On 30 September 2024, the European Securities and Markets Authority (ESMA) published its Annual Work Programme for 2025, which it says reaffirms its strategic orientation and commitment to safeguarding resilient, transparent and sustainable European financial markets.

ESMA explains that it will focus on key strategic priorities and the implementation of new mandates, with key areas highlighted including:

• The EU transition towards a greener and more sustainable economy.
• Addressing the impact of digitalisation and technology in the area of financial markets.
• Making EU capital markets more effective and efficient, including through progressing the reviews of the European Market Infrastructure Regulation, the Markets in Financial Instruments Regulation and Directive, the Undertakings for Collective Investments in Transferable Securities Directive, the Alternative Investment Fund Managers Directive, and the European Long-Term Investment Funds Regulations.
• Delivering on major technical mandates under the Regulation on Markets in Crypto-Assets, the European Single Access Point, the Listing Act, and the EU Green Bonds and ESG Ratings Regulations.
• The selection and authorisation of the first consolidated tape provider, which ESMA flags as an important step to enhance transparency of European markets.
• The Retail Investment Strategy.