02 October 2013

2014 Work Programme of the Joint Committee of the ESAs

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).

Consumer Protection

In 2014, the ESAs will continue to ensure through the Joint Committee that Consumer Protection is a high priority. The work on Consumer Protection will focus on the following objectives listed according to their priority:

• PRIPs
• Complaints-handling
• Self placement:
• Cross-selling
• Commercial comparison websites

Risk Assessment

Cross-sectoral risk analysis and assessment will continue to be one of the main areas of focus for the

Joint Committee in 2014. The ESAs will continue to develop suitable indicators for cross-sectoral financial risks, and to enhance their analytical approaches. In addition, the ESAs remain committed to enhance their risk reporting through the ESAs’ Risk Dashboards, whose presentational consistency, scope, and analytical granularity will be further developed and harmonised. The ESAs will improve their intelligence on household finance and the way they manage their assets and liabilities, with specific information on such issues as financial consumer investments and risk appetite. The ESAs will also develop further their work launched on analysing interactions and possible unintended consequences between the core financial regulatory frameworks in the EU, i.e. Solvency II, the Capital Requirements Regulation/Capital Requirements Directive IV, and the proposed Recovery and Resolution Directive.

Regulatory work

Regulatory work will focus on:

• Financial Conglomerates
• Anti-Money Laundering (AML)
• European Market Infrastructures Regulation
• Credit ratings and External Credit Assessment Institutions (ECAI)
• Benchmark setting processes
• Impact Assessment Network

Supervisory Practice

The ESAs will work together on the joint ESAs’ cross-sectoral Training Programme. The Joint Committee’s Sub-Committee on Financial Conglomerates will continue to monitor college discussions in relation to the FICOD requirements and any implications from the developments under way at the global level under the aegis of the Financial Stability Board (FSB), Basel Committee on Banking Supervision (BCBS), International Organisation of Securities Commissions (IOSCO) and International Association of Insurance Supervisors (IAIS) on Systemically Important Financial Institutions (SIFIs), and will exchange experience and analysis gained in this regard so far.

Common Processes and Procedures and other tasks

With the aim to contribute to fostering supervisory convergence and a common supervisory culture in the EU, the ESAs will cooperate closely to ensure cross-sectoral consistency in line with their institutional role. They will continue to provide operational and secretarial support to the Board of Appeal.

Work Programme 2014

© EIOPA