Guided by its multi-annual strategy for 2023–2028, which sets out three strategic priorities and two thematic drivers, ESMA’s 2026 work programme focuses on delivering on core policy and supervisory mandates while contributing to ambitious reforms for more integrated, accessible, and innovative EU capital markets.

ESMA publishes its second risk monitoring report of 2025, setting out the key risk drivers currently facing EU financial markets. Geopolitical events continue to have a strong impact on the evolution of financial markets. In the first half of 2025 securities markets experienced pronounced volatility as global uncertainties intensified, notably with escalating trade conflicts. Investor risks have also risen in crypto-asset markets, where exuberance has been fuelled by political developments in the US and the emergence of new, high-risk business models. Overall, ESMA sees high or very high risks in the markets within its remit, and retail and institutional investors should remain alert to potential sharp market corrections, and to the liquidity strains they could entail.

The MoU outlines how ESMA and the EEA will exchange expertise, information and data with one another and support mutual capacity building activities. ESMA and the EEA will also work together on facilitating the collaboration between national securities regulators and national authorities or agencies in charge of environmental protection. Furthermore, they will jointly work on enhancing policy dialogue on various areas of the sustainable finance agenda.

ESMA published its Position Paper on “Building more effective and attractive capital markets in the EU”. The Paper includes 20 recommendations to strengthen EU capital markets and address the needs of European citizens and businesses.

ESMA will focus on strengthening supervision, enhancing the protection of retail investors, fostering effective markets and financial stability, enabling sustainable finance, as well as facilitating technological innovation and effective use of data.