On 31 January 2025, the European Securities and Markets Authority (ESMA) published its 2026-2028 Programming Document.

In the foreword of the Programming Document ESMA’s Executive Director, Natasha Cazenave, notes that the years 2026-2028 will be a period of transformation for ESMA, as several new supervisory  mandates will be added to ESMA’s remit and ambitious IT projects such as the European Single Access Point will be developed. ESMA will also experience a significant evolution in the coming years as new entities will fall under its remit including Consolidated Tape Providers (CTPs), external verifiers of EU Green Bonds and ESG rating providers. ESMA will, in addition, have an enhanced role as regards EU central counterparties.

The Programming Document has three main sections:

  • Section 1: General context. This section describes the general context within which ESMA will be operating. For example, while completing the implementation of the legislative files of the previous European Commission and with sustainable and digital finance still high on the agenda, ESMA will in the coming years need to address new risks arising from a challenging environment and contribute to the new political priorities from the incoming Commission.
  • Section 2: Multiannual programming 2026-2028. ESMA’s multiannual programming for 2026-2028 notes, among other things, that 2026-2028 will be a period of change for ESMA with the expansion of its mandate to new areas of responsibilities. Several recently concluded and ongoing legislative files expand ESMA’s supervisory responsibilities in the period 2026-2028. This includes the selection, authorisation, and supervision of CTPs, as well as the supervision of the European Green Bond external verifiers, ESG rating providers and the endorsement of third country benchmarks. Finally, DORA-related work in the coming years will focus on ensuring the operational resilience of EU financial entities.
  • Section 3: Annual work programme 2026. The annual work programme covers ESMA’s objectives and outputs under its strategic priorities and thematic drivers for each sector within its remit. This includes that in 2026 ESMA will deliver level 2 and 3 work following the reviews of European Market Infrastructure 3, Central Securities Depositories Regulation, and Alternative Investment Fund Manager Directive/ Undertakings for Collective Investment in Transferable Securities. As part of the MiFIR/MiFID review, ESMA will dedicate resources to the selection of CTPs for derivatives in 2026 and their subsequent authorisation. ESMA is also mandated to undertake level 2 and 3 work and other tasks under the Listing Act.