Technical Correction of EU Regulation on Financial Instruments: What Financial Entities Must Review

Key data

Financial entities and investment firms operating in the European Union must update their internal references to Delegated Regulation (EU) 2023/65. The correction published on 28 September 2026 under the reference CELEX:32023R0065R(01) introduces adjustments to specific technical provisions of the original regulation, without modifying its substantive regulatory content.

Although it may seem like a minor formality, errata in financial technical regulations have direct practical consequences: compliance procedures, internal manuals and control systems that cite or apply the original text may be working with an inaccurate version. In an environment of strict supervision like the European securities market, that is a risk worth eliminating as soon as possible.

What does this regulation establish?

This act is an official errata of the European Commission's Delegated Regulation (EU) 2023/65. Errata do not create new obligations or modify the spirit of the regulation: they correct material errors—wording, cross-references, technical data—that were detected after publication of the original text.

What changes in practical terms:

• Certain specific technical provisions of Delegated Regulation (EU) 2023/65 are corrected in their official wording.
• The substantive regulatory content of the original regulation is not altered: substantive obligations remain intact.
• The consolidated version of the regulation that must be applied is the one that incorporates these corrections, not the original text published in 2023.

Delegated Regulation (EU) 2023/65 establishes technical regulatory standards on financial instruments, in implementation of MiFID II / MiFIR regulations. Its correct application is subject to direct supervision by the competent national authorities and the European Securities and Markets Authority (ESMA).

Economic and operational impact

The direct economic impact of this correction is limited: it does not introduce new fees, penalties or economic thresholds. However, the operational impact may be relevant for compliance departments:

• Cost of internal review: Regulatory compliance teams must locate which technical provisions have been corrected, assess whether their internal procedures referenced them and, if necessary, update manuals, policies and systems.
• Supervision risk: Applying an outdated version of a technical standard may be detected in inspections or regulatory audits, with the resulting reputational risk and potential opening of proceedings.
• Indirect impact on non-financial companies: Companies that issue financial instruments or access capital markets may be indirectly affected if their reference financial entities adjust their requirements or procedures as a result of this correction.

In terms of priority, this correction does not require an extremely urgent response, but rather a planned and documented review before the next internal audit or regulatory inspection.

Who does it affect?

• Credit institutions with activity in financial instruments markets in the EU.
• Investment service providers (ISPs) and fund managers regulated under MiFID II.
• Securities market supervisors in the Member States (in Spain, the CNMV).
• Compliance and regulatory compliance departments of any financial entity regulated in the EU.
• Non-financial companies that issue financial instruments or access capital markets, indirectly.
• Auditors and financial regulation consultants who advise supervised entities.

Practical example

A Spanish investment services company, supervised by the CNMV, has documented in its compliance manual the technical requirements of Delegated Regulation (EU) 2023/65 as originally published in 2023.

Following the publication of this errata on 28 September 2026, the regulatory compliance officer must:

1. Access the corrected text published in the Official Journal of the EU (EUR-Lex) and identify exactly which technical provisions have been modified.
2. Compare those provisions with the references included in the internal compliance manual.
3. If there are discrepancies, update the manual and keep a documentary record of the change and its date.
4. Communicate the adjustment to the operational teams that apply those provisions in their daily work.

Without this review, the entity would be applying a technically incorrect version of the regulation, which could be flagged in a CNMV inspection or internal compliance audit.

What should companies do now?

1. Access the corrected text: Download the updated version of Delegated Regulation (EU) 2023/65 with the errata incorporated from EUR-Lex to identify exactly which technical provisions have changed.
2. Audit internal documents: Review compliance manuals, internal policies and operational procedures that reference the provisions affected by the correction.
3. Update and document: Correct any outdated references and keep a documentary record of the review carried out, with date and responsible party.
4. Inform the teams involved: Communicate the changes to the operations, legal and internal audit departments that apply these technical standards.
5. Verify with external advisors: If the entity works with financial regulation consultants, confirm that their recommendations already incorporate the corrected version of the regulation.

Official source

Consult complete regulation in official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=CELEX:32023R0065R(01)