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ESMA Annual Work Programme 2026 – Overview & Forthcoming Updates You Should Know

  • Antonis Hadjicostas
  • Oct 4
  • 2 min read
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The European Securities and Markets Authority (ESMA) has released itshttps 2026 Annual Work Programme, outlining how it will deliver on its 2023–2028 Strategy and support the EU’s Savings and Investments Union (SIU) agenda. While the plan is broad, several core areas of focus stand out for 2026 — reviews, supervisory convergence, and upcoming regulatory changes that will shape the compliance agenda for EU financial institutions.


Key Areas of Focus in 2026


  1. Supervisory Reviews and Convergence


    • Peer reviews will intensify across market abuse (MAR), MiFID II/MiFIR investor protection measures, and fund management risk practices (liquidity, leverage, valuation).

    • Expect Common Supervisory Actions (CSAs) and mystery shopping exercises to test retail investor protection in practice.

    • Direct supervision of credit rating agencies (CRAs), trade repositories (TRs), CCPs, and soon ESG rating providers will expand, reinforcing consistency across the EU.


  2. Retail Investor Protection


    • Implementation of the Retail Investment Strategy (RIS) will accelerate, with ESMA focusing on product governance, cost transparency, and suitability.

    • New investor trend monitoring tools and a stronger use of data analytics will guide supervisory priorities.


  3. Sustainable Finance & ESG


    • ESMA will review sustainability disclosures to combat greenwashing and align with global reporting standards.

    • New mandates: oversight of ESG rating providers and European Green Bond reviewers begins in 2026.

    • Supervisory convergence on the use of transition finance and monitoring of sustainability claims will be a top priority.


  4. Digital & Data Transformation


    • A major review of reporting regimes (MiFIR, EMIR, SFTR, AIFMD/UCITS) will be carried out to reduce overlaps and streamline data collection.

    • Roll-out of the European Single Access Point (ESAP) and further deployment of the ESMA Data Platform will change how data is gathered, shared, and used by supervisors.


  5. Crypto-Assets and DLT


    • The first MiCA reviews will kick off, with ESMA setting supervisory expectations on transparency, market abuse monitoring, and reporting.

    • Development of a centralised EU crypto market surveillance system will strengthen oversight of this emerging market.


  6. Digital Operational Resilience (DORA)


    • 2026 marks the first full year of joint ESA oversight of critical ICT third-party providers.

    • ESMA will embed DORA requirements into supervisory convergence, ensuring operational resilience frameworks are tested in practice.


Upcoming Changes – What Market Participants Must Prepare For


  • Retail Investment Strategy: stronger requirements on costs, disclosures, and suitability assessments.

  • ESG Ratings & Green Bonds: new supervisory mandates mean higher scrutiny on methodologies, transparency, and independence.

  • Reporting Simplification: expect consultations and technical standards aimed at reducing duplication across MiFIR, EMIR, SFTR, AIFMD/UCITS.

  • Crypto under MiCA: new obligations for issuers, service providers, and trading venues, with direct ESMA involvement.

  • DORA Implementation: oversight of ICT providers will create new expectations for firms’ resilience testing and vendor management.


key Takeaway


The 2026 ESMA programme is not just about continuity — it introduces new supervisory mandates, fresh peer reviews, and upcoming regulatory shifts that firms must prepare for.The emphasis on convergence, simplification, and sustainability makes 2026 a defining year for EU financial markets, with ESMA taking a stronger role in ensuring coherence, trust, and resilience across the system.


 
 

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