The European Securities and Markets Authority (ESMA) has published its 2025 Annual Work Programme, highlighting its commitment to ensuring resilient, transparent and sustainable European financial markets. The programme will include policy work to implement mandates from the previous legislative cycle and prepare new ones, including covering European Green Bonds and ESG Rating Providers Regulations.

The European Securities and Markets Authority (ESMA) has published a position paper on building more effective and attractive capital markets in the EU. It sets out 20 recommendations to strengthen markets and address the needs of European citizens and businesses.

The European Securities and Markets Authority (ESMA) has published additional details on the selection of consolidated tape providers (CTPs) for bonds and for shares and exchange-traded funds (ETFs). ESMA will launch the selection procedure for the CTP for bonds on 3 January 2025. This is the first working day for EU institutions after 29 December 2024, the date set out in Article 27da(1) of the Markets in Financial Instruments Regulation (MiFIR). ESMA intends to adopt a reasoned decision on the selected applicant within six months of the launch, ie by early July 2025. In June 2025 ESMA will launch the selection procedure for the CTP for shares and ETFs.

The European Securities and Markets Authority (ESMA) has published its final report on amendments to certain technical standards for commodity derivatives under the Markets in Financial Instruments Directive II (MiFID II), following the adoption of Directive (EU) 2024/790 (the amending Directive).This final report describes the feedback received in the public consultation, ESMA’s reaction to the feedback received, and the final proposal amending the regulatory technical standards (RTS) on position management controls, implementing technical standards (ITS) 4 and the technical advice for amending Commission Delegated Regulation (EU) 2017/565 (CDR 2017/565).After submitting the final report, the European Commission has three months to decide whether to endorse the proposed amendments to the technical standards.

The European Securities and Markets Authority (ESMA) has published its 2026-2028 Programming Document, outlining strategic priorities, objectives, and work programmes. ESMA plans for a period of transformation, including new supervisory mandates and ambitious IT projects like the European Single Access Point. Key initiatives involve supervising consolidated tape providers, establishing a one-stop shop for financial disclosures, and transitioning to a shorter settlement cycle (T+1). ESMA plans to also simplify the single rule book, reduce compliance burdens, and oversee new entities such as ESG rating providers. Additionally, ESMA plans to enhance its role in sustainable finance, modernise data collection, and collaborate with various authorities to support the EU's capital markets goals.

The European Securities and Markets Authority (ESMA) has published its first central counterparty (CCP) resolution aiming to support National Resolution Authorities (NRAs) when operationalising the cash call mechanism under Articles 27 and 31 of the Central Counterparties Recovery and Resolution Regulation (Regulation (EU) 2021/23) (CCPRRR). Developed by ESMA’s CCP Resolution Committee, the non-binding briefing provides a methodology for including the resolution cash call in CCP resolution plans. It advises NRAs to define and collect relevant data from CCPs to calibrate available resources, assess the potential impact on stakeholders such as clearing members and financial market infrastructures, and ensure appropriate processes are in place for executing and testing cash calls. The briefing aims to promote consistent practices across jurisdictions and enhance resolution preparedness.

The European Securities and Markets Authority (ESMA) has published its 2025 European Common Enforcement Priorities (ECEP) statement and the results of a fact-finding exercise on 2024 corporate sustainability reporting under the European Sustainability Reporting Standards (ESRS).

The European Securities and Markets Authority (ESMA) has published its Final Reports on Regulatory Technical Standards (RTS) relating to central counterparties' (CCPs) authorisations, extensions of authorisation and model validations, following the implementation of the recast European Market Infrastructure Regulation (Regulation (EU) No 2024/2987) (EMIR 3). The Final Reports are:

The European Securities and Markets Authority (ESMA) has published its Final Report on new regulatory technical standards (RTS) on the European Electronic Access Point (EEAP) following the adoption of the European Single Access Point (ESAP) Regulation and the two Joint Committee Implementing Technical Standards (ITS) on the European Single Access Point (ESAP), which made aspects of Commission Delegated Regulation (EU) 2016/1437 obsolete. The report sets out draft RTS aligned with the ESAP legislation to ensure legal certainty and consistency with the ITS on ESAP collection bodies and ITS on ESAP functionalities. The draft RTS has been submitted to the European Commission, which has three months to decide whether to endorse it.

The European Securities and Markets Authority (ESMA) has published Statement on Avoiding Misperceptions: Guidance for CryptoAsset Service Providers Offering Unregulated Services and Final Report Guidelines for the criteria on the assessment of knowledge and competence under the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA). The statement highlights risks associated with unregulated products offered by authorised cryptoasset service providers (CASPs), particularly the potential for a ‘halo effect’—where the presence of regulated services may lead investors to mistakenly assume that unregulated offerings benefit from the same level of regulatory protection. The final guidelines set out criteria for assessing the knowledge and competence of CASP staff who provide information or advice on cryptoassets and related services.

The European Securities and Markets Authority (ESMA) has published Q&As with further details on specific aspects of the practical application of the Guidelines on funds' names using ESG or sustainability-related terms. The Q&As relate to green bonds, the convergence on ‘meaningfully investing in sustainable investments’ and the definition of controversial weapons. The objective is to ensure a smooth application of the guidelines through common understanding of key concepts.

The European Securities and Markets Authority (ESMA) has published its Final Report covering mandates under the MiFIR Review on derivatives trade transparency, package orders and the over-the-counter (OTC) derivatives consolidated tape (CT) input and output data. The report has been submitted to the European Commission, which will now have three months to decide whether to endorse the proposed regulatory technical standards (RTS). The new rules are expected to apply from 1 March 2027.