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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 Reference PDF
1.01 MB
01/12/2016 RD 2016/04 ESMA Risk Dashboard No. 4 2016 Reference PDF
848.82 KB
30/03/2022 MoU USA - SEC Memorandum of Understanding Related to ESMA’s Assessment of Compliance and Monitoring of the Ongoing Compliance with Recognition Conditions by Certain Clearing Agencies Established in the United States Reference PDF
257.43 KB
30/03/2022 MoU USA - CFTC Supplemental Arrangement Supplemental Arrangement to 2016 Memorandum of Understanding Related to ESMA’s Assessment of Compliance and Monitoring of the Ongoing Compliance with Recognition Conditions by Derivatives Clearing Organizations Established in the United States Reference PDF
177.18 KB
30/03/2022 MoU Switzerland Memorandum of Understanding Related to ESMA's Monitoring of the Ongoing Compliance with Recognition Conditions by CCPs Established in Switzerland Reference PDF
270.19 KB
30/03/2022 MoU Singapore Memorandum of Understanding between ESMA and MAS Related to Central Counterparties Established in Singapore Reference PDF
184.8 KB
30/03/2022 MoU New Zeleand Memorandum of Understanding between ESMA, the Reserve Bank of New Zealand and the Financial Markets Authority Related to CCPs Established in New Zealand Reference PDF
200.23 KB
30/03/2022 MoU Mexico Memorandum of Understanding between European Securities and Markets Authority (ESMA)and theNational Banking and Securities Commission(CNBV) Related toCCPs Established in Mexico Reference PDF
245.3 KB
30/03/2022 MoU Korea Memorandum of Understanding between ESMA and the FSC/FSS Related to CCPs Established in the Republic of Korea Reference PDF
187.51 KB
30/03/2022 MoU Japan - MAFF/METI Memorandum of Cooperation between the European Securities and Markets Authority, and Ministry of Agriculture, Forestry and Fisheries of Japan and Ministry of Economy, Trade and Industry of Japan Related to CCPs Established in Japan Reference PDF
302.44 KB
30/03/2022 MoU Japan - JFSA Memorandum of Cooperation between the European Securities and Markets Authority and Financial Services Agency of Japan Related to CCPs Established in Japan Reference PDF
202.05 KB
30/03/2022 MoU Hong Kong Memorandum of Understanding between ESMA and the Securities and Futures Commission Related to CCPs Established in Hong Kong Reference PDF
199.25 KB
31/03/2022 MoU for the United Arab Emirates Memorandum of Understanding Related to ESMA’s Monitoring of the Ongoing Compliance with Recognition Conditions by CCPs established in the United Arab Emirates and supervised by the Securities and Commodities Authority Reference PDF
240.18 KB
30/03/2022 MoU Dubai Memorandum of Understanding Related to ESMA’s Monitoring of the Ongoing Compliance with Recognition Conditions by CCPs established in the Dubai International Financial Centre Reference PDF
243.06 KB
30/03/2022 MoU Canada - Quebec, Ontario Memorandum of Understanding between ESMA, the Ontario Securities Commission and the Autorité des marchés financiers of Québec; Related to Central Counterparties Established in Ontario and Québec – Canada Reference PDF
260.67 KB
30/03/2022 MoU Canada - Alberta Memorandum of Understanding between ESMA and ASC- CCPs established in the province of Alberta Reference PDF
895.8 KB
30/03/2022 MoU Brasil Memorandum of Understanding between ESMA and Banco Central do Brasil and Comissão de Valores Mobiliários related to CCPs Established in Brazil Reference PDF
546.44 KB
30/03/2022 MoU Australia Memorandum of Understanding between RBA, ASIC and ESMA Reference PDF
371.26 KB
24/06/2021 Joint Statement LIBOR Joint Public Statement USD LIBOR Statement PDF
300.8 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.

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