On 3 July 2026, the European Securities and Markets Authority (ESMA) launched a Common Supervisory Action (CSA) on the risk management function of UCITS management companies and alternative investment fund managers across the EU. The CSA will be conducted throughout this year and next, in close collaboration with Member State competent authorities (NCAs). NCAs will focus on three key areas as part of the CSA: (i) governance and organisation of the risk management function; (ii) identification, measurement and monitoring of risks; and (iii) reporting to senior management and governing bodies.
Next steps
ESMA will publish a final report with the results of the exercise in 2028.