The European Securities and Markets Authority (ESMA) has published its 2014 regulatory work programme which sets out ESMA’s regulatory work schedule including:
- technical standards under the Alternative Investment Fund Managers Directive;
- 5 pieces of work on the European Markets Infrastructure Regulation (EMIR) including:
- Regulatory technical standards on bilateral margins (Q3/4), determining the clearing obligation (mid 2014);
- Review of the data reported to trade repositories and the format and frequency of reports (timing unknown); and
- Guidelines on derivative reporting: Reporting of OTC cleared derivatives; UTI/UPI; position reporting; collateral and valuations (timing unknown);
- 102 mandatory and 5 discretionary pieces of work including 67 technical standards to be issued under the Markets in Financial Instruments Directive and Regulation (MiFID); and
- 10 items of technical advice, guidelines and recommendations under the Capital Requirements Directive.