ESMA reveals plans for 2020
03 October 2019 Paris
Image: Shutterstock
The European Securities and Markets Authority (ESMA) has revealed that next year it will focus on the implementation of its new mandates in areas such as direct supervision, supervisory convergence, investor protection, relations with third countries, sustainability and technological innovation.
ESMA’s work programme, which sets out its priorities and areas of focus for the next 12 months, also noted that it will continue to focus on supervisory convergence, identifying areas for improved consistency of supervisory outcomes across the EU including ensuring standardised, high-quality data and will continue to work on using its data and quantitative analysis across all its activities.
Regarding Brexit, ESMA said it will continue to prepare for both a no-deal Brexit scenario, where it will focus on managing the immediate risks and issues and the scenario where a withdrawal agreement is in place.
ESMA said it also aimed to focus on strengthening the convergence powers based on the new ESMA regulation while ensuring consistency in the application of Markets in Financial Instruments Directive/Markets in Financial Instruments Regulation for secondary markets.
In addition, ESMA revealed it will contribute to the implementation of the Capital Markets Union, fintech and sustainable finance action plans, while also ensuring supervision of credit rating agencies, trade repositories, and entities under the Securitisation Regulation and Securities Financing Transactions Regulation.
Steven Maijoor, chair of ESMA, said: “2020 will be a transformative year for ESMA when the organisation begins to implement its new mandates.”
He added: “All of these changes will place demands on ESMA, its staff and resources, but I am confident that the programme provides us with a flexible and adaptable framework within which to meet the challenges posed in managing change while meeting our stability, orderly markets and investor protection objectives.”
ESMA’s work programme, which sets out its priorities and areas of focus for the next 12 months, also noted that it will continue to focus on supervisory convergence, identifying areas for improved consistency of supervisory outcomes across the EU including ensuring standardised, high-quality data and will continue to work on using its data and quantitative analysis across all its activities.
Regarding Brexit, ESMA said it will continue to prepare for both a no-deal Brexit scenario, where it will focus on managing the immediate risks and issues and the scenario where a withdrawal agreement is in place.
ESMA said it also aimed to focus on strengthening the convergence powers based on the new ESMA regulation while ensuring consistency in the application of Markets in Financial Instruments Directive/Markets in Financial Instruments Regulation for secondary markets.
In addition, ESMA revealed it will contribute to the implementation of the Capital Markets Union, fintech and sustainable finance action plans, while also ensuring supervision of credit rating agencies, trade repositories, and entities under the Securitisation Regulation and Securities Financing Transactions Regulation.
Steven Maijoor, chair of ESMA, said: “2020 will be a transformative year for ESMA when the organisation begins to implement its new mandates.”
He added: “All of these changes will place demands on ESMA, its staff and resources, but I am confident that the programme provides us with a flexible and adaptable framework within which to meet the challenges posed in managing change while meeting our stability, orderly markets and investor protection objectives.”
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