EDFA encourages members and ecosystem stakeholders to engage with the items below, particularly on issues affecting digital finance competitiveness and cross-border market integration. ESMA | Opinion on non-compliant stablecoins Supervisory guidance | 8 October 2026 ESMA states that crypto-asset service providers should not provide crypto-asset services in relation to asset-referenced or e-money tokens that are not compliant with MiCA. Firms should remediate any remaining exposure within three months, by 8 January 2027. 🔗 ESMA Opinion EBA | USDC becomes the first significant e-money token Supervisory decision | 14 October 2026 The EBA has classified USDC, issued in the EU by Circle Internet Financial Europe SAS, as the first significant e-money token under MiCA, out of 45 notified in the EU. From 12 November 2026, USDC will be subject to dual supervision by the EBA and the French ACPR. 🔗 EBA press release PSD3 and PSR | Council sets out its first reading positions Legislative milestone | 21 October 2026 On 21 October, the Council published its first reading positions on the third Payment Services Directive (PSD3) and the Payment Services Regulation (PSR), reflecting the provisional agreement reached with the European Parliament in November 2025. Once the Council formally adopts its positions, the texts go to the Parliament for its second reading, the final step before publication in the Official Journal. 🔗 Council position on PSR · Council position on PSD3 EU Inc | Council adopts its position on the 28th regime Legislative milestone | 23 October 2026 The Council adopted its negotiating position on EU Inc, the new optional EU corporate legal framework for startups and scaleups. Companies choosing it could register online within two days at a maximum cost of €100 and operate across the single market. The Council keeps the EU employee stock option plan, limited to small mid caps, and gives member states 21 months to implement the regulation. Negotiations with the European Parliament can start once it adopts its own position. 🔗 Council press release Capital markets | Council agrees its position on market integration and supervision Legislative milestone | 9 October 2026 The Council agreed the key elements of its negotiating position on the market integration and supervision package (MISP). Supervision of the most significant cross-border trading venues, central securities depositories and central counterparties would move to ESMA. Only the most significant cross-border crypto asset service providers would come under direct ESMA supervision, rather than all providers as the Commission proposed. The Council also broadens the activity that can go through the DLT Pilot Regime. 🔗 Council press release Digital omnibus | Council agrees its position on data protection, privacy and cyber reporting Legislative milestone | 21 October 2026 The Council agreed its negotiating position on the digital omnibus, which simplifies parts of the GDPR, updates cookie rules to reduce consent banners, and creates a national entry point in each member state for reporting cyber and data incidents under different EU laws. It also backs the Commission's proposal to extend the deadline for notifying personal data breaches. 🔗 Council press release ESMA | Carlo Comporti appointed Chair Appointment | 9 October 2026 The Council appointed Carlo Comporti, currently a commissioner at Italy's CONSOB, as Chair of ESMA for a five-year term. He takes up the role on 1 November 2026. 🔗 Council press release | 
