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.

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.

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.

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.