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:
ESMA will be mandated to expand the single rulebook for sustainable finance and will deliver its final report on greenwashing.
Following the MiCAR legislation in 2023, ESMA is required to develop technical standards and guidelines.
ESMA is required to also issued technical standards and guidelines for DORA, as well as preparatory work for oversight responsibilities.
Process of selecting and authorising CTPs under review.
Ongoing review of EMIR as well as new Listing Act may lead to new mandates for ESMA.
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
Following the recent Compliance Institute event at Forvis Mazars, entitled "Stepping into a PCF Role under SEAR – Factors to Consider", attendees gained valuable insights into navigating the complexities of the Senior Executive Accountability Regime (SEAR).
The Central Bank of Ireland (CBI) released its Flood Protection Gap Report on 14 October 2024, shedding light on the extent of Ireland's flood insurance coverage gaps. The report examines both the current and future risks posed by inadequate flood protection, which affects some homes and businesses across the country.
Under EU Regulation 2023/1114, Markets in Crypto Assets Regulation (MiCAR) issuers of asset-reference tokens (ARTs) and electronic money tokens (EMTs) must create a redemption plan to ensure orderly token redemption if a competent authority determines the issuer may fail to meet payment obligations.
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