The table contains details of the competent authorities* who comply or intend to comply with the ESAs’ Joint Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors.

The European Securities and Markets Authority’s (ESMA) annual report and work programme has been prepared according to Article 21 of Regulation 1060/2009 on credit rating agencies as amended (the CRA Regulation) and Article 85 of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). It highlights the direct supervisory activities carried out by ESMA during 2015 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outlines ESMA’s main priorities in these areas for 2016.

ESMA adopts a risk-based approach to the supervision of CRAs and TRs in accordance with its overall objectives of promoting financial stability and orderly markets and enhancing investor protection. This risk-based approach requires the analysis of information from a variety of sources and the application of multiple supervisory tools including day-to-day supervision, cycle of engagement meetings with supervised entities, on-site inspections and dedicated investigations.

In order to build on the expertise that ESMA has developed through its supervision of CRAs and TRs, ESMA created a single Supervision Department in November 2015. ESMA intends to draw on the best practices identified from the supervision of both types of entity to further enhance its supervisory effectiveness in future.

1. ESMA is required to play an active role in building a common supervisory culture by promoting common supervisory approaches and practices among nationally appointed Sectoral Competent Authorities (‘SCAs’).

2. The purpose of this supervisory briefing is to provide guidance to SCAs in relation to the application of Articles 8c and 8d of the CRA Regulation and promote a common supervisory approach and enforcement of these Articles. In this regard, the Supervisory Briefing includes the following:

1. A Common Supervisory Approach as to which issuers and related third parties are covered by Article 8c and 8d; and,

2. A Standard Form for documentation in accordance with article 8d.

3. The common supervisory approach will assist SCAs as well as issuers and related third parties by clearly establishing who should be prioritised for supervision and enforcement under these Articles.

4. The Standard Form will assist SCAs by guaranteeing standardised and consistent data across different issuers and related third parties. It will also assist issuers and related third parties by providing clarity as to how they may meet their regulatory obligations under these Articles and simplify their internal processes by removing the need to develop in-house templates for documenting compliance under Article 8d.

5. The Supervisory Briefing will be published on ESMA’s website and on the websites of the nationally appointed SCAs.

1. ESMA welcomes the opportunity to respond to the Commission Consultation paper on Fintech: a more competitive and innovative financial sector (hereafter “the Consultation”).
2. Fintech and, technological innovation in general, have been the drivers of a number of developments in the financial sector in recent years. Indeed, new forms of services and businesses such as automated advice or crowdfunding have emerged. ESMA sees these developments as a positive evolution as long as they are aimed at improving consumer financial experience and facilitate financial inclusion. ESMA would also want to stress that it adheres to the core principles (technological neutrality, proportionality and market integrity) highlighted by the Commission and agrees that any EU policies aiming to ensure the financial sector takes advantage of cutting-edge technologies, while remaining sound and safe for investors, need to integrate these principles.
3. In this response, ESMA wishes to share with the Commission some reflections on a number of topics mentioned in the Consultation which appear relevant to ESMA:
   • Artificial intelligence and big data analytics for automated advice and businesses;
   • Crowdfunding;
   • Reg Tech;
   • Outsourcing and cloud computing;
   • Distributed ledger technology;
   • Role of regulation and supervisors; and
   • Role of industry: standards and interoperability