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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
07/04/2016 JC/2016/21 PR Joint Press Release draft RTS on PRIIPs Fund Management, Joint Committee, Press Releases Press Release PDF
207.66 KB
09/09/2015 JC/2015/2 Press release- ESAs see continued risks in EU financial markets and call for rigorous action on assets and liabilities Joint Committee, Press Releases Press Release PDF
125.07 KB
04/12/2015 JC/2015/087 ESAs issue discussion paper on automation in financial advice Joint Committee, Press Releases Press Release PDF
95.61 KB
11/11/2015 JC/2015/078 ESAs consult on PRIIPs key information for retail investors Fund Management, Joint Committee, Press Releases Press Release PDF
120.45 KB
21/10/2015 JC/2015/071 Press release- JC AML CP Final Joint Committee, Press Releases Press Release PDF
107.76 KB
12/05/2015 JC/2015/03 Press Release- Joint Committee of ESAs publishes its recommendations on securitisation Joint Committee, Press Releases Press Release PDF
78.23 KB		 The Joint Committee of the three European Supervisory Authorities (ESAs) has published a report detailing its findings and recommendations regarding the disclosure requirements and obligations relating to due diligence, supervisory reporting and retention rules in existing EU law on Structured Finance Instruments (SFIs). In this Report, the Joint Committee is making a series of recommendations which should be considered in light of further work on the transparency requirements of SFIs, and the European Commission public consultation on securitisation. The Report states that these recommendations should not be introduced in isolation and should take into account the already existing requirements for disclosure, due diligence and reporting for comparable instruments.The main recommendations of the report are: - due diligence requirements should be harmonised within the EU;- standardised investor reports should reflect the dynamics of SFIs and be stored in a centralised public space;- all type of investors should be empowered to effectively conduct their own stress tests; and- a harmonised due diligence and disclosure framework should be complemented with  a comprehensive regime for supervision and enforcement. Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA) and current Chairman of the Joint Committee, said: “The proper functioning of the market for securitisations would benefit from the proposed measures aimed at ensuring consistency regarding disclosure and due diligence requirements across existing EU legislation on Structured Finance Instruments. Implementation of these measures, supported by an appropriate supervision and enforcement framework, will contribute to restoring investor confidence in this sector while increasing its efficiency”. Main RecommendationsFollowing a thorough analysis, the Joint Committee is of the opinion that the due diligence requirements should be harmonised across EU sectorial legislation with the common view that, irrespective of the type of investors, due diligence should be seen as a dynamic process which starts with the investment decision and ends when the SFI matures or is divested. In particular, the Joint Committee recommends that investors’ due diligence requirements are reflected in the SFI disclosure requirements.  In addition, the report recommends that investor reports should be standardised and stored in a centralised public space. Measures should be implemented to help investors in conducting effective stress tests on all types of SFIs. An adequate level of transparency should be ensured irrespective of the place where the issuer, originator and sponsor are established and the nature of the SFIs. In order to avoid discrepancies, the Joint Committee also advises to review the use of different definitions and key terms across the relevant sectorial legislation. Finally, the report highlights the necessity of complementing a harmonised due diligence and disclosure framework with a comprehensive framework for supervision and enforcement regarding SFIs.
