Financial Services [EU]

Securities

Listing of Securities EU directives have laid down common standards for stock exchange listing requirements. The rules provide for the information that must be published when companies are first admitted to the exchange and their ongoing publication obligations.… Read the rest

Payments

Payments Market Framework An EU directive aims to establish a framework for the creation of an integrated payments market. It covers payment service providers established in the EU. It covers payments in euro and other national currencies of the EU.… Read the rest

Investment Services

Investment Services The granting and the renewal of authorisations for investment firms is undertaken in the home member state. The competent authority (the central bank) must ensure that the investment firm has sufficient additional resources for its activities that the persons directing it have sufficient integrity professional experience and that the holders of interests in the entity are suitable persons.… Read the rest

Insurance

Regulation The European Union has legislated in relation to insurance services. As part of the freedom of movement of capital and freedom to provide services, there is legislation setting down common principles of insurance regulation. An insurance company established and regulated in the state may provide services across borders or may establish itself in other EU states on the basis of regulation in the home country and consumer protection supervision in the host country.… Read the rest

Financial Instruments

Financial Collateral A Directive on financial collateral seeks to reduce credit risk in collateral financial transactions between financial institutions. The purpose is to provide for the rapid and informal enforcement of financial collateral. States may not make the creation, protection, enforceability or admissibility of financial collateral arrangement dependent on the performance of any formal act.… Read the rest

Financial Architecture

Supervisory Authorities Three European supervisory authorities (ESAs) were formed as part of the European Union banking reforms following the financial crisis. The ESAs are part of the ESFS (European System of Financial Supervision) together with the national regulators and the ESRB (European Systematic Risk Board).… Read the rest

EU UCIT Funds

UCITS UCITS are undertakings for collective investment in transferable securities. UCITS are usually undertakings with the sole object of collective investment in transferable securities or other liquid financial assets, capital raised from the public and which operate on the principle of risk spreading, units of which are repurchased or redeemed out of the undertaker’s assets.… Read the rest

EU Alternative Funds

AIF Managers Authorisation A 2011 directive regulates managers of alternative investment funds. The purpose is to ensure an internal market for these managers while putting in place a harmonized regulatory framework. Alternative investment fund managers are entrusted with portfolio management and risk investment of alternative investment funds (AIFs).… Read the rest

Consumer Credit

Consumer Credit Directive EU states must ensure persons offering credit obtain authorisation. They must be regulated and inspected; Bodies must be established to provide information and advice to consumers in relation to credit agreement and complaints.… Read the rest

Banking

Regulation of Credit Institutions Credit institutions authorised in one EU state may provide services in other EU states. An institution established in one state may establish a branch in another state. The institution which wishes to provide services or establish a branch in EU another state must notify the authorities of its home state giving details of the program of operations and detailed plans.… Read the rest