{"id":5546,"date":"2026-02-23T10:26:42","date_gmt":"2026-02-23T09:26:42","guid":{"rendered":"https:\/\/materiality.pl\/?p=5546"},"modified":"2026-03-09T09:59:33","modified_gmt":"2026-03-09T08:59:33","slug":"omnibus-is-passe","status":"publish","type":"post","link":"https:\/\/materiality.pl\/en\/wiedza-i-praktyka\/omnibus-jest-passe\/","title":{"rendered":"Omnibus is pass\u00e9"},"content":{"rendered":"
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The Securities and Markets Stakeholders Group (SMSG) is an advisory body to ESMA, the European Securities and Markets Authority. I participated in its work for five years (2019\u20132024), and in January I was appointed again. The SMSG consists of representatives of financial institutions, market infrastructures, companies, investors, financial services consumers, and academia. We consult on draft acts issued by ESMA and advise representatives of supervisory authorities from individual Member States.<\/p>

Of course, we deal with many topics, and sustainability and sustainable finance are just one of them. However, earlier - particularly in the years 2021\u20132024 - this topic clearly dominated. No wonder: this was the period when the main regulations shaping the sustainable finance system in the European Union were being developed. Today the system is complete: we have Level 1 acts (regulations and directives) and the implementing acts issued on their basis (delegated regulations, standards, and guidelines).<\/p>

The deregulation carried out through the Omnibus does not apply to financial institutions. In fact, I should put it differently: it does apply, but only with regard to the availability of primary data, i.e. data originating from companies. Institutions have reacted to this rather indifferently. They need specific data from companies, and since most companies will no longer publish it in mandatory reports, it will have to be provided in other ways, most often by filling in various questionnaires or via professionally data providers.<\/p>

So what are institutions interested in? More or less the same as before: climate-related risks, emissions and decarbonisation, the application of due diligence processes, and impact on nature. From conversations with my colleagues in the SMSG, I get the impression that the last two topics are gaining importance.<\/p>

There are two other topics of greater excitement. One is the integration of European capital markets, which, despite reforms over the years, are still highly fragmented, making it difficult for European companies to raise capital. We are going round in circles with this integration: member states demand that the Commission come up with proposals that will effectively integrate the European market, the Commission makes these proposals, after which they are rejected or watered down in the legislative process by the same member states that demanded reforms. And we are back to square one \ud83d\ude09 .<\/p>

The second topic is newer and therefore much more interesting: the role of artificial intelligence in capital markets and the associated risks and opportunities. It is more interesting because it is, in principle, almost unexplored, and yet it raises many questions:<\/p>