PwC's Managing upstream risk: Regulatory reform review - An asian perspective October 2013

On 2 October 2013, the Joint Committee of the European Supervisory Authorities published its joint work programme for next year. In addition to carrying out its regulatory work under way in key areas such as EMIR, financial conglomerates, financial benchmarks and anti-money laundering, the Joint Committee will continue to prioritise its monitoring of legislative and regulatory developments both at the European and international level and ensure proper follow-up. It will also focus on consumer protection, including work on PRIPs and complaints handling. Both the EBA and ESMA published their work programme for 2014, with the EBA’s focus on three core areas: • Regulation – development of the single rulebook in banking, credit and market risk, prudential areas of liquidity and leverage, and recovery and resolution; • Oversight – identifying, analysing and addressing key risks in the EU banking sector; • Consumer protection – fulfilling mandates under the Mortgage Credit Directive, proposed Bank Account Package and Payment Services Directive. ESMA’s work plan is detailed in the table as follows: Objective Financial Consumer Protection Financial Stability Single Rulebook Activities/ Priorities 6 Convergence • Corporate reporting • Peer reviews, breach of union law and mediation • Training • Joint committee • International cooperation • Product intervention • Co-ordinated regulatory approach • Packaged retail investment products • Financial market surveillance • Economic research • Revision of • Credit rating MiFID and MAS agencies • European • Post trading investment fund • Enforcement legislation and independent • Corporate investigation finance • CRA regulation • CSD regulation Regulatory Reform Review | Editorial Supervision

PwC's Managing upstream risk: Regulatory reform review - An asian perspective October 2013 | Page 6