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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
21/12/2016 2016/1682 2016-1682 Press Release on Feedback Statement on ESEF , , , Press Release PDF
225.03 KB
30/10/2014 JC/2014/01 add Addendum to Joint CP on draft ITS on the mapping of ECAIs Consultation Paper PDF
157.22 KB
The Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA - ESAs) published today an addendum to the joint consultation on the mapping of the credit assessments to risk weights of External Credit Assessment Institutions (ECAIs). The addendum provides further details on the application of the rules proposed in the draft Implementing Technical Standards (ITS) in relation to particular ECAIs and is to be considered as an extension of the consultation process. The consultation period will be reopened until 30 November 2014 in order to collect additional comments. In line with the specifications included in the joint Consultation Paper published in February 2014, this addendum contains the individual mapping tables of all relevant ECAIs. The proposed mappings establish the level of capital that financial institutions should hold in order to ensure the safety and soundness of the EU financial system. These draft mappings are based on the amount of objective information available for each ECAI regarding the performance of its credit ratings. Therefore, the draft mappings mainly reflect the historical ability of ECAIs to anticipate negative credit events. For those cases where only a small number of credit ratings were available, the draft mappings have to a large extent relied on alternative information; whereas, when no relevant information was found, a certain degree of prudence has been applied. Furthermore, the addendum contains some additional aspects resulting from the cost-benefit/impact assessment analysis. The analysis shows that the proposals for the largest ECAIs are not expected to have a significant impact on financial institutions in terms of capital requirements. Only in very specific cases the average capital requirement associated with a particular ECAI might increase by up to 10%. In the case of ECAIs that currently have no mapping established, the impact is expected to reflect the true risk profile of the rated entities. In addition, the EBA also published the individual draft mapping reports that illustrate how the rules proposed in the draft ITS were applied. The draft mappings will be reviewed in light of any comments received during the consultation process. Consultation process The consultation deadline is 30 November 2014 and responses can be submitted here. All contributions received will be published following the close of the consultation, unless requested otherwise. Draft Mapping Reports
17/04/2020 ESMA71-99-1313 Benchmarks MoU- 30 Mar (MAS ESMA) , , Press Release PDF
112.32 KB
16/10/2019 JC-2019-63 Consultation Paper on amendments to PRIIPs KID , Consultation Paper PDF
2.42 MB
11/11/2015 JC/2015/073 Consultation Paper PRIIPs Key Information Documents , Consultation Paper PDF
2.23 MB
04/12/2015 JC/2015/080 Discussion Paper on automation in financial advice Consultation Paper PDF
344.48 KB
17/11/2014 JC/DP/2014/02 Discussion Paper- Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs) , Consultation Paper PDF
1.38 MB
EBA, EIOPA, and ESMA (the ESAs) welcome comments on this Discussion Paper on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs).Comments can be sent by clicking on the ‘input’ button on the consultation page of one of the ESA’s websites. Please note that the deadline for the submission of comments is 17 February 2015. Comments submitted after this deadline, or submitted via other means may not be processed. It is important to note that although you may not be able to respond to each and every question, the ESAs would encourage partial responses from stakeholders on those questions that they believe are most relevant to them.Publication of responsesAll contributions received will be published following the close of the consultation, unless you request otherwise in the consultation form. A confidential response may be requested from us in accordance with the ESA’s rules on public access to documents.1 We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by the Board of Appeal of the ESA’s and the European Ombudsman.Data protectionInformation on data protection can be found at the different ESA’s websites under the heading ‘Legal notice'
23/12/2014 JC/DP/2014/01 Discussion Paper- The Use of Credit Ratings by Financial Intermediaries Article 5(a) of the CRA Regulation , Consultation Paper PDF
538.9 KB
06/11/2013 JC-CP-2013-03 Draft guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors Consultation Paper PDF
192.58 KB
Reasons for publication Consumers in the EU can purchase, and firms can offer, financial services and products in the investment, banking and insurance sectors across the EU Single Market. In order to increase market confidence of all participants, the Joint Committee of the three European Supervisory Authorities (ESAs) is seeking to develop a harmonised approach to handling complaints. The three ESAs are doing so through guidelines that, once adopted, will apply equally across all 28 Member States and will be the same for all three sectors of financial services. To that end, ESMA and the EBA have developed guidelines for the investment and banking sectors that build on the existing complaints-handling guidelines established by EIOPA for the insurance sector. The objective is to allow EU consumers to refer to a single set of complaints-handling arrangements, irrespective of the type of product or service or the geographical location of the firm in question. This, in turn, will also allow firms to streamline and standardise their complaints-handling arrangements, and national regulators to supervise the same requirements across all sectors of financial services. ESMA and the EBA expect to publish the final guidelines in Q1 2014.   Consultation process Comments should be sent to ESMA and the EBA by e-mail to sarah.raisin@esma.europa.eu and joint-committee@eba.europa.eu. Please note that the deadline for the submission of comments is 7 February 2014. All contributions received will be published following the close of the consultation, unless requested otherwise.
24/07/2014 CP/2014/04 Draft Regulatory Technical Standards on risk concentration and intra-group transactions under Article 21a (1a) of the Financial Conglomerates Directive Consultation Paper PDF
324.25 KB
Please send your comments to the EBA and EIOPA using the following links: Respond to the EBA. Respond to EIOPA. The consultation period closes on 24 October 2014.
26/09/2017 ESMA71-99-599 EBA and ESMA provide guidance to assess the suitability of management body members and key function holders , , , Press Release PDF
243.97 KB

