On 1 October 2019, ESMA issued a press release stating it had published its 2020 Work Programme ("Work Programme"). The Work Programme sets out ESMA's priorities and areas of focus for the next year in support of its mission to enhance investor protection and promote stable and orderly financial markets.

The main issue facing ESMA in 2020 is the implementation of its new mandates and enhanced role in areas including direct supervision, supervisory convergence, investor protection, relations with third countries, sustainability and technological innovation. Given the then uncertainty surrounding Brexit, ESMA said it continues to prepare for both a no-deal Brexit scenario and a scenario where a withdrawal agreement is in place.

In addition to implementing ESMA's new mandates, the key areas of focus under ESMA's activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:

  • strengthening the convergence of powers based on the new ESMA Regulation, while ensuring consistency in the application of MiFID II and the Markets in Financial Instruments Regulation (MiFIR) for secondary markets;
  • publication of its annual statistical report series based on the European Market Infrastructure Regulation (EMIR), the Alternative Investment Fund Managers Directive and MiFID II data promoting cooperation on risk analysis;
  • contributing to the implementation of the Capital Markets Union, Fintech and Sustainable Finance Action Plans, developing the necessary rules under EMIR 2.2/EMIR Refit and reviewing MiFID II/MiFIR; and
  • ensuring effective supervision of credit rating agencies, trade repositories, entities under Securitisation Regulation and the Securities Financing Transactions Regulation and Tier 2 Central Counterparties (CCPs) under EMIR 2.2, along with the recognition of third-country CCPs.

View the press release here.

View ESMA's Work Programme here.

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