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EBA seeks views on the use of consumer data by financial institutions
The European Banking Authority (EBA) published today a Discussion Paper on innovative uses of consumer data by financial institutions, in line with its mandate to monitor financial innovation. The paper identifies risks and benefits for consumers and financial institutions, as well as for financial integrity in general. Feedback received on this Discussion Paper will inform the EBA’s decision on which, if any, further actions may be required to mitigate the risks arising from this innovation, while also allowing market participants to harness its benefits.
JC 2016 21 (Final draft RTS PRIIPs KID report).pdf
JC 2016 21 (Final draft RTS PRIIPs KID report)
ESAs finalise Key Information Documents for retail investors in the EU
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA - ESAs) has finalised its proposal for regulatory technical standards (RTS) on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs).
Regulatory Technical Standards on the content and presentation of the KIDs for PRIIPs
Guidelines on product oversight and governance arrangements for retail banking products
EBA-GL-2015-18 Guidelines on product oversight and governance.pdf
EBA-GL-2015-18 Guidelines on product oversight and governance
EBA publishes Decision specifying the benchmark rate under the Mortgage Credit Directive
The European Banking Authority (EBA) published today a Decision specifying the formula to be used by creditors when calculating the benchmark rate under the Mortgage Credit Directive (MCD). The MCD requires creditors to use, under certain circumstances, a benchmark rate specified by the EBA for the illustrative examples in the European Standardised Information Sheet (ESIS) for variable rate mortgages. The EBA formula will apply 20 days after its publication in the EU Official Journal but can also be used by creditors prior to its formal publication.
Consultation on remuneration of sales staff
CAs designated for passporting of credit intermediaries.pdf
CAs designated for passporting of credit intermediaries
EBA response to the EU Commission Green Paper on Retail Financial Services (COM 2015(630)).pdf
EBA response to the EU Commission Green Paper on Retail Financial Services (COM 2015(630))
Consultation on Regulatory Technical Standards on passporting under PSD2
BSG response to Consultation Paper (JC 2015 080) - 04 March 2016.pdf
BSG response to Consultation Paper (JC 2015 080) - 04 March 2016
Joint Comitteee Discussion Paper on automation in financial advice
Guidelines for cross-selling practices
MiFID II mandated European Securities and Markets Authority (ESMA), in cooperation with the European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA), to develop Guidelines for the assessment and the supervision of cross-selling practices. In order to take into account the cross-sectoral implications of this mandate, the three European Supervisory Authorities (ESAs) published the draft Guidelines under the auspices of the Joint Committee, and did so by widening the scope such that they consistently cover cross-selling practices in all three sectors. Following the joint consultation, several concerns were raised as to the ESAs’ ability to address cross-selling in a way that is compatible with related provisions in other Level 1 legislation, such as the Mortgage Credit Directive and the Payment Accounts Directive. Therefore, the Joint Committee decided not to issue final joint Guidelines, and for ESMA instead to issue its ESMA-only Guidelines covering only the investment sector. In addition, the three ESAs sent a letter to the European Commission asking the co-legislator to address the differences in the existing legislation and to ensure that the ESAs can regulate cross-selling practices in a consistent way across the three sectors, for the benefit of consumers, financial institutions, and supervisory authorities.
BSG response to Consultation Paper (EBA-DP-2015-03) - 08 February 2016.pdf
BSG response to Consultation Paper (EBA-DP-2015-03) - 08 February 2016
Discussion on RTS on strong customer authentication and secure communication under PSD2
BSG response to Consultation Paper (EBA-JC-2015-73) - 29 January 2016.pdf
Joint Consultation Paper on PRIIPs key information for EU retail investors
ESAs letter to European Commission on cross-selling of financial product....pdf
ESAs letter to European Commission on cross-selling of financial product...