Webinar on ESMA's report on trends, risks and vulnerabilities no.1 2021

The Report analyses the impact of COVID-19 on financial markets during the second half of 2020 and highlights the increasing credit risks linked to significant corporate and public debt overhang, as well as the risks linked with investments in non-regulated crypto-assets.

​During the webinar you will see a presentation of the report and its findings.  The presentation will be followed by a Q&A session.




Gang smuggling migrants via the Balkan route busted in Germany

On 17 March, Europol supported the German Federal Police, Criminal Investigation Unit Halle (Bundespolizeiinspektion Kriminalitätsbekämpfung Halle) in dismantling an organised crime group smuggling migrants from Turkey to Germany. 

The criminal network has allegedly smuggled about 80 migrants originating from the Middle East, mainly Egypt, Syria and Turkey. The suspects used lorries and small vans to smuggle the migrants through the so-called Balkan route, from Turkey to Germany via Czechia or Poland. They used forerunners as a scout preventive measure to avoid detection by the police. The migrants were paying between €3 500 and €12 000 per person to be smuggled, in often life-threatening conditions 

The action day led to:

  • 6 house searches in Altenburg, Erfurt, Greifswald and Ronnenberg 
  • 3 individuals arrested 
  • Seizures include a vehicle, electronic equipment and documents

Europol facilitated the exchange of information, provided operational coordination and analytical support. On the action day, Europol deployed an expert to Germany to enable the real-time exchange of information and cross check operational information against Europol’s databases to provide leads to investigators in the field. 

EMPACT

In 2010 the European Union set up a four-year Policy Cycle to ensure greater continuity in the fight against serious international and organised crime. In 2017 the Council of the EU decided to continue the EU Policy Cycle for the 2018 – 2021 period. It aims to tackle the most significant threats posed by organised and serious international crime to the EU. This is achieved by improving and strengthening cooperation between the relevant services of EU Member States, institutions and agencies, as well as non-EU countries and organisations, including the private sector where relevant. Facilitation of illegal immigration is one of the priorities for the Policy Cycle.




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Joint Consultation on Taxonomy-related sustainability disclosures

The European Supervisory Authorities (ESAs) welcome comments on this consultation paper setting out the proposed Regulatory Technical Standards (hereinafter “RTS”) on content and presentation of disclosures pursuant to Article 8(4), 9(6) and 11(5) of Regulation (EU) 2019/2088 (hereinafter Sustainable Finance Disclosure Regulation “SFDR”). The consultation package includes:

• The Consultation Paper

• The draft amending RTS on product related environmental disclosures and their relevant Annexes.

• Template for comments

The ESAs invite comments on any aspect of this paper. Comments are most helpful if they:

• indicate the specific point to which a comment relates;

• contain a clear rationale;

• provide evidence to support the views expressed/rationale proposed; and

• describe any alternative regulatory choices that the ESAs should consider.

The ESAs also invite specific comments on the questions on the draft RTS as listed in Section 4, and any input on the preliminary impact assessment in Section 5.

The consultation paper is available on the websites of the three ESAs. Comments on this consultation paper should be sent using the response form, via the ESMA website under the heading ‘Your input/Consultations’. Please send your comments in the provided response form by 12 May 2021.

The protection of individuals with regard to the processing of personal data by the ESAs is based on Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC as implemented by the ESAs in the implementing rules adopted by their Management Board. Further information on data protection can be found under the Legal notice section of the EBA website, the Legal notice section of the EIOPA website and the Legal notice section of the ESMA website.




ESAs consult on Taxonomy–related product disclosures

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have today issued a Consultation Paper seeking input on draft Regulatory Technical Standards (RTS) regarding disclosures of financial products investing in economic activities that contribute to an environmental investment objective. These economic activities are defined by the EU Regulation on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation). 

The proposed draft RTS aim to:

  • facilitate disclosures to end investors regarding the investments of financial products in environmentally sustainable activities.; and 
  • create a single rulebook for sustainability disclosures under the Regulation on sustainability-related disclosures in the financial services sector (SFDR) and the Taxonomy Regulation. This will be done by amending the draft RTS under the SFDR,  to minimise overlapping or duplicative requirements between the two regulations.

The consultation paper includes additional taxonomy-related disclosures concern information about which environmental objectives the investments of the product contribute to, and information about how, and to what extent, the activities funded by the product are Taxonomy-aligned.

The ESAs’ proposal on how and to what extent activities funded by the product are taxonomy- aligned, consist of two elements:

  • a graphical representation of the taxonomy-alignment of investments of the financial product and a key performance indicator calculation for that alignment; and
  • a statement that the activities funded by the product that qualify as environmentally sustainable, are compliant with the detailed criteria of the Taxonomy Regulation.

The ESAs also propose to standardise the presentation of the disclosures by amending the templates for the pre-contractual and periodic disclosures proposed in the draft RTS under the SFDR, by adding a new section that includes the disclosures required under the Taxonomy Regulation. 

By amending the SFDR, the Taxonomy Regulation empowered the ESAs to develop draft RTS on additional pre-contractual, and periodic disclosure, obligations for financial products making sustainable investments with environmental objectives.

Next steps

The closing date for responses to the consultation is 12 May 2021. Following the consultation period, the draft RTS will be finalised and submitted to the European Commission. A consumer testing exercise on the amended templates will be conducted in April in the Netherlands and in Poland. 

GO TO THE CONSULTATION