ESMA Publishes Supervisory Convergence Work Program for 2019
ESMA published the supervisory convergence and risk assessment work programs for 2019. The risk assessment work program provides an overview of the analytical, research, data, and statistical activities that ESMA will perform in 2019. The supervisory convergence work program sets out work streams of ESMA to promote sound, efficient, and consistent supervision across EU.
This year’s supervisory convergence priorities build closely on those of 2018, reflecting the progress achieved and highlighting new areas of attention. They take into account various factors, including the market environment, legislative and regulatory developments, and the supervisory priorities of national competent authorities. For 2019, ESMA identified the following priorities for supervisory convergence:
- Ensuring supervisory convergence in the context of the UK’s decision to withdraw from the EU
- Making data and its use more robust and consistent by developing and further clarifying reporting methodologies and providing guidance to ensure complete and high-quality data
- Driving forward consistency in the application of MiFID II/MiFIR and getting to a common understanding on arising supervisory challenges
- Safeguarding the free movement of services in the EU through adequate investor protection in the context of cross-border provision of services
- Fostering supervisory convergence in the field of financial innovation
Related Links
- Press Release on Supervisory Convergence
- Press Release on Risk Assessment Work Program
- Work Program on Risk Assessment (PDF)
- Work Program on Supervisory Convergence (PDF)
Keywords: Europe, EU, Banking, Securities, Supervisory Convergence, Work Program, Brexit, ESMA
Previous Article
Bank of Italy Updates List of Institutions for AnaCredit ReportingRelated Articles
BIS Quarterly Review Discusses Developments in Fintech and ESG Space
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
BCBS to Consult on Supervisory Practices for Climate Risks by Year-End
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
OCC Identifies Operational Risk Deficiencies in MUFG Union Bank
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
EC Rule on Contractual Recognition of Write Down and Conversion Powers
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
ECB to Consider Climate Risks When Reviewing Collateral Framework
In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.
SRB Provides Update on Approach to Prior Permissions Regime
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
APRA Issues Further Guidance on Application of Securitization Standard
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
ACPR Publishes Corrective Version of RUBA Taxonomy
The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.
Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
