Publication Alert: ESMA - Work Programme 2025

ESMA - Work Programme 2025
EU
In October 2022 the ESMA published its multiannual Strategy covering the period 2023-28 (ESMA Strategy), which establishes three strategic priorities (fostering effective markets and financial stability, strengthening supervision of EU financial markets, and enhancing protection of retail investors) and two thematic drivers (enabling sustainable finance and facilitating technological innovation and effective use of data). ESMA’s 2025 Annual Work Programme is structured around the implementation of the ESMA Strategy, fulfilling ESMA mandates and building on the activities executed in 2023-2024.
ESMA - Work Programme 2025
ESMA

We communicate that the European Securities and Markets Authority (ESMA) has published its Work Programme for 2025.

 

1. Context

 

In October 2022 the ESMA published its multiannual Strategy covering the period 2023-28 (ESMA Strategy), which establishes three strategic priorities (fostering effective markets and financial stability, strengthening supervision of EU financial markets, and enhancing protection of retail investors) and two thematic drivers (enabling sustainable finance and facilitating technological innovation and effective use of data).

 

ESMA’s 2025 Annual Work Programme is structured around the implementation of the ESMA Strategy, fulfilling ESMA mandates and building on the activities executed in 2023-2024.

 

2. Main points

 

In this context, the ESMA 2025 Work Programme is structured around six key priorities:

 

  • Effective markets and financial stability. ESMA will focus on developing a proportionate and effective single rulebook, ensuring global standards are promoted while fostering market stability. Priorities include reviewing technical standards related to MiFID II/MiFIR, and enhancing the supervisory approach for central counterparties (CCPs). ESMA will also engage with international counterparts and monitor risks through bi-annual Trends, Risks, and Vulnerabilities (TRV) reports.
  • Effective Supervision. ESMA aims to foster a common, risk-based supervisory approach across the EU, promoting consistency and reducing fragmentation. This includes ensuring timely assessment of registration applications and monitoring key risks within financial entities. In 2025, the organisation will also advance work on the selection and authorisation of Consolidated Tape Providers (CTPs) and improve the direct supervision of credit rating agencies (CRAs), trade repositories, and critical third-party providers under DORA.
  • Retail Investor Protection. Enhancing protection for retail investors is a central focus, particularly through supervision in areas such as crypto-assets and sustainable finance. ESMA will promote clear and reliable investment information, facilitating access to EU capital markets for retail investors. ESMA will also continue issuing warnings and opinions on high-risk products and services, including those provided via social media platforms.
  • Sustainable Finance. ESMA will further develop supervisory tools to address greenwashing risks and implement the EU’s sustainable finance agenda. This includes publishing guidance on sustainability disclosures, and technical standards for European Green Bonds and ESG ratings. ESMA’s work will support the EU’s climate transition by building expertise and enhancing disclosure standards under various sustainable finance regulations.
  • Technological Innovation. With the implementation of DORA and MiCA, ESMA will focus on the digital resilience of the financial sector and the regulation of crypto-assets. The programme includes a review of risks associated with artificial intelligence (AI) and the expansion of digital financial services. ESMA will also develop tools for better data collection and risk assessments, supporting the Distributed Ledger Technology (DLT) Pilot Regime.
  • Effective use of data and ict technologies. A key goal for 2025 is the launch of the European Single Access Point (ESAP), a platform designed to provide stakeholders with centralised access to public financial data. Additionally, ESMA will focus on improving data quality and enhancing its supervisory tools by incorporating advanced technologies such as machine learning and AI for better market monitoring and analysis.