In its 2025 annual report, published on Wednesday 17 June, the European Securities and Markets Authority (ESMA) is sending a clear signal to the EU co-legislators engaged in examining the Market Integration and Supervision Package (MISP). ESMA Chair Verena Ross and its Executive Director, Natasha Cazenave, presented the institution as ready to support a new stage in the integration of European capital markets and to exercise greater responsibilities at EU level.
The two leaders noted ESMA’s achievements in 2025 on several major projects: - implementation of MiCA and DORA; - preparations for the move to T+1 settlement; - selection of the first European consolidated tape providers; - strengthening risk-based supervision. ESMA also stresses that it has prepared for the exercise of new mandates in the areas of European green bonds, ESG ratings and supervision of critical ICT providers.
The report gives particular prominence to the MISP legislative package, as the past six months have not enabled the EU27 to agree on the proposed provisions to strengthen the powers of, and alter the organisation of, the European authority (see EUROPE 13887/12).
“We stand ready to support the journey and take on new responsibilities to contribute to more integrated and stronger capital markets in the EU”, says Ms Ross. “The Commission’s publication of the Market Integration and Supervision Package marked a turning point in elevating SIU from a policy debate to providing clear targeted legislative proposals”, she said.
Ms Cazenave also highlighted the progress made towards more risk-based supervision, stating that ESMA worked with the national competent authorities to embed “a common supervisory culture across the EU, grounded in risk assessment, proportionality and consistent supervisory outcomes”.
According to her, strengthening analytical tools, co-ordination and convergence in supervisory practices improved the ability of ESMA and the national authorities “to identify emerging risks and to prioritise supervisory action accordingly”.
Read ESMA’s annual report: https://aeur.eu/f/mgr (Original version in French by Bernard Denuit)