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
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