Regulatory news · European Union
ESMA publishes 2027 work programme with delivery focus
ESMA has published its annual Work Programme for 2027, marking a shift from preparation to delivery of major initiatives under its 2023-2028 strategy.
The European Securities and Markets Authority (ESMA) has published its annual Work Programme for 2027, which it said is guided by its multi-annual strategy for 2023 to 2028 and marks a shift from preparation to the delivery of several major initiatives.
Verena Ross, Chair of ESMA, said that 2027 marks an important milestone for the Savings and Investments Union (SIU) as many of ESMA's strategic initiatives move into the delivery phase. She said that while co-legislators continue their work on the Market Integration and Supervision Package (MISP), ESMA is already advancing on key elements of the SIU agenda including initiatives to simplify the regulatory, reporting and supervisory framework. She added that ESMA continues to modernise the way it supervises markets through greater use of data and technology, and that the work programme reflects ESMA's commitment to strengthening the Single Market, protecting investors and safeguarding financial stability. She said it enables ESMA to remain agile in the face of volatile and risky market conditions, while responding effectively to rapidly changing needs and priorities.
Growing supervisory mandates
According to the document, ESMA will advance its supervision of consolidated tape providers and external reviewers of European Green Bonds, as well as process the applications and begin supervision of ESG rating providers. It will also adapt to its expanded responsibilities for benchmark administrators.
ESMA said it will carry out oversight activities for Critical ICT Third-Party Service Providers together with the other European Supervisory Authorities and continue monitoring and promoting compliance with the Digital Operational Resilience Act (DORA) across all of its supervisory mandates.
In 2027, ESMA will review the impact of recent reforms (EMIR 3) aimed at making EU clearing markets more resilient. The work will help ensure that EU clearing houses remain robust and reduce the EU's dependence on certain systemically important clearing services located outside the EU, the document said.
Alongside its direct supervisory responsibilities, ESMA said it will enhance supervisory convergence across the EU, continuing cooperation with National Competent Authorities (NCAs), including on supervision of crypto-asset service providers (CASPs) under MiCA.
Delivering more efficient financial markets
Following the expected final agreement by the co-legislators on the MISP proposal in 2027, ESMA said it will prepare for the resulting changes to its mandates and responsibilities. In parallel, it said it will be delivering other priorities supporting the SIU, including implementation of the European Single Access Point and the transition to T+1 settlement.
ESMA said it will continue to enhance investor protection by supporting the implementation of the Retail Investment Strategy and promoting clear, accessible information for investors.
ESMA's four flagship simplification initiatives on transaction reporting, funds reporting, the retail investor journey and risk-based supervision will also enter a new phase in 2027, according to the document. They are intended to reduce unnecessary administrative burdens, improve the usability of regulatory data and make supervision more effective. Further details are set out in the report also published today which outlines actions undertaken in 2026 and planned for 2027 to embed simplification and burden reduction across ESMA's regulatory and supervisory activities.
Finally, ESMA said it will support the implementation of key EU financial legislation by delivering technical standards and advice across its remit.
Harnessing data and technological innovation
ESMA said it will further enhance its data capabilities and promote innovation in the supervisory process, through the development of its Data Platform and the deployment of AI-based tools to support supervision. It will also strengthen cybersecurity capabilities and advance work on crypto-assets and the impact of artificial intelligence on financial markets. Tokenisation will remain as a priority for ESMA, further expanding the work on the opportunities it can bring to the EU capital markets.
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