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2013 objectives and priorities are based on three key elements:
New and revised legislation
The introduction of new and the overhaul of existing legislation will be a key challenge for ESMA. 2013 will see the continuation of the revision of the Markets in Financial Instruments Directive (which will be superseded by a revised Directive and a new Regulation, MiFID 2 and MiFIR), and of the revision of the Market Abuse Directive (a new regulation - MAR - and a new Directive - MAD 2). These new legislative texts form part of the key deliverables initiated by the EU Institutions in response to the financial crisis. Other key texts are also planned for:
In order to build a single rulebook for Europe, ESMA will develop technical standards, guidelines and advice. ESMA’s focus goes beyond establishing new regulation though. At the same time, ESMA will promote supervisory convergence. In 2013 it is expected that ESMA will fully exercise all its powers to drive greater convergence of national supervisory activity and implementation of EU regulation on the ground. Following several years of crisis, ESMA’s work will aim to support the restoration of confidence in Europe’s financial markets.
Supervisory Role – CRAs and Trade Repositories
2013 will be the second year in which ESMA will exercise its supervisory duties for CRAs. ESMA will focus on implementing its new multi-dimensional supervision approach, incorporating horizontal thematic and vertical firm-specific supervisory work. ESMA will also begin supervising Trade Repositories, under the terms of the European Market Infrastructure Regulation (EMIR), and coordinate supervisory colleges for Central Counterparties.
Coordination, monitoring and analysis of financial markets
As in 2011 and 2012, in response to the situation in European financial markets, ESMA will continue actively to monitor developments in financial markets and drive and coordinate appropriate responses (by NCAs and other EU authorities). A substantial part of ESMA’s resources will be allocated to monitoring and providing analyses of developments in financial markets to support financial stability and protection of financial consumers.
In order to enable ESMA to deliver its 2013 work programme, it will need to increase its staffing and budget accordingly. In 2013 staff numbers are expected to grow from 101 to 160 and the budget from €20.2 million to approximately €28 million. ESMA will continue to be funded by the European Commission (Commission), the National Competent Authorities and fees from Credit Rating Agencies. For the first time, in 2013, funding will also be generated from Trade Repositories fee contributions which will cover ESMA’s costs of the relevant supervision.