ESMA publishes first supervisory convergence work programme

The European Securities and Markets Authority (ESMA) has published its first supervisory convergence work programme (SCWP). The 2016 work programme sets out details of the activities and tasks that ESMA intends to carry out to ensure consistent supervision across the EU and expands on high-level objectives outlined in ESMA's annual work programme 2016. It is also intended to fulfil commitments set out in ESMA's strategic orientation document for 2016-2020 on refocusing its resources from single rulebook to supervisory convergence work.

In particular, the work programme highlights priorities for 2016 on:

• preparing for MiFID2 and finalising data and IT infrastructures required to support the implementation and supervision of MiFID2 and the Market Abuse Regulation (MAR);
   
• sound and consistent supervision of OTC derivatives markets;
   
• supporting the EU Commission's Capital Markets Union (CMU) plan; and
   
• supporting the work of national competent authorities (NCAs).
   

Implementation of the 2016 SCWP will be monitored during the year and progress made will help inform SCWPs in future years.