Relationship between UK regulators and European Supervisory Authorities
Relationship between UK regulators and European Supervisory Authorities

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Relationship between UK regulators and European Supervisory Authorities
  • European Supervisory Authorities
  • UK national supervisory authorities
  • General powers of the ESAs
  • Power to issue Technical Standards
  • Power to issue Guidelines and Recommendations
  • Binding mediation power
  • Power to investigate a breach of EU law investigations
  • Power to impose temporary prohibitions and restrictions
  • What role do the FCA and PRA have in the ESAs?

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.

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 and the FCA and PRA, in their capacity as UK national competent authorities (NCAs).

European Supervisory Authorities

Since January 2011, the regulation of financial services across

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