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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
03/11/2011 JC 2011/094 Press release- ESMA, EBA and EIOPA appoint members of Joint Board of Appeal , , Press Release PDF
24.72 KB
06/03/2012 JC/DP/2012/1 Joint Discussion Paper on Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a CCP under the Regulation on OTC derivatives, CCPs and Trade Repositories Consultation Paper PDF
402.37 KB
EBA, EIOPA and ESMA (the ESAs) invite market participants and all interested stakeholders to provide their feedback on planned regulatory technical standards covering risk mitigation techniques for OTC derivatives not cleared by central counterparties. The EMIR Regulation (“the Regulation”) on OTC Derivatives, CCPs and trade repositories introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs). The Regulation acknowledges that not all OTC derivatives would meet the necessary requirements to be centrally cleared. For this reason, it introduces provisions on risk mitigation techniques for OTC derivatives not cleared by a CCP.
11/04/2012 JC/2011/96 EBA, ESMA and EIOPA’s Report on the legal, regulatory and supervisory implementation across EU Member States in relation to the Beneficial Owners Customer Due Diligence requirements under the Third Money Laundering Directive [2005/60/EC] Final Report PDF
552.11 KB
11/04/2012 JC/2011/97 EBA, ESMA and EIOPA’s Report on the legal and regulatory provisions and supervisory expectations across EU Member States of Simplified Due Diligence requirements where the customers are credit and financial institutions under the Third Money Laundering Di Final Report PDF
476.47 KB
11/04/2012 JC/2012/30 EBA, ESMA and EIOPA publish two reports on Money Laundering , Press Release PDF
69.92 KB
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
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
31/08/2012 JC/CP/2012/02 Joint consultation paper on Draft Regulatory Technical Standards on the uniform conditions of application of the calculation methods under Article 6.2 of the Financial Conglomerates Directive Consultation Paper PDF
769.24 KB
Please send your comments to the EBA, EIOPA and ESMA by email to joint-committee@eba.europa.eu, jointcommittee@eiopa.europa.eu and joint.committee@esma.europa.eu by 05.10.2012, indicating the reference ‘JC CP 2012 02’ in the subject field. Please note that comments submitted after the deadline, or sent to another e-mail address will not be processed.
24/10/2012 JC/CP/2012/01 Responses Responses to the Joint CP on Financial Conglomerates Consultation Paper PDF
183.7 KB
25/10/2012 JC/CP/2012/02 Responses Responses to the second Joint CP on Financial Conglomerates Consultation Paper ZIP
4.54 MB
07/12/2012 JC/2012/86 ESA report on the application of AML/CTF obligations to, and the AML/CTF supervision of e-money issuers, agents and distributors in Europe. Final Report PDF
476.42 KB
12/04/2013 JC 2013-010 Joint Committee report on risks and vulnerabilities in the EU financial system, March 2013 Final Report PDF
694.8 KB
The Joint Committee of the European Supervisory Authorities (Joint Committee) has published today its first Report on Risks and Vulnerabilities in the European Union’s (EU) Financial System. The European financial system faces a range of risks and challenges: 1. Risks from the weak macroeconomic outlook for the financial health of real-economy and sovereign borrowers, and consequently for financial institutions’ asset quality and profitability; 2. Risks of a prolonged period of low interest rates impacting insurers and pension funds, increasing search for yield behaviour and facilitating widespread forbearance by banks; 3. Risks of further fragmentation of the single market in financial services due to evidences of national retrenchment, home bias, reduced cross-border activity and clustering of markets; 4. Risks from increased reliance on collateral in financial transactions; 5. Risks to confidence in financial institutions balance sheet valuations and risk disclosures; and 6. Risks of loss of confidence in financial market benchmarks. These risks, although presented individually in this report, are highly interlinked and require a concerted response by policy makers both at the political level and from the European System of Financial Supervision including the European Supervisory Authorities (ESAs). Suggested policy actions to restore the confidence in the financial system are presented at the end of some described risks. The challenge facing policy makers is nothing less than to restore the confidence and trust in the financial system that has been eroded during recent years’ financial crises.
12/04/2013 2013-04-12 JC Report on Risks and Vulnerabilities in the European Union’s (EU) Financial System Press Release PDF
195.24 KB
  The Joint Committee of the European Supervisory Authorities (Joint Committee) has published today its first Report on Risks and Vulnerabilities in the European Union’s (EU) Financial System. Joint Committee of the European Supervisory Authorities calls for action on cross-sectoral risks. • First report by the Joint Committee of the European Supervisory Authorities (ESAs) on cross-sectoral risks facing the EU financial system; • Key risks facing EU financial markets include weak macroeconomic outlook; low interest rate environment; risk of further fragmentation on the single market; increased reliance on collateral; the quality of financial institutions’ assets; lack of confidence in financial institutions’ balance sheet valuations and risk disclosure; loss of confidence in financial benchmarks; • The ESAs have closely monitored the situation in Cyprus as it has developed. The events will lead to losses throughout the financial sector in Cyprus. However, the risks of direct international contagion seem to be limited.
