[15] The Single Rulebook aims at providing a single set of harmonised prudential rules for financial institutions throughout the EU, helping create a level playing field and providing high protection to depositors, investors and consumers.[16]. The EBA is tasked with developing regulatory technical standards and rules for financial firms in the EU internal market. Monitor the quality of new instruments issued by institutions. This section outlines the documents adopted by the EBA, the ESMA, the EIOPA and the ESRB. The Commission also invites, if appropriate, other experts to attend the meetings. 3 European supervisory authorities (ESAs), namely: 2.1. the European Banking Authority(EBA) 2.2. the European Securities and Markets Authority(ESMA) 2.3. the European Insurance and Occupational Pensions Authority(EIOPA) In European banking supervision the ECB is the authority in charge of banking authorisations. As it stands currently, Italy's debt-to-GDP ratio still remains worrisome and the outlook remains uncertain. As a consequence of the United Kingdom's planned withdrawal from the EU, the European Commission worked on plans to move the EBA (alongside with the European Medicines Agency) out of the United Kingdom, to keep it inside the remaining EU member states. 1226 0 obj
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Its activities include conducting stress tests on European banks to increase transparency in the European financial system and identifying weaknesses in banks' capital structures. The EBA will prevent a race to the bottom because banks established in jurisdictions with less regulation will no longer be at a competitive advantage compared to banks based in jurisdictions with more regulations as all banks will henceforth have to comply with the higher pan European standard. %PDF-1.7
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A bank is a financial institution licensed as a receiver of deposits and can also provide other financial services, such as wealth management. Fiscal austerity measures designed to help countries exit bailout programs have slowed European economic growth. The ECB supervises banks to ensure that they follow the rules set by the EBA, which emerged as part of the European Supervisory Authority (ESA), which also consists of the European Insurance and Occupational Pensions Authority (EIOPA). The Binding Technical Standards are legal acts which specify particular aspects of an EU legislative text (Directive or Regulation) and aim at ensuring consistent harmonisation in specific areas. 1093/2010 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 November 2010. establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC. Proposal. Interchange Fees Regulation (IFR) Further, the EBA shall also act within the scope of all directives, regulations and decisions based on those acts, and of any further legally binding Union act which confers tasks on the Authority. These nations consequently sought bailouts from international institutions. This site is managed by the Directorate-General for Communication, Financial supervision and risk management, Financial conglomerates - Directive (2002/87/EC), Banking prudential requirements - Directive 2013/36/EU, Banking prudential requirements - Regulation (EU) No 575/2013, Bank recovery and resolution - Directive 2014/59/EU, Deposit guarantee schemes - Directive 2014/49/EU, Credit rating agencies - Regulation (EC) No 1060/2009, Single resolution mechanism - Regulation (EU) No 806/2014, Single supervisory mechanism - Council Regulation (EU) No 1024/2013, Key information documents for packaged retail and insurance-based investment products (PRIIPs) - Regulation (EU) No 1286/2014, Payment services (PSD1) - Directive 2007/64/EC, Payment services (PSD2) - Directive (EU) 2015/2366, Single euro payments area (SEPA) - Regulation (EU) 260/2012, Cross-border payments - Regulation (EC) No 924/2009, Markets in financial instruments (MiFID) - Directive 2004/39/EC, Markets in financial instruments (MiFID 2) - Directive 2014/65/EU, Markets in financial instruments (MiFIR) - Regulation (EU) No 600/2014, Short selling - Regulation (EU) No 236/2012, Undertakings for the collective investment in transferable securities (UCITS) -, Alternative investment fund managers (AIFM) - Directive 2011/61/EU, European venture capital funds (EuVECA) - Regulation (EU) No 345/2013, European social entrepreneurship funds - Regulation (EU) No 346/2013, European long-term investment funds (ELTIFs) - Regulation (EU) 2015/760, Money market funds - Regulation (EU) 2017/1131, Derivatives (EMIR) - Regulation (EU) No 648/2012, Securities financing transactions (SFTR) - Regulation 2015/2365, Financial collateral - Directive 2002/47/EC, Pan-European personal pension product (PEPP) - Regulation 2019/1238, Risk management and supervision of insurance companies (Solvency 2) - Directive 2009/138/EC, Insurance distribution - Directive 2016/97/EU, Institutions for occupational retirement provision (IORP) - Directive 2003/41/EC, International accounting standards - Regulation (EC) No 1606/2002, Transparency requirements for listed companies - Directive 2004/109/EC, Aid, Development cooperation, Fundamental rights, Follow the European Commission on social media.