The European Securities and Markets Authority emphasized the importance of completing a single rulebook for EU financial markets and “supervisory convergence” to ensure consistent implementation of the same rules across the European Union as primary objectives in its Strategic Orientation 2020-22 published last week. ESMA also hopes to continue to promote the development of a large retail base to develop capital markets as an alternative to bank lending; to promote transparency by issuers and market participants regarding environmental, social and governance factors; and to study the role of digitalization and data in financial services. In its priorities, ESMA also noted its need “vis-à-vis third country [central counterparties]” to heighten its risk identification and financial stability assessments and to enhance its “pro-active co-operation with third country supervisors.”