On 3 June 2026, the Anti-Money Laundering Authority (AMLA) published draft guidelines on ongoing monitoring of business relationships, which aim to provide practical guidance on how obliged entities should fulfil their monitoring obligations under the EU anti-money laundering framework.

The draft guidelines have been developed pursuant to Article 26(5) of the Anti-Money Laundering Regulation (AMLR) and outline the principles governing ongoing monitoring, which is a key component of customer due diligence. Ongoing monitoring requires obliged entities to maintain an up-to-date understanding of their business relationships by continuously reviewing customer information and monitoring transactions and activities over time.

The guidelines set out a risk-based and proportionate approach to monitoring, applicable across both financial and non-financial sectors. They clarify how institutions should ensure that customer data remains current and how to identify unusual or suspicious transactions through effective monitoring processes.

The consultation seeks input from a broad range of stakeholders subject to AML/CFT requirements, including newly covered entities such as certain crypto-asset service providers, crowdfunding platforms, and other non-financial actors.

The consultation period is open until 3 September 2026, and AMLA will also host a public hearing on 2 July 2026 to gather additional feedback from market participants.

The draft guidelines are intended to support consistent application of ongoing monitoring requirements across the EU and contribute to strengthening the detection of suspicious activities within business relationships.

BACKGROUND

On 2 June 2026, the European Union published Commission Delegated Directive (EU) 2026/374 in the Official Journal. The Directive amends the MiFID II delegated rules on inducements and research payments to reflect the Listing Act changes introduced by Directive (EU) 2024/2811.

The reform aims to support greater availability of investment research, particularly for small and mid-cap companies, by allowing investment firms to choose between paying jointly or separately for third-party execution and research services. The amended framework also preserves requirements intended to ensure that research used by investment firms is of sufficient quality and contributes to investment decision-making.

The Directive applies to investment firms providing portfolio management or other investment or ancillary services that receive third-party research and execution services. It also introduces specific requirements for firms operating research payment accounts funded through client research charges.

WHAT'S NEW?

Greater flexibility in research payment arrangements

The Directive updates the delegated rules to reflect that investment firms may now choose to pay for execution and research services either jointly or separately.

Where a firm chooses separate payment and operates a research payment account, the account must:

• Be funded by a specific research charge to the client;
• Be based on a research budget set and regularly assessed by the investment firm;
• Remain under the responsibility of the investment firm.

The estimated research charge must be based solely on the research budget necessary to obtain third-party research and must not be linked to the volume or value of transactions executed for clients.

Client information and governance requirements

Firms operating research payment accounts must provide clients, before delivering investment services, with information on the budgeted research amount and the estimated research charge applicable to each client. They must also provide annual information on total costs incurred for third-party research.

Upon request from clients or competent authorities, firms must provide information including:

• The list of research providers paid from the account;
• Amounts paid to those providers over a specified period;
• Benefits and services received;
• Comparison between actual expenditure and the research budget, including any rebate or carry-over.

Research budgets are subject to controls and senior management oversight. Firms must also maintain an audit trail of payments and the methodology used to determine amounts paid by reference to research quality.

Annual quality assessment

Irrespective of the payment method selected, investment firms must carry out an annual assessment of research based on robust quality criteria. The assessment must cover the research’s quality, usability, value and contribution to better investment decisions.

Where deficiencies are identified, the Directive requires appropriate remedial action.

WHAT'S NEXT?

Member States were required to adopt and publish the necessary transposition measures by 5 June 2026.

The national implementing provisions have applied from 6 June 2026.

Member States must also communicate to the Commission the main provisions of national law adopted in the area covered by the Directive.

BACKGROUND

On 4 June 2026, the European Commission adopted a Delegated Regulation introducing temporary targeted operational relief measures and multipliers for the calculation of institutions’ own funds requirements for market risk under the CRR.

The measure forms part of the EU implementation of the Fundamental Review of the Trading Book (FRTB). Following two previous postponements, the binding application of the revised market risk framework is scheduled for 1 January 2027. The Commission adopted the temporary measures in response to continued differences in implementation timelines and calibration across major jurisdictions, including uncertainty around the implementation of the FRTB in the United States.

The Regulation applies to institutions subject to the CRR market risk framework. It introduces temporary adjustments to both the alternative internal model approach and the standardised approaches and establishes targeted multipliers intended to apply during the transition period until 31 December 2029.

