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NSD v Council
External relations
War in Ukraine: the General Court confirms the restrictive measures adopted against the Russian finance company NSD
NSD v Council
External relations
War in Ukraine: the General Court confirms the restrictive measures adopted against the Russian finance company NSD
European Commission Daily news Brussels, 11 Sep 2024 Commission decides to register two new European Citizens' Initiatives on water resilience and psychedelics assisted care
Today, the European Commission decided ...
European Commission Speech Brussels, 11 Sep 2024 […] Let me now come to the 2024 State of the Energy Union Report.
Like every year, the Report gives a snapshot of the actions taken and the progress made by Eur...
European Commission Factsheet Brussels, 11 Sep 2024 Factsheet on the State of the Energy Union Report 2024 Factsheet on the State of the Energy Union Report 2024
European Commission Press release Brussels, 11 Sep 2024 Today, the Commission has published the State of the Energy Union Report 2024 which describes how the EU has managed unprecedented challenges in the energy policy landscape during this Commission's mandate
European Commission Press release Brussels, 11 Sep 2024 Today, the European Commission decided to register two European Citizens' Initiatives, entitled ‘ECI for a Water-Smart and Resilient Europe' and ‘PsychedeliCare'.
ESAs warn of risks from economic and geopolitical events
10 September 2024
Joint Committee
Risk monitoring
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) today issued their Autumn 2024 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines ongoing high economic and geopolitical uncertainties. The ESAs warn national supervisors of the financial stability risks stemming from these uncertainties and call for continued vigilance from all financial market participants. For the first time, the Report also includes a cross-sectoral deep dive into credit risks in the financial sector.
The continued decline of inflation in late 2023 and early 2024 has led central banks to begin the shift towards looser monetary policy. Financial markets performed strongly in anticipation of future rate cuts and an improving macroeconomic outlook, save for the short-lived but sharp equity price dip in August. Considerable uncertainties, nonetheless, remain regarding the future path of the global economy, inflation and monetary policy and the interplay of these factors across different jurisdictions.
Amid ongoing geopolitical developments, such as the Russian aggression against Ukraine, the war in the Middle East and elections in the European Union and the United States, there is potential for sudden shifts in the economic outlook and market expectations. High market volatility in August provided a glimpse of the continued potential for sudden shifts in outlook and market expectations. In sum, the highly uncertain current environment continues to present material financial stability and operational risks that necessitate vigilance from all financial market participants.
Against the backdrop of these risks and vulnerabilities, the Joint Committee of the ESAs advises national competent authorities, financial institutions and market participants to take the following policy actions:
financial institutions and supervisors should remain prepared to face the impacts of continued high interest rates on the real economy;
credit risk should continue to be monitored and carefully managed as its potential materialisation remains a concern. This underlines the need for adequate provisioning levels and forward-looking provisioning policies, while maintaining prudent and up-to-date collateral valuation;
financial institutions need to be flexible and agile and have proper plans and processes in place to address unexpected short-term multi-fold challenges;
financial institutions and supervisors should remain vigilant regarding the impact of inflation on product development.
financial institutions and supervisors should remain vigilant to operational and financial stability risks that could arise from cyber-risks, as exemplified by the global IT disruption in July from the failed software update of a widely used cybersecurity company.
Notes to Editors
This Autumn 2024 Joint Committee update on Risks and Vulnerabilities was presented to the EFC FST meeting on 6 September 2024 as input from the ESAs to the meeting.
Further information:
Aleksandra Bojanić
Senior Communications Officer@ [email protected]
10/09/2024
JC 2024 65
Joint Committee report on Risks and Vulnerabilities in the EU financial system - August 2024
ESMA publishes latest edition of its newsletter
08 August 2024
ESMA newsletter
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focuses in July on the latest developments in relation to the Regulation on the Markets in Crypto-Assets (MiCA) and the Digital Operational Resilience Act (DORA). ESMA published an opinion on global crypto firms using their non-EU execution venues. Under DORA, the European Supervisory Authorities published the second batch of policy products and the Final report on the draft technical standards on subcontracting ICT services and have announced the EU systemic cyber incident coordination framework.
On a different note, ESMA set out its long-term vision on the functioning of the Sustainable Finance Framework and published the results of its fifth stress test exercise for Central Counterparties.
In addition, ESMA, together with the National Competent Authorities, released an analysis of the cross-border provision of investment services in 2023. New consultations on different aspects of the Central Securities Depositories Regulation Refit were launched, as well as a new package of public consultations in the context of the MiFIR review.
Finally, ESMA published an update of its Reporting Manual on the European Single Electronic Format.
The newsletter features a full overview of all publications, together with information on hearings and webinars. For updates, follow us on X and LinkedIn.
08/08/2024
ESMA Newsletter
Newsletter July 2024
ESAs’ Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority
07 August 2024
Board of Appeal
The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) (the EBA, ESMA, EIOPA), unanimously decided that the appeal brought by Euroins Insurance Group AD (“Euroins”) against the European Insurance and Occupational Pensions Authority (EIOPA) is inadmissible.
The appeal was brought in relation to the EIOPA Chairperson’s decision not to start an investigation into an alleged breach or non-application of Union law regarding the withdrawal of the license of a subsidiary insurance undertaking of Euroins by the national competent authority in Romania.
In its decision, the Board finds that EIOPA’s power to initiate an investigation is of an entirely discretionary nature. Furthermore, the Board also asserts that the EIOPA Chairperson’s decision to initiate an investigation is not subject to the Board’s review. Finally, the decision clarifies that the Board does not have the power to order EIOPA to re-assess an appellant’s request to open an investigation.
Following the adoption of the decision, two orders on its publication were also adopted. The first order dismissed Euroins’ request not to publish the decision and its request for redaction. Yet, it agreed to delay publication to a date allowing Euroins to file an appeal against that order the General Court. The second order came upon request from the President of the Court of First Instance, seeking to grant additional time to analyse the case and consider interim measures requested by Euroins. That second order postponed the publication of the decision until 7 August 2024.
07/08/2024
BoA-D-2024-02 / BoA-O-2024-03 / BoA-O-2024-04
Board of Appeal of the ESAs - combined decisions and orders on Euroins Insurance Group AD vs EIOPA