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Traineeship Summary in Banking Markets, Innovation and Consumers Department

Core Content

The European Banking Authority (EBA) is offering a traineeship in the Banking Markets, Innovation and Consumers Department. This traineeship is part of the EBA's efforts to enhance the functioning of the EU internal market by promoting consistent regulation and supervision in banking, payments, and e-money sectors. The traineeship is open to eligible candidates from EU Member States, Iceland, Liechtenstein, Norway, and candidate countries.

Duration and Location

• Duration: 6 months with the possibility of extension.
• Location: Initially in London, United Kingdom, but the EBA is expected to relocate to Paris, France following legislative changes.

Application Deadline

• Deadline: 24 May 2018 at 12:00 noon London time.
• Reserve List Valid Until: 31 December 2019.

Mission of the EBA

The EBA aims to:

• Ensure high-quality, effective, and consistent regulation and supervision.
• Promote financial system stability, market transparency, and consumer protection.
• Prevent regulatory arbitrage and ensure a level playing field.
• Strengthen international supervisory coordination.
• Support supervisory convergence and provide advice to EU institutions.

Collaboration

As part of the European System of Financial Supervision (ESFS), the EBA collaborates with:

• EIOPA (European Insurance and Occupational Pensions Authority)
• ESMA (European Securities Market Authorities)
• Joint Committee
• ESRB (European Systemic Risk Board)

Activities in the Department

The Banking Markets, Innovation and Consumers Department is composed of three key units:

1. Reporting, Loan Management and Transparency Unit

• Sets reporting requirements across the EBA's remit.
• Defines Pillar 3 disclosure requirements.
• Oversees data consistency and implementation.
• Focuses on the accounting and prudential treatment of assets, especially lending standards and NPLs (Non-Performing Loans).

2. Banking Markets, Innovation and Products Unit

• Works on Capital Markets Union (CMU) initiatives, including securitisation and sustainable finance.
• Monitors financial innovation and FinTech, including regulatory perimeter and cybersecurity.
• Engages in market access and equivalence assessments for third countries.
• Supports the EBA FinTech Knowledge Hub.

3. Conduct, Payments and Consumer Unit

• Focuses on the conduct of financial institutions, including AML (Anti-Money Laundering) and CTF (Counter-Terrorist Financing).
• Works on depositor protection, consumer protection, and payment services.
• Monitors financial innovations from a consumer protection perspective.

Areas of Engagement for Trainees

Trainees may be involved in the following activities depending on their background and skills:

• Reporting, Valuations and Transparency Unit:

  • Thematic work and ad hoc analysis on loan management and NPLs.
  • Assessment of Pillar 3 disclosures.
  • Reviews of the quality of reported data.

• Banking Markets, Innovation and Products Unit:

  • Contribution to CMU and FinTech monitoring.
  • Support for the FinTech Knowledge Hub.
  • Analysis of authorisation and sandboxing approaches.
  • Participation in equivalence assessments.

• Consumer Protection, Anti Money Laundering and Deposit Insurance Unit:

  • Work on consumer protection in relation to banking products.
  • Monitoring of financial innovation from a consumer perspective.
  • Activities related to depositor protection and payment services.

Requirements

1.1 Eligibility Criteria

• Must be a national of EU Member States, Iceland, Liechtenstein, Norway, or candidate countries.
• Must have completed the first cycle of higher university education in relevant fields (e.g., Law, Finance, Banking) and obtained a full degree certificate by the application deadline.
• Must have very good knowledge of English (at least B2 level as per CEFR).
• Must not have received or be receiving in-service training within EU institutions.
• Must have no prior full-time professional work experience, unless it was part-time or unpaid during studies.

1.2 Selection Criteria

• Master's degree in Law, Finance, or Banking.
• Graduate thesis on topics related to the department's activities.
• Good drafting skills in English (e.g., for writing, presentations, and revising documents).

1.3 Application Submission

• Candidates must read EBA DC 218 and EBA DC 219 before applying.
• Applications must be submitted in English to EBA-Traineeship Applications@eba.europa.eu.
• Required documents:
  • Curriculum Vitae (CV) in Europass format.
  • Motivation letter.
  • Filled eligibility criteria grid, dated and signed.
  • Copies of diplomas or relevant certificates from all declared studies.
• Subject line: Include the reference number TR BMIC 2018 and the candidate's full name.
• Multiple applications: Separate applications must be submitted for each position.

1.4 Data Protection

• The EBA complies with Regulation (EC) No 45/2001 on data protection, ensuring the confidentiality and security of personal data.

1.5 Place of Traineeship

• Current location: One Canada Square, Canary Wharf, London E14 5AA.
• Future relocation: Expected to move to Paris, France once legislation is adopted.