ESMA published its 2025 Annual Report on 17 June, outlining a year shaped by tighter supervisory coordination across EU member states and early-stage implementation of the Markets in Crypto-Assets Regulation (MiCA). The report signals a shift from policy design toward enforcement and operational delivery, with the authority also flagging progress on settlement cycle reform (T+1) and the selection of consolidated tape providers — both structural changes to how EU markets function.
For retail forex and CFD traders, the key takeaway is ESMA's continued emphasis on supervisory convergence with national regulators. That means the patchwork of slightly different CFD leverage limits and marketing restrictions across EU jurisdictions is likely to tighten further, not loosen. Brokers operating under CySEC, BaFin or AMF licences will face increasingly uniform expectations. ESMA also highlighted its readiness for expanded direct supervision powers under the proposed Markets Integration and Supervision Package, which, if enacted, would give the authority a more hands-on role in overseeing cross-border firms. Traders should verify their broker holds a current MiFID II authorisation from a national competent authority within ESMA's network.