The following Financial Services guidance note 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. For further guidance on the impact of Brexit on the relationship between the UK regulators and the European Supervisory Authorities (ESAs), see Practice Note: Preparing for Brexit: Regulations relating to the European Supervisory Authorities and the European Systemic Risk Board and Information Sharing–—quick guide.
The European Supervisory Authorities (ESAs) work with the European Systemic Risk Board (ESRB) to ensure financial stability and to strengthen and enhance the EU supervisory framework and aim to improve coordination between national supervisory authorities, such as the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), and raise standards of national supervision across the EU. The ESAs also issue guidance and recommendations which national supervisors and firms must make every effort to comply with. Where the ESAs believe that a national competent authority is failing to apply EU law, or is doing so in a way that appears to be in breach of EU law, they have the power to investigate. This Practice Note sets out the powers of the ESAs and outlines the interaction between them
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