ESMA has published its Annual Report for 2015 which notes the authorities 2015 objectives and achievements. In the narrative of the Report, 2015 was considered a year of transition for ESMA where key parts of the single rulebook were delivered and there was a change of focus for the authority. ESMA Executive Director Verena Ross stated in the Report that she considers that new challenges are 'looming’ in relation to supervisory convergence.