1"use strict";(globalThis.webpackChunk_N_E=globalThis.webpackChunk_N_E||[]).push([[1904],{71904:e=>{e.exports=JSON.parse('[{"uuid":"2cc0bcd1-6701-43ea-957f-47fb0efdc724","name":"ESMA 2027 Work Programme: Key Deliverables of Relevance to Fund Managers ","full_slug":"insights/esma-2027-work-programme--key-deliverables-of-relevance-to-fund-managers","created_at":"2026-09-28T15:46:10.868Z","content":{"content":[{"_uid":"b21e83ec-f61e-45c0-80c9-ccbc64c47351","align":"left","narrow":false,"content":{"type":"doc","attrs":{"backgroundColor":null},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"type":"hard_break"},{"text":"On 28 September 2026, ESMA published its 2027 ","type":"text"},{"text":"Annual Work Programme.","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.esma.europa.eu/sites/default/files/2026-09/ESMA22-50751485-1673_Annual_Work_Programme_2027.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"We set out below some of ESMAâs key workstreams and deliverables for 2027 which will be of interest to fund management companies and their delegates.","type":"text"},{"type":"hard_break"},{"type":"hard_break"}]},{"type":"table","content":[{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[107]},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Integrated Funds Reporting Framework","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":null,"backgroundColor":null},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"As part of its ongoing work to develop a single integrated funds reporting framework under the UCITS and AIFMD frameworks, ESMA plans to publish related draft regulatory technical standards (","type":"text"},{"text":"RTS","type":"text","marks":[{"type":"bold"}]},{"text":") and implementing technical standards (","type":"text"},{"text":"ITS","type":"text","marks":[{"type":"bold"}]},{"text":") in Quarter 2 2027. In a related workstream, it will also initiate a dedicated IT project for funds reporting.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[107]},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"EU Retail Investment Strategy","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":null,"backgroundColor":null},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"ESMA is tasked with the delivery of technical advices which will supplement the rules being introduced under the new EU Retail Investment Strategy framework relating to undue costs requirements and Value for Money Assessments. These technical advices should be delivered to the European Commission in Quarter 4 of 2027[1].","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[107]},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"SFDR 2.0/ESMA Fund Naming Guidelines","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":null,"backgroundColor":null},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Subject to the outcome of the trialogue negotiations on SFDR 2.0 which may conclude by the end of this year[2), ESMA in coordination with the other ESAs will prepare RTS to supplement the revised SFDR and carry out consumer testing on revised disclosures and distribution rules. Separately, ESMA will review its guidelines on funds names using ESG or sustainability related terms in light of the SFDR 2.0 negotiations.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[107]},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"PRIIPS Framework","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":null,"backgroundColor":null},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"If the revisions to the PRIIPs Regulation being implemented as part of the EU Retail Investment Strategy are adopted by the co-legislators by the end of this year, ESMA will be tasked with preparing related RTS on certain sections of the revised KID, including the new dashboard section of the KID and the section relating to performance.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[107]},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Transaction Reporting","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":null,"backgroundColor":null},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"ESMA will implement a holistic review of transaction reporting under EMIR, SFTR and MiFIR with the objective of implementing an integrated and simplified reporting system underpinned by a âreport onceâ approach.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[107]},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Risk Monitoring","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":null,"backgroundColor":null},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"ESMA notes that it is likely to examine fund leverage, liquidity, stress testing and interconnectedness of funds with the rest of the financial system[3].","type":"text"}]}]}]}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"type":"hard_break"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"ESMA notes that its planned activities for 2027 remain subject to adjustment depending on the progress and outcome of the Market Integration and Supervision Package currently being negotiated by the co-legislators. ","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"If you have any questions arising from this briefing, please get in touch with your usual contact in the Dillon Eustace Asset Management and Investment Funds team.","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null}},{"type":"paragraph","attrs":{"textAlign":null}},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Footnotes:","type":"text","marks":[{"type":"italic"},{"type":"underline"}]},{"type":"hard_break"},{"text":"[1] A detailed overview of the implications of the EU Retail Investment Strategy for fund managers is available in our dedicated ","type":"text","marks":[{"type":"italic"}]},{"text":"briefing","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.dilloneustace.com/insights/the-eu-retail-investment-strategy-implications-for-fund-managers/","uuid":null,"anchor":null,"target":"_self","linktype":"url"}},{"type":"italic"}]},{"text":" on