WHAT'S NEW?

Alternative internal model approach

The Regulation introduces several temporary operational adjustments to the AIMA framework:

• The profit and loss attribution test (PLAT) may be used as a monitoring tool without directly affecting own funds requirements.
• Risk factors may qualify as modellable where at least two verifiable prices are available, subject to an adjusted liquidity horizon.
• For recently issued or newly created instruments, the number of required price observations may be prorated during the first 12 months.
• Institutions may calculate certain expected shortfall and stress scenario measures weekly rather than daily.

For the internal default risk model, a zero multiplier applies to probability-of-default estimates for issuers or obligors whose exposures would receive a 0% risk weight under the alternative standardised approach.

CIUs, residual risks and hedging

The Regulation simplifies the treatment of positions in collective investment undertakings under both the internal model and alternative standardised approaches. Institutions may conduct a partial look-through where they have visibility over at least 50% of underlying positions and may perform the look-through quarterly.

Under the alternative standardised approach, the Regulation also:

• Applies a zero multiplier to the residual risk add-on for certain volatility-linked instruments, Bermudan-style options and certain constant maturity swap spread options;
• Allows specific maturity adjustments to recognise hedging relationships between equity derivatives and cash equity positions;
• Modifies the correlation treatment for exposures to EU ETS allowances;
• Applies a 0.9 multiplier to the sensitivities-based method and simplified standardised approach.

Proportionality and bank-specific multiplier

Institutions with small trading books that exceed relevant thresholds because of non-trading book foreign exchange or commodity risk may temporarily use the simplified standardised approach for those exposures.

Institutions experiencing higher market risk own funds requirements under the FRTB framework may also elect to apply a bank-specific multiplier. The multiplier:

• Is available only where the new framework produces a higher requirement than the previous Basel 2.5-based framework;
• Must be recalibrated every three months;
• Requires notification to the competent authority;
• May be discontinued, but cannot subsequently be reintroduced.

Institutions using the multiplier must continue to report and disclose market risk requirements under the previous framework.

WHAT'S NEXT?

The Regulation will enter into force on the day following its publication in the Official Journal of the European Union.

It will apply from 1 January 2027, in parallel with the application of the FRTB market risk requirements under CRR III.

The temporary relief measures and multipliers will apply until 31 December 2029. The Commission also states that it will reassess further steps in the context of its 2026 report on the competitiveness of the EU banking sector.

On 29 June 2026, the European Banking Authority (EBA) published its Report on Supervisory Convergence 2025, which provides a comprehensive overview of progress made in aligning supervisory practices across the European Union and identifies areas requiring further convergence.

The report forms part of the EBA’s broader initiative to enhance the efficiency, transparency, and consistency of the EU prudential framework. It highlights how stronger supervisory convergence contributes to simplifying regulatory requirements, reducing complexity, and ensuring a level playing field within the Single Market.

The document covers all areas of the EBA’s mandate, including prudential supervision, resolution, consumer protection, digital finance, and anti-money laundering and counter-terrorism financing (AML/CFT). It outlines the EBA’s efforts in promoting risk-based and forward-looking supervisory approaches, strengthening common supervisory practices, enhancing risk assessment methodologies, and supporting the implementation of major regulatory reforms.

Key developments in 2025 include progress in resilience testing and the implementation of Basel III and CRR3 under prudential supervision, improvements in resolution preparedness (including bail-in readiness and liquidity planning), and strengthened supervisory capacity in digital finance, particularly regarding the rollout of MiCA and DORA. Additional initiatives include the creation of a payment fraud database and reinforced cooperation in AML/CFT supervisory colleges.

The report also details tools used to promote convergence, such as peer reviews, Q&As, breach of Union law investigations, and training programmes, with over 2,900 participants trained in 2025.

Looking ahead, the EBA identifies priorities for 2026, including further implementation of Basel III reforms, advancement of resolution testing frameworks, and strengthened oversight under DORA and MiCA, aiming to enhance financial stability and supervisory consistency across the EU.

On 26 June 2026, the European Parliament and the Council published Regulation (EU) 2026/1386 on the screening of foreign investments in the Union, which establishes a harmonised EU framework for the assessment of foreign investments on grounds of security or public order and repeals Regulation (EU) 2019/452.

