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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
29/07/2013 JC 2013/01 Final Draft Regulatory Technical Standards Technical Standards PDF
1.17 MB
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
19/08/2013 OJ/06/08/2013 Travel Agency Services (New deadline for submission: 30/09/2013) CLOSED Procedure PDF
688.3 KB
Tender specifications Invitation letter Annex I Model contract Contract notice 2013/S 158-275078 Annex VII Financial proposal Annex X Questionnaire of professional capacities Annex XI Technical proposal Annex XII Mission Guide (ESMA) Annex XIII Mission Guide (EIOPA) Annex XIV Hotels ceilings Annex XVI Quality feedback form Q&A List 1 Q&A List 2 eNotices Corrigendum-2013-122902–F14-EN
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
02/10/2013 JC/2013/051 Joint Committee of the ESAs’ 2014 Work Programme Reference PDF
90.99 KB
The Joint Committee of the European Supervisory Authorities (EBA, ESMA, EIOPA) publishes today its Work Programme for next year. Throughout 2014, the Joint Committee will give high priority to the areas of Consumer Protection and Cross-Sectoral Risk Analysis, as in the current year. The Joint Committee will also bring forward its regulatory work already underway in key areas such as Financial Conglomerates, Anti-Money Laundering, Benchmark setting processes and Credit Rating Agencies. Furthermore, the Joint Committee will keep on monitoring closely legislative and regulatory developments both at the European and international level, so as to ensure appropriate and timely follow-up, including in relation to Systemically Important Financial Institutions (SIFIs).
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.
16/10/2013 2013/LCC/039 ESMA Specific Privacy Notice – Public procurement , Reference PDF
119.46 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.
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.
08/11/2013 JC-2013-72 Preliminary report on anti-money laundering and counter financing of terrorism Risk Based Supervision Final Report PDF
636.21 KB
13/11/2013 2013/1561 Review of the European System on Financial Supervision (ESFS) Letter PDF
141.48 KB
18/11/2013 OJ/06/11/2013-PROC/2013/007 Training services for ESMA (Deadline for submission: [UPDATED] new deadline 27/01/2014) CLOSED Procedure PDF
763.67 KB
Tender: Training services for ESMA New Deadline for submission: 27/01/2014 Invitation to tender (be updated deadline is 27/01/2014) Framework Service Contract with ESMA Contract notice Corrigendum – Change of Deadline Questions and Answers 1 Questions and Answers 2
25/11/2013 2013/1709 Review Panel Methodology Reference PDF
98.29 KB
28/11/2013 JC 2013/77 Joint Position of the European Supervisory Authorities on Manufacturers’ Product Oversight & Governance Processes Final Report PDF
210.59 KB
The Joint Committee of the three European Supervisory Authorities published today eight principles applicable to the oversight and governance processes of financial products. These principles cover in particular the responsibilities of manufacturers and producers in setting up processes, functions and strategies for designing and marketing financial products, as well as at reviewing the products’ life cycle. The Joint Position of the European Supervisory Authorities (ESAs) highlights in particular that the design of financial products and services poses risks to consumers when the target market is not correctly identified. These risks can also arise when the objectives and characteristics of the target market are not duly taken into account in the marketing of products to consumers. These issues have previously arisen at EU level across the three sectors of banking, insurance and securities.The eight high level principles developed by the three ESAs in their Joint Position stress the importance of the controls that manufacturers should put in place before launching their products, thus discouraging products and services that may cause consumer detriment from entering the market and thus ultimately enhancing consumers’ confidence in financial markets.The Joint Position is not directly addressed to market participants and competent authorities but it will provide a high-level, consistent basis for the development of more detailed principles addressed to manufactures by each ESA in the respective sectors. The Joint position is therefore without prejudice to any work that is being developed by each ESA, including in the context of the review of sectoral Directives.
09/12/2013 OJ/25/11/2013-PROC/2013/008 Economic and Financial Databases (Deadline for submission: [UPDATED] new deadline 20/02/2014) CLOSED Procedure PDF
228.75 KB
Tender: Economic and Financial Databases Tender Specifications (UPDATED DEADLINE and LOT 10 UPDATED) Annex I Draft Framework Service Contract with ESMA Contract notice Ref. 2013/S 236-409027 Invitation to tender (be updated deadline is 20/02/2014) Annex X Corrigendum – Change of Deadline Questions and Answers 1 Questions and Answers 2 Questions and Answers 3 – NEW INFO LOT 10 Questions and Answers 4 Draft Service Quality Plan
17/12/2013 OJ/05/12/2013-PROC/2013/009 Consultancy Services (Deadline for submission: [UPDATED] new deadline 20/02/2014) CLOSED Procedure PDF
597.92 KB
Consultancy – Invitation Letter (new deadline 20/02/2014) Tender Specifications (updated with track changes and new deadline) Consultancy Annex I Consultancy Annex VII Consultancy Annex X (updated with track changes) Consultancy Annex XII Consultancy Annex XIII (updated with track changes) Consultancy Questions and Answers 1 (Deadline updated) Consultancy Questions and Answers 2 (Deadline updated) Consultancy Questions and Answers 3 Consultancy Questions and Answers 4 Corrigendum to Contract Notice (Deadline Extension)
18/12/2013 ESA/2013/035 Joint Opinion-Review on the functioning of the European Systemic Risk Board (ESRB) Opinion PDF
142.63 KB
Joint Opinion-Review on the functioning of the European Systemic Risk Board (ESRB)
13/01/2014 BoA 2013-014 Board of Appeal Decision Global Private Rating Company v. ESMA , Decision PDF
361.96 KB
Board of Appeal of the European Supervisory Authorities dismisses appeal made by a refused CRA-applicant against ESMA On 10 January 2014, the Board of Appeal of the European Supervisory Authorities handed down its decision on an appeal by the appellant, Global Private Rating Company “Standard Rating” Ltd, against the refusal by the European Securities and Markets Authority (ESMA) to register it as a credit rating agency. This is the first appeal against a decision by ESMA refusing an applicant registration as a credit rating agency. The Board of Appeal unanimously decided that the appeal should be dismissed, and that ESMA’s refusal decision should be confirmed. It stated that it accepted the appellant’s point that the registration of a credit rating agency by ESMA is a new process, and recognised that the procedures will to an extent take time fully to work out. Nevertheless, because of the responsibilities placed on credit rating agencies and their importance in the financial system generally, it considered that the onus must be on an applicant to satisfy ESMA that the relevant requirements are met. The application and its contents must be very clear, and it is not ESMA’s responsibility as regulator to remedy deficiencies.