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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/06/2017 WP12017 ESMA working paper on collateral scarcity premia in Euro area repo markets Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
1.01 MB
01/12/2016 RD 2016/04 ESMA Risk Dashboard No. 4 2016 Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
848.82 KB
19/07/2012 MOU SFC ESMA MOU on the supervision of CRAs- ESMA and SFC Hong Kong Credit Rating Agencies, International cooperation Reference PDF
497.63 KB
19/07/2012 MOU SEC ESMA MOU on the supervision of CRAs- ESMA and SEC Credit Rating Agencies, International cooperation Reference PDF
306.87 KB
30/06/2016 MOU FSB ESMA MoU on the supervision of CRAs- ESMA and FSB South Africa Credit Rating Agencies, International cooperation Reference PDF
504.28 KB
18/02/2013 MOU ESMA/DFSA MOU on the supervision of CRAs- ESMA and Dubai FSA Credit Rating Agencies, International cooperation Reference PDF
181.09 KB
20/07/2017 MoU ESMA SEBI Previous MoU on CCPs between ESMA and SEBI International cooperation, Post Trading Reference PDF
714.53 KB
05/03/2015 MOU ESMA RBA MoU between ESMA and RBA regarding trade repositories International cooperation Reference PDF
134.04 KB		 The European Securities and Markets Authority (ESMA) and the Reserve Bank of Australia (RBA) have concluded a Memorandum of Understanding (MoU) that will allow RBA to have access to data held in European Trade repositories according to its mandate. The MoU is effective as of 18 February 2015.The ESMA-RBA MoU is the second cooperation arrangement established under Article 76 of the European Market Infrastructure Regulation (EMIR). This provision aims at ensuring that third-country authorities that do not have any trade repository in their jurisdiction may access the information on derivatives contracts held in European trade repositories which is relevant for their mandates. The MoU ensures that guarantees of professional secrecy exist. The first MoU of this kind was concluded in November 2014 between ESMA and the Australian Securities & Investments Commission (ASIC).
19/07/2012 MOU CNV ESMA MOU on the supervision of CRAs- ESMA and CNV Argentina Credit Rating Agencies, International cooperation Reference PDF
169.13 KB
19/07/2012 MOU Canada ESMA MOU on the supervision of CRAs- ESMA and Canadian authorities Credit Rating Agencies, International cooperation Reference PDF
139.68 KB
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.
05/05/2015 JC/2015/007 Joint Committee Report on Risks and Vulnerabilities in the EU Financial System Risk Analysis & Economics - Markets Infrastructure Investors, Joint Committee Final Report PDF
692.05 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.
22/09/2014 JC/2014/063 Joint Committee Report on Risks and Vulnerabilities in the EU Financial System Risk Analysis & Economics - Markets Infrastructure Investors, Joint Committee Final Report PDF
507.84 KB		 The Joint Committee of the European Supervisory Authorities (ESAs) published today its bi-annual report on risks and vulnerabilities in the European Union's (EU) financial system. The report identifies a number of risks to financial stability in the EU, including prolonged weak economic growth in an environment characterised by high indebtedness, intensified search for yield in a protracted low interest rate environment, and uncertainties in global emerging market economies. The report also highlights risks related to conduct of business and Information Technologies (IT).
13/04/2022 JC 2022 09 Joint ESA report on Risks and Vulnerabilities in the EU financial system No 1 2022 Joint Committee, Risk Analysis & Economics - Markets Infrastructure Investors Report PDF
949.47 KB
04/01/2022 JC 2021 57 Mandate of the Joint Committee of the European Supervisory Authorities’ Sub- Committee on Cross Sectoral Developments, Risks and Vulnerabilities (Risk Sub-Committee) Joint Committee, Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
89.31 KB
08/09/2021 JC 2021 45 Joint ESA report on Risks and Vulnerabilities in the EU financial system No 2 2021 Joint Committee, Risk Analysis & Economics - Markets Infrastructure Investors Report PDF
642.21 KB
31/03/2021 JC 2021 27 JOINT ESA REPORT ON RISKS AND VULNERABILITIES IN THE EU FINANCIAL SYSTEM No 1 2021 Joint Committee, Risk Analysis & Economics - Markets Infrastructure Investors Report PDF
641.71 KB
22/09/2020 JC 2020 67 Joint ESA report on risks and vulnerabilities in the EU financial system 2020 Joint Committee, Risk Analysis & Economics - Markets Infrastructure Investors Report PDF
570.67 KB
12/09/2019 JC 2019 54 Joint ESA report on risks and vulnerabilities in the EU financial system No2 2019 Joint Committee, Risk Analysis & Economics - Markets Infrastructure Investors Report PDF
1.13 MB
02/04/2019 JC 2019 05 Joint ESA report on risks and vulnerabilities in the EU financial system Joint Committee, Risk Analysis & Economics - Markets Infrastructure Investors Report PDF
1.21 MB

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