2014年-EBA欧洲银行管理局_JC-2013-002_Joint_Committee_Work_Programme_2013_3页_84kb

2013 Work Programme of the Joint Committee Summary

I. Core Content

The 2013 Work Programme of the Joint Committee (JC) outlines the key priorities and activities for the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) in the areas of consumer protection, risk assessment, regulatory work, supervisory practice, and common processes and procedures. The JC aims to enhance regulatory coordination, improve supervisory practices, and ensure consistency across financial sectors in the European Union.

II. Main Focus Areas

1. Consumer Protection

• Priority Areas: The JC will focus on cross-selling and complaints handling as top priorities for consumer protection.
• Consumer Strategy Day: This will be held for the first time in 2013 to highlight the JC’s work.
• Three Work Streams:
  • Consumer Protection Sub-Group: Evaluates the adaptability of insurance complaints handling principles to securities and banking sectors, and improves ESA templates for consumer trend analysis.
  • Product Oversight and Governance Sub-Group: Develops high-level principles for product approval, emphasizing pre-launch controls.
  • Retail Products Sub-Group (PRIPs): Supports the European Commission in developing delegated acts and draft Regulatory Technical Standards (RTS) for disclosures in packaged retail investor products.

2. Risk Assessment

• Bi-annual Reports: The ESAs will submit two Risk and Vulnerabilities Reports to the Council's Economic and Financial Committee.
• Cross-sectoral Risk Indicators: The Risk Sub-Committee will enhance indicators for cross-sectoral financial risks and improve analytical methods.
• Cooperation on Key Issues: Includes shadow banking, bank funding, credit derivatives, and financial market integration.
• Risk Dashboards: Will be further developed for consistency, scope, and analytical granularity.
• Cross-sectoral Risk Database: A pilot database may be developed to focus on key entities and interdependencies within the financial system.

III. Regulatory Work

1. Financial Conglomerates

• Directive Review: The JC will support the EC's review of the Financial Conglomerates Directive.
• Technical Standards: May develop joint drafts on risk concentrations, intra-group transactions, and relevant competent authorities.
• Guidelines: Work on coordination arrangements, risk-based assessments, and supervisory practices for mixed financial holding companies.
• List Updates: Continue updating and publishing the list of identified financial conglomerates.

2. European Market Infrastructures Regulation (EMIR)

• OTC Derivatives Regulation: The JC will focus on finalizing Regulatory Technical Standards (RTS) for EMIR, potentially delaying the deadline to align with global initiatives.

3. Anti-Money Laundering (AML)

• Country Equivalence: Continue work on assessing equivalent/non-equivalent countries.
• E-Money Working Group: Adapt the AML/PSD Cooperation Protocol to include E-Money issuers.
• Risk-based Supervision: Introduce a new work-stream on risk-based AML supervision.

4. Credit Ratings and External Credit Assessment Institutions (ECAI)

• Technical Standards (ITS): Develop ITS under the Capital Requirements Regulation.
• Methodology Alignment: Work on aligning ECAI recognition under CRD IV and Solvency II.
• Biannual Report (2014): Publish a report on Member States’ use of external ratings and steps to reduce such reliance.

IV. Supervisory Practice

• Cross-sectoral Training Programme: The ESAs will collaborate on a joint training initiative.
• AML Supervision: The AML Sub-Committee will assess supervisory practices and promote common approaches.
• Financial Conglomerates Monitoring: The Sub-Committee will continue monitoring discussions on Financial Conglomerates requirements.

V. Common Processes and Procedures

• ESAs' Contribution to EFS: Assist the Commission in evaluating the European System of Financial Supervision.
• Framework Improvements: Exchange views on potential enhancements to the ESA framework.
• Benchmarking and Market Indices: Support the EBA-ESMA working group on benchmarks and market indices (e.g., EURIBOR).
• Legislative Monitoring: Continue to monitor legislative developments and proposals.
• Banking Union Impact: Assess the implications of the Banking Union proposal on risk assessment and supervision of financial conglomerates.

VI. Additional Activities

• Impact Assessment Network: Supports the development of Technical Standards, Guidelines, and consultations.
• Technical Advice: In the long term, the ESAs may provide technical advice to the Commission and develop draft standards upon request.

VII. Key Information

• Priority Areas: Consumer protection, risk assessment, and regulatory work.
• Collaboration: Emphasis on cross-sectoral cooperation, international alignment, and common supervisory practices.
• Innovation: Introduction of new work-streams such as risk-based AML supervision and cross-sectoral risk databases.
• Visibility: Increased transparency and visibility of the JC’s work to external stakeholders.

VIII. Conclusion

The 2013 Work Programme of the Joint Committee reflects a strategic focus on consumer rights, risk management, and regulatory convergence. By enhancing coordination across financial sectors and aligning with international standards, the JC aims to strengthen the regulatory and supervisory framework in the EU.