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
The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.
The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.
The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.