ESMA Publishes Its Annual Work Programme 2025

RegCORE Client Alert | Capital Markets Union

QuickTake

Every year, usually during the fourth quarter, EU-level authorities such as the European Securities and Markets Authority (ESMA) publish their Annual Work Programmes (AWPs) setting out their priorities and resourcing for the coming calendar year. Some authorities, such as ESMA also publish a multi-year priority plan in what is known as a Single Programming Document (SPD). Both the AWPs and SPDs are of relevance to national competent authorities (NCAs) and more importantly to the relevant firms within the scope of ESMA's and NCA's regulatory and supervisory mandate.

On 1 October 2024, ESMA published its AWP for 2025 setting out its focus on key strategic priorities and implementation of new mandates. Its SPD for 2024-2026 was previously published on 31 January 2024 and also builds upon the longer-term "ESMA Strategy 2023-2028", which was published October 2022 . The 2025 AWP will also see ESMA publish the