European Supervisory Authorities Publish Joint 2020 Work Programme
10/02/2019The Joint Committee of the European Supervisory Authorities has published its 2020 work program, outlining revisions to the Joint Committee’s scope of work and the matters it will focus on in 2020. The Joint Committee consists of representatives from the European Banking Authority, the European Insurance and Occupational Pensions Authority, the European Securities and Markets Authority, the European Commission and the European Systemic Risk Board. The ESAs (namely, the EBA, EIOPA and ESMA) work together to ensure supervisory convergence. The Joint Committee focuses on the risks to financial stability and cross-sectoral developments in the EU financial system. Greater emphasis will be placed on cybersecurity and protection issues for retail financial services, depositors, consumers and investors. Responsibility for anti-money laundering matters will be transferred to the EBA. Particular areas of focus include:
- Promotion by the ESAs of coordinated innovation in the EU financial sector through the European Forum for Innovation Facilitators, the EU’s initiative to support FinTech in the region;
- A review of the Packaged Retail and Institutional Investment Products Regulation, with the potential for publication of secondary legislation and Q&As;
- Secondary legislation under the proposed Sustainability-related Financial Disclosures Regulation; and
- Submission of a semi-annual Joint Report on the key trends and vulnerabilities for financial stability, to be submitted to the European Council’s Economic and Financial Committee’s Financial Stability Table in the spring and autumn meetings.
View the Joint Committee's 2020 work program.
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