ESMA sets 2027 priorities for stronger, simpler and more integrated EU capital markets

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its annual Work Programme for 2027. Guided by ESMA’s multi-annual strategy for 2023–2028, the programme is marking a shift from preparation to the delivery of several major initiatives.

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 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.

Alongside its direct supervisory responsibilities, ESMA will enhance supervisory convergence across the EU, continuing the strong cooperation with National Competent Authorities (NCAs), including on supervision of crypto-asset service providers (CASPs) under MiCA.

Following the expected final agreement by the co-legislators on the MISP proposal in 2027, ESMA will prepare for the resulting changes to its mandates and responsibilities. In parallel, ESMA will be delivering other priorities supporting the SIU, including implementation of the European Single Access Point and the transition to T+1 settlement. ESMA will continue to enhance investor protection by supporting the implementation of the Retail Investment Strategy and promoting clear, accessible information for investors.