Steven Maijoor, Chair, European Securities and Markets Authority (ESMA), has given a speech at the EFAMA Investment Management Forum on the past achievements and future focus of ESMA. While ESMA’s focus in the past had been the single rulebook, its priorities are now changing and becoming more balanced, with direct supervision and supervisory convergence making up a greater share of the portfolio of activities that ESMA engages in.

ESMA will, in the future, be involved in the roll-out of the Regulations on venture capital, and is likely to contribute to the application of the Regulations on money market funds and long-term investment funds. In addition ESMA will continue its work on the Alternative Investment Fund Managers Directive and the Undertakings in Collective Investment in Transferable Securities Directive.

ESMA intends to advance its objective of supervisory convergence and is “actively considering ways to strengthen” its peer reviews through the “increased use of on-site visits, targeting of topical supervisory matters and independent assessment teams”.

A copy of the speech is available . http://www.esma.europa.eu/system/files/2013-1582_esma_priorities_and_issues_efama_steven_maijoor_esma_chair_5_november_2013.pdf