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This comprehensive report from 𝗘𝗜𝗢𝗣𝗔 provides a 𝗳𝗼𝗹𝗹𝗼𝘄-𝘂𝗽 𝘁𝗼 𝗮 𝗽𝗲𝗲𝗿 𝗿𝗲𝘃𝗶𝗲𝘄 𝗼𝗻 𝗼𝘂𝘁𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴, assessing the progress made by 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗦𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗔𝘂𝘁𝗵𝗼𝗿𝗶𝘁𝗶𝗲𝘀 (𝗡𝗦𝗔𝘀) in strengthening their oversight of 𝗼𝘂𝘁𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝘄𝗶𝘁𝗵𝗶𝗻 𝘁𝗵𝗲 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝘀𝗲𝗰𝘁𝗼𝗿. It details the 𝗺𝗲𝘁𝗵𝗼𝗱𝗼𝗹𝗼𝗴𝘆 used, the 𝘀𝗰𝗼𝗽𝗲 of the review, and the 𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗰𝗿𝗶𝘁𝗲𝗿𝗶𝗮 applied to recommended actions. The document highlights 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗮𝗱𝘃𝗮𝗻𝗰𝗲𝗺𝗲𝗻𝘁𝘀 by NSAs in areas such as 𝗼𝘂𝘁𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸𝘀, 𝗻𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀, 𝗮𝗻𝗱 𝗱𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁, with many recommended actions being 𝗳𝘂𝗹𝗳𝗶𝗹𝗹𝗲𝗱 𝗼𝗿 𝗽𝗮𝗿𝘁𝗶𝗮𝗹𝗹𝘆 𝗳𝘂𝗹𝗳𝗶𝗹𝗹𝗲𝗱. However, it also identifies 𝗿𝗲𝗺𝗮𝗶𝗻𝗶𝗻𝗴 𝗴𝗮𝗽𝘀, particularly in 𝗼𝗳𝗳-𝘀𝗶𝘁𝗲 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗶𝗼𝗻 and the 𝗳𝘂𝗹𝗹 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝘁𝗼𝗼𝗹𝘀, emphasizing the need for 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲𝗱 𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗼𝗳 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀 to ensure effective and continuous oversight of outsourcing arrangements.

The 𝗘𝗜𝗢𝗣𝗔 has evaluated 𝗵𝗼𝘄 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗶𝗻𝘀𝘂𝗿𝗲𝗿𝘀 𝗮𝗿𝗲 𝗶𝗻𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗶𝗻𝗴 𝗰𝗹𝗶𝗺𝗮𝘁𝗲 𝗰𝗵𝗮𝗻𝗴𝗲 𝗿𝗶𝘀𝗸𝘀 𝗶𝗻𝘁𝗼 𝘁𝗵𝗲𝗶𝗿 𝗿𝗶𝘀𝗸 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁𝘀, specifically within their 𝗢𝗥𝗦𝗔. The findings indicate that most insurers are now including both 𝗽𝗵𝘆𝘀𝗶𝗰𝗮𝗹 𝗮𝗻𝗱 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 𝗿𝗶𝘀𝗸𝘀 in their ORSA, utilizing 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 more frequently to understand potential financial impacts. While progress has been made, challenges remain, such as 𝗶𝗻𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗲𝘀 𝗮𝗰𝗿𝗼𝘀𝘀 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗿𝗲𝗴𝗶𝗼𝗻𝘀 and a 𝘀𝗵𝗼𝗿𝘁𝗮𝗴𝗲 𝗼𝗳 𝗵𝗶𝗴𝗵-𝗾𝘂𝗮𝗹𝗶𝘁𝘆 𝗱𝗮𝘁𝗮. EIOPA aims to continue fostering 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆 and building capacity in this area.

