The 2018 WP takes into account ESMA’s Strategic Orientation 2016-2020 and reflects the shift in focus of ESMA’s work, from building the single rulebook, towards two key activities: supervisory convergence and assessing risks. In addition, the possible changes proposed under the ESAs and CCP Reviews and ongoing planning for the UK’s exit from the European Union present a changing environment for ESMA. This will require it to be prepared to adapt and reprioritise the 2018 WP as needed.
For 2018, the key areas of focus under ESMA’s activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:
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Providing guidance and promoting the consistent application of MiFID II and MiFIR by market participants and National Competent Authorities (NCAs);
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Ensuring the quality, integration, usability and transparency of the data that ESMA collects;
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Contributing to the development of Level 2 measures in relation to the revised Prospectus regime; and
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Enhancing the effectiveness and lasting impact of supervisory activities at individual credit rating agencies (CRA) and trade repositories (TR) level.
Steven Maijoor, ESMA Chair, said:
“ESMA will focus on promoting supervisory convergence and assessing risks in 2018 with a particular emphasis on promoting the consistent application of MiFID II and MiFIR. This reflects both the importance of ensuring a smooth transition to the new MiFID regime and our shift as a supervisory authority from building the single rulebook to ensuring its application through convergent supervisory practices across the European Union.”
“Additionally, we will need to be alive to the risks and challenges presented by developments regarding ESMA’s mandate under the ESAs and CCP Reviews, as well the preparation required for the UK’s departure from the European Union. We will be flexible in adapting and reprioritising the Work Programme to this changing environment”
“The activities set out in the 2018 Work Programme, will contribute to ESMA meeting its responsibilities in enhancing investor protection and promoting stable and orderly markets.”
Full Work Programme
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