ESMA to merge digital and data strategies into unified plan by 2029

The European Securities and Markets Authority (ESMA) adopted a new digital strategy and updated its data strategy to bolster technology-driven supervision and streamline regulatory reporting across the European Union.

These dual frameworks reflect a commitment to promoting innovation and reducing unnecessary complexity within the financial ecosystem.

The digital strategy is designed to continue the digital transformation of the authority, while the updated data strategy focuses on capitalising on opportunities to simplify and better integrate data management.

“ESMA is committed to smarter regulation and supervision, and this drives our dual focus on digitalisation and simplification,” ESMA Chair Verena Ross said.

“These two strategies support a digitally mature, resilient and agile authority that understands the importance of data for its community,” Ross continued. “By helping to drive the digital transformation of the European System of Financial Supervision we reinforce a more efficient, transparent, and resilient financial ecosystem for the EU.”

The newly established Digital Strategy 2026–2028 provides a roadmap focused on efficiency and resilience.

Its primary goals include building digital synergies across the union and enhancing the digital capabilities of both the regulator and the wider supervisory system.

Furthermore, the plan seeks to bolster operational efficiency and establish a secure and future-ready ecosystem.

In tandem, the Data Strategy 2023–2028 has been refreshed to reflect a significant focus on burden reduction and the evolving technological landscape.

The regulator intends to unlock new efficiency opportunities through flagship initiatives that streamline supervisory reporting, particularly regarding transaction data and the funds domain.

The updated data plan also involves expanding the capacity of the ESMA Data Platform to benefit various national and European authorities.

Other critical actions include implementing the next phases of the MiCA joint supervisory tool for crypto-market monitoring and finalising the development of the European Single Access Point.

These objectives align with a broader simplification initiative launched by the regulator last year.

By aligning these two strategies, the authority aims to ensure that technology translates into tangible benefits for stakeholders.

This alignment facilitates greater digital transformation across the entire supervisory framework.

Looking ahead, the work of the authority will be guided by the specific roadmaps outlined in both documents.

The regulator expects to converge these two paths into one unified strategy by 2029.