ESMA has published its 2019 work programme. As ever, its top priority is supervisory convergence. It will be working particularly on prospectuses, investment funds and MiFID 2 as well as cross-cutting supervisory themes. Of course, all activities will consider Brexit. It also plans to work on improvement of data quality and risk monitoring and further working towards its single rulebook for EU financial markets, including on the third-country firm regime for investment services. It also has a number of initiatives in the trading and secondary markets. Added to this, it has its cohort of directly supervised entities.
In terms of Brexit, it will focus on both risk mitigation and regulatory and supervisory coverage of the UK as a third country.