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ARTICLE · 21 OCTOBER 2025

ESMA Work Programme 2026

Dillon Eustace
Dillon Eustace
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Dillon Eustace

Dillon Eustace

Dillon Eustace is one of Ireland’s leading law firms focusing on asset management and investment...

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This month, the European Securities and Markets Authority (ESMA) published its Work Programme for 2026 (the ESMA Work Programme).

European UnionFinance and Banking
Brian Higgins
Brian Higgins
Joe O'Doherty
Joe O'Doherty
Karen Jennings
Karen Jennings
Jack Doyle
Jack Doyle
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Introduction

This month, the European Securities and Markets Authority (ESMA) published its Work Programme for 2026 (the ESMA Work Programme).

The ESMA Work Programme emphasises the expanding supervisory responsibilities that have been delegated to ESMA as a consequence of policy developments in respect of capital markets in the European Union (the EU). There are elements of the ESMA Work Programme that are relevant for investment funds and their managers and these are discussed below.

ESMA Work Programme

Similar to previous iterations, the ESMA Work Programme is structured around the implementation of ESMA's Multi-Annual Strategy for 2023-2028 (the Strategy). The Strategy established three strategic priorities, namely: (i) fostering effective markets and financial stability; (ii) strengthening supervision of EU financial markets; and (iii) enhancing protection of retail investors. The Strategy also established two thematic drivers: namely (i)

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