The three European Supervisory Authorities (ESAs) - the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) - published on Tuesday 19 April their 2021 annual report summarising their joint work over the past year.
Under the Sustainable Finance Disclosure Regulation (SFDR), the ESAs have focused primarily on two sets of draft regulatory technical standards. They have also coordinated, through the Joint Committee, their approach to the composition and governance of the new Sustainability Reporting Pillar of the European Financial Reporting Advisory Group (EFRAG).
They also worked on digital finance, including discussions on crypto-assets (see EUROPE 12913/28) and digital operational resilience. They have supported the expansion of FinTech through innovation centres and have worked on cyber security, including through the coordination of national financial education initiatives.
Consumer protection was also addressed through the work to prepare the response to the European Commission’s call for evidence in the context of the review of the Regulation on ‘key information documents for packaged retail and insurance-based investment products’ (PRIIPs). Finally, securitisation was the subject of a report on the implementation and functioning of the Regulation that concerns it and an opinion on its jurisdictional scope. To read the report: https://aeur.eu/f/1ac (Original version in French by Anne Damiani)