04 August 2020

ESMA: Summary of conclusions Board of Supervisors conference call - 7 July 2020

Oral Report by Chair and Executive Director

Information
The Chair reported on
⎯ A letter received from the European Commission requesting ESMA to carry out a fact-finding analysis of the events leading to the collapse of Wirecard AG and of the supervisory response to these events;
⎯ His upcoming meeting with Valdis Dombrovskis, European Commission Executive Vice-President, to discuss, amongst other things, the European Commission’s work in relation to the Capital Markets Union initiative;
⎯ His interactions with Members of the European Parliament, in particular in relation to the set-up of the CCP Supervisory Committee;
⎯ The activities of the Joint Committee, in particular its 2021 work programme and the Final Report on the PRIIPs Regulatory Technical Standards presented to the Board of Supervisors for adoption by written procedure;
⎯ The activities of the Market Integrity Standing Committee (MISC) on MAR transparency and interactions with the prudential supervisory framework;
⎯ The activities of the European Systemic Risk Board (ESRB), in particular on (i) the General Board’s discussion on the procyclical impact of downgrades of bonds on markets and entities across the financial system and (ii) the ESRB Recommendation and report on liquidity risks arising from margin calls;
The activities of the International Organization for Securities Commissions (IOSCO), in particular the project analysing government support measures and their impact on credit rating methodologies; and
⎯ The first meeting of the Securities and Markets Stakeholder Group (SMSG) in its new composition planned for 9 July 2020.

The Executive Director reported on

⎯ The recent meeting of the Financial Services Committee, in particular (i) the discussions and updates regarding risk assessments and measures taken in relation to the COVID-19 crisis and (ii) the update on sustainable finance;
⎯ The fact that ESMA is looking into the recommendations to the European Banking Authority (EBA) from the EU Ombudsman on post-employment restrictions and the letter received from a Member of the European Parliament in that respect;
⎯ The impact of the COVID19-pandemic on ESMA’s activities, in particular the gradual return to the office by ESMA staff; and
⎯ The increased cyber-attacks targeting EU Institutions and bodies, including ESMA.

Elisabeth Roegele (DE) presented the priorities for the German presidency of the Council of the European Union.

The European Commission representative updated the Board on
⎯ The outcome of the discussion between the EU Institutions on the CCP recovery and resolution proposal; and
⎯ The ongoing work in relation to the review of MIFID II.

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