The European Securities and Markets Authority (ESMA) published its 2025 Annual Work Programme (AWP), noting that a significant portion of its work “will comprise policy work to facilitate the implementation of the large number of mandates received in the previous legislative cycle, and the preparation of new mandates, such as the European Green Bonds and the ESG Rating Providers Regulations”.
Following the adoption of EMIR 3, ESMA will take on new responsibilities and develop a substantial number of technical standards, including for the new Active Account Requirement.
2025 will also see the selection and authorization of the first Consolidated Tape Provider, an important step to enhance transparency of European markets. The effective implementation of MiCA will be crucial to ensuring adequate protection for investors and convergent supervisory approaches for Crypto Assets Services Providers.
Verena Ross, ESMA chair, said in a statement: “In 2025, ESMA is set to deliver across an ambitious number of technical mandates entrusted to us during the last legislative cycle. Through these implementation tasks, we will provide clarity to assist market participants and support national competent authorities to achieve convergent supervisory approaches.”
“To make EU capital markets more effective and efficient, ESMA stands ready to support and advise the incoming Commission and co-legislators as the new priorities take shape.”
Natasha Cazenave, executive director at ESMA, said in a statement: “In 2025 ESMA will be preparing for a number of new supervisory responsibilities. The entry into application of the Digital Operational Resilience Act in 2025 marks the end of an intense preparatory phase, during which ESMA worked closely with EBA and EIOPA, market participants, and relevant stakeholders to support the convergent implementation of a solid operational resilience framework.”