Featured Product

    ESMA Publishes Its Strategic Orientation for 2020-22

    January 09, 2020

    ESMA has published the strategic orientation for 2020-22, which sets out its future focus and reflects its expanded responsibilities and powers following the ESAs Review. The strategic orientation details planned activities of ESMA, to respond to the challenges faced by EU, its citizens, and capital markets, including developing a large retail investor base to support the Capital Markets Union, promoting sustainable finance and long-term oriented capital markets, dealing with the opportunities and risks posed by digitalization, and ensuring a proportionate approach to regulation.

    This strategic orientation considers the new powers and responsibilities of ESMA, including the following:

    • Assessing risks to investors, markets, and financial stability—ESMA will continue to strengthen its capabilities to identify and assess risks to investors and financial stability in EU, building further on high-quality data. The risk assessment function drives the priority setting of the regulatory and supervisory (convergence) activities of ESMA.
    • Supervisory Convergence—ESMA continues to protect the EU Single Market by promoting supervisory convergence focused on supervisory outcomes and by using innovative tools. ESMA prioritizes its supervisory convergence activity through risk-driven assessments and its commitment to consumer protection. This includes building an EU common outcome-focused supervisory and enforcement culture, prioritizing through enhanced risk identification and data collection, and monitoring and following-up on the application of the EU Single Rulebook.
    • Direct supervision of specific financial entities—ESMA aims to further strengthen its reputation as supervisor of credit rating agencies and trade repositories, including for securities financing transactions, and will establish itself as a credible supervisor of securitization repositories, critical benchmarks, data service providers, third-country central counterparties, and other third country firms in a number of different areas. For its supervisory responsibilities vis-à-vis the third-country central counterparties, ESMA will step up its risk identification and financial stability assessments.
    • Completing the Single Rulebook for EU financial markets—ESMA will continue to develop itself as a source of expertise and strategic direction on financial market regulation recognized by its stakeholders. ESMA will contribute to the planned post implementation reviews of EC on the major acts adopted as part of the post-financial crisis agenda and will prioritize the areas where further work is needed to ensure investor protection and well-functioning markets.

     

    Related Links

    Keywords: Europe, EU, Banking, Securities, Supervisory Convergence, Direct Supervision, Single Rulebook, Sustainable Finance, Proportionality, Digitalization, Credit Rating Agencies, ESAs, ESMA

    Related Articles
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    News

    OSFI Sets Out Plan for Future Guidance on Managing Technology Risk

    OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.

    May 10, 2021 WebPage Regulatory News
    News

    MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance

    MAS updated rules for new housing loans by banks and finance companies.

    May 10, 2021 WebPage Regulatory News
    News

    HKMA Publishes Guideline on Sustainable Finance Grant Scheme

    HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.

    May 09, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6959