The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published their joint Guidelines to assess the suitability of members of management bodies and key function holders.

14/05/2012 JC/CP/2012/01 EBA, EIOPA and ESMA’s Joint Consultation Paper on its proposed response to the Commission’s Review of the Financial Conglomerates Directive Consultation Paper PDF
590.22 KB
24/07/2014 2014/61 EBA, ESMA and EIOPA consult on technical standards for financial conglomerates risk concentration and intra-group transactions , Press Release PDF
79.27 KB
The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) launched today a consultation on draft Regulatory Technical Standards (RTS) on risk concentration and intra-group transactions within financial conglomerates. The technical standards aim at enhancing supervisory consistency in the application of the Financial Conglomerates Directive (FICOD). The consultation runs until 24 October 2014. The objective of the draft RTS is to clarify which risk concentrations and intra-group transactions within a financial conglomerate should be considered as significant. In addition, the RTS provide some supervisory measures for coordinators and other relevant competent authorities when identifying types of significant risk concentration and intra-group transactions, their associated thresholds and reports, where appropriate. The consultation paper is available on the websites of the three ESAs: EBA, ESMA and EIOPA. Comments to this consultation paper can be sent to the Joint Committee. Legal background The three ESAs have developed these RTS in accordance with Article 21a (1a) of Directive 2002/87/EC (FICOD), which mandates the three ESAs, through the Joint Committee, to develop RTS to clarify the definitions on risk concentration and intra-group transactions provided in Article 2 of the FICOD and to coordinate the provisions laid down in Articles 7 and 8 and Annex II.
14/04/2014 JC/CP/2014/03 EBA, ESMA and EIOPA consultation paper on draft technical standards under EMIR Consultation Paper PDF
1.11 MB
 
11/04/2012 JC/2012/30 EBA, ESMA and EIOPA publish two reports on Money Laundering , Press Release PDF
69.92 KB
23/04/2020 JC 2020 41 ESAs consult on Environmental, Social and Governance disclosure rules , Press Release PDF
131.43 KB
11/11/2015 JC/2015/078 ESAs consult on PRIIPs key information for retail investors , , Press Release PDF
120.45 KB
31/08/2012 JC/2012/70 ESAs consult on the application of the capital calculation methods for financial conglomerates , Press Release PDF
175.07 KB
04/12/2015 JC/2015/087 ESAs issue discussion paper on automation in financial advice , Press Release PDF
95.61 KB
05/05/2015 JC/2015/02 ESAs- main risks to EU financial market stability have intensified , , 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.