Featured Product

    ESMA Publishes Annual Report for 2017 and Work Program for 2018

    February 08, 2018

    ESMA published the annual report for 2017 and the work program for 2018. The annual report details supervisory activities and achievements of ESMA in 2017. The work program sets out key supervisory activities for credit rating agencies (CRAs), trade repositories, and third-country central counterparties (CCPs) in the EU.

    Supervisory priorities for 2018. ESMA will prioritize supervision on the quality of the credit rating process, including validation practices of CRAs and the quality of data reported by trade repositories. ESMA will continue to focus on information technology and internal control, in addition to governance structures and management quality. Common themes in the supervision of both trade repositories and CRAs on which ESMA will perform further work include Brexit, fees charged by CRAs and trade repositories, cloud computing, and preparation of guidelines for periodic information. The work on Brexit will be a key focus for ESMA in 2018. By the end of the year, all supervised entities should be ready if the UK leaves EU under a cliff-edge scenario. The priority areas for the supervision of third-country CCPs include the assessment of 15 pending applications for recognition as third-country CCPs and monitoring of the potential risks third-country CCPs might import into EU. ESMA will also monitor the impact of Brexit on the third-country CCP regime. 

    Supervisory activities and achievements during 2017. ESMA delivered a number of concrete results in 2017. ESMA launched investigations into the system development lifecycle of a trade repository and access to trade repository data by the national competent authorities. Further investigations were also conducted on changes of analytical approach, rigorousness of CRA methodologies, interactions between CRAs and issuers, and the issuance process of structured finance ratings. The number of ESMA-supervised entities grew in 2017 while the number of ESMA-supervised CRAs remained unchanged, following the registration pf one new CRA and the withdrawal of another. Other important achievements included:

    • Work on fees charged by CRAs and trade repositories, which resulted in the publication of a thematic report at the beginning of January 2018
    • Thematic review following the publication of the guidelines on validation
    • Publication of the endorsement guidelines for CRAs
    • Guidelines on portability for trade repositories
    • Q&As on CRAs and trade repositories
    • Improvements in the quality of data reported by trade repositories as a result of the Data Quality Action Plan of ESMA

     

    Related Links

    Keywords: Europe, EU, Securities, Work Program 2018, Annual Report, CRA, Third-Country CCPs, Trade Repositories, ESMA

    Related Articles
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    News

    PRA Publishes Waiver by Consent of Continuity of Access Rules

    PRA published a new waiver by consent to waive the Continuity of Access requirements contained in the Depositor Protection Part of the PRA Rulebook (DPP).

    September 13, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for September 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to three questions.

    September 13, 2019 WebPage Regulatory News
    News

    BoE Publishes Update on Meeting of Working Group on Risk-Free Rates

    BoE published the minutes of the July meeting of working group on sterling risk-free reference rates.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3827