Featured Product

    ESMA Publishes the Supervisory Convergence Work Program for 2018

    February 09, 2018

    ESMA published the risk assessment and supervisory convergence work programs for 2018. The risk assessment work program provides an overview of the analytical, research, data, and statistical activities by ESMA while the supervisory convergence work program details the planned activities and tasks to promote sound, efficient, and consistent supervision across EU. While many of the 2017 priorities related to supervisory convergence remain relevant for 2018, ESMA is also setting new priorities, notably in the areas of financial innovation and the withdrawal of the UK from EU.

    The work program sets priorities that will drive convergence agenda of ESMA in the year ahead and foster coordinated action by national securities and markets supervisors. For 2018, ESMA has identified the following priorities for supervisory convergence:  

    • Ensuring that MiFID II/MiFIR are applied in a sound, efficient, and consistent manner across the EU (continuous)
    • Improving data quality to ensure efficient reporting under various requirements set by EU legislation (continuous)
    • Ensuring supervisory convergence in the context of the decision of the UK to withdraw from the EU (new)
    • Safeguarding the free movement of services in EU through adequate investor protection in the context of cross-border provision of services (continuous)
    • Monitoring developments in financial innovation, particularly through the analysis of emerging and existing instruments, platforms, and technology (new)

    These priorities have been developed in cooperation between ESMA and national competent authorities while considering factors such as the market environment, legislative and regulatory developments, and supervisory priorities of the national competent authorities. ESMA will strengthen its support to the national competent authorities in facilitating an effective supervisory dialog and day-to-day contacts. ESMA will monitor the implementation of the supervisory convergence work program. ESMA may adjust the priorities depending on developments, as ESMA will be working in a changing EU environment in 2018. These two work programs complement other activity reporting documents of ESMA, most importantly the Single Programming Document, the Regulatory Work Program, and the Supervisory Work Program.

     

    Related Links

    Keywords: Europe, EU, Securities, Supervisory Convergence, Work Program 2018, Roadmap, ESMA

    Related Articles
    News

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7307