02 October 2020

ESMA faces new set of challenges in 2021

ESMA, the EU’s securities markets regulator, has published its 2021 Work Programme (WP), setting out its priorities and areas of focus for the next 12 months in support of its mission to enhance investor protection and promote stable and orderly financial markets.

The WP has been developed against the background of a changing landscape for ESMA, including the movement in the regulatory cycle towards supervision and enforcement. For 2021, ESMA’s planned activities will respond to the challenges faced by the EU, its capital markets and its citizens, including developing the retail investor base to support the CMU, promoting sustainable finance and long-term oriented markets, dealing with the opportunities and risks posed by digitalisation, strengthening the EU’s role in global capital markets and ensuring a proportionate approach to regulation.

Steven Maijoor, Chair, said:
“ESMA faces another year of change in 2021, not only in terms of its regulatory responsibilities but also organisationally.
“On the regulatory front we have more supervisory responsibilities, following the ESA’s Review, for certain central counterparties, benchmarks and securitisation repositories, in addition to our existing supervision of credit rating agencies and trade repositories, while much of our single rulebook and supervisory convergence work will focus on supporting the development of the Capital Markets Union and addressing the impact of both COVID-19 and Brexit on the EU’s markets and investors.

“Organisationally, ESMA will change too, with a new senior management team scheduled to take office by the second quarter next year as both I, and Verena Ross, leave our roles after an eventful and successful 10 years. We will also welcome the members of the new CCP Supervisory Committee and see significant growth in our staff numbers.

ESMA

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