Corporate Advisory

ESMA 2015 Work Programme

ESMA have today published their work programme for 2015.

At its highest level ESMA’s functional objectives are to enhance investors and promote stable and well-functioning financial markets in the EU.

There are a number of activities which roll up into one of four operational objectives

Convergence     —     Risk monitoring and analysis     —     Single rulebook     —     Supervision

Key points of note are:-

Fostering supervisory coverage to avoid regulatory arbitrage

– Preparing for forthcoming MiFID II

– Review of Trade Repository reporting standards

CSDR technical standards

Clearing obligations for OTC derivatives. Focus on the product classes 

CCP supervision