Featured Product

    ECB Contribution to the EC Consultation on Operations of ESAs

    July 07, 2017

    ECB published its contribution to the EC’s consultation on the operations of ESAs. ECB welcomed this consultation and offered remarks on supervisory convergence, international aspects of the work of ESAs, powers on access to data, and streamlining reporting requirements and improving reporting framework.

    ECB stated that it supports further integration of the supervisory framework at the EU level, both for banking and for the capital markets. In this context, the aim of the review should be to strengthen the EU dimension of supervision. ECB reiterates that a strong Capital Markets Union will, in the long run, require the creation of a single capital markets supervisor. Although the establishment of ESMA was a major step in fostering the convergence of national supervisory practices, the supervision of securities markets still occurs at the national level, fragmenting the application of EU legislation and keeping EU capital markets segmented. In this response, ECB also stated that it supports a review of the governance structure of the ESAs and that the review should cover the voting arrangements, the membership structure of the ESA Boards, and the relationship between the Boards of Supervisors and their respective Management Boards.

     

    ECB welcomed the call to strengthen the role of the central bank of issue, which was put forward in the recent EC proposal (published on June 13) for amending the European Market Infrastructure Regulation (EMIR). ECB also reiterated its call for strengthened macro-prudential supervision for capital markets and extending the macro-prudential toolkit for non-banking activities. With the establishment of the Capital Markets Union, and in the light of new emerging systemic risks in the non-banking sector, the EU legislation available to the relevant national and EU authorities should address such instruments. It is particularly important for European entities and activities, such as insurance and securities markets, to ensure homogenous enforcement across the EU. The discussion of financial stability issues in the non-banking sector warrants the involvement of central banks, given their expertise in assessing systemic risk and requires changes in the competencies and governance of ESMA and EIOPA.

     

    Related Links

    ECB Response

    EC Consultation

    Keywords: Europe, Insurance, Banking, Securities, ECB, ESA, EC, Response to Consultation, Operations, Supervisory Convergence

    Related Articles
    News

    APRA Reviews Repayment Deferral Plans, Identifies Best Practices

    APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.

    September 22, 2020 WebPage Regulatory News
    News

    ESAs Assess Risks to Financial Sector After COVID-19 Outbreak

    ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.

    September 22, 2020 WebPage Regulatory News
    News

    BoE Confirms Withdrawal of COVID Corporate Financing Facility

    BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.

    September 22, 2020 WebPage Regulatory News
    News

    ECB Allows Temporary Relief in Leverage Ratio Amid COVID-19 Pandemic

    ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.

    September 21, 2020 WebPage Regulatory News
    News

    ESAs Launch Survey on Templates for Product Disclosures Under SFDR

    ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).

    September 21, 2020 WebPage Regulatory News
    News

    ECB Proposes Integrated Reporting Framework to Reduce Burden for Banks

    ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.

    September 21, 2020 WebPage Regulatory News
    News

    EC Deems UK Framework for CCPs Temporarily Equivalent to EMIR Rules

    EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).

    September 21, 2020 WebPage Regulatory News
    News

    EBA to Phase Out Guidelines on Loan Repayment Moratoria

    EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.

    September 21, 2020 WebPage Regulatory News
    News

    EBA Provides Opinion on Definition of Credit Institution in CRR

    EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).

    September 18, 2020 WebPage Regulatory News
    News

    ECB Finalizes Methodology to Assess CCR and A-CVA Risk of Banks

    ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.

    September 18, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5820