ESMA publication of its updated Compliance Table regarding its Guidelines on third-country firms’ solicitation of clients situated in the EU and on supervision practices against the circumvention of the reverse solicitation exemption under MiCAR, 25 September 2025

On the 25^th of September 2025, the European Securities and Markets Authority published the updated version of its Compliance Table regarding its Guidelines on situations in which a third-country firm is deemed to solicit clients established or situated in the EU and on the supervision practices to detect and prevent circumvention of the reverse solicitation exemption under Regulation 2023/1114/EU (MiCAR). The Compliance Table lists, where applicable, the competent authorities for the implementation of MiCAR in the EU Member States, Iceland, Liechtenstein and Norway, and indicates whether or not these authorities comply or intend to comply with the ESMA Guidelines.