2013 work programme European Securities and Markets Authority

2013 work programme European Securities and Markets Authority Ref/ 2012/631 Table of Contents I. Introduction ___________________________________________________________ 3 II. The mission of ESMA_____________________________________________________ 3 III. ESMA’s key objectives and priorities in 2013 _____________________________________ 4 a. Single Rulebook _________________________________________________ 6 i. European Financial Markets Legislation: MiFID & MAD______________________ 6 ii. European Investment Fund Legislation _________________________________ 7 iii. Corporate Finance______________________________________________8 iv. CRA policy ___________________________________________________ 9 v. Other new Regulation _____________________________________________ 9 b. Supervision ____________________________________________________ 9 i. Credit Rating Agencies Regulation (CRA) ________________________________ 9 ii. European Market Infrastructure Regulation (EMIR) _______________________ 10 c. Financial consumer protection and financial innovation _____________________ 11 d. Contribution to financial stability ____________________________________ 12 e. Convergence __________________________________________________ 13 i. Peer Reviews, Breach of Union Law and Mediation ________________________ 13 ii. Corporate Reporting _____________________________________________ 15 iii. Joint Committee ______________________________________________ 15 iv. Other convergence activities ______________________________________ 16 f. ESMA as an organisation__________________________________________ 17 IV. Key Work Streams_______________________________________________________19 V. Annexes_____________________________________________________________ 20 Annex 1 – Human resources___________________________________________ 20 Annex 2 – Draft budget ______________________________________________ 21 Annex 3 – Detailed work programme_____________________________________ 25 I. Introduction This document sets out the European Securities and Markets Authority’s (ESMA) work pro-gramme for 2013, highlighting the key priorities and explaining how they will be delivered. This document was approved by the Board of Supervisors on 24 September 2012. Annex 3 presents a more detailed view on the key work streams ESMA will run in 2013 as well as on-going activities of ESMA. II. The mission of ESMA ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU). As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity. 3 III. ESMA’s key objectives and priorities in 2013 This work programme describes the goals and deliverables planned for ESMA in its third year of operation. 2013 will be marked by a major increase of the work of ESMA, given a number of new responsibilities that are in the process or have been given to the organisation by the co-legislators. 2013 objectives and priorities are based on three key elements: 1. New and revised legislation The introduction of new and the overhaul of existing legislation will be a key challenge for ESMA. 2013 will see the continuation of the revision of the Markets in Financial Instruments Directive (which will be superseded by a revised directive and a new regulation, MiFID 2 and MiFIR), and of the revision of the Market Abuse Directive (a new regulation - MAR - and a new directive - MAD 2). These new legislative texts form part of the key deliverables initiated by the EU Institutions in response to the financial crisis. Other key texts are also planned for:  a new Credit Rating Agencies Regulation (CRA III);  the revision of the Transparency Directive and;  the Regulations on Venture Capital (VC) and Social Entrepreneurship Funds (SEFs).  CSD Regulation In order to build a single rulebook for Europe, ESMA will develop technical standards, guidelines and advice. ESMA’s focus goes beyond establishing new regulation though. At the same time, ESMA will promote supervisory convergence. In 2013 it is expected that ESMA will fully exercise all its powers to drive greater convergence of national supervisory activity and implementation of EU regulation on the ground. Following several years of crisis, ESMA’s work will aim to support the restoration of confidence in Europe’s financial markets. 2. Supervisory Role – CRAs and Trade Repositories 2013 will be the second year in which ESMA will exercise its supervisory duties for CRAs. ESMA will focus on implementing its new multi-dimensional supervision approach, incorporating horizontal thematic and vertical firm-specific supervisory work. ESMA will also begin supervising Trade Repositories, under the terms of the European Market Infrastructure Regulation (EMIR), and coordinate supervisory colleges for Central Counterparties. 3. Coordination, monitoring and analysis of financial markets As in 2011 and 2012, in response to the situation in European financial markets, ESMA will continue to actively monitor developments in financial markets and drive and coor-dinate appropriate responses (by NCAs and other EU authorities). A substantial part of ESMA’s resources will be allocated to monitoring and providing analyses of develop-ments in financial markets to support financial stability and protection of financial con-sumers. 4 In order to enable ESMA to deliver its 2013 work programme, it will need to increase its staffing and budget accordingly. In 2013 staff numbers are expected to grow from 101 to 160 and the budget from €20.2 million to approximately €28 million. ESMA will continue to be funded by the European Commission (Commission), the National Competent Authorities and fees from Credit Rating Agencies. For the first time, in 2013, funding will also be generated from Trade Repositories fee contributions which will cover ESMA’s costs of the relevant supervision. The division of ESMA’s work ESMA has structured the different work streams it will undertake according to its key responsibilities and objectives. Therefore this document presents the planned activities for 2013 under the following headings:  Single Rulebook;  Supervision;  Financial consumer protection;  Contribution to Financial Stability;  Convergence; and  ESMA as an organisation. The document also contains four annexes, detailing:  the planned human resources and organisational structure of ESMA;  the draft 2013 budget (pending approval from the EU institutions); and  The list of key work streams and on-going activities. 5 ... - tailieumienphi.vn