European Banking Authority publishes work programme for 2017
On 12 October 2016, the European Banking Authority (EBA) published its detailed annual work programme for 2017 – 2020.
In particular, the EBA will focus on 7 work streams:
- Continue to play a central role in developing and maintaining the Single Rulebook for banking;
- Promote efficient and coordinated crisis management of credit institutions, investment firms and financial market infrastructures;
- Promote convergence of supervisory methodologies and practices to a high standard so as to ensure that regulatory and supervisory rules for going concern and crisis situations are implemented consistently across the EU;
- Identify and analyse trends, potential risks and vulnerabilities stemming from the microprudential level across borders and sectors;
- Maintaining and developing the common supervisory reporting framework, as well as acting as the EU data hub for the collection, use and dissemination of data on EU banks;
- Protect consumers, monitor financial innovation and contribute to easy retail payments in the EU;
Be a competent, responsible and professional organization, with effective corporate governance and efficient processes.
As to the priorities for 2017, the EBA will focus on liquidity and leverage ratio, credit risk and credit risk modelling, recovery planning and early intervention, promoting convergence, and improving the framework for the protection of consumers and the monitoring of financial innovation.
The European Consumer Summit
On 17 October 2016, European and national policymakers, researchers and industry experts discussed at the 2016 European Consumer Summit in Brussels how EU consumer and marketing legislation can be streamlined.
This year’s Summit focused on the revision of the EU’s consumer and marketing law as part of the ongoing Regulatory Fitness and Performance Programme (REFIT).
Commissioner Oettinger spoke about the initiative of the European Commission to boost Europe’s data economy by addressing existing barriers to the free flow of data across borders and sectors, the need to adjust the legal framework on data protection and the current regulation on product liability. "We can expect an initiative from the Commission on the free flow of data in the near future".
Vice-President Ansip addressed the participants on the slow progress of the Digital Single Market initiatives. Digitalisation is moving fast, and we should not slow down the reforms. Data has to be able to move freely, across national borders and in a single data space.
Commissioner Jourová focused on consumer information requirements, fairness of commercial practices and terms, as well as better enforcement of EU consumer law.