ESMA Publishes 2027 Annual Work Programme and Supervisory Priorities

On September 28, 2026, the ESMA published its 2027 Annual Work Programme and related supervisory priorities. The programme focuses primarily on the integration of EU capital markets, the expansion of ESMA’s supervisory responsibilities, simpler regulatory requirements under its simplification and burden reduction agenda, investor protection, and the use of data and technology in supervision.

More integrated markets

ESMA will coordinate preparations for the T+1 settlement cycle, which is scheduled to take effect on October 11, 2027. It also plans to roll out the first phase of the European Single Access Point, providing centralized access to publicly available financial and sustainability information.

In addition, ESMA will prepare for possible new responsibilities under the proposed Market Integration and Supervision Package (MISP), depending on the outcome of negotiations between the European Parliament and the Council. The Commission currently proposes to give ESMA direct supervisory powers over significant trading venues, central counterparties, and central securities depositories, as well as all crypto-asset service providers. The package would also expand ESMA’s related enforcement powers.

Broader supervision

ESMA will establish its supervisory approach for consolidated tape providers and external reviewers of European Green Bonds. It will also begin supervising ESG rating providers and adapt to expanded responsibilities for benchmark administrators.

Furthermore, ESMA plans to review the effects of the new requirements introduced by EMIR 3, which aim to strengthen EU clearing houses and reduce excessive reliance on certain clearing services outside the EU. It will also work with national authorities to promote consistent supervision of crypto-asset service providers under MiCAR and intensify its checks on cyber and digital operational resilience under DORA.

Simpler requirements and investor protection

ESMA will advance a proposal to reduce overlapping transaction reporting under MiFIR, EMIR, and SFTR. For fund managers, it will develop technical standards for a harmonized reporting framework under the UCITS Directive and AIFMD, intended to reduce duplicate reporting.

ESMA will also seek to simplify the information that investment firms provide to retail investors and the suitability and appropriateness assessments that firms carry out before providing investment services. It will encourage national competent authorities to focus their supervision on firms and activities that pose the greatest risks.

If the Retail Investment Strategy is finalized, ESMA will develop technical advice and standards on the information firms provide to retail clients about costs and charges, the assessments firms make before recommending investments, and the rules for marketing communications.

Finally, ESMA plans to help firms and supervisors adapt to changes in EU sustainability rules, including any revisions to the Sustainable Finance Disclosure Regulation.

Data and technology

ESMA will expand its Data Platform so that it and national supervisors can bring together information reported under different EU rules, check its quality, and use shared tools to identify risks.

ESMA will also use AI tools in its own supervisory work and examine how financial firms use AI. Subject to approval by its Board, ESMA will add more data and analytical tools to its system for detecting possible market abuse in crypto-asset trading.

In addition, ESMA will assess how tokenization could change the way financial markets operate and whether existing rules adequately address these changes.

Simplification and burden reduction

ESMA also released a fact sheet outlining its four main simplification projects and their next steps, as well as a report detailing its simplification work across reporting, regulation, and supervision. The report’s Annex I provides an overview of the EU rules for which ESMA foresees specific simplification work in 2025–2027.

EU investment firms, fund managers, trading venues, clearing houses, central securities depositories, crypto-asset service providers, and other ESMA-supervised firms are recommended to take note of ESMA’s 2027 priorities and identify the planned work relevant to their activities. Firms affected by the T+1 transition should continue their preparations for the October 11, 2027 transition date and monitor forthcoming ESMA guidance and industry plans on the operational changes needed to settle trades within one business day. At this point in time, no further action is required beyond monitoring these developments and, where relevant, continuing ongoing preparations.