The Regulation introduces mandatory screening mechanisms across all Member States, requiring them to assess foreign investments that create lasting and direct links between foreign investors and EU targets, enabling effective participation in the management or control of those targets. It enhances convergence by establishing common minimum requirements for national screening systems, including procedural timelines, transparency obligations, judicial redress, and coordination rules.

The framework expands the scope of review beyond direct foreign investments to also capture certain intra-EU investments carried out through EU-established subsidiaries controlled by foreign investors. It mandates a prior authorisation requirement for investments in a defined set of sensitive sectors, including: defence and dual-use goods and technologies; critical technologies such as artificial intelligence, semiconductors, and quantum technologies; critical infrastructure in the transport, energy, and digital sectors (where designated as critical); strategic raw materials (exploration, extraction, processing, recycling, stockpiling); systemically important financial market infrastructure and entities (central counterparties, central securities depositories, regulated market operators, payment system operators, systemically important institutions, and global financial messaging providers); and electoral systems and voter databases. Purely passive (portfolio) investments and greenfield investments are excluded from the mandatory prior authorisation requirement, though Member States may extend coverage further at national level.

The Regulation strengthens EU-level coordination through a cooperation mechanism allowing Member States and the European Commission to exchange information, provide comments, and issue opinions on transactions that may affect security or public order in one or more jurisdictions, or projects/programmes of Union interest. Harmonised deadlines apply throughout, including an initial review period of up to 45 calendar days, notification windows of 15–45 days depending on the trigger, and defined deadlines for comments (20 days) and Commission opinions (25–30 days), with possible extensions.

The framework also introduces enhanced information-sharing tools, including a secure encrypted communication system, a secure database of screening outcomes, and an optional EU filing portal (to be established at the request of at least nine Member States). Member States must maintain effective enforcement powers, including the ability to impose mitigating measures, or to prohibit or unwind investments where risks cannot otherwise be addressed, as well as dissuasive penalties for non-compliance.

Certain transactions fall outside the Regulation's scope, notably investments carried out under bank/financial resolution tools and purely internal corporate restructurings (unless a new third-country entity is introduced into the ownership chain). The Regulation also operates without prejudice to Member States' sole responsibility for national security and their right to protect essential security interests, and is without prejudice to existing prudential approval regimes for the financial sector (e.g., under CRD IV, Solvency II, MiFID II).

The Regulation entered into force in July 2026 and will apply from 17 January 2028, giving Member States time to adapt their national screening mechanisms (Regulation (EU) 2019/452 continues to apply to transactions already under screening or completed before that date).

BACKGROUND

On 3 June 2026, the European Union published Commission Delegated Regulation (EU) 2026/440 in the Official Journal. The Regulation amends the framework for calculating ex ante contributions to national resolution financing arrangements under the BRRD.

The amendments update Delegated Regulation (EU) 2015/63 to reflect changes introduced by the prudential framework for investment firms and subsequent reforms to MREL. They also address issues identified through practical experience with the calculation and collection of annual resolution contributions, including the treatment of certain investment firms, obsolete risk indicators, data requirements and requests for revisions of previously submitted information.

The Regulation applies to institutions contributing to national resolution financing arrangements, including certain investment firms, as well as competent and resolution authorities involved in the annual contribution calculation process.

WHAT'S NEW?

New methodology for certain investment firms

The Regulation updates the definition of investment firms and maintains the exclusion of certain low-risk firms carrying out only limited activities. It also adapts the definition of competent authority to reflect the prudential framework introduced by the Investment Firms Directive and Regulation.

For investment firms that remain subject to resolution financing contributions but are not subject to the CRR/CRD prudential framework, contributions will generally be calculated using only the basic annual contribution based on size.

However, where the full risk-adjusted methodology would result in a lower contribution, an investment firm may request its application and must provide the resolution authority with the necessary information.

Where a competent authority applies the CRR prudential framework to an investment firm, the full contribution methodology, including the additional risk adjustment based on risk factors, applies.

Removal of the MREL excess risk indicator

The Regulation deletes the risk indicator based on own funds and eligible liabilities held in excess of MREL.

The deletion reflects changes to the MREL framework, under which requirements are now calibrated according to the institution's resolution strategy and do not apply uniformly to all institutions. The three remaining indicators in the “Risk exposure” pillar are given equal weight.

