Exchange with ESMA on European Capital Markets Regulation

On 21 September 2026, the drafting team visited the European Securities and Markets Authority (ESMA) in Paris to discuss approaches to European capital markets regulation. The exchange focused on the potential of a principles-based approach to simplify EU regulation while ensuring legal certainty and enforceability.

The discussion also addressed aspects of the European Capital Markets Code and its aim of creating a coherent and systematic framework for European capital markets law. These topics were discussed in the context of the EU’s broader simplification and burden reduction agenda. Against this backdrop, the Code offers an opportunity to explore how a more systematic framework could support regulatory simplification.