Page 80 - EBA 2015.1815 Annual report 2014 web 2

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Acquisitions and increases of holdings in the
financial sector
The EC issued in February 2013 its report on
the Directive on acquisitions and increase of
holdings in the financial sector (2007/44/EC)
which identified some shortcomings in the
application of the Directive and requested
the ESAs jointly review their 2008 Guidelines
to ensure a common, uniform and consistent
application of the Directive. As a follow up to
the Commission’s request, the Joint Commit-
tee established a Task Force to review and up-
date the 2008 Guidelines. The Joint Commit-
tee plan to consult on the revised Guidelines
in spring 2015.
Follow up to the review of the European
System of Financial Supervision
The Joint Committee published a revised ver-
sion of its Rules of Procedure in December
2014 (
), following the publication of the Euro-
pean Commission’s report on the review of the
ESFS in August 2014, taking into account the
recommendations made in the ESFS report.
Board of Appeal of the ESAs
The ESAs continued to provide operational and
secretarial support to the Board of Appeal.
The Board of Appeal worked and decided on
two appeal (
) cases in 2014 and finalised one
appeal case lodged in 2013.
) Joint Committee: Rules of Procedure(revised ver-
sion November 2014)
) Board of Appeal decisions:
External relations of the EBA
The EBA and EU institutions and bodies
The EBA is accountable to the European Par-
liament and to the Council and is required to
interact with them in the context of the ac-
countability obligations.
In 2014, the EBA participated at meetings
of the Financial Services Committee of the
Council on a regular basis, where it provided
regular updates on financial market develop-
ments, its perspective on banking risks, the
2014 EU-wide stress test exercise and pre-
sented ad hoc papers to steer discussion on
important topics (such as on treatment of cov-
ered bonds in relation to liquidity, and on sim-
ple, standard and transparent securitisation).
The EBA was invited to several meetings of
the Economic and Financial Committee of the
Council, including the Financial Stability Table
meetings, which take place twice a year. On
behalf of the ESAs’ Joint Committee, the EBA
presented its semi-annual cross-sectoral risk
reports at both meetings. Furthermore, the
EBA was invited to participate at a few meet-
ings of the ECOFIN Council, to contribute to
discussions on accounts of the SSM, the SRB,
and EU-wide stress testing, inter alia.
The EBA was also invited to the hearing of the
Economic and Monetary Affairs (ECON) Com-
mittee of the European Parliament in Sep-
tember 2014, where the ESAs Chairpersons
updated the parliament on the activities of the
ESAs in the past year and responded to ques-
tions of its Members.
The EBA regularly provides advice, opinions
and reports to the EC, and submits all its
draft Technical Standards to the Commission
for final endorsement. Further the Commis-
sion also participates at the EBA’s BoS, where
it is a non-voting member, providing there
are no discussions of individual credit and/
or financial institutions. The EBA has been
in contact with the Commission in particular
in the context of its regulatory role: in 2014,
the EBA submitted 32 technical standards to
the Commission (22 RTS and 10 ITS) in vari-
ous areas, including credit and market risk,
liquidity, leverage, recovery and resolution
framework, joint decisions and functioning of
colleges, and provided 6 opinions and advice
to the Commission on several topics. The EBA