On 19 May 2026, the European Securities and Markets Authority (ESMA) published the summary of conclusions from the joint meeting of its Board of Supervisors (BoS) and the Securities and Markets Stakeholder Group (SMSG) held in February 2026. The document outlines discussions on key regulatory priorities, including sustainable finance disclosures, market data quality, and the implementation of the Digital Operational Resilience Act (DORA).
The meeting, which brought together national supervisors and industry representatives, focused on several ongoing ESMA initiatives. Participants reviewed progress on the implementation of the Sustainable Finance Disclosure Regulation (SFDR), with stakeholders raising concerns about the complexity of the regulatory framework and the need for clearer guidance on principal adverse impact indicators. ESMA officials noted that the European Commission's ongoing review of SFDR would inform future supervisory convergence efforts.
Another major topic was the quality and availability of market data under the Markets in Financial Instruments Regulation (MiFIR). The SMSG highlighted persistent issues with data granularity and timeliness, particularly for over-the-counter (OTC) derivatives. ESMA committed to enhancing its data validation processes and exploring the use of new technologies to improve data collection and analysis.
On digital resilience, the meeting discussed the final preparations for DORA's application, which is set to begin in January 2027. Stakeholders emphasized the need for proportionality in the implementation of ICT risk management requirements, especially for smaller financial entities. ESMA confirmed that it would issue additional guidance on incident reporting and threat-led penetration testing by mid-2026.
The summary also covers updates on ESMA's work on crypto-asset regulation under the Markets in Crypto-Assets Regulation (MiCA), including the development of technical standards for authorization and supervision of crypto-asset service providers. The SMSG urged ESMA to coordinate closely with national competent authorities to ensure consistent application across member states.
No formal decisions were taken at the meeting; the conclusions serve as a record of discussions and will inform ESMA's future policy work. The next BoS-SMSG meeting is scheduled for June 2026.
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