ESMA’s 2027 Work Programme: Move from Rulemaking to Implementation, Simplification, and Wider Supervision

# What ESMA is prioritising in 2027

# Expanded supervisory footprint

ESMA will substantially widen its supervisory responsibilities in 2027. New areas of oversight include:

• External reviewers of European Green Bonds and consolidated tape providers.
• Benchmark administrators, with adapted supervision as responsibilities expand.
• Critical third-party ICT service providers, including monitoring compliance with the Digital Operational Resilience Act (DORA).

These steps bring ESG data and external assessments further into regulated EU market architecture and place digital resilience front and centre of supervision.

# Simplification agenda and concrete projects

Simplifying the regulatory and reporting landscape is a headline priority. ESMA identifies four flagship simplification projects for 2027:

• Integrated transaction reporting to reduce duplication and improve data quality.
• Integrated funds reporting with harmonised and centralised reporting solutions for the funds sector.
• A simpler retail investor journey that aims to make information and investor interactions more accessible.
• More effective, risk-based supervision to focus resources where they matter most.

ESMA's stated goal is to lower unnecessary administrative burdens while keeping oversight and financial stability safeguards intact.

# Market integration and SIU delivery

ESMA expects co-legislators to finalise the Market Integration and Supervision Package (MISP) in 2027. Once agreed, ESMA will prepare for any changes to mandates and responsibilities. Other integration tasks already under way include implementing the European Single Access Point and the EU's transition to T+1 securities settlement. ESMA will also support the Retail Investment Strategy with investor protection and accessible financial information as priorities.

# Technology, data and digital innovation in supervision

ESMA plans to make technology more central to how it supervises markets. Key elements:

• Expansion of ESMA's Data Platform and deployment of AI-based tools to support supervision (AI tools are mentioned as part of ESMA's approach in the Work Programme).
• Stronger cybersecurity capabilities as markets grow more digitally interconnected.
• Continued work on crypto-assets, including supervisory convergence with national authorities under the Markets in Crypto-Assets framework (MiCA).
• Focus on tokenisation and other digital innovation as supervisory priorities.

# Operational resilience and clearing markets

ESMA will continue monitoring Digital Operational Resilience Act (DORA) compliance across its remit and will review the impact of EMIR 3 reforms on EU clearing markets. Policymakers want EU clearing houses to remain resilient while reducing reliance on certain systemically important clearing services outside the bloc.

# Leadership framing

Verena Ross, Chair of ESMA, described 2027 as a milestone year for the SIU as strategic initiatives move into delivery. She emphasised ESMA's commitment to strengthening the single market, protecting investors and safeguarding financial stability while modernising supervision through greater use of data and technology.