Featured Product

    ESAs Publish Report on Activities of Joint Committee

    April 07, 2021

    The Joint Committee of ESAs published a report on the work completed in 2020. The report highlights the continued efforts of ESAs in overseeing market developments and cross-sectoral risks, with the Joint Committee preparing its first cross-sectoral COVID-19 risk assessment report in 2020. The joint work during the year spanned areas of sustainable finance, securitization framework, financial technology innovation, cybersecurity, and consumer protection.

    In 2020, the Joint Committee substantially contributed to development of the sustainable finance framework via mandates stemming from the Sustainable Finance Disclosure Regulation, the joint work on disclosure, and the joint input to the consultation on the Non-Financial Reporting Directive. The SFDR, which has been amended by Article 25 of the Taxonomy Regulation, aims to strengthen protection for end-investors by standardizing and enhancing environmental, social, and governance (ESG)-related disclosures. The report highlights that SFDR mandates ESAs to develop, through the Joint Committee, a number of technical standards. Six regulatory technical standards were to be delivered by the end of January 2021, two draft technical standards will be delivered by June 01, 2021, one draft technical standard by December 30, 2021, and two draft technical standards by June 01, 2022. 

    The Joint Committee also continued to work in the areas of financial conglomerate and securitization regulations. In July 2020, the Joint Committee had launched a consultation to gather feedback with respect to the report referred to in Article 44 of the Securitization Regulation. The report, which was expected to be delivered in the first quarter of 2021, must provide EC and the co-legislators with the ESAs’ assessment on:

    • Implementation of the Simple, Transparent, and Standardized (STS) requirements and the functioning of the Securitization Regulation with respect to the due diligence, transparency, and risk retention requirements laid out therein
    • Actions of competent authorities to tackle new material risks and emerging vulnerabilities in the securitization market
    • Actions of market participants to standardize transaction documentation

    In the context of the COVID-19 pandemic, the Joint Committee considered the potential impact of debt moratoria and public guarantee schemes on securitized debt. The Joint Committee also discussed the interpretation of “default” in securitization transactions subject to moratorium schemes. In addition, the European Forum for Financial Innovators (EFIF) continued to bring value in bridging national innovation facilitators (regulatory sandboxes and innovation hubs) on innovation-related issues. EBA handed its Chairmanship of this forum over to EIOPA in May 2020. Under the EIOPA chairmanship, discussions continued on how to strengthen the EFIF and deliver a procedural framework to facilitate cross-border testing in accordance with the mandate set out in the Digital Finance Strategy. EFIF members continued to exchange views on the design and development of new innovation facilitators, innovation trends, and the application of specific technologies in the financial sector, including the issues of multi-purpose digital platforms facilitating the provision of financial services, regtech, artificial intelligence, big data, and machine learning and on cross-cutting themes such as the role of fintech in responding to the COVID-19 crisis. 

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Annual Report, COVID-19, Sustainability-Related Disclosures, SFDR, Regulatory Technical Standards, Securitization Regulation, STS Securitization, ESG, NFRD, ESAs

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514