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The key priorities for 2016 focus on:
• Supervisory Convergence – this will be a core focus in ESMA’s activities in relation to the implementation, supervision and enforcement of common EU rules. In support of this work ESMA will produce a supervisory convergence work programme and continue its cooperation with NCAs and other institutions, including the Joint Committee to ensure sectoral consistency;
• MiFID II and MiFIR – this work will continue to dominate activity in 2016, however in line with the shift in priorities the focus will be particularly on guidelines and Q&As helping with the consistent implementation of MiFID II across NCAs that will need to be developed. Single rulebook activity will also continue as ESMA still has a range of Technical Standards to draft.
• Data collection and management – the 2015-2017 IT work programme will be dominated by the requirements under MiFID II/MiFIR for data collection and reporting. Additionally, ESMA will build tools and collect data related to CRA 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 National Competent Authorities (NCAs) on Financial Instruments Reference Data and Access to Trade Repositories.
The 2016 Work Programme is based on a budget of €40,437,589 and a staff of 210 in line with the budget approved by the Board of Supervisors on 4 February 2015 and subsequently submitted to the EU institutions.
The European Commission has proposed a budget of €38,122,405 which, if accepted by the institutions, will require cuts in ESMA’s activities of €2.3m. In order to plan for this possible outcome ESMA has identified areas where work would not be carried out as planned including a reduction in budget to be spent on certain IT projects and translations, as well as some planning and peer review activities.