The following Financial Services practice note Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note.
The European Insurance and Occupational Pensions Authority (EIOPA) is one of three European Supervisory Authorities (ESAs) which was created to strengthen the EU supervisory framework and to reduce the risk and damage of a future financial crisis. It operates as an independent advisory body to the European Parliament, the Council of the European Union (the Council) and the European Commission (the Commission).
EIOPA is the European micro-prudential supervisor for the insurance and occupational pensions sectors. It replaced the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) in January 2011.
EIOPA's main goals are:
protecting consumers and rebuilding trust in the financial system
ensuring a high, effective and consistent level of regulation and supervision, taking account of the varying interests of all EU Member States and the different nature of financial institutions
greater harmonisation and coherent application of rules for financial institutions and markets across the EU
strengthening oversight of cross-border groups, and
promoting a coordinated EU supervisory response
EIOPA's core responsibilities are to:
support the stability of the financial system
support the transparency
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