Regulation 1095/2010 - December 15, 2010

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Regulation Establishing ESMA
December 15, 2010

Regulation 1095/2010 of the European Union was adopted on November 24, 2010, establishing ESMA as an independent regulatory agency overseeing European securities trading across all of the EU member states. The regulation outlines the specific competencies and powers that the regulatory agency was given. ESMA replaced CESR – the previous regulatory agency in charge of the European securities markets – in order to change financial supervision from a national level to a Union-encompassing network.

This regulation is part of a legislative package passed by the EU that established a European System of Financial Supervision (ESFS), which also includes:

  • Regulation 1092/2010 – establishing the European Systemic Risk Board (ESRB)
  • Regulation 1093/2010 – establishing the European Banking Authority (EBA)
  • Regulation 1094/2010 – establishing the European Insurance and Occupational Pensions Authority (EIOPA)
  • Regulation 1096/2010 – conferring specific tasks upon the European Central Bank concerning the functions of the European Systemic Risk Board

The regulation came into force on December 16, 2010 and, with the exception of certain provisions, applies in all the EU member states starting January 1, 2011, when ESMA and the other supervisory authorities commence operations.

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