Legal Alert


Council agrees on the Carbon Border Adjustment Mechanism (CBAM)

Related article: Carbon Border Adjustment Mechanism (CBAM)

ESMA Letter to the Council of the European Union and the European Parliament on MiFIR Review Proposal (ESMA70-156-5299)

Related article: Consolidated Tape Provider (CTP)


Commission approves €2.9 billion Spanish scheme to compensate energy-intensive companies for indirect emission costs

Commission approves €1.4 billion Czech scheme to compensate energy-intensive companies for indirect emission costs

Related article: Guidelines on certain State aid measures in the context of the system for greenhouse gas emission allowance trading post 2021

- ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 1 April 2022 until 31 March 2023.

- Guidance on the annex to ESMA opinion determining third-country trading venues for the purpose of transparency under MiFIR, ESMA70-155-10587

- ESMA proposes amendments on the review of transparency requirements under MiFIR (Final Reports - RTS 1 and RTS 2 reviews)

ESMA Opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments, ESMA70-155-6641

Related article: Transparency (MiFID)


ACER decides on the TSOs’ proposal to amend the common methodology for the pricing of balancing energy and the cross-border capacity used for the exchange across the European electricity markets

ACER Decision No 03/2022 of 25 February 2022 on the amendment to the methodology for pricing balancing energy and cross-zonal capacity used for the exchange of balancing energy or operating the imbalance netting process

Related articles: 

Balancing Energy

Exchange of Balancing Energy


Commission Implementing Regulation (EU) 2022/388 of 8 March 2022 amending Implementing Regulation (EU) 2018/2066 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council

Relating article: EU ETS Monitoring and Reporting Regulation (MRR)

EBA recommends adjustments to the proposed EU Green Bond Standard as regards securitisation transactions

Related article: EU Green Bond Standard (EU GBS)


Extension of 2 Months scrutiny period  for the European Parliament regarding Commission Delegated Delegation (EU) of 19.11.2021 amending Regulation (EU) No 347/2013 of the European Parliament and of the Council as regards the Union list of projects of common interest, C(2021) 8409 final, {SWD(2021) 335 final}

Related article: Regulation on Trans-European Energy Networks (TEN-E Regulation)


Joint TSO - NEMOs CACM 2.0 Amendment Advocacy Report, Position paper following the consultation on amendments proposed by ACER to the Capacity Allocation and Congestion Management guidelines

Related article: Regulation establishing a Guideline on Capacity Allocation and Congestion Management - CACM (Regulation on market coupling)


Commission Delegated Regulation (EU) 2022/342 of 21 December 2021 supplementing Regulation (EU) 2021/1153 of the European Parliament and of the Council with regard to the specific selection criteria and the details of the process for selecting cross-border projects in the field of renewable energy

Related article: Renewable Energy Sources (RES)


ACER provides guidance on the implementation of long-term transmission rights for the Finnish-Estonian electricity bidding zone border

ACER Opinion No 03/2022 of 8 March 2022 relating to the implementation of long-term transmission rights on the FI-EE bidding zone border

Related article: Long-Term Transmission Rights (LTTRs)


ESMA Peer review report on supervision of cross-border activities of investment firms, ESMA42-111-5534

Related article: Investment firm (MiFID definitions)


List of third-country CCPs recognised to offer services and activities in the Union, ESMA70-152-348

Guidelines on common procedures and methodologies on supervisory review and evaluation process of CCPs under Article 21 of EMIR

Related article: Central counterparty (CCP)


Proposal for a Directive on corporate sustainability due diligence (COM(2022) 71 final, 2022/0051 (COD))

Related article: NFRD/CSRD


Commission Delegated Regulation of 11 March 2022 supplementing Regulation (EU) 2019/2033 of the European Parliament and of the Council with regard to regulatory technical standards for public disclosure of investment policy by investment firms was adopted by the European Commission (C(2022) 1413 final)

Related article: Investment firm (MiFID definitions)


Commission Delegated Regulation (EU) supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council by specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities Markets Authority regarding data reporting service providers, C(2022) 849 final

Related article: Data Reporting Services Provider (DRSP)


Transaction Reporting Validation Rules - March 2022 update

Related article: MiFID II transaction reporting


Updated Joint ESA Supervisory Statement on the application of the Sustainable Finance Disclosure Regulation, JC 2022 12

Related article: SFDR Regulation


Final report - Guidelines on transfer of data between Trade Repositories under EMIR and SFTR

ESMA fines Regis-TR €186 000 for EMIR data breaches

Related article: Trade repositories


Commission Delegated Regulation (EU) of 24 March 2022 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of position management controls by trading venues, C(2022) 1709 final

Related article: MiFID II position limits - trading venues' controls


ESMA Final Report, Emission allowances and associated derivatives, ESMA70-445-38

Related article: European Union Emissions Trading System (EU ETS)