The European Securities and Markets Authority (ESMA) has published its 2018 Work Programme (WP)
What should you expect?
Steven Maijoor, ESMA Chair, said:
“ESMA will focus on promoting supervisory convergence and assessing risks in 2018 with a particular emphasis on promoting the consistent application of MiFID II and MiFIR. This reflects both the importance of ensuring a smooth transition to the new MiFID regime and our shift as a supervisory authority from building the single rulebook to ensuring its application through convergent supervisory practices across the European Union.”
Work Programme 2018
I. Promoting supervisory convergence - Continue to support sound, efficient and consistent implementation of new supervisory requirements, with particular emphasis on MiFID/R; complete IT systems either required by legislation or which increase ESMA’s and/or NCAs’ efficiency; and develop and apply convergence tools, including peer reviews and stress tests;
II. Assessing risks to investors, markets and financial stability - Enhance analytical input into ESMA’s operational work, including stress tests, impact assessments, product assessments and financial stability monitoring; and establish adequate data management and statistics capabilities;
How can Deloitte help
Deloitte Central Europe brings significant experience with MIFID II / MIFIR implementations for national competent authorities, lenders and investment firms in the greater Central Europe region, ensuring peer benchmarking and adopt peer best practices where appropriate.
Ask our team for a consultation or a workshop to assess how prepared you are for ESMA’s 2018 supervisory priorities