European Supervisory Authorities’ Work Programme for 2024
The ESAs Joint Committee published its work programme for 2024 where it set out the key strategic areas that the three authorities will work on during the year, together with the related activities and tasks. The programme also outlines the areas of work and planned deliverables for the same year. In this regard, the Joint Committee shall be focusing on the following areas:
- consumer and investor protection,
- operational resilience,
- financial conglomerates, and
- securitisation
Furthermore, in the context of challenging macro-economic conditions, the ESAs will continue to closely monitor and assess emerging key cross-sectoral risks and vulnerabilities for financial stability.
European Banking Authority’s Work Programme for 2024
Meanwhile, in its published work programme for 2024, the EBA highlighted that it will be focusing on the following areas:
- implementing the EU banking package (CRR III / CRD VI),
- monitoring financial stability and sustainability against the backdrop of increased interest rates and uncertainty,
- providing a data infrastructure at the service of stakeholders,
- developing oversight and supervisory capacity for the Digital Operational Resilience Act (DORA) and the Markets in Crypto Assets Regulation (MiCAR), and
- increasing attention on innovation and consumers (including access to financial services) while preparing the transition to the new anti-money laundering and countering the financing of terrorism (AML/CFT) framework.
ECB Report on Sound Practices in Counterparty Credit Risk Governance and Management
The ECB published its final report on sound practices in counterparty credit risk governance and management, following a public consultation which ended in July 2023. The report presents the findings of the targeted review performed in the second half of 2022 on how banks govern and manage counterparty credit risk (CCR). The report also highlights sound practices observed in the market and points to areas where improvement is needed.
The ECB considered comments received during the public consultation. Additionally, the ECB specified that proportionality is the overarching principle applicable to all sound practices, while considering the different organisational set-ups, areas of activity and risk profiles of the institutions under the ECB’s supervision.
