ESMA published the risk assessment and supervisory convergence work programs for 2018. The risk assessment work program provides an overview of the analytical, research, data, and statistical activities by ESMA while the supervisory convergence work program details the planned activities and tasks to promote sound, efficient, and consistent supervision across EU. While many of the 2017 priorities related to supervisory convergence remain relevant for 2018, ESMA is also setting new priorities, notably in the areas of financial innovation and the withdrawal of the UK from EU.
The work program sets priorities that will drive convergence agenda of ESMA in the year ahead and foster coordinated action by national securities and markets supervisors. For 2018, ESMA has identified the following priorities for supervisory convergence:
- Ensuring that MiFID II/MiFIR are applied in a sound, efficient, and consistent manner across the EU (continuous)
- Improving data quality to ensure efficient reporting under various requirements set by EU legislation (continuous)
- Ensuring supervisory convergence in the context of the decision of the UK to withdraw from the EU (new)
- Safeguarding the free movement of services in EU through adequate investor protection in the context of cross-border provision of services (continuous)
- Monitoring developments in financial innovation, particularly through the analysis of emerging and existing instruments, platforms, and technology (new)
These priorities have been developed in cooperation between ESMA and national competent authorities while considering factors such as the market environment, legislative and regulatory developments, and supervisory priorities of the national competent authorities. ESMA will strengthen its support to the national competent authorities in facilitating an effective supervisory dialog and day-to-day contacts. ESMA will monitor the implementation of the supervisory convergence work program. ESMA may adjust the priorities depending on developments, as ESMA will be working in a changing EU environment in 2018. These two work programs complement other activity reporting documents of ESMA, most importantly the Single Programming Document, the Regulatory Work Program, and the Supervisory Work Program.
Keywords: Europe, EU, Securities, Supervisory Convergence, Work Program 2018, Roadmap, ESMA
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