On 4 October 2023, the Joint Committee of the European Supervisory Authorities (ESAs) published its Work Programme for 2024.
Among other things the Work Programme notes:
- In 2024, the Joint Committee may be required to contribute more guidance, including through Q&As, for sustainability disclosures under the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation.
- The ESAs may also take up their optional empowerment to develop draft Implementing Technical Standards (ITS) on marketing information under Article 13 SFDR. In view of the European Commission’s (Commission) upcoming comprehensive re-assessment of the SFDR, the ESAs may provide their views and experiences to contribute to that assessment. The ESAs will also carry out activities on climate risk stress testing, including running a one-off system wide climate risk stress test and developing guidelines for supervisors on ESG stress testing.
- By May 2024, the ESAs will build on the progress reports submitted in May 2023 to deliver their final reports on greenwashing to the Commission, responding to the Commission’s request for input on greenwashing.
- The Joint Committee will strive to deliver policy mandates under the Digital Operational Resilience (DORA) Regulation. In parallel, the ESAs will work together on various provisions of DORA for which they will have responsibilities, to be ready for the implementation of the new framework by 2025: the EU-wide Oversight Framework of ICT Critical Third-Party Providers, potential cooperation mechanisms (e.g., development of EU systemic cyber incident coordination framework) and promoting supervisory convergence. Finally, the ESAs will develop the necessary IT systems, to support the direct DORA oversight tasks.
- Subject to the outcome of the negotiations between the co-legislators, the ESAs stand ready to work on drafting Regulatory Technical Standards resulting from the proposed amendments to the PRIIPs Regulation in the Commission’s Retail Investment Strategy.
- The ESAs may need to work on further guidance in relation to bilateral margining where relevant. In addition, the EMIR 3 legislative proposal by the Commission may result in additional regulatory and supervisory convergence work for the ESAs in relation to bilateral margining.