29/07/2013 JC 2013/02 Joint Committee Draft Regulatory Technical Standards Press Release PDF
64.35 KB
EBA, EIOPA and ESMA publish RTS on the consistent application of calculation methods under the Financial Conglomerates Directive The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA) has published its draft Regulatory Technical Standards (RTS) on the consistent application of the calculation methods described in the Financial Conglomerates Directive (FICOD) covering the assessment of the financial situation of credit institutions, insurance undertakings and investment firms which are part of a financial conglomerate. These RTS define the appropriate application of calculation methods for the determination of required capital at the financial conglomerate level. Their underlying principles are to eliminate multiple gearing and intra-group creation of own funds, transferability and availability of own funds and to cover deficit at financial conglomerate level having regard to definition of cross-sector capital. Based on the technical calculation methods provided in the FICOD, the RTS aim at harmonising the use of the calculation methods, by applying these principles and specifying which sectoral rules comprise sectoral own funds and solvency requirements in order to ensure a consistent approach in the calculations is applied across different financial conglomerates.   Legal basis These draft regulatory technical standards (RTS) have been developed in accordance with the mandate contained in Article 49(6) of the Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 (Capital Requirements Regulation or CRR) and Article 150 of Directive 2013/36/EU (Capital Requirements Directive or CRD IV) of the European Parliament and of the Council of 26 June 2013 (amending Article 21a of the Directive 2002/87/EC). These Articles provide that the ESAs, through the Joint Committee, shall develop draft Regulatory Technical Standards (RTS) with regard to the conditions of the application of Article 6(2) of Directive 2002/87/EC.   The 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 European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA), collectively known as the three European Supervisory Authorities (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.   Documents Press Release JC 2013/02 Draft Regulatory Technical Standards JC 2013/01
05/09/2013 JC 2013/050 Joint Committee report on risks and vulnerabilities in the EU financial system, August 2013 Final Report PDF
793.91 KB
05/09/2013 2013-09-03 Joint Committee Report on Risks and Vulnerabilities Press Release PDF
179.21 KB
08/10/2013 JC 2013/055 Identification of Financial Conglomerates Final Report PDF
268.59 KB
The Joint Committee publishes the 2013 List of Identified Financial Conglomerates. The latest version of the list shows 75 financial conglomerates with the head of group in an EU/EEA country, one with the head of group in Australia, two with the head of the group in Switzerland, and two with the head of group in the United States.
08/10/2013 JC 2013/056 Explanation of Changes in Compilation of Data Final Report PDF
93.28 KB
The Joint Committee publishes the 2013 List of Identified Financial Conglomerates. The latest version of the list shows 75 financial conglomerates with the head of group in an EU/EEA country, one with the head of group in Australia, two with the head of the group in Switzerland, and two with the head of group in the United States.
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.
07/11/2013 JC CP 2013 02 Joint Consultation Paper On Mechanistic references to credit ratings in the ESAs’ guidelines and recommendations Consultation Paper PDF
347.81 KB
The Joint Committee of the European Supervisory Authorities (EBA, ESMA and EIOPA - ESAs) is launching today a one-month public consultation on the removal of mechanistic references to credit ratings in their guidelines and on the definition of sole and mechanistic reliance on such ratings. The term “sole and mechanistic reliance on credit ratings” is mentioned in Article 5b(1) of the European Regulation on Credit Rating Agencies (Regulation (EU) No 462/2013). However, neither its formal definition nor explanations of its meaning are included in the document. In order to have a common approach towards this issue, the ESAs have developed a definition of “sole and mechanistic reliance”, and are consulting with market participants on whether this definition is clear and can be used in practice. The consultation paper contains: - a proposed definition for “sole or mechanistic reliance”, including examples; - the provisions in the three ESAs’ guidelines that are not to be defined as mechanistic; and - those provisions that are to be considered as mechanistic and therefore should be amended. The ESAs intend to refer to this definition in all their future guidelines, recommendations and draft technical standards where relevant. The current public consultation also contributes to the initiative of the Financial Stability Board to reduce the reliance on ratings. The consultation paper is available on the websites of the three ESAs: EBA, ESMA and EIOPA. The consultation will end at close of business on 5 December. Responses can be made here.

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