The Joint Committee of the European Supervisory Authorities issued its fifth report on its assessment of the EU financial system, and warned that “in the past six months, risks affecting the EU financial system have not change in substance, but have further intensified.” ESMA based its warning on its assessment of risks related to “broad macroeconomic conditions,” specifically low interest rates and the “search-for-yield behavior,” as well as political developments at EU and international levels. ESMA also expressed concern about (1) cost pressures at financial market entities reducing their potential willingness to maintain strong IT infrastructures and (2) cybersecurity risks. The Joint Committee consists of the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority.