2014年-EBA欧洲银行管理局_JC_2014_074_28Joint_Committee_Work_Programme_201529_4页_308kb

2015 Work Programme of the Joint Committee of the European Supervisory Authorities

Core Content

The 2015 Work Programme of the Joint Committee of the European Supervisory Authorities (ESAs) outlines the strategic priorities and key tasks for the ESAs in the coming year. The programme emphasizes the importance of consumer protection, cross-sectoral risk analysis, and regulatory work across various financial sectors, including securitisation, financial conglomerates, anti-money laundering (AML), credit ratings, and benchmark setting. The ESAs also aim to enhance supervisory practices, common processes and procedures, and governance.

Main Areas of Focus

1. Consumer Protection

• The ESAs will continue to prioritize consumer protection in financial regulation and supervision.
• PRIPs (Packaged Retail and Insurance-based Investment Products) will be a key focus, with the development of draft Regulatory Technical Standards (RTS) on disclosures, revision of KID, and timing of delivery.
• The Joint Committee will provide technical input on risk and reward profiles and costs, contributing to the European Commission's Consumer Testing Exercise.
• A Consultation Paper on draft RTS will be issued around summer 2015.
• Guidelines on cross-selling practices will be developed, emphasizing high-level principles for firms to act honestly, fairly, and professionally.
• The Joint Committee will assess potential consumer risks from automated financial advice and social media promotion.

2. Risk Assessment

• Cross-sectoral risk analysis will remain a central focus.
• The ESAs will publish bi-annual Reports on Risks and Vulnerabilities to the Council's Economic and Financial Committee's Financial Stability Table.
• These reports will highlight key trends and threats to financial stability.
• The ESAs will enhance risk reporting through their Risk Dashboards, focusing on presentational consistency, scope, and analytical granularity.
• They will explore closer coordination on risk and market intelligence.
• Indicators for cross-sectoral financial risks will be developed, and the ESAs will work on ESRB work-streams related to bank funding, credit derivatives, cyber risks, financial innovation, and shadow banking.

Regulatory Work

3. Securitisation

• The Joint Committee will monitor developments in the securitisation market and address inconsistencies in transparency, due diligence, and reporting requirements.

4. Financial Conglomerates

• The ESAs will continue developing Guidelines for supplementary supervision of mixed financial holding companies.
• They will update and publish the list of identified Financial Conglomerates.

5. Anti-Money Laundering (AML)

• The ESAs will continue their work on the 4th Money Laundering Directive, including Guidelines on risk factors, AML risk-based supervision, and draft RTS on central contact points.
• They will also develop Guidelines on the Funds Transfer Regulation, RTS on additional measures for non-equivalent countries, and a Joint Opinion on ML/TF risks.
• The Joint Committee will support the new Payment Services Directive by developing draft RTS for co-operation and information exchange between home and host competent authorities.

6. Credit Ratings and ECAIs

• The ESAs will map ECAI credit assessments into the credit quality steps under CRD IV and Solvency II.
• They will cooperate with the EBA on this mapping.
• The Task Force on Credit Ratings will finalize the review and removal of references to credit ratings, including the publication of a Consultation Paper in Q1 2015 and a final report by end of June 2015.

7. Benchmark Setting

• The ESAs will continue to monitor the application of joint EBA/ESMA Principles for benchmark-setting.
• They will also monitor reform projects on interest rate benchmarks and contingency and transition issues.

8. Capital Requirements

• The ESAs will develop draft RTS on capital, retained earnings, and reserves for the Central Securities Regulation (CSR).

Supervisory Practice

• The ESAs will continue their cross-sectoral Training Programme to enhance supervisory capabilities.

Common Processes and Procedures

• The ESAs will ensure cross-sectoral consistency in their operations.
• They will provide operational and secretarial support to the Board of Appeal.
• The ESAs will assess and consider recommendations from the European Commission on the ESFS (European System of Financial Supervision).
• They will finalize the development of a common Joint Committee homepage, which will serve as a platform for joint warnings.
• The ESAs will pro-actively cooperate with the European Commission and EEA EFTA countries on implementation of regulations and financial sectoral legislation.

Impact Assessment

• The Impact Assessment Network will support the ESAs in conducting impact assessments for Technical Standards, Guidelines, and Recommendations.
• It will contribute to the quality of the impact assessment process.

Conclusion

The 2015 Work Programme highlights the ESAs' commitment to enhancing consumer protection, risk assessment, and regulatory coherence. It also underscores the importance of cross-sectoral cooperation, supervisory training, and governance improvements to ensure effective and consistent financial regulation across the EU.