ESMA 2025 report on the quality and use of data

The European Securities and Markets Authority (ESMA) has published its annual report on the quality and use of data in 2025. This sixth edition expands the scope of coverage to include prospectus reporting, credit rating agency reporting, central counterparty supervisory reporting, crowdfunding reporting, major ICT-related incident reporting under the Digital Operational Resilience Act (DORA), reference data under the Markets in Financial Instruments Regulation (MiFIR) and ESMA registers.

The report shows continued progress in improving the quality, usability and supervisory application of regulatory data across EU financial markets. However, the report also highlights differing levels of maturity across datasets. Reporting under the European Market Infrastructure Regulation (EMIR) reached a steady state, with stable reporting rules and reconciliation requirements during 2025. MiFIR transaction reporting showed similar progress, with targeted data quality measures supporting more systematic supervisory use. As a result, transparency indicators are now calculated using MiFIR transaction data. Other regimes, notably the Securities Financing Transactions Regulation (SFTR) and the Alternative Investment Fund Managers Directive (AIFMD) also showed positive developments but require further improvements in data quality and usability. For less mature datasets, the report presents first indicative measures of quality and use.

Looking ahead, ESMA, together with national competent authorities, will continue to further support sustained improvements in the quality of regulatory data with next steps set out in Chapter 5 of the report.

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