05/05/2015 JC/2015/02 ESAs- main risks to EU financial market stability have intensified Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases, Joint Committee Press Release PDF
125.34 KB		 The Joint Committee of the European Supervisory Authorities (ESAs) published its fifth Report on Risks and Vulnerabilities in the EU Financial System. Overall, the report found that in the past six months, risks affecting the EU financial system have not changed in substance, but have further intensified. The EU’s economic performance improved slightly in early 2015, however the financial sector in general continues to be affected by a combination of factors such as low investment demand, economic uncertainty in the Eurozone and its neighbouring countries, a global economic slow-down and a low-interest rate environment. The main risks affecting the financial system remain broadly unchanged from those identified in the report’s previous edition, but have become more entrenched. The major risks include: • Low growth, low inflation, volatile asset prices and their consequences for financial entities; • Search for yield behaviour exacerbated by potential rebounds; • Deterioration in the conduct of business; and • Increased concern about IT risks and cyber-attacks. Despite these risks, a number of ongoing policy and regulatory initiatives are contributing to improving the stability and confidence in the financial system as well as facilitating additional funding channels to the real economy. These include ongoing regulatory reforms in the securities, banking and insurance sectors such as the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR), the work on the implementation of the Capital Requirements Directive and Regulation (CRDIV/CRR), the work on the Bank Recovery and Resolution Directive (BRRD), the Deposit-Guarantee Schemes Directive (DGS) and the Solvency II Directive, as well as the European Commission’s plan for a Capital Markets Union (CMU). Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA) and the current Chairman of the Joint Committee, said: “The Joint Committee has noted some improvement in overall market conditions; however, the recovery is not yet sustained and is exposed to risks related to broad macroeconomic conditions, in particular the low interest environment and resulting search-for-yield behaviour. Additionally regulators continue to have concerns about the operational risks generated by some financial institutions’ inappropriate business conduct, as well as those risks posed by inadequate management of IT risks. “However, recent regulatory initiatives across the banking, insurance and securities sectors, such as the Comprehensive Assessment, the insurance sector stress test and Solvency II along with, the ongoing MiFID, EMIR and PRIPS reforms are contributing to improving the stability and confidence in the EU financial system." Key Risks Identified The identified risks in the Report can be divided into macro risks to the EU financial system and economy and operational risks. Macro Risks The key macro risks identified relate to: 1. Risks from weak economic growth and low inflation environment, which include: • Adverse effect that low interest rates and uncertainties about the economic recovery have had on the outlook for the financial industry; • Higher valuation and market liquidity risk has raised concerns about the outlook for financial entities’ stability in the event of reversals in interest rates and asset prices; 2. Low profitability is motivating financial institutions and other investors to search for yield, which requires increased supervisory attention to the viability of business models, related restructuring activity and adequate management of risks. However, the promotion of sound and innovative business models for market-based funding structures could help to deliver additional stimulus; and 3. Some continued doubts on the comparability and consistency of banks’ calculations of risk weighted assets. Operational Risks The key operational risks relate to: 4. Business conduct risk remains a key concern with the Report recommending that supervisors should include misconduct costs in future stress tests where appropriate, while financial institutions should strengthening product oversight and governance frameworks. Further improvements in the regulatory framework and supervisory practices to address conduct risks are also warranted. In addition, further progress needs to be made on benchmark reforms where continuity and integrity remain a source of concern even if key panels remained stable; and 5. IT operational risk and cyber risk remain of great concern and pose challenges to the the safety and integrity of financial institutions. IT risk increased due to costs pressures, outsourcing, the need for additional capacities and a mounting number of cyber-attacks. The adequate integration of IT risk into overall risk management is a key policy for mitigation.
