ESMA Work Priorities for 2016

Update Update

ESMA has updated its Work Programme for 2016 to include its role in the CMU implementation, and issued two dedicated Programmes for its Regulatory and Supervisory Works.

The European Securities and Markets Authority (ESMA), the EU Financial Markets Regulator, has issued a number of documents highlighting its priorities for 2016, and the way it will conduct its regulatory and suvervisory competences.

Compared to the Work programme publised in September 2015, it does not show many changes, except a budget slightly lower (39,394,742€) and a reference to the role of ESMA in the implementation of the Capital Markets Union (CMU) plan that was issued in autumn 2015.

Among the key priorities of ESMA:

  • Supervisory Convergence: In 2016, ESMA’s focus will increasingly shift from rulemaking to implementation. Supervisory convergence in the implementation, supervision and enforcement of common rules will be a core focus of ESMA’s activities. This is the first year that ESMA produces a dedicated work programme for its supervisory convergence activity.

  • MiFID II and MiFIR: MiFID II and MiFIR will continue to dominate ESMA’s work in 2016, in line with the shift towards supervisory convergence the focus will be particularly on guidelines and Q&As helping with the consistent implementation of MiFID II.

  • Data collection and management: The work programme will be dominated by the legal requirements for data collection and reporting stemming from MiFID II and MiFIR. ESMA will also set up tools and collect data related to Credit Rating Agencies supervision and investor protection. It will continue its developments of systems in support of its supervision, risk monitoring and single rulebook activities, including two projects ESMA is carrying out on behalf of NCAs on financial instruments reference data and access to trade repositories.

The full Work Programme can be found below.