The European Securities and Markets Authority (ESMA) recently published its Supervisory Convergence Work Programme for 2016 (2016 SCWP), which supplements its Annual Work Programme for 2016. See “ESMA Work Programme Provides Hedge Fund Managers With Key Guidance About E.U. Financial Services Legislation” (Oct. 15, 2015). Describing steps ESMA will take in 2016 to “promote sound, efficient and consistent supervision in the E.U.” and describing ESMA’s priorities in the context of the wider work programme and environment, the 2016 SCWP provides hedge fund managers and other industry participants with detailed insight into the regulator’s areas of focus for the coming year, along with planned activities and initiatives. This article highlights the fundamental points from the 2016 SCWP. For more about supervisory convergence, see “ESMA Chair Calls for Increased Transparency and Regulatory Convergence As Interest Rates Rise” (Jan. 28, 2016). See also “FCA Director Summarizes 2015 Regulatory Initiatives Applicable to Hedge Fund Managers and Financial Markets” (Jan. 7, 2016).