On 7 February 2019, the European Securities and Markets Authority (ESMA) published its risk assessment work programme for 2019.

The work programme provides an overview of ESMA’s analytical, research, data and statistical activities for 2019. The headlights from the work programme are:

  • as data collected under the Alternative Investment Fund Managers Directive, the Markets in Financial Instruments Directive (recast) and the European Markets Infrastructure Regulation becomes available, ESMA is: completing the necessary technical infrastructure for the processing of the data, programming routines for their management, and making them available for the relevant analytical evaluation;
  • ESMA intends to further enhance its risk monitoring capacities, generating market descriptive statistics as well as sophisticated risk indicators and metrics on the basis of new proprietary data. Moreover, ESMA is planning to complement its ongoing market monitoring through its semi-annual report on trends, risks and vulnerabilities and its quarterly risk dashboards by continuing the publication of an annual statistical report series;
  • ESMA will continue to pursue in-depth analysis around key topics, including market and fund liquidity, fund leverage, and the impact of innovation especially in the areas of market infrastructures and investment advice; and
  • ESMA is set to continue its impact assessment activities, complementing the regulatory work programme, and will – in close cooperation with Member State national competent authorities – further enhance its stress testing work.