• SignalHKMA has warned of bank-related phishing and scam websites in Hong Kong — the highest-materiality item today (score 8), pointing to elevated retail fraud and impersonation risk.
• SignalESMA has launched a Common Supervisory Action on Crypto-Asset Service Providers' operational resilience for custody (materiality 7), signaling intensified EU scrutiny of CASP safeguarding practices.
• SignalESMA has finalised the RTS on CCP admission criteria under EMIR 3, advancing the EU's post-EMIR 3.0 clearing framework.
• SignalESMA published preliminary findings on the EMIR Active Account Requirement, informing how EU firms must re-balance clearing activity.
• Regulator VelocityThree of four signals today originate from ESMA Markets, reinforcing a concentrated EU capital-markets supervisory push across crypto custody and central clearing.
• SummaryFour signals, zero critical alerts, zero governance events and zero scenario triggers logged today — a moderate-volume day led by one high-materiality Hong Kong item.

Today's flow is moderate in volume but strategically concentrated: ESMA is opening supervisory fronts on both CASP custody resilience and EMIR 3 clearing infrastructure, meaning EU-active firms face simultaneous obligations in crypto safeguarding and central clearing account structures. The HKMA phishing warning, the day's highest-materiality item, elevates near-term retail conduct and cyber-fraud exposure in Hong Kong operations. Against a backdrop of multiple High-severity emerging-theme alerts (Conduct, AML, Sanctions, Market Integrity) still open, today's ESMA market-integrity actions reinforce a trajectory of tightening capital-markets supervision that firms should not treat as isolated.

1. 1Task Fraud and Retail Conduct teams with reviewing customer-facing anti-phishing controls and public advisories in Hong Kong in light of the HKMA warning.
2. 2Have Digital Assets and Operational Resilience leads map current CASP custody arrangements against ESMA's CSA scope and prepare evidence of safeguarding, segregation and ICT resilience controls.
3. 3Direct Clearing and Treasury to assess exposure to ESMA's finalised CCP admission RTS and the preliminary EMIR Active Account Requirement findings, and refresh the clearing-account implementation plan.
4. 4Ask the Scenario Analysis function to close the four open scenario-pack gaps (Cyber, Climate, Stablecoin Reserves, Operational Resilience & CTPs) given persistent High-severity theme emergence.
5. 5Escalate the two open Medium scenario-trigger matches on frontier-AI ICT governance to the AI Model Risk Committee for review against the credit-decisioning scenario.

• Watch for further Market Integrity signals — the theme has moved from 0 to 11 signals in 30 days and today's ESMA CCP and Active Account actions reinforce that trajectory.
• Monitor Conduct-themed developments (15 signals in 30 days, 0 prior), particularly retail-fraud and mis-selling angles adjacent to today's HKMA phishing alert.
• Track whether the Critical/High severity share continues to rise from the current 27% (+17pp) as ESMA supervisory actions convert to enforcement.
• Follow up on the open frontier-AI ICT scenario-trigger matches for potential linkage to EU AI supervisory expectations in coming publications.
• Close the Cyber Threat Intelligence & Incident Reporting scenario-pack gap ahead of any escalation of the HKMA phishing theme into a broader cyber-fraud signal cluster.