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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
30/11/2021 SFDR EC Q&A CORRECTION EC Q&A on sustainability-related disclosures- correction , Q&A PDF
87.19 KB
26/07/2021 SFDR EC Q&A EC Q&A on sustainability-related disclosures , Q&A PDF
601.99 KB
25/05/2022 Joint Committee SFDR Q&As Questions related to Regulation (EU) 2019/2088 on SFDR , Q&A PDF
794.9 KB
25/05/2022 Joint Committe Q&As EC letter Letter from the European Commission on Questions and Answers pursuant to article 16b(5) of Regulation (EU) No 1095/2010 , Letter PDF
218.06 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.
13/05/2022 JC 2022 26 SFDR queries forwarded to the Commission , Q&A PDF
132.33 KB
17/05/2021 JC 2021 31 PR Press Release_ESAs’ report on the implementation and functioning of the securitisation regulation , Press Release PDF
125.8 KB
17/12/2021 JC 2021 19 Joint Committee Q&As relating to the Securitisation Regulation Q&A PDF
337.6 KB
14/01/2021 JC 2021 02 Letter to EU Commission on priority issues relating to SFDR application , Letter PDF
210.03 KB
23/04/2020 JC 2020 41 ESAs consult on Environmental, Social and Governance disclosure rules , Press Release PDF
131.43 KB
12/12/2012 JC 2012/115 Joint ESA letter to the IASB regarding its request for information on its comprehensive review of IFRS for SMEs Letter PDF
44.65 KB
18/12/2018 fisma.01/РР/ rv/ (2018) 6771757 European Commission letter to ESMA on draft RTS and ITS securitisation disclosures Letter PDF
139.27 KB
On Friday 14 December 2018, the European Securities and Markets Authority (ESMA) received a letter from the European Commission regarding the draft regulatory and implementing technical standards on securitisation disclosures submitted by ESMA on 22 August 2018.
 
The letter states that the Commission intends to endorse those draft regulatory and implementing technical standards only once certain amendments are introduced.
29/11/2021 FISMA 25/11/2021 Letter from the EU Commission to EP and Council- SFDR RTS , Letter PDF
197.19 KB
23/07/2021 FISMA 08/07/2021 Letter from the EU Commission to EP and Council- SFDR , Letter PDF
288.48 KB
27/06/2022 ESMA80-416-347 ESMA Letter on ESG Ratings Call for Evidence Letter PDF
461.13 KB
25/01/2022 ESMA80-416-220 Letter to Co-Legislators on Regulation for European Green Bonds Letter PDF
83.3 KB
13/04/2021 ESMA80-195-858 ESMA response to ESRB letter on procyclicality of credit ratings Letter PDF
180.39 KB
15/03/2018 ESMA71-99-961 ESMA registers SPMW Rating Sp. z o.o. as a CRA , Press Release PDF
163.69 KB
03/04/2018 ESMA71-99-958 ESMA continues to focus on convergence in enforcement of IFRS across the EU , , Press Release PDF
154.53 KB
08/02/2018 ESMA71-99-938 ESMA publishes 2018 Work Programme for CRAs, trade repositories and third country CCPs Press Release PDF
159.43 KB

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