On 9 January 2020, the European Securities and Markets Authority (ESMA) published its strategic orientation 2020-22.
The strategic orientation sets out ESMA’s longer-term focus and objectives and is translated into concrete actions through the annual programming document and work programme. ESMA developed its first strategic orientation (for the period 2016-2020) in 2015 and regularly assessed the progress made towards executing it.
With the 2016–2020 period coming to an end ESMA is now developing its strategic orientation for 2020-2022 by taking into account the legislative amendments completing the review of the European Supervisory Authorities which increase focus on supervisory convergence and give ESMA direct supervision of certain benchmarks. Other legislative changes such as the introduction of EMIR 2.2 will result in ESMA becoming the direct supervisor of certain systemically-relevant third country central counterparties.
ESMA notes in its strategic orientation for 2020-2022 that an increasing priority will be to ensure the consistent implementation of the EU Single Rulebook across the EU. ESMA will work closely with national competent authorities and significantly step up its risk-based approach to supervisory convergence by focusing on supervisory outcomes and using innovative convergence tools like common supervisory actions, and more effective peer reviews. ESMA’s risk identification and data collection activities will increasingly be the starting point for more risk-driven supervisory convergence. Moreover, ESMA will further expand its function as a data-hub at EU-level.