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In the context of the forthcoming implementation of the IFRS 9 Financial instruments standard (IFRS 9) in the EU, the European Banking Authority (EBA) is launching an impact assessment of the standard on a sample of approximately 50 institutions across the EU.

The draft ITS set out in detail aspects of the supervisory cooperation in the joint decision process for an initial application, and for the approval of material extensions or changes to internal models.

The draft RTS specify general conditions for the establishment and functioning of colleges of supervisors, while the draft ITS establish important procedures to structure and facilitate the interaction and cooperation between the consolidating supervisor and the relevant competent authorities.

As the European Banking Authority (EBA) gets ready to mark its first five years of activities with its conference in London this Friday, Chairperson Andrea Enria explains the conference will be about dialogue with banking stakeholders on achievements and remaining challenges in strengthening the EU banking sector.

The Chairpersons of the three European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – sent a joint letter on cross-selling of financial products to Jonathan Hill, the European Commissioner for Financial Stability, Financial Services and Capital Markets Union.