Data and Information Hub: ESMA Five-Year Strategy and Workplan
October 14, 2022
The European Securities and Markets Authority (ESMA) has announced its strategy for 2023-2028. Its priorities include strengthening supervision of EU financial markets, enhancing protection of retail investors, fostering effective markets and financial stability, enabling sustainable finance, and – most interestingly from ESMA’s point of view – facilitating technological innovation and effective use of data.
“ESMA will further strengthen its role as data and information hub in the EU and contribute to extending the effective use of data in financial market supervision,” it says. To enhance its role as a data hub, ESMA will focus on improved data, information accessibility, interoperability and usability, along with data harmonisation and standardisation. It also aims to “contribute to providing relevant, useful and understandable information to the market in machine-readable form, and facilitate its use, including by retail investors,” as well as leading on effective data-driven supervision, policymaking and risk assessment. ESMA is delighted to see this emphasis on useful digital information, and anticipate important developments in ESMA’s use of XBRL over the next five years, including for sustainability data.
ESMA has also published its work programme for 2023, setting out its key deliverables. It notes that “in 2023, the development and setting up of a European Single Access point (ESAP) will be central to ESMA’s work and will involve beginning the drafting of technical standards as well as engaging with the many different stakeholders involved in building of IT infrastructure.”
To find out more details please visit : https://xbrl.org/