ESMA key priorities 2020-2022
New resposibilities and powersESMA has published a document in which it explains its focus, objective and strategic orientation for the next years. This realignment is a consequence of the new powers and responsibilities following the outcome of the ESAs Review, EMIR 2.2 and other recent legislative developments and include:
- Supervisory Convergence - enhanced supervisory convergence tools, such as peer reviews, Q&As, collective supervisory actions and EU Strategic Supervisory Priorities, while it will develop an EU supervisory handbook;
- Investor Protection – it will co-ordinate mystery shopping on retail investment products, develop retail risk indicators, and collect, analyse and report on consumer trends;
- International - new tasks for 3rd country equivalence assessments including monitoring regulatory and supervisory developments in equivalent third countries, assisting the European Commission in preparing equivalence decisions, and a strengthened role in international fora.
- Transversal topics - ESMA must embed technological innovation, sustainable finance and proportionality in its activities;
- Direct Supervision:
- 3rd country central counterparties;
- critical benchmarks, 3rd country benchmarks and data service providers from 1 January 2022;
- Securitisation repositories under the Securitisation Regulation; and
- Securities financing transactions under the Securities Financing Transactions Regulation.
See also: ESMA press release