Interbank indicator and data simplification

For the indicator relating to the importance of an institution to financial stability or the economy, the Regulation removes the denominator based on total interbank loans and deposits in the EU.

The indicator will therefore use the institution's total amount of interbank loans and deposits rather than its share of an EU-wide total. Corresponding reporting obligations linked to the denominator are removed.

Restatements and revisions

The Regulation introduces a limitation period for requests to restate or revise information used to calculate annual contributions.

The period starts when the annual contribution decision is notified and expires on 31 January of the year following the fourth contribution period after the contribution period in which the decision was notified. The deadline applies both to institution-initiated requests and revisions initiated by resolution authorities and is not subject to interruption.

For contribution periods preceding 2026, a transitional deadline of 31 January 2031 applies.

WHAT'S NEXT?

The Regulation entered into force on 6 June 2026.

Most amendments apply retroactively from 1 January 2026, including the deletion of the MREL excess risk indicator, the revised interbank indicator and the limitation periods for restatement requests.

The new methodology for certain investment firms and the related information-sharing obligations between competent and resolution authorities will apply from 1 January 2027.

The transitional deadline of 31 January 2031 applies to requests for revisions or restatements relating to contribution periods preceding 2026.

On 22 June 2026, the European Banking Authority (EBA) published a final report containing draft Implementing Technical Standards (ITS) which amend the Pillar 3 disclosure framework to incorporate requirements on ESG risks, equity exposures and aggregate exposure to shadow banking entities, finalising the disclosure elements introduced under CRR3.

The ITS aim to streamline and simplify existing disclosure requirements, improve usability and consistency, and align Pillar 3 disclosures with the European Sustainability Reporting Standards (ESRS) and the EBA’s ESG supervisory reporting framework.

The revised framework introduces proportionate ESG disclosure requirements for all institutions, extending beyond large institutions for the first time. It adopts a “core plus supplement” approach calibrated to size and complexity. Large institutions will see a reduction of approximately 37% in datapoints, medium institutions 17%, while small and non-complex institutions (SNCIs) will have significantly simplified requirements (around 84% fewer datapoints compared with large institutions).

The ITS also introduce new disclosure requirements covering equity exposures (Article 438(e) CRR3) and aggregate exposures to shadow banking entities (Article 449b CRR3), as well as extending ESG risk disclosures under Article 449a CRR3. Additionally, interoperability with ESRS allows institutions to reuse disclosed information across reporting frameworks, reducing duplication.

To support implementation, the EBA will develop a Data Point Model and XBRL taxonomy and provide updated mapping tools linking Pillar 3 disclosures with supervisory reporting.

The ITS will be submitted to the European Commission for adoption and are expected to apply from a reference date of 31 December 2026, with a later application (31 December 2027) for SNCIs.

On 26 June 2026, the European Banking Authority (EBA) published its Final Report on revised Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) and supervisory stress testing, which updates the EU supervisory framework for assessing credit institutions.

The revised Guidelines consolidate previous SREP guidance into a single framework and integrate new regulatory developments, including CRR III/CRD VI, the Digital Operational Resilience Act (DORA), and ESG-related requirements. The document maintains the core structure of the SREP while introducing simplifications and rationalization measures aimed at improving supervisory efficiency and proportionality.

The Guidelines define the SREP as a comprehensive supervisory process assessing institutions’ business model, governance, capital adequacy, and liquidity and funding risks. They introduce a stronger risk-based and forward-looking approach, including enhanced monitoring of emerging risks such as ICT risk, ESG factors, and geopolitical risks. The revision also clarifies the interaction between Pillar 1 and Pillar 2 requirements, including operationalization of the output floor.

Supervisory processes are aligned with proportionality principles, with differentiated engagement depending on institution size and risk profile. The Guidelines also strengthen supervisory tools, including escalation frameworks and clearer links between findings and measures.

They incorporate supervisory stress testing methodologies to support capital and liquidity assessments and enhance convergence across EU supervisors. The framework also integrates ICT risk (via DORA), operational resilience, and ESG factors across all SREP elements.

The Guidelines repeal and replace the previous SREP Guidelines (EBA/GL/2022/03) and ICT SREP Guidelines (EBA/GL/2017/05) and will apply from 1 January 2027, with supervisors encouraged to prepare implementation in advance.

