ESMA, EIOPA and EBA: EU rule makers & indirect supervisors Antoine Van Cauwenberge Compliance Day 1 8.1 1 .20 1 9
Overview I. I. EU Institutio ns and Ag enc ies EU Institutio ns and Ag enc ies II. II. ESFS ESFS III. ESMA III. ESMA IV. EIOPA IV. PA V. V. EBA EBA VI. VI. ESA SAs s Rev Review ew No te: V No te: View iews s expres xpressed sed ar are per e perso nal vi so nal views 1 8.1 1 .20 1 9 Co m p lianc e Day 2
I. EU INSTITUTIONS & AGENCIES EU Agencies ESMA/ EBA/ EIOPA 1 8.1 1 .20 1 9 Co m p lianc e Day 3
II. EUROPEAN SYSTEM OF FINANCIAL SUPERVISION 1 8.1 1 .20 1 9 Co m p lianc e Day 4
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Mic ro -pru Mic r o -pruden enti tial su l supervis pervisio n io n Mac r Ma c ro -pru o -pruden dential s ial supe upervisio rvisio n Bank anking unio ng unio n ( n (Eur Euro zo o zo ne ne) - Single supervisio n mechanism Euro pean n Syst Systemic c Risk k Bo ard Information on (ESR (E SRB) B) systemic risks, - Single resolution mechanism warnings and General Bo ard Genera l Bo ard NBB BB recommendations ECB President and Vice-President Eur Euro pean pean Supervi Superviso so ry ry Aut Autho ho ri riti ties (ESA es (ESAs) s) • Governors of the national central banks • Jo int C Jo int Co mmitte o mmittee o f the ESAs e o f the ESAs Chairpersons of the ESAs (EBA, EIOPA • & ESMA) Euro pean Chair and two Vice-Chairs of the Insurance • Euro pean Advisory Scientific Committee and Euro pean Securities Chair of the Advisory Technical • Banking Occupatio and Co mmittee Autho rity nal Markets A member of the European • (EBA) Pensio ns Autho rity Commission Autho rity (ESMA) Me mbe Me mbe rs witho ut rs witho ut vo vo ting rig ting rights hts (EIOPA) One representative per Member State • of the national supervisory authority Information on President of the EFC Natio nal • Natio nal micro-prudential insurance market, developments Natio nal supervisors pro duct Steer teerin ing C g Co m o mmit mittee tee banking and and rules superviso rs pensio n of conduct fund Adviso ry Co mmi Advis o ry Co mmittee ttees superviso rs supervisors Sec retari Sec retariat at FSMA NBB NBB FSMA NBB NBB 1 8.1 1 .20 1 9 Co m p lianc e Day 6
III. ESMA Steven Maijoor Verena Ross 1 8.1 1 .20 1 9 Co m p lianc e Day 7
1. Mission ES ESMA MA’s missio n missio n 1 . Investor protection: to have the needs o f financial consumers better served and to reinforce their rights as investors while acknowledging their responsibilities; 2. Orderly markets: to promo te the integrity, transparency, efficiency and smooth functio ning o f financial markets, and ro bust market infrastructures; and 3. Financial stability: to strengthen the financial system in order to be capable of withstanding shocks ES ESMA MA’s m s main ain ac ac tiv tivities ities: 1 . Assessing risks to investors, markets and financial stability 2. Completing a single rulebook for EU financial markets 3. Promoting supervisory convergence 4. Directly supervising specific financial entities 1 8.1 1 .20 1 9 Co m p lianc e Day 8
2. Governance CCP Supervisory Committee 1 8.1 1 .20 1 9 Co m p lianc e Day 9
3. Standing Committees Co rporate Finance Supervisory Secondary Markets Standing Committee Convergence Standing Standing Committee Benoit de Juvigny Co mmittee Elisabeth Roegele João Sousa Gião Investment Management Standing Co mmittee of Market Integrity Co mmittee Economic and Markets’ Standing Committee Gabriela Figueiredo Analysis Nicoletta Giusto Dias Carmine Di Noia Investor Protection and Post-Trading Standing Commodity Derivatives Intermediaries Standing Co mmittee Task Force Committee Ro bert Ophèle Elisabeth Roegele Merel van Vroomhoven Credit Rating Agencies Data Standing IT Governance and Technical Co mmittee Co mmittee Management Gro up Verena Ro ss Chr. Buttigieg Nicolas Vasse Corporate Reporting Financial Innovatio n Standing Committee Standing Committee Ana María Martínez- Jean-Paul Servais Pina García 1 8.1 1 .20 1 9 Co m p lianc e Day 1 0
