This Week in Finance — Brussels (#29, 2026)
ESMA appoints new Chair; EU tightens Russia sanctions; CSDR settlement discipline RTS amended; €10bn EU-Bond issuance; AI standards for high-risk systems adopted.
October 12, 2026 to October 18, 2026
ESMA appoints new Chair; EU tightens Russia sanctions; CSDR settlement discipline RTS amended; €10bn EU-Bond issuance; AI standards for high-risk systems adopted.
📋 In This Week's Newsletter
• 📅 This Week's Calendar in Brussels
• 🇪🇺 European Commission
• ⚖️ EU Legislation
• 🤝 EU Council
• 📚 What We're Reading This Week
This Week's Calendar in Brussels
- Committee on Budgets (BUDG): On October 19, the European Parliament's Committee on Budgets (BUDG) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Establishing a budget expenditure tracking and performance framework and other horizontal rules for the Union programmes and activities.
- Committee on Budgets (BUDG): On October 19, the European Parliament's Committee on Budgets (BUDG) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Recovery and Resilience Dialogue with- Raffaele Fitto, Executive Vice-President for Cohesion and Reforms- Valdis Dombrovskis, Commissioner for Economy and Productivity; Implementation and Simplification.
- Committee on Budgetary Control (CONT): On October 19, the European Parliament's Committee on Budgetary Control (CONT) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Establishing a budget expenditure tracking and performance framework and other horizontal rules for the Union programmes and activities.
- Committee on Economic and Monetary Affairs (ECON): On October 19, the European Parliament's Committee on Economic and Monetary Affairs (ECON) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Recovery and Resilience Dialogue with- Raffaele Fitto, Executive Vice-President for Cohesion and Reforms- Valdis Dombrovskis, Commissioner for Economy and Productivity; Implementation and Simplification.
- Committee on Legal Affairs (JURI): On October 19, the European Parliament's Committee on Legal Affairs (JURI) is scheduled to meet. Agenda includes: Chair’s announcements; *** End of vote ***; Establishing the Justice programme for the period 2028-2034 and repealing Regulation (EU) 2021/693.
European Commission
Commission issues €10 billion in 9th syndicated transaction for 2026
On 12 October 2026, the European Commission raised €10 billion in its ninth syndicated EU-Bond transaction for the year. The issuance comprised a €5 billion tap of the 7-year EU-Bond maturing on 12 October 2033 and a €5 billion new 15-year EU-Bond maturing on 12 December 2041. The transaction is part of the Commission’s €80 billion funding target for the second half of 2026. Proceeds from EU-Bonds finance EU policy priorities, including Ukraine support and defence investments. The EU’s total outstanding debt reached approximately €856.65 billion following this operation.
EU Legislation (Official Journal)
Commission Delegated Regulation (EU) 2026/1536 amends settlement discipline RTS under CSDR
Commission Delegated Regulation (EU) 2026/1536 of 6 July 2026 amends the regulatory technical standards in Delegated Regulation (EU) 2018/1229, supplementing Regulation (EU) No 909/2014 (CSDR) on settlement discipline. The changes align allocation and confirmation procedures with a shortened T+1 settlement cycle and introduce requirements for straight-through processing, partial settlement, and enhanced reporting of settlement fails. Application dates for certain provisions are staggered, with some entering into force from 7 December 2026 and others from mid-2027.
Commission Delegated Regulation (EU) 2026/1519 revises RTS on CSD review and evaluation information
Commission Delegated Regulation (EU) 2026/1519 of 6 July 2026 amends regulatory technical standards set in Delegated Regulation (EU) 2017/392 under CSDR. The regulation details the information central securities depositories must provide to competent authorities for periodic review and evaluation, including changes in structure, risk management, and cross-border activities. The amendments aim for greater harmonisation and supervisory convergence, with new reporting requirements phased in over the next year.
Commission Implementing Regulation (EU) 2026/1512 updates ITS on CSD review forms and procedures
Commission Implementing Regulation (EU) 2026/1512 of 6 July 2026 amends Implementing Regulation (EU) 2017/394, setting updated standard forms, templates, and procedures for information submitted by central securities depositories under CSDR Article 22. The changes reflect longer review cycles and enable competent authorities to request more frequent information, improving ongoing supervision.
Council Implementing Decision (EU) 2026/2276 appoints new ESMA Chairperson
Council Implementing Decision (EU) 2026/2276 of 9 October 2026 appoints Mr Carlo Comporti as Chairperson of the European Securities and Markets Authority (ESMA) for a five-year term starting 1 November 2026. The appointment followed an open selection procedure and confirmation by the European Parliament.
Commission Implementing Decision (EU) 2026/2274 adopts harmonised AI standards for Regulation (EU) 2024/1689
Commission Implementing Decision (EU) 2026/2274 of 12 October 2026 publishes the reference to harmonised standard EN 18286:2026 for high-risk AI systems, drafted in support of the AI Act (Regulation (EU) 2024/1689). Compliance confers a presumption of conformity with quality management system requirements under the Act.
EU Council
Employment, Social Policy, Health and Consumer Affairs Council prepares for Quality Jobs Act and adopts housing exclusion recommendation
On 19 October 2026, employment and social affairs ministers are scheduled to adopt an EU recommendation on housing exclusion, including homelessness, and will discuss expectations for the forthcoming Quality Jobs Act.
What We're Reading This Week
- Nik Storonsky, the visionary who came from Russia to revolutionize the financial industry with Revolut: ‘At legacy banks, it’s almost impossible to get something new off the ground’: Nik Storonsky’s leadership at Revolut highlights fintech’s disruptive potential compared to traditional banks’ resistance to innovation.
