European regulatory framework looks to join-up communications
EU regulatory agencies join forces to disseminate on common sectors and issues
The European supervisory framework comprises various bodies and agencies providing a micro-to-macro conduct and prudential focus across certain financial-services industry and business sector events and risks, underpinning a European system of financial supervision (ESFS). The establishment and maintenance of a common harmonised set of business standards across the European market now covers a wide range of provisions relating to the provision of services, consumer protections and solvency and capital-adequacy etc. as well as more specialised areas like market-abuse and anti money-laundering/terrorist-financing measures and controls etc. And this approach has been further supported by other elements of single and joined-up supervisory mechanisms such as the European Central Bank (ECB) and a European Systemic Risk Board (ESRB).
The specific European Supervisory Authorities (ESA’s), being the Banking Authority (EBA), the Securities and Markets Authority (ESMA) and the Insurance and Occupation Pension Authority (EIOPA), launched a new joint website in June 2016 to now more visibly publish and promote material and findings covering common topics and broader market issues (see esas-joint-commitee.europa.eu).
Early information and publications on the new website includes the combined efforts of these agencies in developing and implementing harmonised standards and documentation such as investor and consumer related key information documents (KID’s) and other intended specialist versions such as those covering ‘packed retail and insurance based investment products’ (PRIIP’s). The forum based operational joint committee of the various ESA’s, which has existed since late 2011, was created to co-ordinate and strengthen the consistency of work and cross-sectoral outputs of the three supervisory agencies involved. As such, it considers broad issues and impacts such as those involving accounting and audit standards as well as the specific vulnerabilities and risks to the stability of financial systems and markets.