Featured Product

    Joint Committee of ESAs Publishes the 2020 Work Program

    October 02, 2019

    The Joint Committee of the ESAs published its 2020 work program. The Joint Committee will continue its work in the areas of cross-sectoral risk analysis, consumer protection, financial conglomerates, securitization, accounting, and auditing. Key areas of focus include the packaged retail and insurance-based investment products (PRIIPs), sustainable finance, securitization, and financial innovation—also in relation to the fintech action plan of EC and the work of the European Forum for Innovation Facilitators (EFIF). For the EFIF, the Joint Committee will further promote coordination and cooperation among national innovation facilitators to foster the scaling up of innovation in the financial sector. The EFIF work program is also annexed to the Joint Committee work program.

    The Joint Committee will continue to be an important forum for discussing key cross-sectoral trends and vulnerabilities to financial stability, with the publication of bi-annual cross-sectoral risk reports. In the area of Financial Conglomerates, the Joint Committee will further develop and finalize its work on specific reporting formats for financial conglomerates. In addition, the Joint Committee will continue to serve as an important body for addressing other cross-sectoral matters, such as the cross-sectoral mandates and questions (Q&As) stemming from the Securitization Regulation and the work to make the Joint Committee the coordination platform of data collected. The key cross-sectoral issues that have been identified are the jurisdictional scope of application, the due diligence requirements of EU institutional investors, the definition of sponsor for investment firms, and the credit granting criteria. The Joint Committee will also work on practical and operational issues in relation to supervision of the Securitization Regulation. 

    The Joint Committee enhances confidence and strengthens the protection of European consumers in relation to banking, insurance, and securities products. This will continue to be an area of priority for the Joint Committee in 2020. ESAs are undertaking a review of Commission Delegated Regulation 2017/653 and intend to propose amendments by February 2020 as requested by EC to allow the amendments to be scrutinized before expiry of the transitional exemption in Article 32 of the PRIIPs Regulation (No 1286/2014). Work will continue on the development of Q&As or other Level 3 tools to promote supervisory convergence and to give competent authorities and market participants further guidance on implementation of the new PRIIPs rules. ESAs will assess the phenomenon, focusing on potential consumer protection concerns and benefits associated to it. This will involve assessment of the fintech phenomenon, assessment of its benefits and risks, and, potentially, identification of any regulatory and/or supervisory measures that may need to be taken, taking into account the ongoing sectoral work that the ESAs are doing in this field. 

    The 2019-2020 work program of EFIF highlights that EFIF will be used to monitor developments in the design and operation of innovation facilitators, taking account of the best practices set out in the January 2019 joint report of the ESAs on regulatory sandboxes and innovation hubs. Additionally, EFIF will be used to monitor developments in the innovative products that have been identified in the context of innovation facilitator activities and to monitor the related regulatory and supervisory issues. Finally, EFIF will focus on certain thematic priorities—artificial intelligence, big data analytics, and machine learning; tokenization and distributed ledger technologies; open banking/application program interfaces; and platforms facilitating the re-aggregation of financial services (retail and institutional).

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Work Program, PRIIPs, Securitization, Fintech, Reporting, EFIF, ESAs

    Featured Experts
    Related Articles
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5650