ESMA Publishes Key Priorities for 2019

ESMA has recently published its Supervisory Convergence Work Programme for 2019 (

Amongst other things, this contains references to both SFTR and CSDR.

By way of general context, ESMA identifies the following 5 priorities:

  • Ensuring supervisory convergence in the context of the upcoming Brexit
  • Making data and its use more robust and consistent by developing and further clarifying reporting methodologies and providing guidance to ensure complete and high-quality data
  • Driving forward consistency in the application of MiFID II/MiFIR and getting to a common understanding on arising supervisory challenges
  • Safeguarding the free movement of services in the EU through adequate investor protection in the context of cross-border provision of services
  • Fostering supervisory convergence in the field of financial innovation

In terms of SFTR specifically, the work is captured under the data reporting priority (p.35-36) as follows:

  • Continued Data Quality improvement under EMIR, SFTR, AIFMD and Prospectus – including looking at use of appropriate identifiers and data standards
  • Develop/Review Q&As on common interpretation for EMIR and SFTR reporting
  • Guidelines on reporting scenarios under EMIR and SFTR
  • Guidelines on periodic data submission under EMIR and SFTR
  • Guidelines on position calculation under SFTR

In terms of CSDR, the work planned includes:

  • Q&As on CSD requirements and settlement discipline
  • Guidelines on reporting of settlement fails
  • Guidelines on standardised procedures and messaging protocols to be used to prevent settlement fails


ISLA will be monitoring any developments closely, and will ensure that outputs from ESMA are incorporated into the Association’s respective priorities and initiatives.


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