4. Priorities 1 ) Supervisory Convergence 2) Assessing Risks – publication of annual statistical report series based on EMIR, AIFMD and MiFID II data; cooperation on risk analysis; Trends Risks Vulnerabilities reports; 3) Single Rulebook – implementation of the Capital Markets Union, Fintech and Sustainable Finance Action Plans, developing the rules under EMIR 2.2/ EMIR Refit and reviewing MIFID II/ MiFIR; 4) Ensuring effective direct supervision of credit rating agencies (CRA-28) & trade repositories (TR- 9). New responsibilities for the supervision of securitisation repo sitories, data service providers, third country central counterparties (CCPs), other third country firms in a number of areas & critical benchmarks (including mandatory contribution of panel banks) 1 8.1 1 .20 1 9 Co m p lianc e Day 1 1
5. Supervisory convergence (1/ 2) Guidelines (Co mply & explain),Q&As, o pinions • Peer reviews natio nal superviso ry practices • Binding mediation between NCAs • Common IT projects • Coordination groups • Role in colleges (CCPs, benchmarks); Coordinating third country MoUs • 1 8.1 1 .20 1 9 Co m p lianc e Day 1 2
5. Supervisory convergence (2/ 2) Mo nit Mo nito ring o ring the impac t o f Br the impac t o f Brexit o n supe xit o n superviso ry c rviso ry co n o nver erg enc g ence (Supervisory Coordination Network) Co o rdi o o rdinatio n/ natio n/ measure measures s o n o n CFDs a CFDs and binary o pt nd binary o ptio ns io ns (Pro duct intervention) MiFI MiFID II/ MiF D II/ MiFIR im IR implement plementat atio n io n Peer re Peer revie views a s and Fo llo nd Fo llow-ups -ups ( PR on EMIR Data Quality, FU on suitability) Enfo r Enfo rc e c ement Netwo rk ment Netwo rk (bringing together authorities’ enforcement specialists) Enhanc ement Enhanc ement o f the Int o f the Inter erac tiv ac tive Sing le Ruleb e Sing le Rulebo o k o o k (now also includes CRA Regulation, MiFID II / MiFIR) 1 8.1 1 .20 1 9 Co m p lianc e Day 1 3
IV. EIOPA Gabriel Fausto Parente Bernardino 1 8.1 1 .20 1 9 Co m p lianc e Day 1 4
1. EIOPA Strategic priorities Strengthen the protection of consumers (especially • Conduct of business supervision (IDD, PRIIPs)) Support the functioning of the EU internal market in the • field of pensions and insurance Strengthen the financial stability of the insurance and • occupational pensions sectors 1 8.1 1 .20 1 9 Co m p lianc e Day 1 5
2. EIOPA Focus areas The persistent low interest rate environment remains challenging for • insurers and pensio n funds: 2020 review o f So lvency II (evo lutio n rather than revo lutio n) Move from regulation to indirect supervision: increased focus on • cross-border cases by setting up dedicated platforms for the benefit of consumers. EIOPA has over the last year facilitated 1 1 platforms invo lving natio nal superviso ry authorities fro m several Member States. Fo r each platfo rm, EIOPA has provided co ncrete superviso ry recommendations to the home supervisor. Early intervention approach (product intervention for group of • products) Climate change • Digitalisation and cyber risk • CMU (demand side, e.g. PEPP) • 1 8.1 1 .20 1 9 Co m p lianc e Day 1 6
V. EBA José Manuel Campa 1 8.1 1 .20 1 9 Co m p lianc e Day 1 7
EBA Governance 1 8.1 1 .20 1 9 Co m p lianc e Day 1 8
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VI. ESAs REVIEW 1 8.1 1 .20 1 9 Co m p lianc e Day 20
1. Aims of the ESAs review (1/ 2) 1 8.1 1 .20 1 9 Co m p lianc e Day 21
1. Aims of the ESAs review (2/ 2) Develop EU capital markets & deal with cross-border risks after Brexit ESMA UK FCA US SEC 1 8.1 1 .20 1 9 Co m p lianc e Day 22
2. The ESAs’ indirect supervisory tasks Strengthening of the ESAs’ coordinatio n powers over day-to-day supervision by competent authorities: more emphasis on consumer protection (e.g. coordination of mystery shopping) More independence concerning decisions on peer reviews (findings may result in recommendations to NCAs Common supervisory priorities Coordination groups Cooperation platforms (EIOPA) 1 8.1 1 .20 1 9 Co m p lianc e Day 23
3. EU Coordination re AML 1 8.1 1 .20 1 9 Co m p lianc e Day 24
4. ESMA’s direct supervisory tasks extended Crit Critical ical benchmar benchmarks ks such as EURIBOR and EONIA. • Data Data repo epo rti rting ng ser servic vic es es which enable the reporting of • transactio ns in financial instruments to regulators and the market. The EMIR review introduces a CCP Supervisory Committee in • charge o f supervisory convergence activities in relation to EU- CCPs and the recognition and supervision of third country CCPs Investment Firms Review extends ESMA’s role regarding third • country investment firms 1 8.1 1 .20 1 9 Co m p lianc e Day 25
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