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3.5. Joint Committee
The mission of the Joint Committee is to serve
as a forum in which the ESAs ‘shall cooper-
ate regularly and closely and ensure cross-­
sectoral consistency in a number of areas’
(Article 54 of the ESAs’ regulation). Through
the joint efforts and significant commitment of
the three ESAs, the Joint Committee has en-
sured not only the consistency of their views on
topics of common interest, but has also been
instrumental in developing common solutions
and the exchange of information amongst the
respective sectors. In 2012, the Joint Commit-
tee was chaired by ESMA.
3.5.1. A hub for cooperation,
­contributing to financial stability
The Joint Committee work programme has
been supported by four subcommittees:
Risk, Consumer Protection and Financial In-
novation, Financial Conglomerates and Anti-­
Money-Laundering.
In addition to the work of the subcommittees,
bi-monthly physical meetings of the Joint
Committee, completed with teleconferences
and ad hoc discussions of the ESAs, have al-
lowed its members to have regular exchanges
on market developments and to assess any
potential cross-sectoral contagion effects.
The chairpersons have conferred frequently
outside the confines of the regular meetings,
when confronted with adverse market devel-
opments, in order to exchange information
and to maintain a coherent cross-sectoral
approach.
3.5.2. A catalyst for efficient cross-­
sectoral processes
The Joint Committee has carried out its work
through its subcommittees dedicated to key
areas of cross-sectoral concern.
Risk Subcommittee
The crisis has shown the importance of cross-
sectoral interconnectedness as a driver of
risk. This subcommittee has been a key forum
for sharing information and data on risks be-
tween the ESAs, allowing better understand-
ing and anticipating risks, developing the joint
‘Report on risks and vulnerabilities in the EU
financial system’. This report, produced twice
a year, contributes to a cross-sectoral ap-
proach to risk analysis and financial stabil-
ity, and is shared with the European Systemic
Risk Board (ESRB) and the Council’s Econom-
ic and Financial Committee (EFC). In addition,
information has been exchanged on specific
topics, including for example the structure of
the credit default swaps market.
Consumer Protection and Financial
­Innovation Subcommittee
This subcommittee has begun work and has
set up three subgroups:
(i) complaints handling;
(ii) product oversight and governance (map-
ping of product approval and government
process); and
(iii) packaged retail investment products
(PRIPs) — development of proposals for
the European Commission concerning
delegated acts, and for the development
of draft regulatory technical standards in
the areas envisaged by the PRIPs legisla-
tive proposal.
To reach out to consumers of financial ser­
vices, retail investors and other stakeholders,
the ESAs will together organise in 2013 their
first Joint Consumer Protection Day.
Financial Conglomerates Subcommittee
This subcommittee developed the ESA’s re-
sponse to the call for advice from the Euro­
pean Commission on the review of the financial
conglomerates directive (FICOD), in relation to
the scope of application, internal governance,
as well as supervisory empowerment and
sanctions issues. Following a public consul-
tation in the second quarter of 2012 the final
advice was provided to the European Commis-
sion in October 2012.
The subcommittee also prepared a proposal
for draft regulatory technical standards on the
uniform conditions of application of the calcu-
lation methods of own funds under Article 6(2)
of the FICOD, and a joint public consultation
was launched on 31 August 2012.
The Joint Committee further published its an-
nual update of the list of identified financial
conglomerates in July 2012.
The ESAs have also hosted several training
sessions for national competent authorities
on the supervision of financial conglomerates
under the FICOD, to assist supervisory conver-
gence in this regard.