The Joint Committee of the European Supervisory Authorities introduces 2027 Work Programme

The work programme aims to respond to emerging risks and developments by introducing changes to the financial system intended to make it more robust and adaptable to the current environment.  Some of the key drivers of the programme include an increase in cyber risks, the rapid growth in artificial intelligence (AI), growing demand from consumers for greater protection and an increased expectation to work sustainably.  

This programme will revise frameworks around areas such as Digital Operational Resilience and Securitisation, while continuing to supervise the work being carried out by the European Forum for Innovation Facilitators (EFIF) and External Credit Assessment Institutions (ECAIs).  

Digital Operational Resilience 

Against the backdrop of increased digitalisation, the ESAs seek to implement changes that will ensure that firms can withstand cyberattacks and technology failures. These include: 

• Updating the list of critical ICT third-party providers (CTPPs) under the Oversight Forum. 
• Conducting risk assessments of CTPPs’ annual and multi-annual planning of activities. 
• Publishing an annual report on the oversight of activities carried out during 2026. 
• Undertaking a study on the collection of master data for registers of information.  
• Publishing an annual report on major ICT related incidents.  
• Involvement in the preparation of the European Commission’s potential legislative proposal for the review of the Digital Operational Resilience Act (DORA). 
• Connectivity tests and exercises to assess firms’ processes during critical situations. 
• Formalising coordination with other crisis management frameworks to the pan-European Systemic Cyber Incident Coordination Framework (EU-SCICF). 
• Conducting supervisory convergence to ensure that regulators are implementing DORA consistently across Member States. 

Consumer protection and financial innovation  

The JC is seeking to strengthen consumer confidence and help them make well informed financial decisions. To achieve this, the JC is introducing changes to the Packaged Retail and Insurance-based Investment Products (PRIIPs) Key Information Document (KID) and to financial education. These include: 

• Amendments to the PRIIPs KID, with implementation dependent on the legislative process, and potentially could be taking effect in 2028. 
• Publication of annual reports on sanctions. 
• Additional educational initiatives aimed at improving consumers’ financial knowledge. 

Sustainable finance  

Under the Sustainable Finance Disclosure Regulation (SFDR), financial firms are required to disclose information on the sustainability of their activities, providing insights to investors and other stakeholders into a firm’s approach to sustainable finance. While the SFDR is undergoing a major review, the ESAs will help the development of current requirements and carry out consumer testing of the proposed changes. The ESAs will also focus on supervisory convergence by continuing to ensure that SFDR is implemented consistently across the EU. In addition, they will help authorities and firms in understanding how to comply with the existing SFDR requirements. Overall, the ESAs are preparing for future changes that may be introduced in a reviewed SFDR.  

Risk assessment

The JC will continue to identify and rectify risks facing the EU financial system. To support this objective, the JC will produce risk monitoring outputs, including:

• Periodic delivery of cross sectoral risk presentations through the EU’s Economic and Financial Committee (EFC) and the Financial Stability Table (FST) meetings.  
• Publication of semi-annual risk updates on risks and vulnerabilities affecting the EU financial sector. 

Securitisation 

The work programme outlines the activities that will be carried out by the Joint Committee Securitisation Committee amid the ongoing reform of the EU Securitisation Regulation. These include:  

• Preparing a consultation paper that could be used for changes to the template. 
• Follow up work on the 2^nd JC report, providing technical advice and opinions related to Securitisation Regulation (SECR) where deemed necessary. 
• Evaluation of supervisory cases and development of consistent supervisory approaches. 
• Securitisation market monitoring analysis, to identify potential concerns. 
• Monitoring of regulatory developments with third countries, including key jurisdictions such as the United States and the United Kingdom. 
• Preparatory work for a report under the EU Green Bond Standard. 
• Delivery of mandates from the June 2025 legislative proposals to amend the SECR. 
• Publication of Q&As and other guidance tools. 

Other work areas 

The ESAs’ work extends further to strengthening the supervision of financial groups that operate as financial conglomerates by providing guidance on reporting, assessing frameworks and conducting stress tests. In line with the constant technological developments seen in the financial sector, the ESAs are also looking to help monitor these changes and help regulators via the EFIF. The ESAs will carry out a third data collection exercise for BigTechs and track innovation trends in the EU financial sector with one of the key areas being tokenisation and AI. Additionally, the ESAs will continue to assess ECAIs by assessing the current mappings and producing new mappings for newly registered ECAIs. If deemed necessary, the ESAs will draft implementing technical standards. 

How Forvis Mazars can help 

At Forvis Mazars, our experts support firms as they navigate the developing EU regulatory landscape. We provide guidance by helping firms strengthen their governance and control frameworks and supporting the implementation of revised regulatory requirements.  

Our services include monitoring regulatory developments and analysing their impacts, conducting gap assessments against new requirements, and reviewing existing regulatory frameworks to help ensure ongoing compliance.