On 5^th October 2017, the European Securities and Markets Authority (ESMA) published its 2018 Work Programme (WP), which sets out its priorities and areas of focus for 2018 in support of its mission to enhance investor protection and promote stable and orderly financial markets.

The 2018 WP takes into account ESMA’s Strategic Orientation 2016-2020 and reflects the shift in focus of ESMA’s work, from building the single rulebook, towards two key activities: supervisory convergence and assessing risks. In addition, the possible changes proposed under the ESAs and CCP Reviews and ongoing planning for the UK’s exit from the European Union (EU) present a changing environment for ESMA. This will require it to be prepared to adapt and reprioritise the 2018 WP as needed.

For 2018, the key areas of focus under ESMA’s activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:

• Providing guidance and promoting the consistent application of MiFID II and MiFIR by market participants and National Competent Authorities (NCAs);
• Ensuring the quality, integration, usability and transparency of the data that ESMA collects;
• Contributing to the development of Level 2 measures in relation to the revised Prospectus regime; and
• Enhancing the effectiveness and lasting impact of supervisory activities at individual credit rating agencies (CRA) and trade repositories (TR) level.