ESAs publish work programmes for 2017

ESMA's priorities reflect a change in focus from building the single rulebook towards ensuring its consistent application across the EU. Key priorities for 2017 include:

• converging supervisory practices on the implementation of MiFID2/MiFIR;
   
• focusing on data quality;
   
• Level 2 work on the Benchmarks Regulation and on various initiatives under the umbrella of the Capital Markets Union (CMU); and
   
• directly supervising credit rating agencies (CRAs) and trade repositories (TRs) with a particular focus on their ancillary activities given the thread of combining ancillary and core services.

The EBA's work programme for 2017 also sets out details of the EBA's multi-annual work programme for 2017-2020. The EBA's annual activities for 2017 have been prepared in the context of the seven strategic areas set out in the multi-annual work programme on:

• continuing development and maintenance of the Single Rulebook;
   
• promoting efficient and coordinated crisis management of institutions;
   
• promoting convergence of supervisory methodologies to ensure that rules for going concern and crisis situations are implemented consistently across the EU;
   
• identifying and analysing microprudential trends, potential risks and vulnerabilities;
   
• maintaining and developing the common supervisory reporting framework;
   
• consumer protection, including monitoring financial innovation and retail payments; and
   
• being a competent, responsible and professional organisation.

In 2017, the EBA will prioritise work on:

• liquidity and the leverage ratio;
   
• credit risk;
   
• recovery planning and early intervention;
   
• promoting convergence;
   
• improving the consumer protection framework; and
   
• monitoring financial innovation.

However, the EBA expects its annual work programme to be impacted upon by a number of additional legislative reforms from the EU Commission in relation to capital requirements, implementation of TLAC, proportionality in the regulatory framework, and developments relating to securitisation under the CMU project. As such, the EBA expects that a reprioritisation exercise will be required due to the additional work stemming from these reforms.

The Joint Committee of the European Supervisory Authorities (ESAs) has also published its work programme for 2017, which commits to cooperation between the ESAs on cross-sectoral consistency and supervisory convergence, particularly in relation to assessing opportunities and threats arising from fintech. The ESAs have also highlighted that regulatory work in the field of securitisation and other legislative products will be addressed if necessary. The work programme has been arranged under four strands of joint regulatory work and oversight:

• consumer protection, including Level 3 measures on new PRIIPs rules, automation in financial advice, work on big data and cross-border supervision of financial services;
   
• cross-sectoral risk analysis;
   
• anti-money laundering; and
   
• financial conglomerates, including work relating to the evaluation of the Financial Conglomerates Directive under the EU Commission's regulatory fitness and performance (REFIT) programme.