Source: European Union 2 Published on: 2026-06-17
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its Annual Report for 2025, highlighting a year of progress in strengthening EU’s financial markets through enhanced supervision, regulatory simplification and innovation. Set against a backdrop of heightened global uncertainty and ongoing discussions on the Savings and Investments Union (SIU), the report illustrates ESMA’s continued contribution to orderly, resilient and attractive EU capital markets.
Verena Ross, Chair of ESMA, said:
Natasha Cazenave, Executive Director of ESMA, said:
In 2025, ESMA played a key role in implementing major EU legislative frameworks, including the MiCA, the Digital Operational Resilience Act (DORA), and the European Market Infrastructure Regulation (EMIR 3). The work supported supervisory convergence, advanced the authorisation of crypto-asset service providers, and strengthened digital resilience across the financial sector. It has also helped enhancing the supervision of clearing infrastructures, including the recognition and risk assessment of third-country central counterparties. These efforts reinforced the resilience of the EU financial system.
ESMA also continued to support the development of sustainable finance in the EU by improving ESG disclosures, addressing greenwashing risks and implementing new regulatory frameworks. These included the Green Bond Regulation under which ESMA established a supervisory framework for external reviewers, and the ESG Rating Regulation, Together, these initiatives promoted transparency, investor protection and trust in sustainable finance markets.
Throughout the year, ESMA advanced its risk-based supervisory approach, leveraging supervisory data to enable more efficient, intelligence-led oversight across EU financial markets.
A central focus of ESMA’s work in 2025 was simplifying the rulebook and reducing unnecessary burden for market participants. This was supported by a strategic approach to supervisory reporting, including flagship initiatives to streamline transaction reporting and fund reporting under AIFMD and UCITS.
ESMA has also launched the retail investor journey initiative, focusing on making the investment process simpler and more transparent, whilst ensuring that investors have access to clear, reliable and accessible information.
A major milestone in 2025 was the selection of the first consolidated tape providers (CTPs) under MiFIR. This marked a significant step towards improving transparency and accessibility of market data across the EU.
ESMA also supported the transition towards a shorter T+1 settlement cycle, contributing to global efforts to enhance post-trade efficiency and reduce systemic risk. These initiatives support broader efforts to improve the functioning and competitiveness of EU capital markets.
The Authority intensified its work on digitalisation, including artificial intelligence, distributed ledger technology and decentralised finance. These efforts aimed to harness innovation while safeguarding market integrity and investor protection.
Further information:
Communications Officer
press@esma.europa.eu
Team Leader – Communications
press@esma.europa.eu
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the
The European Securities and Markets Authority (ESMA), the EU financial markets regulator and supervisor, has launched a
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched its