2014年-EBA欧洲银行管理局_JC-2014-051_28JC_Work_Programme_201429_4页_146kb

2014 Work Programme of the Joint Committee of the ESAs Summary

Core Content

The Joint Committee of the European Securities and Markets Authorities (ESAs) outlined its 2014 work programme with a focus on consumer protection, cross-sectoral risk assessment, regulatory development, supervisory practice, and common processes and procedures. The programme aims to enhance regulatory consistency, ensure effective supervision, and improve transparency and consumer awareness across financial sectors in the EU.

I. Consumer Protection

Main Objectives

• PRIPs (Packaged Retail Investment Products): Develop draft Regulatory Technical Standards (RTS) on disclosures for PRIPs and provide advice to the European Commission. PRIPs are complex for retail investors and require clear guidance to ensure transparency.
• Complaints-handling: Continue the development of complaints-handling guidelines for EBA and ESMA, based on EIOPA’s insurance guidelines, with the aim of consultation in Q4 2013 and adoption in Q1 2014.
• Self-placement: Address potential consumer detriment from banks using self-placement to sell proprietary debt to retail customers. This practice may mislead investors into thinking it is a safe deposit.
• Cross-selling: Create guidelines to identify cross-selling practices that breach the obligation to act in the best interests of clients.
• Commercial comparison websites: Develop a "How to Use" guide for consumers to better navigate these sites, highlighting risks such as biased results, limited product scope, and potential conflicts of interest.

II. Risk Assessment

Focus Areas

• Cross-sectoral risk analysis: Continue the bi-annual reporting on micro-prudential risks, with a focus on systemic threats and financial stability.
• Risk indicators and analysis: Develop indicators for cross-sectoral financial risks and improve analytical approaches.
• Key topics: Include bank funding, credit derivatives, asset encumbrance, financial innovation, cyber risks, shadow banking, and SIFIs (Systemically Important Financial Institutions).
• Risk Dashboards: Enhance the Risk Dashboards to ensure consistency, scope, and analytical granularity.
• Household finance: Improve intelligence on household financial behavior and asset/liability management.

III. Regulatory Work

Key Projects

• Financial Conglomerates: Continue work on draft RTS for definitions, risk concentration, and intra-group transactions, and guidelines for coordination arrangements and supervisory practices under the FICOD (Financial Conglomerates Directive).
• Anti-Money Laundering (AML): Monitor equivalent/non-equivalent countries and start work on guidelines for the 4th AMLD, including enhanced/simplified due diligence, risk-based supervision, and central contact points.
• European Market Infrastructures Regulation (EMIR): Finalize RTS on OTC derivatives not cleared by a CCP, which had been paused in 2012.
• Credit Ratings and ECAI: Map all External Credit Assessment Institutions (ECAI) credit assessments into Capital Requirements Directive IV and Solvency II.
• Benchmark setting processes: Continue cooperation on benchmark-setting principles, including interest rate benchmarks like Euribor, and discuss contingency and transition issues.
• Impact Assessment Network: Support the impact assessment process for technical standards, guidelines, and recommendations.

IV. Supervisory Practice

Training Programme

• The ESAs will develop a joint cross-sectoral training programme to improve supervisory capabilities.
• The Sub-Committee on Financial Conglomerates will monitor college discussions and global developments related to SIFIs, and share experience and analysis.

V. Common Processes and Procedures and Other Tasks

Operational and Institutional Goals

• Supervisory convergence: Ensure cross-sectoral consistency in supervisory culture and practices.
• Board of Appeal support: Continue to provide operational and secretarial support.
• ESFS review: Await the European Commission's review of the European System of Financial Supervision (ESFS) and consider implementing its recommendations.
• Banking Union impact: Assess the impact of the Banking Union proposal on ESA joint work, especially in risk assessment and supervision of financial conglomerates.
• Update 3L3 Guidelines: Review and update the prudential assessment guidelines for acquisitions and holdings in the financial sector.
• Audit guidelines: Develop guidelines/technical standards on audit, subject to legislative developments.
• Joint Committee visibility: Harmonise Joint Committee content across the three ESA websites and develop a common homepage.

Key Information

• Consumer protection remains a top priority, with specific focus on PRIPs, complaints-handling, self-placement, cross-selling, and comparison websites.
• Risk assessment includes monitoring key financial trends, enhancing risk indicators, and improving risk reporting tools.
• Regulatory development involves revising directives and developing technical standards for financial conglomerates, AML, credit ratings, and benchmark setting.
• Supervisory practice includes training and coordination with international bodies on SIFIs.
• Common processes aim to enhance supervisory convergence, support institutional functions, and improve public visibility.