ESMA deprioritises or postpones set of 2025 Commission deliverables

What's new?

On 6 March 2025, the European Securities and Markets Authority (ESMA) published a letter (dated 03 March 2025) from its Chair, Verena Ross, to the European Commission  outlining a number of Commission deliverables for 2025 which could be deprioritised or postponed to re-allocate resources to its highest priority workstreams.

This followed ESMA's assessment of the commitments outlined in its 2025 Annual Work Programme (AWP) as part of a wider effort to increase efficiency and in light of external factors impacting ESMA's workload since the publication of the 2025 AWP.

Among the deprioritised or postponed deliverables are:

• AIFMD Review: RTS on open ended loan originating alternative investment funds (initial deadline of 16 April 2025 delayed by 6 months)

• MiFIR/D Review:

  • Guidelines on communication methods to SME Growth Markets issuers when trading an instrument on another trading venue (Cancelled)

  • RTS on CTP incidents statistics reporting (initial deadline of 1 September 2025 delayed by 3 months)

  • RTS on order execution policies (initial deadline of 29 December 2024 delayed by 6 months)

• UCITS Eligible Assets Directive: technical advice on eligible assets (initial deadline of April 2025 delayed by 3 months)

Other topics included in the annex to ESMA's letter and subject to delay or cancellation include:

• CSDR Refit
• EMIR 2
• EMIR 3
• Listing Act
• CCP RRR
• DLT Pilot
• Recurrent mandatory reports