The Joint Committee of the European Supervisory Authorities (ESAs) has published its work programme for 2016.

The work programme notes that the ESAs will continue to give high priority to consumer protection, in particular the work on Packaged Retail and Insurance-based Investment Products (PRIIPs) and cross-sectoral risk analysis. Moreover, the ESAs will proceed with the joint regulatory work already underway in areas such as anti-money laundering (AML), financial conglomerates and securitisation while being prepared to address any new developments in the European regulatory field.

In particular, and amongst other things, the work programme notes that the ESA’s work on consumer protection and financial innovation will focus on:

  • developing draft regulatory technical standards (RTS) in the area of disclosures for PRIIPs;
  • continuing its assessment of automation in financial advice;
  • focusing on supervisory convergence in the area of investor protection and financial innovation; and
  • the opportunities and challenges related to the use of “big data”, as well as personal data, by financial institutions to profile consumers, identify patterns of consumption and make targeted offers.

The ESAs will also continue their work to fulfil their mandates under the 4th Anti-Money Laundering Directive. The work programme notes that this will include producing:

  • guidelines on money laundering and terrorist financing risk factors and the application of enhanced and simplified customer due diligence;
  • guidelines on risk-based AML supervision;
  • guidelines on the information on the payer or the payee accompanying a wire transfer;
  • draft RTS on central contact points for payment services providers and issuers of electronic money;
  • draft RTS on the measures the firms should take where a third country’s legislation prohibits the application of equivalent AML / countering the financing of terrorism standards; and
  • a joint opinion on the money laundering / terrorist financing risks affecting the EU financial sector.

View ESAs set out joint work plan for 2016, 5 October 2015