The EBA published its 2016 Annual Report, which provides a detailed account of all the work the Authority achieved in the past year and anticipates the key areas of focus in the coming years.
Some of the EBA’s key areas of focus for 2017 are:
- Monitoring FinTech and the regulatory perimeter
- the EBA will continue analysing the phenomenon of FinTech and will issue a Discussion Paper setting out the EBA’s strategic approach on i) authorisation and registration regimes for FinTech entities; ii) risks (prudential and operational) to credit institutions, payment institutions and electronic money institutions (e.g. IT systems); iii) impacts on business models of credit institutions, payment institutions and electronic money institutions; and iv) consumer protection and retail conduct of business issues and AML/CFT.
- Developing disclosure documents to inform consumers about risks, costs and rewards of financial products and fees for services related to a payment account
- the EBA will continue working on two disclosure documents under the PAD and, in cooperation with ESMA and EIOPA, on the KID under the PRIIPs Regulation
- Monitoring resolution planning and resolution colleges in the EU
- maintain its focus on assessing the quality and effectiveness of the annual resolution-planning cycle
- Increasing competition, enhancing security and facilitating innovation in the market for retail payments in the EU
- key activity for the EBA in 2017 will be the finalisation of the mandates under PSD2 on which the EBA started working in 2016, and the development of the remaining PSD2 mandates, which the EBA had to delay because of budgetary constraints that had an impact on prioritisation of the EBA’s tasks