Financial services newsletter - Issue 2
Welcome to the second edition of our newsletter, where we cover some of the major developments across the financial services sector throughout the last quarter.
The European Securities and Markets Authority’s strategic priorities for 2024
In 2022, the European Securities and Markets Authority (ESMA) published its new multi-annual strategy for 2023-2028. ESMA’s 2024 Annual Work Programme is structured around the implementation of the ESMA strategy, fulfilling ESMA mandates in the legislation and building on the activities executed in 2023.
In the second year of their 2023-2028 work plan, much of the ESMA’s focus remains largely on work that has already started such as MiCAR, DORA and combatting Greenwashing. Priority is placed on advancing legislative projects initiated in 2022 and 2023. The key priorities for firms to heed are outlined below:
Priority 1
- Green bond regulation and delivery of final report on greenwashing
ESMA will be mandated to expand the single rulebook for sustainable finance and will deliver its final report on greenwashing.
Priority 2
- Technical standards and guidelines will be delivered in relation to Markets in Crypto Asset Regulation (MiCAR)
Following the MiCAR legislation in 2023, ESMA is required to develop technical standards and guidelines.
Priority 3
- Further Digital Operational Resilience Act (DORA) work
ESMA is required to also issued technical standards and guidelines for DORA, as well as preparatory work for oversight responsibilities.
Priority 4
- Consolidated Tape Providers (CTPs) under Markets in Financial Instruments Directive (MiFID) & Markets in Financial Instruments Regulation (MiFIR)
Process of selecting and authorising CTPs under review.
Priority 5
- European Market Infrastructure Regulation (EMIR)
Ongoing review of EMIR as well as new Listing Act may lead to new mandates for ESMA.
How can we help?
Our prudential risk experts recognise that regulations remain a pivotal driver for the strategic priorities of financial institutions. Our team excels at helping clients within the financial services sector to navigate the intricate web of regulations. We work in tandem with our clients to identify their regulatory responsibilities and develop strategies for full compliance.
This article is the fourth instalment in a four-part series outlining the strategic priorities of European Supervisory Authorities for the financial sector.
Read article one on the European Banking Authority's strategic priorities for 2024
Read article two on EIOPA strategic priorities for 2024
Read article three on the European Central Bank’s strategic priorities 2024-2026
Payments and Electronic Money Institutions
For several years, the Central Bank of Ireland has identified the Payments Institutions (PI) and Electronic Money Institutions (EMI) sector as higher risk. Earlier this year, we shared an opinion on the CBI’s stance. Today, we focus on one key area in this sector: Safeguarding.
Streamlining ART offerings & listings applications
This article focuses on the final set of RTS and ITS, which detail the information required for authorisation applications to offer ARTs to the public and for seeking admission to trade ARTs. It also covers the ITS on standard forms, templates, and procedures for application submissions.
Contact
Chris Monks Head of Prudential Risk Dublin
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