EU regulatory developments.

A no-deal Brexit preparedness checklist for companies doing business in the EU and/or in the UK, and a timeline for key EU contingency measures have been published alongside the communication. This follows the agreement by the European Parliament and Member States to amend the EU Benchmarks Regulation to introduce EU climate transition benchmarks and EU Paris-aligned benchmarks, and to require environmental, social and governance (ESG) disclosures for all benchmarks (excluding interest rate and currency benchmarks). ESMA will use the simulation framework as part of its regular risk monitoring to identify risk and assess possible adverse scenarios that might impact the EU fund industry. The work programme sets out the planned implementation of ESMA's new mandates relating to the ESAs review, EMIR 2.2, cross-border funds distribution, the investment firms framework (IFR) and sustainable finance, and its priorities in its supervisory convergence, risk assessment, single rulebook and direct supervision workstreams. [Extracted from the article]