The Joint Committee of the European Supervisory Authorities(ESA), comprised of the European Securities and Market Authority, the European Banking Authority and the EIOPA, has published its 2016 Work Programme. The ESA has identified three key areas of focus for 2016, namely: (i) consumer protection and financial innovation – focusing on the development of technical standards for disclosure in packaged Retail Investment Products, the risk of automation in financial advice, supervisory convergence in investor protection and managing the use of “big data”; (ii) cross-sectoral risk analysis and assessment; and (iii) regulatory work, which will include work monitoring developments in the EU securitisation market, developing anti-money laundering guidelines as mandated under EU legislation and guidelines for the supplementary supervision of financial conglomerates.
The ESA will seek to identify and benefit from synergies across their functions and work closely in relation to common processes and procedures, including financial reporting issues.
Finally, the ESA caution that the timing of delivery and scope of certain workstreams may be impacted by resourcing difficulties.
A link to the Joint Committee 2016 Work Programme is here.