Both the European Securities and Markets Authority and the International Organization of Securities Commissions disclosed their priorities through 2020. ESMA’s priorities will be to enhance its assessment of risks to investors, markets and financial stability; complete a single rulebook for all EU financial markets; encourage greater commonality in approach and coordination among the disparate EU regulators; and enhance its role as direct supervisor of certain entities including credit rating agencies and trade repositories. IOSCO announced 43 initiatives it will pursue through 2020, including also identifying risks from securities markets, technology and product development, including the unintended consequences of changes or proposed changes in law and regulations; developing standards and guidance for securities markets; and enhancing the exchange of information and cooperation in the supervision of markets and market intermediaries. Separately, ESMA also issued its 2014 annual report.