The last annual report of the (then) Committee of European Securities Regulators (CESR) looks at the key objectives and achievements of CESR in 2010 and its transition to ESMA. One of CESR’s main focuses was CRAs, but there was also considerable work on the review of the Markets in Financial Instruments Directive (MiFID) and on further developments in Undertakings for Collective Investment in Transferable Securities (UCITS). ESMA’s priorities in 2011 will be continuing work on CRAs, working on the Alternative Investment Fund Managers Directive (AIFMD) Level 2 measures, and playing a key role under EMIR. (Source: CESR Annual Report 2010)