The European Banking Authority (EBA) aims to preserve financial stability, the integrity, efficiency, and regular functioning of the banking sector in the EU. EBA is an independent EU authority that provides supervision and regulation in the banking sector in Europe. At the same time, the EBA has been tasked with assessing risks and vulnerabilities in the EU banking sector.
EBA has many missions and duties. But it is his main task to contribute to the establishment of the European Single Rulebook in banking through the adoption of Binding Technical Standards (BTS) and Guidelines. So what is the Single Rulebook? The Single Rule Book aims to provide a single set of harmonized precautionary rules for financial institutions across the EU, and factors such as providing high protection to depositors, investors, and consumers. Moreover, EBA is tasked with assessing risks for the EU banking sector through regular risk assessment reports. In addition to these, EBA has the following responsibilities:
We mentioned that EBA is a necessary authority to ensure the integrity, transparency, and orderly functioning of financial markets. Therefore, as part of its responsibility, EBA works to prevent the European financial system from being used for money laundering and terrorist financing (ML / TF). EBA's studies on this issue are as follows:
EBA regulates and monitors the following institutions and other similar institutions in Europe
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