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For 2019, the following priorities for supervisory convergence were identified:
Ensuring supervisory convergence in the context of the UK’s decision to withdraw from the EU;
Making data and its use more robust and consistent by developing and further clarifying reporting methodologies and providing guidance to ensure complete and high-quality data;
Driving forward consistency in the application of the Markets in Financial Instruments Directive and Regulation (MiFID II/MiFIR) and reaching a common understanding on arising supervisory challenges;
Safeguarding the free movement of services in the EU through adequate investor protection in the context of cross-border provision of services; and
Fostering supervisory convergence in the field of financial innovation.
The SCWP 2019 sets priorities that will drive ESMA’s convergence agenda in the year ahead and foster coordinated action by national competent authorities (NCAs). This year’s priorities build closely on those of 2018, reflecting the progress achieved and highlighting new areas of attention. They take into account various factors, including the market environment, legislative and regulatory developments, and the NCAs’ supervisory priorities.
Next Steps
The implementation of the SCWP will be closely monitored and priorities may be readjusted depending on possible changes in the EU environment in 2019.