The European Securities and Markets Authority (Esma) its 2025 annual work programme on 1 October 2024, reaffirming its commitment to safeguarding resilient, transparent and sustainable financial markets in the European Union. The report detailed Esma’s strategic orientation and outlined plans to enhance the efficiency and attractiveness of European capital markets, including the shortening of the settlement cycle to .
In 2025, Esma planned to advance various aspects within its control while collaborating with co-legislators to support the establishment of the European savings and investment union. A significant portion of its work was set to comprise policy initiatives aimed at implementing numerous mandates received during the previous legislative cycle. This included preparations for new mandates related to the European Green Bonds and the ESG Rating Providers Regulations.
Following the adoption of Emir 3, Esma was expected to take on new responsibilities and develop a substantial number of technical standards, including those for the new active account requirement. Furthermore, the selection and authorisation of the first consolidated tape provider were anticipated in 2025, which represented an important step towards enhancing transparency in European markets.
The effective implementation of the markets in crypto-assets regulation (Mica) was deemed crucial for ensuring adequate protection for investors and establishing convergent supervisory approaches for crypto assets services providers (Casps). Verena Ross, chair of Esma, noted in the agency’s statement that in 2025, the authority aimed to deliver on a number of technical mandates entrusted to it during the last legislative cycle. She indicated that these implementation tasks were intended to provide clarity to market participants and support national competent authorities in achieving convergent supervisory approaches.
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Natasha Cazenave, executive director of Esma, also commented on the authority’s preparations for new supervisory responsibilities in 2025. The entry into application of the digital operational resilience act (Dora) marked the end of an intense preparatory phase during which Esma had collaborated closely with the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA), as well as with market participants and relevant stakeholders.
In addition to preparing for potential new responsibilities under the retail investment strategy (Ris) and for the possible shortening of the settlement cycle to T+1, key outputs were expected to include technical standards and guidelines under Mifir/Mifid II and AIFMD/Ucits.
Esma planned to further strengthen supervision by focusing on effective coordinated oversight across EU financial markets. The authority aimed to utilise all tools in its convergence toolkit to harmonise supervisory approaches and practices, including common supervisory actions and practical exchanges on specific supervisory cases and challenges.
Collaboration with national competent authorities (NCAs) was crucial for enhancing cross-border cooperation and data sharing. Through the continued implementation of its data strategy and the development of common suptech and data projects, Esma sought to contribute to the EU strategy on supervisory data in financial services. Additionally, preparations were expected to be finalised in 2025 for the first phase of the European Single Access Point (Esap) to be launched in 2026, aimed at creating a centralised platform for easy access to public data and information on securities markets.
The 59-page full programme is available .