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

EBA Report Assesses Regulatory Framework for Fintech Activities

EBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.

July 18, 2019 WebPage Regulatory News
News

OSFI Revises Capital Requirements for Operational Risk for Banks

OSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.

July 18, 2019 WebPage Regulatory News
News

OSFI Consults on Revised Principles for Management of Liquidity Risk

OSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.

July 18, 2019 WebPage Regulatory News
News

ESMA Guidance on Disclosures for Credit Rating Sustainability Issues

ESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.

July 18, 2019 WebPage Regulatory News
News

FASB Issues Q&A on Estimation of Expected Credit Losses by Firms

FASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

July 17, 2019 WebPage Regulatory News
News

US Agencies Delay Enforcing Volcker Rule Restrictions on Foreign Funds

US Agencies (FDIC, FED, and OCC) announced that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years.

July 17, 2019 WebPage Regulatory News
News

SRB Announces SRF Receives Cash Injection, Grows to EUR 33 billion

SRB announced that the Single Resolution Fund (SRF or the Fund) received a cash injection of EUR 7.8 billion from 3,186 institutions in 2019, bringing the total amount in the Fund to about EUR 33 billion.

July 17, 2019 WebPage Regulatory News
News

FASB to Propose to Delay CECL Compliance Deadline for Certain Entities

FASB published a summary of the tentative decisions taken at its Board meeting in July 2019.

July 17, 2019 WebPage Regulatory News
News

IMF Publishes Report on 2019 Article IV Consultation with Vietnam

IMF published its staff report in context of the 2019 Article IV consultation with Vietnam.

July 16, 2019 WebPage Regulatory News
News

European Parliament Elects Next President of European Commission

European Parliament elected Ursula von der Leyen from Germany as the first female President of the next European Commission for a five-year term from November 01, 2019.

July 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3476