Publication alert: EBA - 2023 Annual Work Programme

EBA - 2023 Annual Work Programme
EU
The EBA has published the 2023 work programme describing the key strategic areas of work for the Authority for the coming year, as well as related activities and tasks. Compared to the 2022 work programme, adjustments have been introduced to reflect new mandates expected in 2023, especially the political agreements reached on the Digital Operational Resilience Act (DORA) and European Commission's Regulation of Markets in Crypto-assets (MiCA) texts.
EBA - 2023 Annual Work Programme
EBA

We communicate that the European Banking Authority (EBA) has published its Annual Work Programme for 2023.

 

1. Context

 

The EBA has published the 2023 work programme describing the key strategic areas of work for the Authority for the coming year, as well as related activities and tasks. Compared to the 2022 work programme, adjustments have been introduced to reflect new mandates expected in 2023, especially the political agreements reached on the Digital Operational Resilience Act (DORA) and European Commission's Regulation of Markets in Crypto-assets (MiCA) texts.

 

2. Main points

The EBA's priorities focus on:

  • Finalise the Basel implementation in the EU. Priority will be given to the implementation of the outstanding Basel III reforms in the EU to ensure banks can withstand future crises. In this regard, the EBA will publish several Guidelines (GL) on credit risk (e.g. GL on calculation of K IRB for dilution and credit risk (CP)), and Regulatory Technical Standards (RTS) in relation to market risk (e.g. RTS on the assessment methodology for the internal models approach).
  • Run an enhanced 2023 EU-wide stress test. In this exercise, the projections on net fee and commission income (NFCI) will be based on a top-down model. This is a first step of revising the EU-wide stress test framework towards a hybrid (bottom-up and top-down) approach.
  • Data at the service of stakeholders. The EBA will continue to implement its Data Strategy aiming to improve the way regulatory data is acquired, compiled, used, and disseminated to relevant stakeholders. Therefore, for 2023 will also complete the first phase of Digital Regulatory Reporting (DRR) tools that will help the efficient creation and maintenance of the data dictionary related with reporting requirements.
  • Digital finance and the delivery of MiCA/DORA mandates. The EBA, together with the other European supervisory authorities (ESAs), will need to develop the vast policy work from MiCA and DORA in advance of the application date (1 January 2025). For example, it will develop RTS on specifying the elements and components of ICT risk management framework (art 14 DORA).
  • Enhancing capacity to fight Money Laundering/ Financing of Terrorism (ML/FT) in the EU. The EBA will continue to lead, coordinate, and monitor the EU financial sector’s fight against ML/TF. In this regard, the EBA for example will publish revised guidelines on ML/TF risk factors.
  • Execution of the ESG roadmap. Finally, ESG risk assessment tools will be further developed to enable efficient monitoring of ESG risks in the banking sector and development of the green financial market. In this respect, the EBA is developing ESG risk assessment and monitoring tools and will publish in 2023 an annual report under Article 18 of the Sustainable Finance Disclosure Regulation (SFDR), on best practices and disclosure recommendations.