The companies, products and regulatory developments shaping the broker industry.
Separate ESMA and EBA releases in October draw a critical distinction between services involving non-compliant stablecoins and supervision of an authorised significant e-money token: a broker must examine the issuer, token and service separately.
EBA outlined a simplified reporting package, postponing initial dates and several liquidity, asset-encumbrance and ESG requirements, but final technical standards are still pending.
The final draft adapts credit, liquidity and supervisory requirements when a banking CSD supplies cash services to another CSD’s participants. It focuses on the additional exposure created by the link and remains subject to the EU adoption process.
The EBA recommends targeted changes to stablecoin structures, crypto lending, classification and reporting. Its central question is which issuer or intermediary carries the obligation when one customer product crosses entities and jurisdictions.
Specified prudential responsibilities transfer on 12 November 2026. France’s ACPR retains governance and other duties, making the issuer and issue category central to the supervisory route.