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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