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5 The EU Approach to Authorisation

Daniel Carall-Green

From: Brexit and Financial Regulation

Edited By: Jonathan Herbst, Simon Lovegrove

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 24 March 2023

Secondary market — Authorisation — Investment business — Prudential regulation — Supervision — European Banking Authority (EBA) — European Securities and Markets Authority (ESMA)

This chapter assesses the EU approach to granting authorisation to UK-authorised financial services firms that wish to continue or establish operations in the EU after EU law ceases to apply in the UK. The EU approach to authorisation is driven by two authorities: the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA). The chapter evaluates the EBA opinions on Brexit that addresses a number of relevant policy topics relating to authorisation: prudential regulation and the supervision of banks; internal models; outsourcing; internal governance; and risk transfers via back-to-back and intragroup operations. The chapter alos evaluates ESMA’s published opinion setting out general principles aimed at fostering consistency in the authorisation and supervision of investment firms in the EU27, as well as ESMA’s sector-specific opinions in the areas of investment firms, investment management, and secondary markets.

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