As part of its work programme for 2016, the Committee will place a renewed focus on financial innovation and consumer protection, alongside the work already underway in areas such as anti-money laundering, financial conglomerates and securitisation.
The global financial services industry is expected to spend billions of dollars in coming years to improve their analysis capabilities. But civil liberties campaigners have expressed concerns that use of such data could breach personal privacy. They also say it could be misused to discriminate against certain sections of the population in so-called profiling, for example based on age, gender, health or ethnic background.
The topic aims to analyze the adequacy of sectoral regulatory frameworks and identify any regulatory and/or supervisory measures which may need to be taken, according to an ESA statement, cited by Reuters.
Further details about the nature of the work or when the Committee would announce findings have not been disclosed yet.
The Joint Committee of the European Supervisory Authorities includes the three EU financial regulators - the European Banking Authority, European Securities and Markets Authority, and European Insurance and Occupational Pensions Authority.
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