ESMA has recently published its 2013 work programme which identifies six areas as key priorities for ESMA in 2013. These areas are:

• Ongoing work relating to the MiFID II and MAD II reforms, including work on technical standards or advice to the Commission on delegated acts
• The launch of the supervision of trade repositories and co-ordination of supervisory colleges for central counterparties in the context of the European Market Infrastructure Regulation (known as EMIR)
• Ongoing supervision of credit rating agencies (CRAs) and the implementation of the proposed CRA III Regulation
• Ongoing work relating to the implementation of the Alternative Investment Fund Managers Directive (AIFMD) (in the context of the Commission intention to finalise the draft regulatory technical standards defining types of alternative investment fund manager and also the guidelines on remuneration under the AIFMD by the Quarter 1 2013) and the proposed UCITS V Directive
• The possibility of developing technical standards arising from revisions to the Transparency Directive
• Peer reviews and directing supervisory convergence through the full use of ESMA’s powers

For further information, please contact one of the key contacts listed above or your usual contact in our Asset Management and Investment Funds Team.