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
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