ESMA has published its 2016 Work Programme. ESMA’s priorities are, as promised, moving from rulemaking towards implementation and promoting the convergence of supervisory practices. The key priorities focus on:
- supervisory convergence: ESMA will produce a supervisory convergence work programme and continue its cooperation with national competent authorities (NCAs) and other institutions, including the joint committee, to ensure sectoral consistency;
- MiFID 2 and MiFIR: the focus of this work will be particularly on guidelines and Q&As helping with the consistent implementation of MiFID 2 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;
- data collection and management: the 2015-2017 IT work programme will be dominated by the requirements under MiFID 2/MiFIR for data collection and reporting. Additionally, ESMA will build tools and collect data related to credit rating agency supervision and investor protection.
(Source: ESMA Publishes 2016 Work Programme)