February 07, 2019

ESMA published the supervisory convergence and risk assessment work programs for 2019. The risk assessment work program provides an overview of the analytical, research, data, and statistical activities that ESMA will perform in 2019. The supervisory convergence work program sets out work streams of ESMA to promote sound, efficient, and consistent supervision across EU.

This year’s supervisory convergence priorities build closely on those of 2018, reflecting the progress achieved and highlighting new areas of attention. They take into account various factors, including the market environment, legislative and regulatory developments, and the supervisory priorities of national competent authorities. For 2019, ESMA identified the following priorities for supervisory convergence:

  • Ensuring supervisory convergence in the context of the UK’s decision to withdraw from the EU
  • Making data and its use more robust and consistent by developing and further clarifying reporting methodologies and providing guidance to ensure complete and high-quality data
  • Driving forward consistency in the application of MiFID II/MiFIR and getting to a common understanding on arising supervisory challenges
  • Safeguarding the free movement of services in the EU through adequate investor protection in the context of cross-border provision of services
  • Fostering supervisory convergence in the field of financial innovation

 

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Keywords: Europe, EU, Banking, Securities, Supervisory Convergence, Work Program, Brexit, ESMA

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