On 8 June 2026, the European Central Bank (ECB) published a press release outlining the main milestones for the roll‑out of the Integrated Reporting Framework (IReF), which aims to harmonise statistical reporting across euro area banks and establish a standardised reporting framework.

The IReF is designed to consolidate existing statistical reporting requirements into a single framework directly applicable to banks in the euro area, while also supporting broader data integration efforts at EU level. Over the longer term, the IReF is expected to contribute to a reduction of the reporting burden for banks by streamlining reporting processes and enhancing consistency.

The ECB outlines a phased implementation approach. A public consultation on the draft IReF Regulation is planned for the second half of 2027, which will inform the development of the final legislative proposal. This will be followed by a one‑year pilot phase starting in the second quarter of 2030, during which reporting agents will test their ability to meet the new reporting requirements and support operational and technical preparation.

The first official reporting under the IReF is expected to commence in the second quarter of 2031, including an initial parallel reporting phase in which existing statistical reporting will continue alongside IReF reporting.

The publication also highlights that the IReF represents an initial step towards integrating statistical, prudential and resolution reporting within the EU, supported by the work of the Joint Bank Reporting Committee. In addition, the framework is expected to rely on EU-based technological solutions, including implementation within a European cloud environment.

BACKGROUND

On 1 June 2026, the European Union published Commission Delegated Regulation (EU) 2026/392 in the Official Journal. The Regulation amends the RTS on the volume cap mechanism and the provision of information for transparency and related calculations under MiFIR.

The amendments reflect the MiFID II and MiFIR review, including the revised definition of systematic internaliser and the replacement of the former double volume cap with a single Union-wide volume cap. The revised framework removes quantitative criteria previously used to assess systematic internaliser status and introduces changes to data collection, reporting channels, record retention and ESMA publication requirements.

The Regulation applies to trading venues, APAs and CTPs providing data to ESMA and competent authorities for transparency calculations, supervisory assessments and the derivatives trading obligation. Its objective is to align the existing RTS with the revised MiFID II/MiFIR framework and current supervisory practice, while reducing duplicative reporting where existing datasets can be used.

WHAT'S NEW?

Reporting and data formats

The Regulation removes data requirements linked to the former quantitative tests for systematic internaliser status. Trading venues, APAs and CTPs are no longer required to provide data for calculations that were used to determine whether the previous frequency, systematicity and substantiality thresholds were met.

For calculations conducted at pre-set dates or predefined frequencies, trading venues, APAs and CTPs must provide the required data in a common XML format. For ad hoc information requests, ESMA and competent authorities may specify the submission format.

The text also provides that, where possible, existing datasets should be used, in particular transaction data reported under Article 26 MiFIR, with ad hoc data requests used only where necessary.

Volume cap mechanism

The Regulation reflects the replacement of the double volume cap with a single EU-wide cap set at 7% for trading conducted under the reference price waiver.

The previous dedicated reporting requirements for trading venues and CTPs for the volume cap calculation are deleted. ESMA will instead use MiFIR transaction reporting data to calculate total Union trading volumes and the percentage of trading conducted under the reference price waiver.

ESMA must publish, on a quarterly basis, total trading volumes for each financial instrument over the preceding 12 months and the corresponding percentage traded under the reference price waiver.

Direct reporting and record retention

For the derivatives trading obligation, trading venues, APAs and CTPs must report the relevant data directly to ESMA, without undue delay and no later than three working days after receiving the data concerned.

The Regulation also extends the retention period for relevant datasets to five years. This applies both to information used for scheduled calculations and to data that may be requested on an ad hoc basis by ESMA or competent authorities.

WHAT'S NEXT?

The Regulation entered into force on 21 June 2026 and is directly applicable in all EU Member States.

The amended reporting, data retention and ESMA publication requirements therefore apply under the revised MiFIR transparency and volume cap framework.

On 2 June 2026, the European Union published Commission Delegated Regulation (EU) 2026/395, which amends the regulatory technical standards set out in Delegated Regulation (EU) 2019/979 regarding the classification of prospectuses and the information that may be incorporated by reference into prospectuses under the Prospectus Regulation (EU) 2017/1129.

