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ARTICLE · 26 OCTOBER 2026

ESMA Sets Its 2027 Supervisory Agenda

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The European Securities and Markets Authority has published its 2027 work programme and simplification report, signaling a shift toward operational supervision of capital markets. Firms now face critical decisions on T+1 settlement readiness, innovation controls, and reporting reform, while crypto-asset service providers must address non-compliant tokens within three months.

AfghanistanFinance and Banking
Michael Huertas
Michael Huertas
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EU RegCORE Client Alert | Capital Markets Union + Savings and Investment Union

On 28 September 2026, the European Securities and Markets Authority (ESMA) published its Annual Work Programme for 2027 (AWP 2027)1 and its report on simplification and burden reduction (SBR)2. Together with the refreshed Union Strategic Supervisory Priorities (USSPs),3 the programme signals a more operational phase of European capital-markets supervision. The central question for firms is increasingly whether their governance, technology, data and contractual arrangements produce the outcomes represented to clients and supervisors.

ESMA’s 2027 publications bring three decisions into focus for affected firms: (i) completing T+1 readiness, (ii) demonstrating how client-facing innovation and critical dependencies are controlled, and (iii) preparing for reporting reform while maintaining current obligations. The new innovation USSP and the continuing resilience priority give those decisions a clearer

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