ESMA 2027 annual work programme

The European Securities and Markets Authority (ESMA) has published its 2027 work programme, setting out its priorities for strengthening, simplifying and integrating EU capital markets. It marks a decisive shift from analysis and groundwork to implementation and concrete delivery, building on the foundations laid in 2025 and 2026 and bringing key strategic cycles to completion. Key areas of work for 2027 include:

• Growing supervisory mandates: ESMA will advance its supervision of consolidated tape providers and external reviewers of European Green Bonds, and will process the applications and begin the supervision of environmental, social and governance (ESG) rating providers. ESMA will also adapt to its expanded responsibilities for benchmark administrators. It will carry out oversight of critical ICT third-party service providers and continue monitoring and promoting compliance with the Digital Operational Resilience Act (DORA) across all of its supervisory mandates. ESMA will also review the impact of EMIR 3 reforms and continue cooperation with national competent authorities, including on the supervision of cryptoasset service providers under the Markets in Crypto-Assets Regulation (MiCAR).
• Delivering more efficient financial markets: ESMA will prepare for changes to its mandates and responsibilities arising from the proposed Market Integration and Supervision Package (MISP), and support implementation of the European Single Access Point and the transition to T+1 settlement. It will also continue work on investor protection by supporting the implementation of the Retail Investment Strategy and promoting clear, accessible information for investors. ESMA has also stated that its simplification initiatives on transaction reporting, funds reporting, the retail investor journey and risk-based supervision will enter a new phase in 2027.
• Harnessing data and technological innovation: ESMA will further enhance its use of data and technology, including AI-based supervisory tools. It will also strengthen cybersecurity capabilities and continue its work on cryptoassets and the impact of AI on financial markets. Tokenisation will also remain a priority.

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