ESMA welcomes Commission’s ambitious proposal on market integration

ESMA welcomes the European Commission’s legislative proposal on market integration and supervision. The package represents a major step towards deeper and more efficient EU capital markets and reflects many of the recommendations set out in ESMA’s 2024 Position Paper on building more effective and attractive capital markets in the EU.

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Statement on MiCA transitional measures

As MiCA transitional periods are coming to an end, ESMA calls on:

Crypto-asset service providers without MiCA authorisation to swiftly activate wind-down plans to protect clients and market stability.
National competent authorities to treat last-minute applications with caution, and be prepared to enforce against unauthorised services.
Investors to stay informed. Verify the provider's authorisation in ESMA’s interim register before engaging.

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Statement on upcoming reporting obligations under EMIR 3

Reporting under the Active Account Requirement (AAR):
Entities subject to the AAR should submit their first reports by July 2026, covering compliance data from 25 June 2025 onward. ESMA will provide further instructions to ensure reporting is clear and consistent, using templates set out in the regulatory technical standards

Reporting of clearing activity at recognised Third-Country CCPs:
Counterparties must report annually on their clearing activity at recognised third-country CCPs, with the first report (on 2025 data) expected alongside the 2026 cycle. Detailed requirements will be set out in future technical standards to ensure harmonised and proportionate reporting.

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ESMA makes recommendations for more effective and attractive capital markets in the EU

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.

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ESMA Strategic priorities 2023-2028 & Work Programme 2026

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.

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