EUROPEAN UNION: ESMA Publishes 2018 Supervisory Convergence Work Programme

Wednesday February 7 2018

On 7^th  February 2018, the European Securities and Markets Authority (ESMA) published its 2018 Supervisory Convergence Work Programme (SCWP), which details the activities and tasks it will carry out to promote sound, efficient and consistent supervision across the European Union (EU).

The SCWP 2018 sets priorities that will drive ESMA’s convergence agenda in the year ahead and foster coordinated action by national securities and markets supervisors. While many of the 2017 priorities remain relevant for 2018, ESMA also sets new priorities, notably in the areas of financial innovation and the UK’s withdrawal from the EU.

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 UK’s decision to withdraw from the EU (new);
• Safeguarding the free movement of services in the EU through adequate investor protection in the context of cross-border provision of services (continuous); and
• Monitoring developments in financial innovation, in particular 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 (NCAs) taking into account various factors, including the market environment, legislative and regulatory developments, and NCAs’ supervisory priorities. ESMA will strengthen its support to NCAs in facilitating an effective supervisory dialogue and day-to-day contacts fostering a common supervisory and enforcement culture.

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