The European Securities and Markets Authority (ESMA) published its 2027 Work Programme in early October.
The programme set out plans to expand financial market supervision, simplify regulation and make greater use of data and artificial intelligence.
ESMA said it marked a shift from preparing major initiatives to delivering them. This is part of its multi-annual strategy for 2023-2028.
What ESMA’s Chair Said
ESMA chair Verena Ross said 2027 would be an important milestone for the Savings and Investments Union (SIU).
She said several of ESMA’s strategic initiatives would move into their delivery phase.
Ross added that ESMA was modernising its market supervision by using more data and technology. She said the programme would help ESMA stay agile in volatile markets.
Wider Supervisory Responsibilities
ESMA said it would expand its supervisory work in several areas in 2027:
- Consolidated tape providers
- External reviewers of European Green Bonds
- ESG rating providers, including processing their applications
- Benchmark administrators, where its remit is growing
ESMA would also oversee critical ICT third-party service providers, working with the other European Supervisory Authorities.
It would keep monitoring compliance with the Digital Operational Resilience Act (DORA).
Clearing and Crypto
ESMA planned to review the impact of recent EMIR 3 reforms. These were introduced to strengthen the resilience of EU clearing markets.
The review would examine whether EU clearing houses remain robust. It would also look at reducing the bloc’s dependence on certain systemically important clearing services outside the EU.
On crypto, ESMA said it would keep working with national competent authorities. This includes supervising crypto-asset service providers under the Markets in Crypto-Assets Regulation (MiCA).
Simpler Financial Markets
ESMA also said it would prepare for changes to its role. These depend on the expected final agreement on the Market Integration and Supervision Package in 2027.
Its other priorities included:
- The European Single Access Point
- The move to T+1 settlement
- Support for the Retail Investment Strategy and clearer information for investors
Four flagship simplification initiatives would enter a new phase. They cover transaction reporting, funds reporting, the retail investor journey and risk-based supervision.
ESMA said they were intended to reduce unnecessary administrative burdens. They should also make regulatory data more usable and supervision more effective.
A separate report published alongside the programme described simplification measures taken in 2026 and planned for 2027.
More Data and AI
Technology formed another major strand of the programme.
ESMA said it would keep developing its Data Platform and deploy AI-based tools to support supervision. It would also strengthen its cybersecurity capabilities.
Crypto-assets, the impact of AI on financial markets and tokenisation would stay on its agenda.
What It Means
The programme combined a broader direct supervisory role with simpler rules and more use of technology.
ESMA said the aim was more efficient and resilient EU capital markets. Investor protection and financial stability remained its central objectives.
