ESMA Publishes the Supervisory Convergence Work Program for 2018
ESMA published the risk assessment and supervisory convergence work programs for 2018. The risk assessment work program provides an overview of the analytical, research, data, and statistical activities by ESMA while the supervisory convergence work program details the planned activities and tasks to promote sound, efficient, and consistent supervision across EU. While many of the 2017 priorities related to supervisory convergence remain relevant for 2018, ESMA is also setting new priorities, notably in the areas of financial innovation and the withdrawal of the UK from EU.
The work program sets priorities that will drive convergence agenda of ESMA in the year ahead and foster coordinated action by national securities and markets supervisors. For 2018, ESMA has identified the following priorities for supervisory convergence:
- Ensuring that MiFID II/MiFIR are applied in a sound, efficient, and consistent manner across the EU (continuous)
- Improving data quality to ensure efficient reporting under various requirements set by EU legislation (continuous)
- Ensuring supervisory convergence in the context of the decision of the UK to withdraw from the EU (new)
- Safeguarding the free movement of services in EU through adequate investor protection in the context of cross-border provision of services (continuous)
- Monitoring developments in financial innovation, particularly through the analysis of emerging and existing instruments, platforms, and technology (new)
These priorities have been developed in cooperation between ESMA and national competent authorities while considering factors such as the market environment, legislative and regulatory developments, and supervisory priorities of the national competent authorities. ESMA will strengthen its support to the national competent authorities in facilitating an effective supervisory dialog and day-to-day contacts. ESMA will monitor the implementation of the supervisory convergence work program. ESMA may adjust the priorities depending on developments, as ESMA will be working in a changing EU environment in 2018. These two work programs complement other activity reporting documents of ESMA, most importantly the Single Programming Document, the Regulatory Work Program, and the Supervisory Work Program.
Related Links
Keywords: Europe, EU, Securities, Supervisory Convergence, Work Program 2018, Roadmap, ESMA
Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.