C: European Supervisory Authorities (ESAs) - created from Mind Map

European Systemic Risk Board (ESRB)

European Securities & Markets Agency (ESMA)

European Banking Agency (EBA)

European Insurance & Occupational Pensions Authority (EIOPA)

- ensure financial stability & strengthen & enhance EU supervisory framework - improve co-ordination between national supervisory authorities (FCA)

ESAs' Role create a single EU rule book investigate failures to apply, or breaches of, EU law temp ban certain financial activities provide EU-wide co-ordination mediate where national supervisory authorities disagree role in EU supervisory colleges conduct regular peer reviews of national supervisory authorities analyse market developments, coordinate EU-wide stress tests consider consumer protection issues ESMA direct supervisory responsibility for credit rating agencies

Markets in Financial Instruments Directive (MiFID)Replaces Investment Services Directive.Play a major part in Financial Services Action Plan, which is designed to help integrate Europe's financial markets widens range of core investment services & activities firms can passport greater degree of harmonisation facilitate cross-border business subject firms to directive-based capital requirements

Insurance Mediation Directive (IMD)Applies to non-investment insurances.Sets minimum standards for regulation of sale & admin of insurance introducing (proposing) concluding assisting in admin (particularly in event of a claim) Imposes Professional Indemnity Insurance requirements on intermediaries who give advice - min limits e1,120,200 for single claim & e1,680,300 in aggregate.

Capital Requirement Directive (CRD) (Basel II)Basel I helped strengthen soundness & stability of international banking system as a result of higher capital ratios it req'd,Revision of extg framework which aims to make it more risk sensitive & representative of modern banks risk management principles.Pillar 1 - minimum capital req's firms req'd to meet for credit, market, and operational riskPillar 2 - whether a firm should hold additional capital against other risksPillar 3 - require firms to publish certain details of risks and capital & risk management

Third Money Laundering Directive (3MLD)Provide a common EU basis for implementing revised Financial Action Task Force (FATF) recommendations on money laundering.Money Laundering Regulations 2007 (MLR) implements FATF's directive in the UK.Joint Money Laundering Steering Group (JMSLG) 2007 replaced the 2006 version of the guidance to reflect changes to UK's legal framework.

European Supervisory Authorities (ESAs)

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