The European Securities and Markets Authority (ESMA) has published a revised Regulatory Work Programme (RWP) for 2015. The RWP provides more detail on ESMA’s single rulebook as set out in ESMA’s Annual Work Programme for 2015.

As to be expected, ESMA’s agenda is dominated by the implementing measures for MiFID II and MiFIR, MAR and CSDR, much of which are in-process.

The RWP does, however, contain a few surprises:

  • no deadline for ESMA guidelines and recommendations on UCITS V remuneration provisions with the legislation due to be applied by Member States by 18 March 2016;
  • open-ended review of key EMIR technical standards on reporting to trade repositories;
  • apparent separation of MiFID II requirements on direct electronic access;
  • no indication on timing for technical advice on equivalent third country markets for the MiFIR trading obligation; and
  • revised technical standards on margining uncleared over-the-counter derivatives expected by September/October of this year.

View ESMA publishes the 2015 Regulatory Work Programme, 25 March 2015