Guidelines of the European Supervisory Authorities
Under Article 16 of the EU Regulations on the European Supervisory Authorities (ESAs), i.e. the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), the EBA, EIOPA and ESMA may issue guidelines addressed to all national supervisory authorities or all financial market participants with a view to establishing consistent, efficient and effective supervisory practices within the European System of Financial Supervision, and to ensuring the common, uniform and consistent application of EU law. According to the provision, the national supervisory authorities and financial market participants shall make every effort to comply with these guidelines. The obligation to make every effort to comply with the guidelines is therefore a consequence of a directly applicable EU regulation.
National supervisory authorities (such as the Financial Supervisory Authority) also have an obligation to “comply or explain,” which requires them to confirm within two months of the issuance of a guideline whether they comply or intend to comply with that guideline. If an authority reports that it does not comply or does not intend to comply with a guideline, it shall inform the European Supervisory Authority in question, stating its reasons. A guideline may also require financial market participants to report whether they comply with the guideline.
On this website, the Financial Supervisory Authority (FIN-FSA) presents the EBA, EIOPA and ESMA guidelines with which its supervised entities and other financial market participants should make every effort to comply. In its regulations and guidelines, the FIN-FSA also indicates, where appropriate, the EBA, EIOPA and ESMA guidelines that relate to the subject matter of the regulations and guidelines.
The guidelines and recommendations issued by the European Supervisory Authorities (ESAs) are compiled below, by entity. Please always check the exact target group (scope of application) of the relevant guideline.
- Fund management companies
- Investment service providers
- Credit institutions
- Stock exchange and other trading venues
- Central securities depositories
- Issuers and investors
- Virtual currency providers
- Payment service providers
- Mortgage credit intermediaries
- Life and non-life insurance
- Insurance intermediaries
- Alternative investment fund managers (AIFMs)
- Benchmark administrators
- Other guidelines
- Supervisor guidelines
The guidelines and recommendations issued by the European Supervisory Authorities (ESAs) are available on the organisations’ websites: