Steven Maijoor, speaking at a conference, focused on ESMA's objectives and priorities, with particular reference to EMIR. He spoke of ESMA's work over the past few years, and the complexities of issues it is dealing with. He stressed that reform should not be rushed, giving MiFID reform as an example. On EMIR, he said ESMA is currently reviewing applications for trade repository status and would expect to grant the first registrations in November. He said the first registrations would be for a few repositories and all derivative asset classes. On this basis, obligatory reporting would start in around February 2014. He also explained why ESMA wants to delay reporting of exchange traded derivatives to 2015, but said the Commission has indicated it is unlikely to support this. He also spoke on legal challenges to EU regulatory powers, and noted a concern that regulators may act against an EU Regulation in the event central counterparties are unable properly to manage risks of certain products. (Source: ESMA Speaks on EMIR)