ESFs meaning

Scope of this Practice Note This Practice Note offers guidance on the European Supervisory Authorities (ESAs): European Securities and Markets Authority (ESMA) European Banking Authority (EBA) European Insurance and Occupational Pensions Authority (EIOPA) Among other matters, it explains their roles and general powers to prepare draft technical standards, and to issue opinions, guidance and recommendations to national supervisors within the EU. Together with the European Systemic Risk Board (ESRB) and the national competent authorities (NCAs) of EU Member States, the ESAs form the European System of Financial Supervision (ESFS). The ESAs collaborate with the ESRB to safeguard financial stability and to strengthen and enhance the EU supervisory framework, aiming to improve co-ordination among national supervisory bodies and to raise the quality of national supervision across the EU. The ESAs also issue guidance and recommendations which national supervisors and firms must make every effort to follow. Where the ESAs consider that a national competent authority (NCA) is failing...

BREXIT At 11pm GMT on 31 December 2020—the ‘IP completion day’—the transition/implementation phase that followed the UK’s exit from the EU, and which had been entered into after the UK’s withdrawal, came to a close. From that moment, key transitional measures ended, and significant changes started to operate across the UK’s legal regime. This note provides guidance on topics affected by these shifts. Before proceeding with your research, please refer to: Brexit and financial services: materials on the post‑Brexit UK/EU regulatory regime (Archived). ESRB Background The European Systemic Risk Board (ESRB) was established in line with recommendations that arose during the early stages of the 2007–08 financial crisis. The European Commission aimed to strengthen European Union‑level supervisory arrangements for the financial system to bolster consumer protection and rebuild trust in finance. It was considered that oversight should emphasise the resilience of the financial system as a whole, rather than concentrating only on individual firms or component parts...

ARCHIVED: This Practice Note is archived, and is no longer maintained. What is the Capital Markets Union? The Capital Markets Union (CMU) is a flagship political initiative of the European Commission, unveiled on 30 September 2015 with the publication of the Action Plan for Capital Markets Union. The CMU agenda was subsequently realigned and broadened in the Commission’s Communication on the Mid-Term Review of the Capital Markets Union Action Plan, issued on 8 June 2017, and elements of the programme are periodically refined and advanced as CMU work progresses and EU and industry bodies react to evolving economic and political conditions. On 24 September 2020, the European Commission released a new CMU action plan. For information, see September 2020 CMU action plan. For information on CMU developments, see Practice Note: The Capital Markets Union—recent news [Archived]. Capital Markets Union—broad objectives and specific initiatives The broad objectives of the CMU project are to: bring together capital markets across the EU’s Member States reinforce...