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 European Systemic Risk Board (ESRB), 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 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 the European Parliament and of the Council of 24/11/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (the ‘ESRB Regulation’)
Council Regulation (EU) 1096/2010 of 17/11/2010 conferring specific tasks upon the European Central Bank
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.