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

KUALA LUMPUR, 29 SEPTEMBER 2026 —

The European Securities and Markets Authority (ESMA) released its 2027 Work Programme on 28 September 2026, announcing a shift from preparation to delivery of a series of major initiatives aimed at making EU capital markets stronger, simpler and more integrated.

The programme comes as co‑legislators continue work on the Market Integration and Supervision Package (MISP). While the MISP is still under negotiation, ESMA is already advancing key elements of the SIU agenda, including simplification of the regulatory, reporting and supervisory framework. Ross said ESMA will modernise its supervision through greater use of data and technology, and that the work programme reflects a commitment to strengthening the Single Market, protecting investors and safeguarding financial stability.

She added that ESMA will remain agile in the face of volatile and risky market conditions and will focus on ensuring EU capital markets are efficient, resilient and attractive.

ESMA’s supervisory mandates will expand in 2027. The authority will advance its supervision of consolidated tape providers and external reviewers of European Green Bonds, process applications and begin supervision of ESG rating providers, and adapt to its expanded responsibilities for benchmark administrators.

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, helping to ensure that EU clearing houses remain and to 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 strong cooperation with National Competent Authorities (NCAs), including on supervision of crypto‑asset service providers (CASPs) under MiCA.

Following the expected final agreement by co‑legislators on the MISP proposal in 2027, ESMA will prepare for the resulting changes to its mandates and responsibilities. In parallel, ESMA will deliver other priorities supporting the SIU, including implementation of the European Single Access Point and the transition to T+1 settlement. The authority 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—transaction reporting, funds reporting, the retail investor journey and risk‑based supervision—will also enter a new phase in 2027. 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.

ESMA will also support the implementation of key EU financial legislation by delivering technical standards and advice across its remit. The authority 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 strengthen cybersecurity capabilities and advance work on crypto‑assets and the impact of artificial intelligence on financial markets.

Tokenisation will remain a priority for ESMA, further expanding the work on the opportunities it can bring to EU capital markets.

For further information on the work programme, contact Tayfun Yilmaz, Communications Officer, at press@esma.europa.eu. For the simplification and burden reduction report, contact Cristina Bonillo, Senior Communications Officer, at press@esma.europa.eu.