Featured Product

    ESMA Publishes Its Strategic Orientation for 2020-22

    January 09, 2020

    ESMA has published the strategic orientation for 2020-22, which sets out its future focus and reflects its expanded responsibilities and powers following the ESAs Review. The strategic orientation details planned activities of ESMA, to respond to the challenges faced by EU, its citizens, and capital markets, including developing a large retail investor base to support the Capital Markets Union, promoting sustainable finance and long-term oriented capital markets, dealing with the opportunities and risks posed by digitalization, and ensuring a proportionate approach to regulation.

    This strategic orientation considers the new powers and responsibilities of ESMA, including the following:

    • Assessing risks to investors, markets, and financial stability—ESMA will continue to strengthen its capabilities to identify and assess risks to investors and financial stability in EU, building further on high-quality data. The risk assessment function drives the priority setting of the regulatory and supervisory (convergence) activities of ESMA.
    • Supervisory Convergence—ESMA continues to protect the EU Single Market by promoting supervisory convergence focused on supervisory outcomes and by using innovative tools. ESMA prioritizes its supervisory convergence activity through risk-driven assessments and its commitment to consumer protection. This includes building an EU common outcome-focused supervisory and enforcement culture, prioritizing through enhanced risk identification and data collection, and monitoring and following-up on the application of the EU Single Rulebook.
    • Direct supervision of specific financial entities—ESMA aims to further strengthen its reputation as supervisor of credit rating agencies and trade repositories, including for securities financing transactions, and will establish itself as a credible supervisor of securitization repositories, critical benchmarks, data service providers, third-country central counterparties, and other third country firms in a number of different areas. For its supervisory responsibilities vis-à-vis the third-country central counterparties, ESMA will step up its risk identification and financial stability assessments.
    • Completing the Single Rulebook for EU financial markets—ESMA will continue to develop itself as a source of expertise and strategic direction on financial market regulation recognized by its stakeholders. ESMA will contribute to the planned post implementation reviews of EC on the major acts adopted as part of the post-financial crisis agenda and will prioritize the areas where further work is needed to ensure investor protection and well-functioning markets.

     

    Related Links

    Keywords: Europe, EU, Banking, Securities, Supervisory Convergence, Direct Supervision, Single Rulebook, Sustainable Finance, Proportionality, Digitalization, Credit Rating Agencies, ESAs, ESMA

    Related Articles
    News

    HKMA on Fintech Adoption and Innovation by Banks in Hong Kong

    HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.

    May 20, 2020 WebPage Regulatory News
    News

    BIS on Impact of Increasing Use of Cloud Technology on Cyber Risk

    BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guide for Managing Climate and Environmental Risks

    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.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Issues Opinion on Revisions to CRR in Response to COVID Crisis

    ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.

    May 20, 2020 WebPage Regulatory News
    News

    EBA Assesses Interlinkages Between Recovery and Resolution Planning

    EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).

    May 20, 2020 WebPage Regulatory News
    News

    SRB Publishes Final MREL Policy Under the Banking Package

    SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.

    May 20, 2020 WebPage Regulatory News
    News

    US Agencies Amend Interim Final Rule on Transition Period for CECL

    US Agencies (FDIC, FED, and OCC) published a final rule that makes technical changes to the March 31, 2020 interim final rule that provides a five-year transition period for the impact of the current expected credit loss (CECL) methodology on regulatory capital.

    May 19, 2020 WebPage Regulatory News
    News

    ECB Releases Results of March Survey on Credit Terms and Conditions

    ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.

    May 19, 2020 WebPage Regulatory News
    News

    FINMA Adjusts Deadlines for COVID-19 Relief Measures for Banks

    FINMA published guidance (06/2020) on extending or discontinuing various exemptions that were granted due to the COVID-19 crisis.

    May 19, 2020 WebPage Regulatory News
    News

    SRB Consults on Standardized Data Set for Bank Valuation in Resolution

    SRB launched a consultation on the minimum data needed for valuation of a bank in resolution.

    May 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5203