ESMA has set digital innovation as a new Union Strategic Supervisory Priority from 2027, with an initial focus on artificial intelligence and tokenisation. It will run alongside the priority on cyber risk and digital operational resilience, in place since 2025. ESMA also points to risks from the most advanced frontier AI models. The priority on ESG disclosures, in place since 2023, concludes this year.
What it means: Union Strategic Supervisory Priorities set where national supervisors will focus over the coming years, through joint actions, inspections and cross-country comparisons. Choosing AI and tokenisation signals that ESMA sees these technologies moving from experiments into real use by investment firms, asset managers and market infrastructures. Supervision will likely look at how AI models are used in advice, portfolio management and client service, and whether firms understand the risks. For tokenisation, the focus will be investor protection and correct product classification. Closing the ESG disclosure priority does not mean scrutiny stops; it is now seen as part of normal supervision. For Greek investment firms and asset managers, the Hellenic Capital Market Commission will build these priorities into its supervisory programme. Firms should start mapping where they use AI tools, who oversees them and how decisions are documented. The link with the AI Act and DORA makes that mapping even more useful.
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