The European Securities and Markets Authority (ESMA) has published its 2026 Annual Work Programme, setting out priorities for delivering its policy and supervisory mandates while supporting reforms aimed at more integrated and accessible EU capital markets. A central theme for 2026 is simplification and burden reduction, including streamlined rules, more risk-based supervision and proportionate reporting across ESMA’s remit. Key deliverables include continued work on three consultations launched in 2025 on integrated funds reporting, transactional reporting and the investor journey. ESMA’s direct supervisory perimeter is set to widen through the authorisation and supervision of Consolidated Tape Providers, external reviewers under the European Green Bond framework, ESG rating providers and an extension of third-country benchmark supervision, while the European Supervisory Authorities will for the first time jointly oversee critical third party providers under the Digital Operational Resilience Act. Work also covers implementation of agreed legislative files including EMIR 3 and the European Single Access Point, potential work on the Retail Investment Strategy and the reviews of PRIIPS, SFDR and the Securitisation Regulation, the rollout of the ESMA Data Platform and development of AI-powered supervisory tools, ongoing MiCA implementation and supervisory convergence for crypto-asset service providers, and coordination for the EU move to a T+1 settlement cycle by 11 October 2027. In parallel, ESMA plans to contribute technical expertise to legislative initiatives expected under the European Commission’s forthcoming Saving and Investments Union Strategy, including measures addressing barriers in trading and post-trading, cross-border provision of funds and stronger supervision across the EU single market.
European Securities and Markets Authority 2025-10-03
European Securities and Markets Authority publishes 2026 work programme centred on simplification and expanded supervisory responsibilities
The European Securities and Markets Authority (ESMA) has released its 2026 Annual Work Programme, aiming to simplify EU capital markets with streamlined rules and risk-based supervision. Key initiatives include expanding ESMA's supervisory role to cover Consolidated Tape Providers, ESG rating providers, and third-country benchmark supervision, alongside implementing legislative files like EMIR 3 and MiCA. ESMA will support the European Commission's Saving and Investments Union Strategy by addressing trading barriers and enhancing cross-border fund provision and supervision.