ESMA’s annual report for 2016 focusses on its activities in:
- assessing risks to investors, markets and stability;
- creating a single rulebook;
- promoting supervisory convergence; and
- supervising credit rating agencies and trade repositories.
The narrative to the report looks at its work with the other ESAs, latterly on PRIIPs and work to come on transparency on costs for fees and performance in the asset management sector. Other priorities include its focus on elements of Fintech and, of course, its work on MiFID2, of which much has been done but some still remains.
The report also discusses Brexit, and ESMA’s focus on ensuring supervisory convergence and avoiding regulatory arbitrage.