October is traditionally work programme season for the EU institutions and agencies. After ESMA earlier this month, the European Banking Authority (EBA) last week released its Annual Work Programme for the upcoming year. The programme is structured through vertical and horizontal priorities, that will guide the further work of the organisation.

Article by Helena Freitas published by ABBL

As a vertical priority for 2022, EBA will continue to monitor and upgrade the current framework for supervision and resolution by improving its supervisory tools and fostering convergence. It will also strengthen the EU-wide stress-testing framework by putting into practice new features and reviewing the methodologies in order to enhance the realism of the stress-test results. The third main priority is related to EUCLID, the data infrastructure of EBA, which scope will be increased with supervisory reporting data. This improvement will provide greater harmonisation and integration of regulatory data. Regarding the technological and digital innovation, with its associated risks, EBA will strengthen the operational resilience of  financial services and will ensure that regulation and supervision are as safeguarded as possible. EBA will also continue to support the implementation of the legislative proposals, such as DORA (digital operational resilience act), to harmonise the supervisory and regulatory international system. The last vertical priority covers the fight against money laundering and terrorist financing. In 2022, EBA will continue to coordinate and monitor the fight against financial crime and will start to use its database to ensure effective information flows across the EU. The exchange of information will be proactively used to deal with ML/TF risks and ensure effective coordination between identities.

The two horizontal priorities are related to ESG standards and COVID-19 impact. EBA will monitor the implementation of ESG disclosure standards, reflecting the development of the EU taxonomy and data availability, while incorporating ESG risks into its risk analysis and stress-testing. Concerning COVID-19, EBA will continue its work on the mitigation of the pandemic impact in the EU financial sector by taking advantage of the flexibility of the prudential regulatory framework towards customer-protection.

Publié le 19 octobre 2021