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ESMA welcomes Commission’s ambitious proposal on market integration
ESMA welcomes Commission’s ambitious proposal on market integration
About ESMAPress ReleasesThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, welcomes the European Commission’s legislative proposal on market integration and supervision published today. 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.
The proposal directly addresses fragmentation stemming from divergent national rules and supervisory practices. By removing barriers in trading, post-trading and asset management, and by enabling more harmonised supervision, the package will help market participants operate more seamlessly across the Single Market and support scale, efficiency and better outcomes for investors and businesses. We also welcome the strong focus on streamlining regulatory requirements, reducing administrative burden, and facilitating innovation. All of this will enhance the competitiveness and agility of EU capital markets.
A key element of the package is the proposed transfer of direct supervision of certain significant cross-border infrastructures and crypto-asset service providers to the EU level. ESMA stands ready to take on these specific responsibilities, drawing on almost 15 years of growing experience supervising diverse and selective parts of our capital markets.
This proposal represents a shift in supervision for a limited subset of our capital markets, in which ESMA would work hand in hand with the National Competent Authorities (NCAs) to develop the capacity and expertise to take on such new responsibilities. At the same time, for the broader market that remains under national supervision, coordinating supervisory standards and achieving aligned outcomes across the EU remains a key priority. This would be reinforced for example by giving ESMA an enhanced convergence role for large cross-border asset management groups.
Today’s proposal forms a central pillar of the Commission’s Savings and Investments Union (SIU) strategy. ESMA looks forward to working with the co-legislators as they advance this important initiative to build deeper and more integrated EU capital markets.
Further information:
Solveig Kleiveland
Team Leader - Communications
press@esma.europa.eu04/12/2025 ESMA71-545613100-2843ESMA welcomes Commission’s ambitious proposal on market integration - Press release 22/05/2024 ESMA24-450544452-2207Position paper on EU capital markets - Building more effective and attractive capital markets in the EU ESMA to launch Common Supervisory Action on MiFID II conflicts of interest requirements
ESMA to launch Common Supervisory Action on MiFID II conflicts of interest requirements
Investor protectionThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, will launch a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on conflicts of interest in the distribution of financial instruments.
The CSA will assess how firms comply with their obligations under MiFID II to identify, prevent, and manage conflicts of interest when offering investment products to retail clients.
The CSA will focus on:
- The possible impact of staff remuneration and inducements on what products are offered to investors.
- The role of digital platforms in directing investors towards certain products, and whether this serves their best interests.
- The ways firms manage potential conflicts between their own profits and the needs of retail investors.
ESMA expects that this initiative, together with the exchange of practices among NCAs, will contribute to the consistent application of EU rules and strengthen investor protection in line with its objectives.
Next steps
ESMA and the NCAs will carry out the CSA during 2026.
Further information:
Iris Hude
Communications Officer
press@esma.europa.euAlgorithmic trading tops the agenda of the financial and energy regulators’ forum
Algorithmic trading tops the agenda of the financial and energy regulators’ forum
Market AbuseMarket IntegrityThe Energy Trading Enforcement Forum (ETEF) is the forum where energy and financial regulators and the two EU Agencies (ESMA and ACER) meet annually.
At its 8th forum in Paris on 6 November, the main topics discussed included trends in manipulative behaviour based on algorithmic trading and the first referrals from National Competent Authorities to prosecutors for market abuse involving energy products classed as financial instruments.
The forum also covered the importance of data sharing and the continued cooperation between authorities, as the regulatory oversight of potential market abuse in the trading of energy and financial products falls under two EU regulatory frameworks: the Wholesale Energy Market Integrity and Transparency (REMIT) and the Market Abuse Regulation (MAR).
For more information on the work of ACER and ESMA to protect energy and financial markets from abuse, visit:
- Agency for the Cooperation of Energy Regulators (ACER)
- European Securities and Markets Authority (ESMA)
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.euNo changes for Data Reporting Services Providers following ESMA’s 2025 assessment of derogation criteria
No changes for Data Reporting Services Providers following ESMA’s 2025 assessment of derogation criteria
Market dataSupervisory convergenceThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has finalised its annual assessment of the derogation criteria for Data Reporting Services Providers (DRSPs), based on data from the 2024 calendar year.
Based on the 2025 assessment, the supervisory designations established in 2024 remain unchanged. The ten DRSPs currently supervised by ESMA continued to exceed the thresholds, while those under NCA supervision remained below them. Accordingly, no changes to supervisory responsibilities are expected in 2026 or 2027.
Next Steps
Following the notification of the outcome of the assessment, ESMA will continue to monitor developments and engage with NCAs and supervised entities to ensure a smooth and transparent supervisory process.
Background
ESMA is responsible for the authorisation and supervision of DRSPs, except for those subject to a derogation where their activities are of limited relevance for the internal market; and it conducts an assessment annually to ensure that supervisory responsibilities reflect the evolving relevance of DRSPs in the EU market.
Further information:Cristina Bonillo
Senior Communications Officer
press@esma.europa.euThe European Supervisory Authorities designate critical ICT third-party providers under the Digital Operational Resilience Act
The European Supervisory Authorities designate critical ICT third-party providers under the Digital Operational Resilience Act
Digital Finance and InnovationThe European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) publish today the list of designated critical ICT third-party providers (CTPPs) under the Digital Operational Resilience Act (DORA). This designation marks a crucial step in the implementation of the DORA oversight framework.
The list of the CTPP designated by the ESAs is accessible through this link.
The designation process followed the methodology mandated by DORA.
First, the ESAs collected data from the Registers of Information maintained by financial entities, which detail their contractual arrangements for ICT services.
Second, the ESAs conducted a detailed criticality assessment in cooperation with the Competent Authorities (CAs) across the EU from the banking, insurance and pensions, and securities and markets sectors. This assessment was carried out in line with the multifaceted criteria set out in DORA, which required a complete evaluation of a provider’s systemic importance, its role in supporting critical or important functions for financial entities, and the level of substitutability of its services.
Third, ICT third-party providers assessed as critical were formally notified, after which they benefitted from their right to be heard by providing a reasoned statement. The final designation decisions were adopted following a careful review of all relevant information, ensuring the integrity of the process.
The designated CTPPs provide a range of ICT services (e.g. from core infrastructure to business and data services) to financial entities of all types and sizes across the European Union, reflecting their pivotal role within the financial ecosystem.
The objective of the DORA Oversight Framework, mandated to the ESAs, is to promote the sound management of ICT risk by the critical providers. Through direct oversight engagement, the ESAs will assess whether CTPPs have appropriate risk management and governance frameworks in place to ensure the resilience of the services they deliver to financial entities. This serves to mitigate risks that could impact the operational resilience of the financial sector of the EU.
The ESAs will keep engaging with CTPPs in the course of upcoming examination activities.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu18/11/2025 List of designated CTPPsList of designated CTPPs
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