Authored by Max Iles
On June 15, 2017, ESMA, EIOPA and the EBA (the European Supervisory Authorities ("ESAs")) each published their annual reports outlining the relevant ESA's objectives, activities and key achievements in 2016.
ESMA's annual report summarizes the work carried out by ESMA in 2016 under each of the following activities:
- Assessing risks to investors, markets and financial stability.
- Creating a single rule book.
- Promoting supervisory convergence.
- Supervising credit rating agencies and trade repositories.
The EBA's annual report outlines the EBA's work in 2016, which included:
- Completing the single rule book applicable to the EU banking sector.
- Supporting the finalization of the Basel III package of measures and its implementation in the EU.
- Enhancing its monitoring of different aspects of the single rule book, including on own funds, remuneration practices and significant risk transfers in securitizations.
- Improving its role in monitoring and assessing key risks in the banking sector across the EU.
- Monitoring financial innovation and contributing to secure and efficient retail payments in the EU.
EIOPA's annual report outlines the EIOPA's work associated with the implementation of the Solvency II Directive (2009/138/EC) on January 1, 2016, such as the secure collection and storage of data. Other areas of work included:
- The calculation and publication of risk-free rates on a monthly basis.
- An EU-wide insurance stress test.
- The development of a macro-prudential approach to the low interest rate environment in Solvency II.
Advice to the European Commission on a number of issues, including the development of a pan-European personal pension product and, within the context of the Joint Committee of the ESAs, on the key information documents for packaged retail and insurance-based investment products.
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