This consultation paper, issued by EIOPA, outlines proposed 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗶𝗻𝗴 𝗧𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 (𝗜𝗧𝗦) concerning resolution reporting for insurance and reinsurance companies as mandated by 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝘃𝗲 (𝗘𝗨) 𝟮𝟬𝟮𝟱/𝟭. It details the 𝗽𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲𝘀, 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗳𝗼𝗿𝗺𝘀, 𝗮𝗻𝗱 𝘁𝗲𝗺𝗽𝗹𝗮𝘁𝗲𝘀 for insurers to provide information essential for drawing up and executing resolution plans. The document includes an 𝗶𝗺𝗽𝗮𝗰𝘁 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 evaluating policy options for 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗳𝗿𝗲𝗾𝘂𝗲𝗻𝗰𝘆 and the 𝗹𝗲𝘃𝗲𝗹 𝗼𝗳 𝗱𝗲𝘁𝗮𝗶𝗹 𝗳𝗼𝗿 𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴, ultimately favoring less frequent and less granular reporting to reduce the burden on undertakings. Additionally, it addresses 𝗱𝗮𝘁𝗮 𝗾𝘂𝗮𝗹𝗶𝘁𝘆, 𝘀𝘂𝗯𝗺𝗶𝘀𝘀𝗶𝗼𝗻 𝗳𝗼𝗿𝗺𝗮𝘁𝘀, 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗽𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻 𝗼𝗳 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻, emphasizing cooperation between supervisory and resolution authorities and providing a 𝗽𝗿𝗶𝘃𝗮𝗰𝘆 𝘀𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 regarding data collection.
𝗢𝗽𝗲𝗻𝗶𝗻𝗴 𝗱𝗮𝘁𝗲 22 July 2025
𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲 31 October 2025, 23:59 (CET)

The preprint article, 𝘿𝙤 𝘽𝙖𝙣𝙠𝙨 𝙎𝙥𝙚𝙖𝙠 𝙩𝙝𝙚 𝙎𝙖𝙢𝙚 𝙀𝙎𝙂 𝙇𝙖𝙣𝙜𝙪𝙖𝙜𝙚? 𝘼 𝙏𝙚𝙭𝙩-𝘽𝙖𝙨𝙚𝙙 𝘾𝙡𝙪𝙨𝙩𝙚𝙧𝙞𝙣𝙜 𝘼𝙥𝙥𝙧𝙤𝙖𝙘𝙝 explores the 𝗻𝗮𝗿𝗿𝗮𝘁𝗶𝘃𝗲 𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆 in ESG disclosures among leading Italian banks. The authors, Giuseppe Scandurra and Antonio Thomas, employed 𝗰𝗼𝘀𝗶𝗻𝗲 𝘀𝗶𝗺𝗶𝗹𝗮𝗿𝗶𝘁𝘆 and 𝗵𝗶𝗲𝗿𝗮𝗿𝗰𝗵𝗶𝗰𝗮𝗹 𝗰𝗹𝘂𝘀𝘁𝗲𝗿𝗶𝗻𝗴 to analyze the textual content of non-financial reports. Their research identifies 𝗳𝗼𝘂𝗿 𝗱𝗶𝘀𝘁𝗶𝗻𝗰𝘁 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗽𝗮𝘁𝘁𝗲𝗿𝗻𝘀 among the banks: 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝗶𝘇𝗲𝗱, 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻𝗮𝗹, 𝗶𝗻𝘀𝘁𝗿𝘂𝗺𝗲𝗻𝘁𝗮𝗹, and 𝗶𝗱𝗶𝗼𝘀𝘆𝗻𝗰𝗿𝗮𝘁𝗶𝗰. This 𝗿𝗲𝘃𝗲𝗮𝗹𝘀 𝗮 𝗽𝗲𝗿𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗱𝗶𝘃𝗲𝗿𝘀𝗶𝘁𝘆 in how banks communicate their ESG efforts, despite calls for harmonization. Ultimately, the study highlights the 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗶𝗻 𝗰𝗼𝗺𝗽𝗮𝗿𝗶𝗻𝗴 𝗮𝗻𝗱 𝗮𝘀𝘀𝗲𝘀𝘀𝗶𝗻𝗴 𝗘𝗦𝗚 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 due to varied reporting styles and suggests a need for more specific standards within the banking sector.

