On 26 February 2026, ESMA published a supervisory briefing, which provides guidance to investment firms and national competent authorities on the supervision of algorithmic trading and pre-trade controls under MiFID II. The briefing aims to promote convergence in supervisory practices across the EU, particularly in the areas of governance, testing, and outsourcing of algorithmic trading systems. It also clarifies key definitions and provides practical templates to support supervisory work.

https://www.esma.europa.eu/sites/default/files/2026-02/ESMA74-1505669079-10311_Supervisory_Briefing_on_Algorithmic_Trading_in_the_EU.pdf