The following Financial Services practice note provides comprehensive and up to date legal information covering:
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 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 concerning the functioning of the European Systemic Risk Board.
The ESRB is responsible for the macro-prudential oversight of the financial system
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