The European Securities and Markets Authority (ESMA) published on 5 May 2026 the Summary of Conclusions from its Ad hoc Board of Supervisors meeting held in March 2026. The document outlines discussions on market stability, supervisory convergence, and regulatory priorities for the coming months, impacting EU securities markets, national competent authorities, and market participants.
The meeting, convened at ESMA's Paris headquarters, brought together representatives from national securities regulators across the EU. The Board reviewed recent market developments, including volatility in certain asset classes, and exchanged views on risks to financial stability. Discussions also covered the implementation of the Digital Operational Resilience Act (DORA) and the progress of the Capital Markets Union (CMU) agenda.
Key policy orientations included a push for enhanced supervisory coordination on cross-border cases, particularly regarding sustainable finance disclosures and the application of the EU Taxonomy Regulation. The Board also addressed the need for consistent enforcement of the Market Abuse Regulation (MAR) across member states, with some members calling for more harmonised sanctions.
Trade-offs emerged between the desire for stronger investor protection and the need to avoid excessive regulatory burden on smaller market participants. Some national authorities raised concerns about the proportionality of new requirements for small and medium-sized enterprises (SMEs) seeking access to capital markets, while others advocated for stricter rules to prevent greenwashing.
Stakeholders most impacted include national competent authorities, who face increased coordination demands; investment firms and banks, which must comply with evolving disclosure and resilience rules; and retail investors, who stand to benefit from enhanced transparency but may face higher costs passed on by intermediaries. The discussions also touched on the role of central counterparties (CCPs) in ensuring market stability, with no immediate policy changes proposed.
Expected institutional follow-up includes further technical work by ESMA's standing committees, with a view to issuing formal guidelines or opinions later in 2026. The Board's conclusions will feed into the European Commission's ongoing review of the CMU action plan and the next steps on sustainable finance regulation.