22/12/2014 JC/2014/63 European Supervisory Authorities publish final Guidelines on consistency of supervisory practices for financial conglomerates Press Releases, Joint Committee Press Release PDF
202.29 KB		 The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) published today the Joint Guidelines on the convergence of practices aimed at ensuring consistency of supervisory coordination arrangements for financial conglomerates. The first Guidelines developed jointly by the three ESAs in relation to the FICOD (Financial Conglomerates Directive) aim to clarify and enhance cooperation between national competent authorities on cross-border groups that have been identified as financial conglomerates. The Joint Guidelines focus on how authorities should cooperate in order to achieve a supplementary level of supervision of financial conglomerates. This will serve the purpose of addressing loopholes in present legislation, as prescribed by the FICOD. The Joint Guidelines should also enhance the level playing field in the financial market and reduce administrative burdens for firms and supervisory authorities. The areas covered by the Joint Guidelines include in particular the mapping of the financial conglomerate structure and written agreements; the coordination of information exchange, supervisory planning and coordination of supervisory activities in going concern and emergency situations; the supervisory assessment of financial conglomerates; and other decision-making processes among the competent authorities. The Joint Guidelines apply from 23 February 2015. Legal background The Joint Guidelines have been developed in accordance with Article 11 (1) paragraph 3 of Directive 2002/87/EC (Financial Conglomerates Directive), which mandates the ESAs, to develop, through the Joint Committee, guidelines to achieve convergence of supervisory practices relating to the consistency of supervisory coordination arrangements in accordance with Article 116 of Directive 2013/36/EU and Article 248(4) of Directive 2009/138/EC. Joint Committee The Joint Committee is a forum for cooperation that was established on 1st January 2011, with the goal of strengthening cooperation between the three ESAs. Through the Joint Committee, the three ESAs cooperate regularly and closely and ensure consistency in their practices. In particular, the Joint Committee works in the areas of supervision of financial conglomerates, accounting and auditing, micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability, retail investment products and measures combating money laundering.
31/07/2014 JC/2014/062 Annex (Press Release) The Joint Committee of the ESAs remind financial institutions of their responsibilities when placing their own financial products with consumers Press Releases, Joint Committee Press Release PDF
315.73 KB		 The Joint Committee of the ESAs reminds financial institutions of their responsibilities when placing their own financial products with consumers. ESMA underlines risks from investing in contingent convertible instruments (CoCos). The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA) published a reminder to banks and insurance companies across the EU on the consumer protection requirements that apply to certain financial instruments they issue. In addition, ESMA highlighted specific risks posed to investors by contingent convertible instruments (CoCos).
31/08/2012 JC/2012/70 ESAs consult on the application of the capital calculation methods for financial conglomerates Joint Committee, Press Releases Press Release PDF
175.07 KB
11/04/2012 JC/2012/30 EBA, ESMA and EIOPA publish two reports on Money Laundering Joint Committee, Press Releases Press Release PDF
69.92 KB
03/11/2011 JC 2011/094 Press release- ESMA, EBA and EIOPA appoint members of Joint Board of Appeal Joint Committee, Board of Appeal, Press Releases Press Release PDF
24.72 KB
17/12/2020 ESMA74-362-1016 ESMA publishes draft technical standards under EMIR REFIT Board of Supervisors, Post Trading, Press Releases Press Release PDF
137.36 KB
05/07/2018 ESMA71-99-999 SMSG Renewal July 2018 Press Release Press Releases, Securities and Markets Stakeholder Group Press Release PDF
146.18 KB
22/06/2018 ESMA71-99-998 European Supervisory Authorities hold its 2018 Consumer Protection Day Joint Committee, Press Releases Press Release PDF
315.27 KB
30/05/2018 ESMA71-99-987 PR on EBA-ESMA statement on retail holders of bail-inable instruments MiFID - Investor Protection, Press Releases, Warnings and publications for investors Press Release PDF
281.95 KB
01/06/2018 ESMA71-99-973 ESMA71-99-973 Press Release Product Intervention EUOJ publication MiFID - Investor Protection, Press Releases, Warnings and publications for investors Press Release PDF
241.5 KB
15/03/2018 ESMA71-99-961 ESMA registers SPMW Rating Sp. z o.o. as a CRA Credit Rating Agencies, Press Releases Press Release PDF
163.69 KB
03/04/2018 ESMA71-99-959 ESMA proposes simplifications to prospectuses format and content Press Releases, Prospectus Press Release PDF
191.78 KB
03/04/2018 ESMA71-99-958 ESMA continues to focus on convergence in enforcement of IFRS across the EU Corporate Disclosure, IFRS Supervisory Convergence, Press Releases Press Release PDF
154.53 KB

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