the topic ","type":"text","marks":[{"type":"italic"}]},{"type":"hard_break","marks":[{"type":"italic"}]},{"text":"[2] For a detailed analysis on what fund managers should look out for during the trialogue negotiations on SFDR 2.0, please access our ","type":"text","marks":[{"type":"italic"}]},{"text":"briefing","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.dilloneustace.com/insights/sfdr-2-negotiations-key-areas-of-focus-for-fund-managers/","uuid":null,"anchor":null,"target":"_self","linktype":"url"}},{"type":"italic"}]},{"text":" on the topic ","type":"text","marks":[{"type":"italic"}]},{"type":"hard_break","marks":[{"type":"italic"}]},{"text":"[3] In a recent related development, the European Commission has ","type":"text","marks":[{"type":"italic"}]},{"text":"asked","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.eba.europa.eu/sites/default/files/2026-09/bd7199ea-b953-4bd9-bcc8-4851feefa983/20260917_CfA_Private%20Credit_Annex.pdf","uuid":null,"anchor":null,"target":"_self","linktype":"url"}},{"type":"italic"}]},{"text":" ESAs to prepare a report on the interconnection between banks and non-bank financial intermediaries such as investment funds implementing private credit strategies","type":"text","marks":[{"type":"italic"}]},{"type":"hard_break"}]}]},"component":"content/text","isBigTable":false}],"category":"briefing","image":{"id":14148440,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/220868/5616x3744/47dbca847e/employment.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"description":null,"preview":null,"preview_text":null,"excerpt":null,"date":"2026-09-30 00:00","
1services":["6d26df17-d731-4b24-b34d-e29c1f1524d8"],"color":{"value":"#97C3EC","plugin":"storyblok-palette"}}},{"uuid":"bda2936d-21c6-41d5-9193-b3dd79821bd3","name":"AMLD6 and Beneficial Ownership Central Registers: New Access Rules in Ireland","full_slug":"insights/amld6-and-beneficial-ownership-central-registers-new-access-rules-in-ireland","created_at":"2026-09-21T10:58:40.067Z","content":{"content":[{"_uid":"5eea2560-bf5b-4e93-83ae-4e73ca6dd78b","align":"left","narrow":false,"content":{"type":"doc","attrs":{"backgroundColor":null},"content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"type":"hard_break"},{"text":"During 2026, Ireland introduced amendments to the access regimes applicable to both the Central Register of Beneficial Ownership of Trusts and the Central Register of Beneficial Ownership of Corporate Entities. These reforms represent a significant step in the transition from the previous EU AML framework set out under the Fourth and Fifth Anti-Money Laundering Directives[1] to the new regime established by the Sixth Anti-Money Laundering Directive (","type":"text"},{"text":"AMLD6","type":"text","marks":[{"type":"bold"}]},{"text":")[2], which required Member States to implement the relevant access provisions by 10 July 2026.","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"The reforms set out in AMLD6 reflect the EU legislatureâs attempt to strike a more appropriate balance between beneficial ownership transparency and the fundamental rights to privacy and data protection following the judgment of the Court of Justice of the European Union in WM and Sovim[3]. As a result, AMLD6 no longer provides for unrestricted public access to central beneficial ownership registers. ","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Under AMLD6, access to the beneficial ownership registers is now available to three principal categories of persons:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Competent authorities","type":"text","marks":[{"type":"bold"}]},{"text":" with direct access rights, including national competent authorities, law enforcement authorities, Financial Intelligence Units (","type":"text"},{"text":"FIUs","type":"text","marks":[{"type":"bold"}]},{"text":"), tax authorities, AML supervisory authorities and certain EU bodies, including AMLA, Europol, Eurojust, OLAF and the European Public Prosecutorâs Office.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Obliged entities","type":"text","marks":[{"type":"bold"}]},{"text":", including banks, investment firms, trust and company service providers, auditors, accountants and solicitors, which require access for the purposes of customer due diligence and compliance with anti-money laundering and counter-terrorist financing (","type":"text"},{"text":"AML/CFT","type":"text","marks":[{"type":"bold"}]},{"text":") obligations.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Persons with a legitimate interest","type":"text","marks":[{"type":"bold"}]},{"text":", including categories of persons deemed by AMLD6 to have such an interest, such as journalists, civil society organisations, academia, prospective transaction counterparties and certain third country authorities and obliged entities. ","type":"text"}]}]}]},{"type":"paragraph","attrs":{"textAlign":null}},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"In addition, AMLD6 establishes a harmonised EU framework governing the verification of legitimate-interest applications and the mutual recognition of decisions across Member States.","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"To implement these reforms, two statutory instruments were introduced in Q3 of 2026 amending the Irish beneficial ownership framework:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) (Amendment) Regulations 2026; and","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) (Amendment) Regulations 2026 (","type":"text"},{"text":"together the âIrish 2026 Regulations","type":"text","marks":[{"type":"bold"}]},{"text":"â).","type":"text"}]}]}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Prior to the 2026 reforms, a person seeking access to beneficial ownership information under the Irish legitimate-interest regime generally had to establish:","type":"text"}]},{"type":"ordered_list","attrs":{"order":1},"content":[{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"that