Publication Alert: ESMA - 2023 Annual Work Programme
We communicate that the ESMA has published its Annual Work Programme 2023.
1. Context
The ESMA has published its Strategy for 2023-2028 which details its long-term priorities and objectives . It has been developed against the backdrop of a challenging economic and political environment including the after-effects of COVID, the war in Ukraine, and mounting inflation. Along with this document the ESMA has released its 2023 Annual Work Programme (AWP), which is the first work programme developed under the ESMA Strategy for 2023-2028 and will see ESMA delivering amongst others on the priorities set out in the sustainable finance roadmap, adapting to digitalisation in financial markets and enhancing the access to and quality of supervisory data.
2. Main points
The key deliverables for 2023 is presented in accordance to two thematic drivers and ESMA´s activities:
Enabling sustainable finance. Develop remaining technical standards under the Sustainable Finance Disclosure Regulation (SFDR) and work to better understand and fight against greenwashing.
Facilitating technological innovation and effective use of data. Develop technical standards and guidelines in order to help the market prepare for the implementation of key new regulations in the area of digital finance: the Digital Operational Resilience Act (DORA), the Regulation on Markets in Crypto-Assets (MiCA) and the DLT Pilot Regime.
Investors and issuers. Continue to report on the impact of costs and charges for retail investors and coordinate new workstreams on mystery shopping. On the other hand, coordinate a Common Supervisory Action (CSA) in the area of sustainability, covering the risk of greenwashing in the fast-growing area of sustainable investment products. ESMA also expects to be mandated to support the regulatory framework for sustainable finance, under the Corporate Sustainable Reporting Directive, the proposed regulation for EU Green Bonds and the SFDR.
Markets and infrastructures. Develop technical standards on authorisation and registration of benchmark providers, as well as deliver the final technical standards and guidelines mandated under the CCP Recovery and Resolution Regulation.
Risk assessment. Continue to monitor market developments to assess risks, in particular the impact of commodity market developments, financial market impacts of inflation and rising interest rates.
Supervision and convergence. Continue risk-based supervision of all EU Credit Rating Agencies (CRAs), Securitisation Repositories (SRs), Trade Repositories (TRs) as well as certain Data reporting services providers (DRSPs), benchmark administrators and third-country CCPs, and work with national authorities to promote supervisory convergence and a common understanding of where major risks lie. Prepare for the supervision of Consolidated Tape Providers (CTPs), subject to ongoing legislative proceedings on MiFIR review and for the oversight of critical ICT third-party providers (CTPPs) with the other ESAs.