The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its Strategic Orientation for 2020-22. The strategy sets out ESMA’s future focus and objectives, which are translated into concrete actions through the annual Programming Document and work programme. It details ESMA’s planned activities to respond to the challenges faced by the EU, its citizens, and capital markets, including developing a large retail investor base to support the Capital Markets Union (CMU), promoting sustainable finance and long-term oriented markets, dealing with the opportunities and risks posed by digitalisation, strengthening the EU’s role in international finance, and ensuring a proportionate approach to regulation.