2017年-ECB欧洲央行_ECB_contribution_to_the_European_Commissions_consultation_on_the_operations_of_the_European_Supervisory_Authorities_July_2017_10页_135kb

ECB Contribution to the European Commission's Consultation on the Operations of the European Supervisory Authorities

Core Content

The European Central Bank (ECB) has contributed to the European Commission's consultation on the operations of the European Supervisory Authorities (ESAs), emphasizing the need for further integration and convergence in financial supervision across the European Union (EU). The ECB highlights the importance of strengthening the EU dimension in supervision, particularly in the context of the Capital Markets Union (CMU) and the banking union.

Main Views and Key Information

1. Supervisory Convergence

• The ECB supports the use of Level 3 instruments (guidelines, recommendations, Q&As) to increase supervisory convergence among national competent authorities (NCAs).
• These instruments help clarify legislative intentions and promote consistency in the application of EU rules.
• Supervisory colleges play a key role in fostering convergence by enabling cooperation and consistency in the operationalization of EU legislation.
• The ECB supports the strengthening of these colleges, especially under Capital Requirements Directive IV (CRD IV) and the EMIR framework.

2. Macroprudential Supervision

• The ECB advocates for the extension of macroprudential supervision to non-banking sectors and the enhancement of the macroprudential toolkit.
• It emphasizes the need for a single capital markets supervisor to ensure homogenous enforcement and address systemic risks.
• Central banks, including the ECB, should be involved in assessing systemic risks and should have a stronger role in the governance of ESMA and EIOPA.

3. Governance of ESAs

• The ECB supports a review of the governance structure of the ESAs, including voting rights and membership composition.
• It recommends granting the ECB permanent membership and voting status on the EBA’s Board of Supervisors and Management Board to reflect its role as a central bank.
• The ECB also supports observer status on the Board of Supervisors in its capacity as central bank.
• The ECB advocates for a more balanced governance structure, taking into account the differing statuses of countries in the banking union.

4. Reporting Requirements

• The ECB supports streamlining regulatory reporting requirements for financial institutions to reduce burdens while maintaining effectiveness for supervisors.
• It suggests periodic reviews of reporting requirements by the EBA in collaboration with CAs and the industry.
• The ECB also supports the development of a single technical standard (ITS) for supervisory reporting under the Capital Requirements Regulation (CRR), with additional modules for specific needs.
• Reporting should be scaled to the size and complexity of institutions, with staggered implementation dates for new requirements.

5. International Aspects

• The ECB supports strengthening the ESAs' powers in assessing third-country equivalence regimes.
• It proposes that the ECB, alongside other CAs, could conduct more technical assessments of third-country regulatory frameworks.
• The ECB also supports enhancing ESMA’s role in the supervision of credit ratings issued in third countries, especially those endorsed by EU credit rating agencies (CRAs).
• It raises concerns about the exceptions in CRA III Regulation that may hinder effective supervision.

6. Financial Reporting Harmonization

• The ECB advocates for harmonized enforcement of accounting and auditing standards in the EU.
• It supports closer collaboration between enforcement bodies and standard setters to ensure consistent application of International Financial Reporting Standards (IFRS).
• The ECB believes public authorities should be responsible for the final endorsement of IFRS, aligning with its response to the Maystadt report.

7. ESMA's Role in Investment Funds

• The ECB supports extending ESMA's powers to supervise pan-European investment fund schemes, such as UCITS, AIFs, ELTIFs, EUVECA, and EUSEF.
• This would help remove barriers to cross-border fund distribution, increase market transparency, and support the CMU objective.

8. Role in Market Infrastructures

• The ECB supports the central bank of issue role in the supervision of central counterparties (CCPs) and trade repositories, as outlined in the recent EMIR proposal.
• It recommends maintaining the current supervisory framework for international central securities depositories (ICSDs) until more experience is gained.
• The ECB emphasizes the importance of the Eurosystem’s involvement in the supervision of CCPs and ICSDs to ensure alignment with its statutory responsibilities.

Conclusion

The ECB's contribution highlights the need for enhanced EU-level coordination and convergence in financial supervision, particularly in the context of the banking union and the CMU. It advocates for the strengthening of supervisory colleges, the expansion of ESMA’s powers, and the integration of macroprudential oversight. The ECB also emphasizes the importance of maintaining a balanced governance structure and ensuring the Eurosystem’s involvement in the supervision of key financial market infrastructures.