ESMA has published its 2017 work programme, which will focus on the following key areas: (i) supervisory convergence, with the implementation of MiFID II continuing to be ESMA's first priority area for converging supervisory practices; (ii) assessing risks, in particular the opportunities for conducting stress tests of investment funds on a pan-EU basis and the potential methodologies to be used in such an exercise; (iii) the single rulebook, which will include continuing to contribute to the CMU initiative, including work on prospectuses and securitisation, as well as initiatives relating to investment funds; and (iv) direct supervision, including processing applications for registrations under the SFT Regulation in 2017.