The European Securities and Markets Authority (ESMA) has published its work programme for 2016. In line with its Strategic Orientation 2016-2020, its priorities signal a shift from rule making towards implementation and promoting the convergence of supervisory practices.

The key priorities for 2016 include:

  • 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 national competent authorities (NCAs) and other institutions, including the Joint Committee of the European Supervisory Authorities to ensure sectoral consistency;
  • Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (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; and
  • data collection and management. The 2015-2017 IT work programme will be dominated by the requirements under MiFID II and MiFIR for data collection and reporting. Additionally, ESMA will build tools and collect data related to credit rating agency 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.

View ESMA sets out its priorities for 2016, 7 October 2015