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​​​​​​​The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) held a joint public event in the format of a technical discussion about the Digital Operational Resilience Act (DORA) on 6 February 2023. The online event gathered over 2,000 representatives from credit and payment institutions, investment firms, (re)insurance undertakings, ICT third-party service providers and other financial entities. The event allowed industry participants to engage with regulators on the new legislation, share their initial views and raise any potential areas of concern regarding the policy mandates the ESAs have to develop over the course of 2023 and 2024.

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today a consultation paper on draft joint Guidelines on the system for the exchange of information when assessing the fitness and propriety requirements. These Guidelines aim to increase the efficiency of the information exchange between sectoral supervisors by harmonising practices and clarifying how competent authorities should use the information system developed by the three ESAs.

The European Banking Authority (EBA) launched today the 2023 EU-wide stress test and released the macroeconomic scenarios. This year’s EU-wide stress test is designed to provide valuable input for assessing the resilience of the European banking sector in the current uncertain and changing macroeconomic environment. The adverse scenario is based on a narrative of hypothetical heightened geopolitical tensions, with high inflation and higher interest rates having strong adverse effects on private consumption and investments, both domestically and globally. In terms of GDP decline, the 2023 adverse scenario is the most severe used in the EU wide stress up to now. The severe nature of the adverse scenario reflects a deliberate choice and reflects the purpose of the stress test exercise, which is to assess the resilience of the European banking system to a hypothetical severely deteriorated macro-environment. The EBA expects to publish the results of the exercise at the end of July 2023.