Newsflashes

On 18 February 2026, ESMA published a public statement providing guidance to national competent authorities (" NCAs"), issuers and their advisers on the implementation of certain changes to the Prospectus Regulation (EU) 2017/1129 (the " Prospectus Regulation" or " PR"), as amended by Regulation (EU

On 11 February 2026, the Lower Administrative Tribunal ( Tribunal administratif ) ruled in favour of a taxpayer-lawyer, holding that his 100% shareholding in a UK company did not form part of the net assets ( actif net investi ) of his law firm, and that the dividends received therefore qualified as

Two recent developments under the Market Abuse Regulation (Regulation (EU) No 596/2014) (" MAR") deserve attention. First, on 27 February 2026, ESMA published a report (the " Report") proposing amendments to Commission Delegated Regulation (EU) 2016/1052 (the " Buy-Back Delegated Regulation")

Background The European Commission has launched the Tax Omnibus initiative (the “ Initiative” or “ Tax Omnibus”) to simplify and modernise corporate direct taxation across the EU. The aim is to reduce administrative burdens, clarify rules, and increase the competitiveness of the internal market. The

On 16 February 2026, ESMA published Q&A 2775 under the Transparency Directive (Directive 2004/109/EC) and its Guidelines on Alternative Performance Measures (the " APM Guidelines"). The Q&A addresses the interaction of the APM Guidelines and IFRS 18 Presentation and Disclosure in Financial

Open-ended AIFs and UCITS must integrate at least two liquidity management tools under the new AIFMD II framework. Regulatory update – Investment funds The deadline for the transposition of Directive (EU) 2024/927 (the “ AIFMD II”) was 16 April 2026. The European Commission has finalised the