they were engaged in the prevention, detection or investigation of money laundering or terrorist financing; ","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"that they required the information for those purposes; and","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"that the trust or corporate entity was connected with:","type":"text"}]}]}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"persons convicted of money laundering or terrorist financing offences; or","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"assets located in a high-risk third country.","type":"text"}]}]}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"The Irish 2026 Regulations replace this approach with the AMLD6 legitimate-interest framework. Access is no longer generally dependent on demonstrating a connection between the relevant trust or corporate entity and criminality or assets located in a high-risk third country. Instead, an applicant must demonstrate a legitimate interest in the prevention and combating of money laundering, its predicate offences or terrorist financing, with certain categories of applicants being deemed to satisfy that requirements. ","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Certain aspects of the new access regime under the 2026 Regulations, including the statutory timeframes within which the Registrar must deal with legitimate-interest applications, apply from 10 November 2026.","type":"text"}]},{"type":"heading","attrs":{"level":2,"textAlign":null},"content":[{"text":"Conclusion","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"The 2026 amendments to Irelandâs beneficial ownership regime represent an important milestone in the implementation of AMLD6. The reforms replace the previous Irish-specific access framework with a harmonised EU approach based on access by competent authorities, obliged entities and persons able to demonstrate a legitimate interest. In doing so, they seek to balance the objective of beneficial ownership transparency with the privacy and data protection rights of beneficial owners while ensuring that benef
1icial ownership information remains accessible for legitimate AML/CFT purposes.","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"type":"hard_break"},{"text":"Footnotes:","type":"text","marks":[{"type":"italic"}]},{"type":"hard_break"},{"text":"1. Directive (EU) 2015/849 as amended by Directive (EU) 2018/843 ","type":"text","marks":[{"type":"italic"}]},{"type":"hard_break","marks":[{"type":"italic"}]},{"text":"2. Directive (EU) 2024/1640 ","type":"text","marks":[{"type":"italic"}]},{"type":"hard_break","marks":[{"type":"italic"}]},{"text":"3. WM and Sovim SA v Luxembourg Business Registers (Joined Cases C 37/20 and C 601/20)","type":"text","marks":[{"type":"italic"}]}]}]},"component":"content/text","isBigTable":false}],"category":"briefing","image":{"id":14148450,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/220868/5472x3648/ababc20e2f/investment-funds.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"description":null,"preview":null,"preview_text":null,"excerpt":null,"date":"2026-09-21 00:00","services":["5aed06b8-6386-4c14-86c1-fd9b5f7ddc31"],"color":{"value":"#A66071","plugin":"storyblok-palette"}}},{"uuid":"203db10f-9f66-4139-93e7-4ced0e6b206a","name":"The New MiFID II Research Payment Framework","full_slug":"insights/new-mifid-ii-research-payment-framework","created_at":"2026-09-16T15:11:25.315Z","content":{"content":[{"_uid":"3b84a4d8-e559-40e1-bc67-b9fef5276334","align":"left","narrow":false,"content":{"type":"doc","attrs":{"backgroundColor":null},"content":[{"type":"heading","attrs":{"level":2,"textAlign":null},"content":[{"type":"hard_break"},{"text":"Introduction","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"The Listing Act Directive[1] reforms introduce a significant change to the MiFID II research regime by allowing investment firms greater flexibility in how they pay for research and execution services. In particular, Irish firms will be allowed to choose to pay jointly or separately for those services regardless of the market capitalisation of the issuer concerned. This Briefing Paper outlines the key changes for Irish firms which will arise under the Listing Act Directive. ","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"As of 21 September 2026, the revisions under the Listing Act Directive have not yet been transposed into Irish law and accordingly, Irish firms regulated under MiFID cannot yet avail of the flexibility afforded under the new research payment framework.","type":"text"}]},{"type":"heading","attrs":{"level":2,"textAlign":null},"content":[{"text":"Background","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"One of the more controversial features of MiFID II was the introduction of the so-called âunbundlingâ regime, which became applicable from January 2018. Under those rules, the traditional practice of investment firms spaying for investment research through bundled brokerage commissions was largely prohibited. Instead, investment firms were generally required to separate payments for investment research from payments for execution services and either: (i) pay for investment research from their own resources; or (ii) establish a Research Payment Account (â","type":"text"},{"text":"RPA","type":"text","marks":[{"type":"bold"}]},{"text":"â), under which research costs were funded through research charges agreed with clients and subject to specified budgeting, governance and disclosure requirements. ","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Over time, however, concerns emerged regarding the effect of those requirements on research coverage, particularly for small and medium-sized enterprises (â","type":"text"},{"text":"SMEs","type":"text","marks":[{"type":"bold"}]},{"text":"â) and mid-cap issuers. Market participants argued that research budgets contracted following the introduction of unbundling and that smaller issuers were