The amendments reflect changes introduced by the Listing Act (Regulation (EU) 2024/2809), including the introduction of new types of simplified prospectuses, namely the EU Growth issuance prospectus and the EU Follow-on prospectus. The Regulation updates the list of machine-readable data that competent authorities must submit to ESMA to ensure these new prospectus types are captured within the EU prospectus data framework.

The Regulation also introduces additional data fields to support the identification of European Green Bonds (EuGBs), securitisation bonds, and bonds marketed as environmentally sustainable or sustainability-linked. This includes metadata to reflect voluntary disclosures made under Regulation (EU) 2023/2631, supporting transparency and comparability.

In addition, it introduces provisions to facilitate access to prospectus-related information via the European Single Access Point (ESAP), allowing competent authorities to transmit information to ESMA using existing notification portals. The updates also enable the submission of exemption-related documents and associated metadata to support ESMA’s monitoring and reporting activities.

The Regulation further expands the list of documents that may be incorporated by reference into prospectuses, including documents approved under the repealed Prospectus Directive and pre-issuance sustainability disclosures, with the aim of reducing duplication and administrative burden for issuers.

The updated technical standards also include revisions to the machine-readable data format requirements, ensuring consistent reporting and alignment with supervisory practices.

On 2 June 2026, ESMA published a letter outlining the reprioritisation of its 2026 Annual Work Programme in light of the proposed Market Integration and Supervision Package (MISP) and broader EU objectives relating to simplification and burden reduction.

As part of this exercise, ESMA identified a limited number of deliverables that will be postponed, delayed or cancelled due to their potentially reduced relevance, limited added value or possible overlap with forthcoming legislative developments. This includes certain guidelines under AIFMD/UCITS, as well as selected deliverables under the DLT Pilot regime, EMIR, MiFIR, MAR and CSDR.

Resources will instead be redirected towards ESMA’s key priorities for 2026, including the supervision of consolidated tape providers and ESG rating providers, MiCA implementation, EMIR 3 implementation, ESAP delivery, T+1 settlement preparation, supervisory convergence initiatives and work relating to tokenisation and emerging geopolitical risks.

More broadly, ESMA calls for greater flexibility regarding recurring reporting mandates embedded in EU legislation, suggesting that certain reporting obligations could be repealed or made optional in order to improve efficiency and better align supervisory outputs with evolving policy priorities.

On 24 June 2026, the Council of the European Union published a press release outlining its agreed negotiating position on a revised sustainability transparency framework under the Sustainable Finance Disclosure Regulation (SFDR).

The initiative aims to simplify the existing disclosure regime and improve clarity for investors, addressing concerns that the current framework is overly complex, difficult to interpret and prone to inconsistent application and greenwashing risks. The revised framework seeks to enhance comparability of sustainability‑related financial products while reducing administrative burdens for financial market participants.

A central element of the proposal is the introduction of a new product categorisation system, replacing the current SFDR classifications with three categories:

“Sustainable”, for products investing in activities already aligned with high sustainability standards;
“Transition”, for products investing in assets or companies that are not yet sustainable but are on a credible pathway towards sustainability; and
“ESG basics”, for products that integrate ESG factors but do not meet the criteria for the other two categories.

To strengthen credibility and reduce greenwashing risk, the Council’s position introduces stricter requirements for ESG disclosures. In particular, financial market participants must use at least three mandatory indicators from a predefined list when disclosing principal adverse impacts for products classified as “sustainable” or “transition”, ensuring greater consistency and comparability across the market.

The proposal also clarifies eligibility criteria for the “transition” category, including the treatment of fossil fuel‑related investments. Companies operating in fossil fuel sectors may be included in this category where they demonstrate a credible decarbonisation pathway and allocate at least 20% of their capital expenditure to activities aligned with the EU taxonomy, subject to additional disclosure requirements, including an extra indicator on adverse impacts.

In addition, the Council explicitly allows the inclusion of general‑purpose issuances by EU public sector entities within the transition category under certain conditions, recognising their role in supporting sustainability objectives.

To reduce compliance burdens, the framework introduces targeted proportionality measures. In particular, financial market participants may choose not to apply the categorisation regime to alternative investment funds (AIFs) marketed exclusively to professional investors, reflecting the lower need for standardised disclosures for non‑retail investors.

Overall, the Council’s position provides a mandate to enter into interinstitutional negotiations with the European Parliament. The revised SFDR framework is therefore not final and remains subject to further amendments before adoption.