the different investment strategies, while at the same time meeting supervisory needs. ESMA’s objective is to reduce duplications, improve data consistency and enhance their usability for authorities. To that end, ESMA proposes a hybrid operational model, pursuant to which data validation, storage and analysis will be organized at European level, while data collection will remain at national level.

4) ESMA: consultation on draft guidelines on endorsement under the ESG Ratings Regolation

On 29 April 2026, the European Securities and Markets Authority (“ESMA”) launched a public consultation on the draft guidelines on the endorsement of non-EU ESG ratings, developed in implementation of Regulation (EU) 2024/3005 on the transparency and integrity of environmental, social and governance rating activities (the “ESG Ratings Regulation”).

The ESG Ratings Regulation establishes a regulatory framework for providers of ESG ratings in the European Union and includes specific provisions which set out how ESG rating providers established in the Union can endorse ratings from outside the Union, with a view to ensuring market integrity and investor protection.

The guidelines are aimed at supporting the consistent application of the endorsement regime, providing in particular guidance on the information to be submitted by the ESG rating providers as part of the relevant endorsement application. Through the consultation, ESMA intends to gather contributions to ensure that the guidelines are clear, proportionate and applicable in practice, in line with the objectives of the ESG Ratings Regulation.

The consultation will remain open until 29 May 2026.

5) EBA: final guidelines on supervisory independence and on management of conflicts of interest under the CRD

On 28 April 2026, the European Banking Authority (“EBA”) published the final Guidelines on supervisory independence under Directive (EU) 2013/36 (the Capital Requirements Directive, “CRD”), developed pursuant to Article 4 bis para.9 of the same Directive.

The Guidelines clarify the arrangements that competent authorities should adopt to prevent and manage conflicts of interest involving their staff and the members of their governance bodies. In particular, the Guidelines:

• set out minimum harmonised standards for the submission and assessment of declarations of interest on a pre-employment, annual and ad-hoc basis;
• introduce harmonised procedural requirements for the sale or disposal of financial instruments that may give rise to conflicts of interest, also specifying the prohibition on trading provided for by the CRD;
• define procedures and assessment criteria for the determination of the duration of so-called “cooling-off” periods, ensuring a proportionate and consistent approach across the EU where national laws allow for cooling-off periods beyond the minimum period set out in the CRD.
• EIOPA: draft technical standards on resolution colleges and reporting requirements (IRRD) submitted to the European Commission

On 24 April 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) submitted to the European Commission two draft technical standards to support the implementation of Directive (EU) 2025/2169 on the recovery and resolution of insurance undertakings (the Insurance Recovery and Resolution Directive, “IRRD”), whose operation is envisaged from 2027.

The first draft defines the regulatory technical standards (“RTS”) on the functioning of resolution colleges, i.e. the colleges responsible for coordinating the resolution activities of insurance groups. The RTS define the operational modalities of the colleges, with particular reference to cooperation in the preparation of resolution plans, the assessment of the resolvability of groups and the address of substantive impediments to such resolvability, as well as the governance principles applicable in the resolution of cross-border groups.

The second draft concerns the implementing technical standards (“ITS”) governing the procedures and a minimum set of standardized templates and forms that insurers should use when submitting to resolution authorities the information required for the preparation of resolution plans. The ITS have been prepared taking into account the existing reporting procedures under Directive (EC) 2009/138 (the so-called “Solvency II”) and the experience of national supervisory authorities with resolution-related reporting, with the objective of limiting the administrative burden on insurers.

6) FSB: guidelines on insurers subject to the recovery and resolution planning requirements

On 29 April 2026, the Financial Stability Board (“FSB”) published the final report containing the guidelines on the scope of application of the recovery and resolution planning (“RRP”) requirements for insurers, in line with the FSB’s key attributes of effective resolution regimes for financial institutions (the “Key Attributes”).

The document offers supervisory authorities a structured approach for assessing which insurance companies should be subject to RRP requirements. In particular, the guidelines outline six key criteria that authorities should consider: (i) nature; (ii) scale; (iii) complexity; (iv) substitutability; (v) cross-border activities; and (vi) interconnectedness with the financial system.

The guidelines further identify specific circumstances in which RRP requirements should apply, such as when an insurer provides a critical function or when its failure is likely to have a material impact on the financial system or the real economy. The approach aims to promote the consistent application of the Key Attributes across jurisdictions, while at the same time maintaining a degree of flexibility to accommodate differences in market structures, legal frameworks and supervisory practices. The guidelines are also aligned with the Insurance Core Principles of the International Association of Insurance Supervisors.