EBA欧洲银行-EBA-MB-2012-088-Final-28minutes-15-November-2012-29_6页_234kb

Summary of EBA Management Board Meeting - 15 November 2012

Core Content Overview

The EBA Management Board (MB) meeting held on 15 November 2012 covered several key agenda items, focusing on regulatory coordination, asset quality review, governance reforms, and operational updates. The meeting aimed to align the EBA with broader EU financial regulatory efforts and to address practical challenges in implementation.

Main Agenda Items and Conclusions

1. Opening & Approval of Agenda and Minutes

• The agenda and draft minutes from the 18 September 2012 meeting were approved.
• The MB emphasized the need for coordination between the EBA and ESMA in issuing warnings on financial products.

2. Contracts for Difference (CfD) - Potential EBA Warning

• The SCConFin Sub-group proposed a warning to highlight the risks associated with CfDs for retail investors.
• The MB agreed that SCConFin should investigate further questions, particularly regarding the EBA and ESMA regulations and the NSA's actions.
• A joint warning between EBA and ESMA was suggested, with a thematic review being considered.

3. European Banking Union and EBA Governance

• The MB discussed potential changes to the EBA's voting mechanisms and governance structure.
• The idea of an Independent Board Review was supported, to be conducted as part of the ESFS revised process.
• The MB endorsed the development of the Single Supervisory Handbook, which should be flexible and non-binding.
• A detailed table of contents was suggested to improve clarity and understanding of the Handbook.

4. Administrative and Operational Report

• The Director of Operations provided an overview of the EBA's main developments and the ECA's audit findings for 2012, noting improvements in procurement.
• The final ECA audit report was expected to be shared with the MB soon.
• The three ESAs agreed to work jointly on the first draft of conflict of interest guidelines for the next quarter.
• The IT Strategy was generally accepted by the ITSB members, with concerns addressed.
• The EBA was requested to provide the EU Commission with details on its 2012 budget forecast.

5. Credit Institution Register

• Legal and technical challenges, particularly regarding Gibraltar and the inclusion of entities under Article 3 CRD, delayed the publication of the EBA Credit Institution Register.
• The MB decided to publish the register by the end of November 2012 with an explanatory note.
• Entities under Article 3 CRD were to be included for Phase 2.
• A follow-up on Gibraltar was agreed, and an interface between NSAs and the EBA was planned for Phase 2.

6. Other Items

• The MB approved the revised decisions on reimbursement policy for the ESA's joint Board of Appeal and on education and nursery contributions, incorporating practical feedback.
• The EBA did not support explicit sponsorship of a research initiative by the London School of Economics for a systematic risk centre.

Key Information and Outcomes

• Collaboration with ESMA: The MB emphasized the importance of coordination with ESMA on warnings and regulatory standards.
• Asset Quality Review: A phased approach was suggested, starting with a single portfolio review, followed by a top-down analysis across all banks, and concluding with ongoing supervisory work.
• Independent Board Review: Supported by the MB to ensure transparency and effectiveness in the ESFS process.
• Single Supervisory Handbook: Approved for development, focusing on areas without technical standards, with input from MB members.
• Credit Institution Register: Scheduled for publication by the end of November 2012, with plans for Phase 2 interface and Gibraltar follow-up.
• Operational and Legal Revisions: Approved revisions to the remuneration and education/nursery contribution policies, reflecting real-world implementation challenges.

Participants

• Chairperson: Andrea Enria
• MB Members: Andrew Bailey, Jukka Vesala, Matthew Elderfield, Raimund Röseler, Fernando Vargas
• MB Alternates: Frederic Visovsky, Uldis Cerps
• European Commission Representative: Dominique Thienpont
• EBA Staff: Adam Farkas (Executive Director), Isabelle Vaillant (Director Regulation), Corinne Kaufman (Policy Analysis & Coordination), Patricia Juanes Burgos (Legal)
• Director of Operations: Peter Mihalik

This meeting underscored the EBA's commitment to enhancing regulatory oversight, improving transparency, and aligning with EU-wide initiatives.