ESMA published the supervisory convergence and risk assessment work programs for 2019. The risk assessment work program provides an overview of the analytical, research, data, and statistical activities that ESMA will perform in 2019. The supervisory convergence work program sets out work streams of ESMA to promote sound, efficient, and consistent supervision across EU.
This year’s supervisory convergence priorities build closely on those of 2018, reflecting the progress achieved and highlighting new areas of attention. They take into account various factors, including the market environment, legislative and regulatory developments, and the supervisory priorities of national competent authorities. For 2019, ESMA identified the following priorities for supervisory convergence:
- Ensuring supervisory convergence in the context of the UK’s decision to withdraw from the EU
- 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
- Press Release on Supervisory Convergence
- Press Release on Risk Assessment Work Program
- Work Program on Risk Assessment (PDF)
- Work Program on Supervisory Convergence (PDF)
Keywords: Europe, EU, Banking, Securities, Supervisory Convergence, Work Program, Brexit, ESMA
BCBS is consulting on two technical amendments to the rules on minimum haircut floors for securities financing transactions, or SFTs.
BIS launched a EUR-denominated, open-ended fund for green bond investments by central banks and official institutions, following the launch of the first BIS green bond fund denominated in USD in September 2019.
EBA announced that it will launch the 2021 EU-wide stress test exercise, with the publication of the macroeconomic scenarios on January 29, 2021.
BoE announced that the reporting entities are no longer required to report Form CX after the fourth quarter of 2020 reference period, with the last collection on January 29, 2021.
ECB published a letter in which the President Christine Lagarde answered questions, from a Member of the European Parliament, on the application of the EU taxonomy on sustainable finance.
PRA published a direction for modification by consent of 5.1 to 5.3 and 5.5 of the Capital Buffers Part of the PRA Rulebook.
BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.
In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.