The 𝙀𝙪𝙧𝙤𝙥𝙚𝙖𝙣 𝘾𝙤𝙢𝙢𝙞𝙨𝙨𝙞𝙤𝙣 has published a 𝗱𝗿𝗮𝗳𝘁 Delegated Regulation amending Regulation (EU) 2015/35 under the 𝗦𝗼𝗹𝘃𝗲𝗻𝗰𝘆 𝗜𝗜 framework. This follows Directive (EU) 2025/2, effective from January 28, 2025, and applicable from January 30, 2027. The proposal seeks to align prudential insurance rules with updated legislation, improve proportionality for smaller insurers, and strengthen supervisory cooperation and macroprudential oversight. It addresses identified issues such as volatility, investment disincentives, and reporting burdens. The changes aim to enhance insurers’ capacity to support the EU economy through increased capital allocation to long-term and sustainable investments, including securitisation and venture capital.
𝗙𝗲𝗲𝗱𝗯𝗮𝗰𝗸 𝗽𝗲𝗿𝗶𝗼𝗱:
17 July 2025 - 05 September 2025

This study develops a machine learning framework to identify high-risk enterprise financial reports, comparing Support Vector Machine, Random Forest, and K-Nearest Neighbors models. Using 2020–2025 audit data from the Big Four firms, Random Forest showed the highest performance (F1-score: 0.9012), excelling in detecting fraud and compliance issues. While KNN struggled with high-dimensional data, SVM performed well but was computationally intensive. The study highlights the potential of machine learning in auditing but notes limitations, including reliance on structured data and exclusion of external economic factors.

These proposed guidelines update the 2019 EBA Guidelines on Outsourcing to align with the Digital Operational Resilience Act (DORA). Key aspects include:
◾ 𝗥𝗶𝘀𝗸 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸: Financial entities must assess, monitor and mitigate risks throughout the third-party arrangement lifecycle, including due diligence, contractual phases and exit strategies.
◾ 𝗣𝗿𝗼𝗽𝗼𝗿𝘁𝗶𝗼𝗻𝗮𝗹𝗶𝘁𝘆 𝗣𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲: The guidelines provide specific criteria for applying proportionality, limiting documentation burdens on financial entities and authorities.
◾ 𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆 𝘄𝗶𝘁𝗵 𝗗𝗢𝗥𝗔: A single register can be used for both ICT and non-ICT services, streamlining information storage and reducing administrative burdens.
◾ 𝗧𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 𝗣𝗲𝗿𝗶𝗼𝗱: Financial entities have two years to review and amend existing arrangements and update their registers.

The consultation runs until October 8, 2025, allowing stakeholders to provide feedback on the draft guidelines.

The EBA released three final draft technical standards to support the EU Banking Package, enhancing supervisory oversight. These include Regulatory Technical Standards (RTS) for calculating the Business Indicator (BI) for operational risk capital, Implementing Technical Standards (ITS) mapping BI to FINREP for consistency, and amended ITS on operational risk reporting. The standards refine BI components, address mergers and disposals, and improve reporting accuracy. Set for adoption, the EBA will release IT tools and a technical package in Q4 2025, with reporting starting March 31, 2026.

As all transactions become digital, any involvement with EU users-even minor-triggers complex compliance risks, shifting the landscape from predictable “risk” to broader “uncertainty.” Compliance now dominates, reducing litigable individual rights and increasing disputes, but with a trend toward alternative and online dispute resolution (ADR/ODR). Traditional contract and litigation strategies are less effective, as mandatory compliance overrides forum or law choices. Future disputes will increasingly involve digital elements, requiring new approaches and cooperation between parties, especially regarding AI, data, and cybersecurity. Litigation will not decrease, but its nature will fundamentally change, demanding innovative risk management in international commercial litigation.

EIOPA advocates for smarter, harmonized EU regulation and stronger supervision to simplify rules and reduce administrative burdens, boosting European competitiveness. This balanced approach aims to create a thriving Single Market while protecting consumers and ensuring financial stability. EIOPA has already taken steps in this direction and emphasizes that simplification should prioritize EU interests and avoid creating new national burdens.