On 2 October 2018, ESMA published its 2019 work programme. Four strategic priorities have been identified, namely the promotion of supervisory convergence, assessing risk to investors, markets and financial stability, completing a single rulebook for EU financial markets and directly supervising financial entities. In the area of investment management, a key objective is to achieve greater convergence and consistency of the supervisory approaches and practices of national competent authorities in relation to EU legislation on investment management, with a particular focus on the UCITS and AIFMD Directives.