disproportionately affected through reduced analyst coverage and lower visibility among investors.","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"The 2021 Capital Markets Recovery Package introduced a narrow exemption allowing bundled payments for research and execution services where the research related to issuers with a market capitalisation below â¬1 billion. Ireland transposed those measures through the European Union (Markets in Financial Instruments) (Amendment) Regulations 2022, which came into operation on 28 February 2022. However, the exemption was widely regarded as having delivered little practical change, largely because firms were reluctant to operate different payment models for different categories of issuer and instead continued to apply a single unbundled approach across their business.","type":"text"}]},{"type":"heading","attrs":{"level":2,"textAlign":null},"content":[{"text":"Rebundling","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"The most significant change introduced by the Listing Act Directive is the amendment of MiFID II to remove the â¬1 billion market capitalisation threshold that previously limited the availability of bundled payments for research and execution services. As a result, MiFID II no longer requires firms to separate research and execution payments in all circumstances. Instead, firms are permitted to choose between bundled and unbundled payment arrangements, subject to specified transparency, governance and oversight requirements.","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Irish investment firms will be able to choose to pay either jointly or separately for execution services and research in respect of any issuer, irrespective of market capitalisation. This reform restores bundling as a genuine commercial option rather than a limited exception.","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Where a firm chooses a joint payment model, it must agree a remuneration methodology with the research and execution provider, explain its payment approach to clients and make available its policy on payments for execution services and research. The firm must also assess annually the quality, usability and value of the research and its contribution to investment decision-making. Where a firm chooses not to use a joint payment model, research must continue to be paid for either from the firmâs sown resources or through a separate research payment account controlled by the firm.","type":"text"}]},{"type":"heading","attrs":{"level":2,"textAlign":null},"content":[{"text":"New EU framework for issuer-sponsored research","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"The Listing Act Directive separately seeks to establish an EU framework for issuer-sponsored research. Issuer-sponsored research is research that is funded, in whole or in part, by the issuer that is the subject of the research. The new regime introduces a number of measures designed to enhance transparency and investor confidence In particular, research produced by investment firms or third parties and used or distributed by investment firms must be fair, clear and not misleading, and must be clearly identifiable es âissuer-sponsored researchâ. ESMA is required to develop an EU code of conduct setting standards on independence, objectivity and conflicts of interest. In addition, issuers may submit issuer-sponsored research to a designated EU collection body, increasing its accessibility to investors.","type":"text"}]},{"type":"heading","attrs":{"level":2,"textAlign":null},"content":[{"text":"Transposition and key dates","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"The Listing Act Directive required Member States to adopt and publish the measures necessary to comply with the Directive by 5 June 2026, with the amendments applying from 6 June 2026. The related Commission Delegated Directive (EU) 2026/374, which provides the detailed rules governing payment arrangements for research and execution services, is subject to the same transposition timetable. The Irish transposing measures have not yet been adopted.","type":"text"}]},{"type":"heading","attrs":{"level":2,"textAlign":null}
1,"content":[{"text":"Practical implications for firms","type":"text"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Pending transposition of the Listing Act Directive and the related Delegated Directive into Irish law, Irish firms should consider the potential impact of the reforms and assess the changes that may be required, including:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"whether their current research payment model remains appropriate;","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"whether client disclosures and internal policies require updating;","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"how annual quality assessments will be conducted and documented;","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"what criteria will be used to evaluate research providers; and","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"the governance and budgeting requirements for RPAs.","type":"text"}]}]}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"type":"hard_break"}]},{"type":"paragraph","attrs":{"textAlign":null},"content":[{"text":"Footnote:","type":"text","marks":[{"type":"italic"}]},{"type":"hard_break","marks":[{"type":"italic"}]},{"text":"[1] Directive (EU) 2024/2811","type":"text","marks":[{"type":"italic"}]}]}]},"component":"content/text","isBigTable":false}],"category":"briefing","image":{"id":14148451,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/220868/6720x3776/bf7ec19aad/financial-regulation.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"description":null,"preview":null,"preview_text":null,"excerpt":null,"date":"2026-09-21 00:00","services":["5aed06b8-6386-4c14-86c1-fd9b5f7ddc31","c8c91bd2-6b82-48a5-b388-05bc76ac2d8e"],"color":{"value":"#2D4A42","plugin":"storyblok-palette"}}}]')}}]);
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