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E U R O P E A N B A N K I N G A U T H O R I T Y
12
In the area of
consumer protection and fi-
nancial innovation
, the Joint Committee’s
achievements in 2016 were the following:
PRIIPS milestone:
The draft RTS on key
information documents (KIDs) for pack-
aged retail and insurance-based investment
products (PRIIPs) was submitted to the Eu-
ropean Commission for endorsement. The
Commission endorsed the draft RTS but the
European Parliament rejected them. The
ESAs discussed the Commission’s proposed
amendments and presented a joint Opinion
to the three Boards of Supervisors. However,
the three ESAs could not provide an agreed
joint Opinion on the amended draft RTS to
the Commission.
Report on financial advice:
Work was com-
pleted on the automation of financial advice,
which focuses on the characteristics of au-
tomated financial advice tools and potential
benefits and risks associated with it.
Work on Big Data:
Public consultation
launched on the potential benefits and risks
of Big Data.
Joint Consumer Protection Day:
The event
was held on 16 September and hosted by
ESMA in Paris.
The Joint Committee produced two biannual
cross-sectoral reports which identified
key
risks and vulnerabilities
in the EU financial sys-
tem. The reports were submitted at the spring
and autumn 2016 meetings of the Economic
and Financial Committee of the Council (EFC-
FST), shared with the ESRB and subsequently
published on the Joint Committee website.
The Joint Committee continued its work on
anti-money laundering and counter-terrorist
financing
. In December, the Joint Committee
published its final Guidelines on the character-
istics of a risk-based approach to anti-money
laundering and terrorist financing supervision
and the steps to be taken when conducting su-
pervision on a risk-sensitive basis.
The Joint Committee published its updated
annual list of identified financial conglomer-
ates in December 2016, which shows 79 finan-
cial conglomerates with the head of the group
in an EU/EEA country, one with the head of the
group in Australia, one with the head of the
group in Bermuda, one with the head of the
group in Switzerland and two with the head of
the group in the United States.
In addition, the Joint Committee finalised its
work on the review of the Joint Guidelines on
the prudential assessment of acquisitions and
increases of qualifying holdings in the bank-
ing, insurance and securities sectors and pub-
lished its report on good supervisory practices
for reducing sole and mechanistic reliance on
credit ratings.