EU and International Regulation Flashcards
EU Institutions
The Commission
The Parliament
The Council
The Commission
Initiates policy proposals / legislation
The Parliament
Debates / co decides on laws
Commission put policy propels to Parliament
The Council
Coordinates economic policies/co decides on laws
e.g. French PM + German chancellor
Types of EU Secondary Legislation
Regulations - Directly binding on member states
Directives - implemented by member states in national law
Regulations + Directives = achieve harmonisation
Decisions - Directly binding on those (member states/enterprises to whom addressed)
Recommendations - not binding
FSAP Name
EU Financial Services Action Plan
EU Financial Services Action Plan
Complex products to create single market in financial services
Creating an EU-wide single market in financial services
Following Financial crisis
MAR
MIFID II
ESRB
European Systemic Risk Board
Responsible for macro prudential regulation
monitors potential threats to stability of financial system
ESAs
European Supervisory Authorities
Micro-financial supervision
ESMA - European Securities and Markets Authority
EBA - European Banking Authority
EIOPA - European Insurance and Occupational Pensions Authority
Responsibilities of ESAs
Harmonise rules/supervisory practices used by national regulators
Ensure common supervisory culture
Ensure Consistent application of EU rules
FATF
Financial Action Task Force
Intergovernmental body to combat money laundering an terrorist financing
