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ESMA 2027–2029 Programme: sustainability disclosures post-SFDR review, EMIR 3/CSDR Refit Level 2, and T+1 settlement—key EU financial services regulatory priorities

Published on: 05 February 2026

Published by a LexisNexis EU Law expert
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EU financial services developments ESMA sets out work programme for 2027-2029

The European Securities and Markets Authority (ESMA) has unveiled its 2027–2029 Programming Document, centred on consolidating a markedly broadened range of supervisory mandates and ensuring effective implementation of the current regulatory framework, while taking into account ongoing simplification and burden reduction initiatives. ESMA says the work planned for 2027 reflects a critical transition phase, carefully balancing the implementation of major legislative reviews with sustained attention to core priorities:

  • fostering effective markets and financial stability
  • strengthening supervision
  • protecting retail investors
  • enabling sustainable finance
  • driving digital transformation

Following the conclusion of the Sustainable Finance Disclosure Regulation (SFDR) review in 2026, the focus in 2027 will turn to developing technical advice for sustainability disclosures. Similarly, ESMA indicates that implementing EMIR 3 and the CSDR Refit will demand substantial work on Level 2 measures alongside enhanced supervisory convergence. A key market-wide project will be monitoring the transition to a T+1 settlement cycle, scheduled for October 2027, to ensure a smooth and orderly shift. Source: 2027–2029 Programming Document...

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