{"id":5894,"date":"2026-10-08T15:23:25","date_gmt":"2026-10-08T13:23:25","guid":{"rendered":"https:\/\/www.crccdlex.com\/?p=5894"},"modified":"2026-10-08T15:23:25","modified_gmt":"2026-10-08T13:23:25","slug":"newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech","status":"publish","type":"post","link":"https:\/\/www.crccdlex.com\/en\/newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech\/","title":{"rendered":"Newsletter September 2026 (pt. 2): Structured Finance, Capital Markets and Fintech"},"content":{"rendered":"<h4>1) European Commission: summary of the ESMA consultation on the revision of the taxonomy disclosures delegated act published<\/h4>\n<p>On 22 September 2026, the Platform on Sustainable Finance (the \u201c<strong>Platform<\/strong>\u201d), an advisory body to the European Commission, published a <a href=\"https:\/\/finance.ec.europa.eu\/document\/download\/5359fd85-9f02-4a08-b8e6-e06478b8b542_en?filename=260922-sustainable-finance-platform-brief-esma-disclosures_en.pdf\">summary document<\/a> setting out its views on the consultation launched by the European Securities and Markets Authority (\u201c<strong>ESMA<\/strong>\u201d) on 1 July 2026 regarding the revision of the delegated act on taxonomy-related disclosures under Regulation (EU) 2020\/852, following the request for technical advice submitted by the European Commission to the European Supervisory Authorities on 4 March 2026.<\/p>\n<p>The document, forwarded to ESMA, anticipates the full report expected in December 2026 and sets out four recommendations:<\/p>\n<ul>\n<li>on Operational Expenditures, a two-tier approach, with a mandatory KPI limited to research and development expenditure and a broader voluntary KPI;<\/li>\n<li>on group-level reporting, the removal of the consolidated KPI based on the weighted average, to be replaced with that of the group&#8217;s prevailing reporting regime;<\/li>\n<li>on adaptation to climate change, the Platform is working on the interpretation and application of the climate change adaptation objective with a view to incorporating the related clarifications directly into the delegated act on taxonomy-related disclosures; and<\/li>\n<li>the mandatory retention of the Type C Capital Expenditure KPI.<\/li>\n<\/ul>\n<h4>2) Eurosystem: Pontes, the new service for the settlement of tokenized assets in central bank money, launched<\/h4>\n<p>On 21 September 2026, the Eurosystem launched the <a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2026\/html\/ecb.pr260921~e754847a7b.en.html\">first phase of Pontes<\/a>, the new solution enabling the settlement, in central bank money, of transactions in tokenized financial assets.<\/p>\n<p>The initiative is the first step in the strategy through which the Eurosystem intends to support the evolution of finance towards models based on tokenization, that is, the representation of financial assets in the form of digital tokens recorded on distributed ledger technology. Such technologies can make markets more efficient, by automating processes and integrating the various stages of the life cycle of financial instruments: issuance, trading, settlement, custody and ancillary services. Pontes enables market participants to settle tokenised transactions in central bank money, thereby bringing the security and reliability inherent in this form of money into the digital environment as well.<\/p>\n<p>Pontes will initially offer basic services, intended to be gradually expanded on the basis of market needs and in line with technological developments. A first group of participants has already completed onboarding, and full implementation is expected by 2028.<\/p>\n<h4>3) EBA: Guidelines on the management of third-party risk for non-ICT services published<\/h4>\n<p>On 18 September 2026, the European Banking Authority (\u201c<strong>EBA<\/strong>\u201d) published the <a href=\"https:\/\/www.eba.europa.eu\/sites\/default\/files\/2026-09\/dc9ccbb3-79b9-493d-b693-c21adeffbcc9\/Final%20report%20on%20GL%20on%20third-party%20risk%20management.pdf\">final Guidelines<\/a> on the sound management of third-party risk regarding non-ICT services (the \u201c<strong>Guidelines<\/strong>\u201d), with the aim of introducing a more proportionate regulatory framework consistent with Regulation (EU) 2022\/2544 (<em>Digital Operational Resilience Act<\/em> or \u201c<strong>DORA<\/strong>\u201d).<\/p>\n<p>The Guidelines focus principally on arrangements with third parties supporting critical or important functions (\u201c<strong>CIF<\/strong>\u201d), the disruption or inadequate performance of which could materially impair the financial performance, soundness or continuity of the services and activities, or compliance with the conditions of authorisation and regulatory obligations, of the financial entity. In particular, the Guidelines introduce an organic approach to the management of third-party risks, complementary to the framework provided for by DORA for ICT services, governing the entire life cycle of the relationship, including risk assessment and due diligence, contracting, sub-outsourcing, monitoring, documentation and exit strategies.<\/p>\n<p>Once applicable, the new Guidelines will replace the previous EBA guidelines on outsourcing. A differentiated transitional period is also provided for the review, updating and documentation of existing contracts; indeed, the review and contractual documentation of the arrangements must be carried out: (1) within two years of the entry into force of the regulation, for the documentation supporting CIF; and (2) upon the first contract renewal, for that supporting non-critical or non-important functions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1) European Commission: summary of the ESMA consultation on the  [&#8230;]<\/p>\n","protected":false},"author":2,"featured_media":124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[71],"tags":[],"crccd-news":[166],"class_list":["post-5894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crccd-news","crccd-news-structured-finance-capital-markets-fintech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Newsletter September 2026 (pt. 2): Structured Finance, Capital Markets and Fintech - Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.crccdlex.com\/en\/newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newsletter September 2026 (pt. 2): Structured Finance, Capital Markets and Fintech - Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners\" \/>\n<meta property=\"og:description\" content=\"1) European Commission: summary of the ESMA consultation on the [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.crccdlex.com\/en\/newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech\/\" \/>\n<meta property=\"og:site_name\" content=\"Cappelli Riolo Calderaro Crisostomo Del Din &amp; Partners\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-08T13:23:25+00:00\" \/>\n<meta name=\"author\" content=\"admCrccd2024\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admCrccd2024\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech\\\/\"},\"author\":{\"name\":\"admCrccd2024\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/#\\\/schema\\\/person\\\/7db74bb1d5260ab403309d6f2ccae595\"},\"headline\":\"Newsletter September 2026 (pt. 2): Structured Finance, Capital Markets and Fintech\",\"datePublished\":\"2026-10-08T13:23:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech\\\/\"},\"wordCount\":610,\"image\":{\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.crccdlex.com\\\/wp-content\\\/uploads\\\/CRCCD-NEWS-Newsletter.svg\",\"articleSection\":[\"CRCCD News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech\\\/\",\"url\":\"https:\\\/\\\/www.crccdlex.com\\\/en\\\/newsletter-september-2026-pt-2-structured-finance-capital-markets-and-fintech\\\/\",\"name\":\"Newsletter September 2026 (pt. 2): Structured Finance, Capital Markets and Fintech - Cappelli Riolo Calderaro Crisostomo Del Din &amp; 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