ESFs definition

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The Capital Markets Union [Archived]

The Capital Markets Union [Archived] ARCHIVED: This Practice Note is archived, and is no longer maintained.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 project of the European Commission, launched on 30 September 2015 with the publication of the Action Plan for Capital Markets Union. The plan for CMU was refocussed and expanded in the Commission’s Communication on the Mid-Term Review of the Capital Markets Union Action Plan, published on 8 June 2017, and elements of the CMU plan are refined and developed from time to time as the various CMU initiatives are progressed and EU and industry bodies respond to changing economic and political conditions. On 24 September 2020, the European Commission published 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: •...

The European Systemic Risk Board [Archived]

The European Systemic Risk Board [Archived] BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. ESRB Background The European Systemic Risk Board (ESRB) emerged out of recommendations following on from the initial stages of the 2007–08 financial crisis. The European Commission wanted to strengthen European Union level financial system supervisory arrangements for consumer protection and to rebuild trust in the financial system. It was felt that supervisory arrangements needed to place greater emphasis on the stability of the financial system holistically and not only on firms or component parts. Legislation establishing the ESRB came into force on 16 December 2010: • Regulation (EU) 1092/2010 of...

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Banking & Finance weekly highlights—4 April 2019

This week’s edition of the Banking & Finance highlights includes updates on the latest Brexit developments, the IBA announces the successful completion of the transition of LIBOR panel banks to the waterfall methodology, ESMA publishes final guidelines on disclosure of risk factors in prospectuses and the European Parliament approves the EU Restructuring Directive to increase efficiencies.