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
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.
ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.
ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.
EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).
SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.
EIOPA published its risk dashboard based on Solvency II data from the fourth quarter of 2019.
MNB published a statement on loan payments post the announced moratorium, in addition to a set of new questions and answers (Q&A) on supervisory measures and requirements announced amid COVID-19 pandemic.
EBA updated the Single Rulebook question and answer (Q&A) tool for banks.
US Agencies (FDIC, FED, and OCC) published an interim final rule that temporarily revises the supplementary leverage ratio calculation for depository institutions.