EBA欧洲银行-JC-2014-051-28JC-Work-Programme-201429_4页_149kb

2014 Work Programme of the Joint Committee of the ESAs Summary

I. Core Content

The 2014 Work Programme of the Joint Committee of the European Supervisory Authorities (ESAs) outlines the key priorities and activities for the European Insurance and Occupational Pensions Authority (EIOPA), the European Banking Authority (EBA), and the European Securities and Markets Authority (ESMA). The programme emphasizes consumer protection and cross-sectoral risk analysis as the main areas of focus, alongside continued regulatory work and supervisory practice improvements.

II. Main Focus Areas

1. Consumer Protection

• PRIPs (Packaged Retail Investment Products):
  The ESAs will develop Regulatory Technical Standards (RTS) and provide guidance to the European Commission on disclosures for PRIPs. These products are complex for retail investors and require consistent regulatory approaches across sectors.

• Complaints-handling:
  The ESAs will continue work on complaints-handling guidelines, based on EIOPA's guidelines, to be consulted in Q4 2013 and adopted by EBA and ESMA in Q1 2014.

• Self placement:
  The Joint Committee will examine banks' practices of selling proprietary financial instruments to their customers, identifying potential consumer harm and developing policy proposals if necessary.

• Cross-selling:
  Guidelines will be developed to identify cross-selling practices that may breach the obligation to act in the best interests of clients.

• Commercial comparison websites:
  A "How to Use" guide will be created to help consumers understand the limitations and potential biases of these websites, ensuring they make informed decisions.

2. Risk Assessment

• The Joint Committee will continue to produce bi-annual risk reports for the Council's Economic and Financial Committee, highlighting cross-sectoral financial risks and vulnerabilities.
• The ESAs will enhance their Risk Dashboards, aiming for greater consistency, scope, and analytical depth.
• They will focus on cross-sectoral risk indicators such as bank funding, credit derivatives, financial innovation, and cyber risks.
• Shadow banking and systemically important financial institutions (SIFIs) will be closely monitored, with the aim of improving cooperation and understanding.

3. Regulatory Work

• Financial Conglomerates:
  The ESAs will support the European Commission's review of the Financial Conglomerates Directive (FICOD), developing joint RTS on definitions, risk concentration, and intra-group transactions. They will also finalize guidelines on coordination arrangements and supervisory practices.

• Anti-Money Laundering (AML):
  The ESAs will continue their work on equivalent/non-equivalent countries and start developing guidelines for the 4th AMLD, including enhanced and simplified due diligence, risk-based supervision, and draft RTS for payment and e-money institutions. They will also monitor developments related to the Payment Services Directive (PSD2).

• European Market Infrastructures Regulation (EMIR):
  The Joint Committee will finalize the RTS on risk mitigation techniques for OTC derivatives not cleared by a Central Counterparty (CCP), which had been paused in 2012.

• Credit Ratings and ECAI:
  The ESAs will map all ECAI credit assessments into the relevant credit quality steps under Solvency II and the Capital Requirements Directive IV. They will also publish a biannual report on Member States' use of external ratings and steps taken to reduce reliance on them.

• Benchmark Setting Processes:
  The ESAs will continue to work on benchmark-setting issues, including the development of criteria for alternative interest rate benchmarks and contingency planning for transitions.

• Impact Assessment Network:
  This network will support the ESAs in conducting impact assessments for technical standards, guidelines, and recommendations, contributing to the quality of the process.

III. Supervisory Practice

• The ESAs will collaborate on a joint cross-sectoral training programme.
• The Sub-Committee on Financial Conglomerates will monitor developments related to FICOD and global initiatives on SIFIs, including those by the Financial Stability Board (FSB), BCBS, IOSCO, and IAIS.

IV. Common Processes and Procedures

• The ESAs will work to harmonize their joint Committee content across their websites and aim to develop a common Joint Committee homepage.
• They will support the Board of Appeal with operational and secretarial assistance.
• The ESAs will monitor the review of the European System of Financial Supervision (ESFS) and consider implementing any recommendations.
• They will assess the Banking Union proposal and develop cooperation arrangements with the Single Supervisory Mechanism.
• The ESAs will review and update the 3L3 Guidelines for prudential assessments of acquisitions and holdings in the financial sector.

V. Key Objectives

• Enhance consumer protection through clearer disclosures, better complaints-handling, and improved understanding of financial products.
• Strengthen cross-sectoral risk analysis and reporting, with a focus on systemic risks and financial stability.
• Continue and expand regulatory work in key areas such as financial conglomerates, AML, EMIR, credit ratings, and benchmark setting.
• Promote supervisory convergence and a common supervisory culture in the EU.
• Improve the visibility and coordination of the Joint Committee's work to external stakeholders.