ESMA has published its 2013 and 2013-2015 work programmes. Next year, during which its staff numbers are expected to increase to 160, it will focus on building a Single Rulebook for Europe based on its technical standards, guidelines and advice for new and revised legislation. ESMA will continue supervising credit rating agencies and will take on the supervision of trade repositories. It will also monitor developments in financial markets and coordinate responses. Going forward, some of ESMA’s plans include the following:
- carrying out more effective pre-screening of business developments, to identify new risk areas;
- possible introduction of a passport for non-EU AIFMs;
- strengthening its role in product intervention under MiFID;
- gathering more data to analyse high-frequency trading and hedge funds;
- developing a stress test framework for asset managers, exchanges and central counterparties; and
- extending the clearing obligation for derivatives.