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GLOSSARY

European Supervisory Authorities’ (ESAs) definition

What does European Supervisory Authorities’ (ESAs) mean?

The joint committee (JC) of the authorities'>european supervisory authorities’ (ESAs) is part of the EU institutional framework for financial supervision. The objective of the JC is strengthening cooperation between the EBA, EIOPA, esma (collectively the ESAs). The ESAs coordinate their supervisory activities to ensure consistency in their practices.

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EU operational resilience—timeline

EU operational resilience—timeline This timeline shows key developments relating to EU operational resilience requirements for financial services firms from January 2024 onwards. For earlier developments, see Operational resilience—timeline [Archived] 2025 Date Source Document Description 15 April 2025 FSB FSB finalises the common Format for Incident Reporting Exchange (FIRE) The Financial Stability Board (FSB) has published its finalised format for incident reporting exchange (FIRE), which aims to standardise and streamline cyber and operational incident reporting. Developed with private sector collaboration, FIRE addresses fragmentation in reporting requirements across multiple jurisdictions and supports phased implementation. It is interoperable with existing systems and applicable to a wide range of incidents, including those involving third-party service providers. The initiative promotes convergence in cyber incident reporting, reduces the reporting burden for firms, and improves communication among authorities.See: LNB News 15/04/2025 37. 24 March 2025 European Commission COMMISSION DELEGATED REGULATION (EU) …/... supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements that a financial...

The regulators—checklist [Archived]

The regulators—checklist [Archived] 'Twin peaks' regulatory structure The financial crisis of 2007–2008 led to a wholesale revision of the regulatory architecture in the UK. The resulting system, which took effect on 1 April 2013, has been labelled 'twin peaks' regulation. The twin peaks regulatory structure involves separating prudential regulation (carried out by the Prudential Regulatory Authority (PRA) in respect of insurers, banks, building societies, credit unions and systemically important investment firms) and conduct regulation (carried out by the Financial Conduct Authority (FCA) (the FCA is also responsible for prudential regulation of investment firms that are not systemically important). The regulatory system also comprises the Bank of England (the Bank) and its Financial Policy Committee (FPC) and the Payment Systems Regulator (PSR), a subsidiary of the FCA that began operating in 2015. For an illustration of the regulatory structure, see Practice Note: Regulatory structure diagram. For more information on the UK regulators, see Overview: UK regulators—financial services—overview and for more information on how they interact with each other as well as...

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The EU Taxonomy Regulation—essentials

The EU Taxonomy Regulation—essentials This Practice Note analyses the scope and impact of the EU Taxonomy Regulation (Regulation (EU) 2020/852), and related delegated acts, and considerations for asset managers. What is the law/regulation? In December 2019, the Council of the EU and the European Parliament reached political agreement on the text of a proposed Regulation on the Establishment of a Framework to Facilitate Sustainable Investment—the so-called ‘EU Taxonomy Regulation’. The EU Taxonomy Regulation (Regulation (EU) 2020/852) was published in the Official Journal of the EU (OJ) on 22 June 2020, entered into force on 12 July 2020 and applies from the dates detailed in What is the timeline? below. The EU Taxonomy Regulation amends, and uses definitions from, the EU regulation on sustainability‐related disclosures in the financial services sector (Regulation (EU) 2019/2088) (the EU SFDR) and it is supplemented by Commission delegated regulations which are summarised in Recent developments and delegated regulations below. For more information, see the Commission’s webpages on Sustainable finance and the EU taxonomy for sustainable activities....

Appealing against a European Supervisory Authority decision—one minute guide [Archived]

Appealing against a European Supervisory Authority decision—one minute guide [Archived] Introduction to bringing an appeal against an ESA decision The three European Supervisory Authorities (ESAs)—the European Securities and Markets authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) were established as from January 2011. The ESAs ensure closer cooperation and exchange of information among national supervisors, facilitate the adoption of EU solutions to cross-border problems, and advance the coherent interpretation and application of rules. For further information, see The European Supervisory Authorities (ESAs) and the European System of Financial Supervision and The EU’s Single Supervisory Mechanism. Articles 58 and 59 of the Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010, Regulation (EU) No 1095/2010 (collectively, the ESAs Regulations) provide for the establishment of an independent and impartial Board of Appeal of the three ESAs. Under Article 58(8) of the ESAs’ Regulations, the ESAs provide operational and secretarial support to the Board of Appeal through the Joint Committee, a body...

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Asset management and investment funds: EU and International Developments–May 2025

Ireland—Banking & Financial Service analysis: This article, was written by A&L Goodbody’s Asset Management & Investment Funds Team SFDR, SIU, PRIIPs KID Q&As, T+1, the Listing Act.

Financial Services weekly highlights—15 May 2025

This week's edition of Financial Services weekly highlights includes: FCA appoints David Geale as executive director for payments and digital finance; EU CRR amending RTS published in Official Journal; ISDA extends DRR for revised MiFID II/MiFIR reporting; plus dates for your diary over the coming week.

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