01 October 2021

2022 Work Programme of the Joint Committee of the European Supervisory Authorities

The three ESAs regularly coordinate through the Joint Committee their activities within the scope of their respective responsibilities to ensure consistency in their practices. They further exchange information and best practices among themselves and with the ESRB.

1. Through the Joint Committee of the European Supervisory Authorities (the ESAs) the three ESAs,
namely the European Banking Authority (EBA), the European Insurance and Occupational
Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), liaise very
closely and on a regular basis with the aim to strengthening cooperation among each other. The
European Commission and the European Systemic Risk Board (ESRB) also participate in the Joint
Committee.

2. To foster cross sectoral consistency, as well as supervisory convergence, the ESAs coordinate
closely in line with their institutional role. The three ESAs regularly coordinate through the Joint
Committee their activities within the scope of their respective responsibilities to ensure consistency
in their practices. They further exchange information and best practices among themselves and
with the ESRB.

3. In the context of the COVID-19 pandemic and its economic impact and the enduring challenges for
market participants and consumers, the Joint Committee will closely monitor and assess emerging
key cross-sectoral risks and vulnerabilities for the financial stability. The Joint Committee will
publish its bi-annual cross-sectoral Risk Reports, which will be submitted and presented to the
Financial Stability Table of the Economic and Financial Committee (EFC-FST) in spring and autumn
2022. With regards to the impact of COVID-19, the Joint Committee will discuss potential additional
regulatory and supervisory joint responses to mitigate risks, to support the financial sector’s
resilience and to contribute to a sustainable economic recovery. The Joint Committee, will continue
to take a forward looking approach to explore and monitor potential emerging risks for financial
markets participants and the financial system as a whole.

4. The Joint Committee work will continue to focus in particular on the area of consumer and investor
protection, retail financial services, retail investment products and prudential analysis of cross-
sectoral developments, risks and vulnerabilities for financial stability, cybersecurity, financial
conglomerates and prudential consolidation, as well as accounting and auditing.

5. In the area of the new Green Deal and the Sustainable Finance strategy, the Joint Committee will
develop a number of draft technical standards under the Sustainable Finance Disclosure
Regulation (SFDR). Furthermore, subject to the result of the revision of the Non-Financial Reporting
Directive (NFRD), the ESAs will contribute to the development of disclosure standards for non-
financial information 1 . The ESAs will continue their work on artificial intelligence and use of
behavioural finance findings for supervisory purposes.

6. The Joint Committee will increase its efforts in the area of the European Commission’s Digital
Finance Package, including the legislative proposals on Digital Operational Resilience (DORA). A
special emphasis will also be on monitoring and analysing technological innovations, including
Suptech, The focus will be on the implementation of the expected mandates that will stem from the
Digital Finance Package. A first example is represented by the request to EBA, EIOPA and ESMA
for technical advice on digital finance and related issues to be delivered by January 2022.

7. With the United Kingdom’s withdrawal from the EU, the Single Market and the Customs Union, the
UK became a third country with broad consequences for financial institutions and customers. The
Joint Committee will continue to monitor the impact of that decision and serve as a forum to discuss
and coordinate any cross-sectoral issue impacting investor protection, EU market integrity and
financial stability.

8. Through the European Forum for Innovation Facilitators (EFIF), the Joint Committee will further
promote coordination and cooperation among national innovation facilitators to foster the scaling
up of innovation in the financial sector across the EU in line with the Commission FinTech Action
Plan.

9. The Joint Committee will also address other cross-sectoral matters such as the cross-sectoral
mandates and questions (Q&As) stemming from for example the PRIIPs, SFDR, and the
Securitisation Regulation.

10. Furthermore, through the Joint Committee, the ESAs will continue to fulfil their mandate on the
mapping and monitoring of on external credit assessment institutions (ECAIs) under the Capital
Requirements Regulation and Solvency II.

11. In the area of Financial Conglomerates, the Joint Committee will publish the annual list of
financial conglomerates and work on specific conglomerate’s reporting templates

More at ESMA

© ESMA