The European Securities and Markets Authority just issued an opinion on non-MiCA crypto tokens. Here's what it means for financial firms across the European Union.

1️⃣ ESMA — Opinion on non-MiCA asset tokens
The regulator set out key supervisory rules for providing crypto asset services tied to non-compliant asset tokens and e-money tokens.
This hits crypto asset service providers, token issuers, trading venues, and asset managers in all EU member states.
Firms must check token offerings, review sales models, and align compliance rules prior to supervisory action.

2️⃣ Financial Conduct Authority — Rules for clarity in long-term funds
The authority set out clearer rules and updated disclosure duties for long-term investment funds in a consultation paper.
This hits fund managers, institutional asset owners, risk officers, compliance teams, and fund distributors in Great Britain.
Firms should review proposed conduct duties, assess reporting needs, and send feedback before the deadline.

3️⃣ EIOPA — Proportionate supervision of insurance product sales
The agency set out a more proportionate, outcomes-focused model for selling insurance investment products in a public consultation.
This hits insurance firms, financial advisers, insurance brokers, distribution networks, and consumer protection teams in EU markets.
Regulated entities ought to review proposed distribution rules and send feedback to help shape new supervisory standards.

4️⃣ BaFin — Specification of capital recommendation methodology
The German supervisor set out its technical method for issuing pillar two capital guidance to credit institutions in a supervisory notice.
This hits German credit institutions, bank risk managers, regulatory reporting teams, and capital planners in Germany.
Lenders must check internal capital assessment processes and update capital plans against the revised supervisory framework.

5️⃣ CSSF — Guidance for white-label fund managers
The regulator set out specific disclosure and reporting duties for Luxembourg investment fund managers doing white-label fund business.
This hits Luxembourg fund managers, third-party management firms, white-label fund hosts, and fund administrators in Luxembourg.
In-scope managers must review service contracts, check licensing documentation, and submit required data filings.

Full analysis in the attached RegNext Daily Europe Radar carousel.

— Elena Navarro · Managing Editor, RegNext
Daily Europe Radar · Thursday 08 Oct 2026
#EURegulation #UKRegulation #FinancialRegulation #ComplianceIntelligence