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100K Factory RevolutionIn this 100K Factory Revolution Review we will talk about the European Banking Authority, one of the most important bodies that have been established in the European Union to monitor the financial and banking sector within the Union and ensure its ability to respond to crises.
The global financial crisis of 2008 that resulted from the mortgage crisis that hit the United States and spread to the rest of the world, caused the collapse of global financial markets, especially financial institutions and the banking sector, so that bankrupt many of them in spite of their large size along the lines of the bank, "Lehman Brothers" in the United States , who was one of the largest banks in the world. Immediately after the crisis, governments across the world to establish supervisory bodies aimed at monitoring the financial sector and ensure that its collapse as a result of any future crisis.
In this 100K Factory Revolution we will talk about the European Banking Authority, one of the most important bodies that have been established in the European Union to monitor the financial and banking sector within the Union and ensure its ability to respond to crises.
The emergence of the European Banking Authority
Immediately after the collapse of the bank, "Lehman Brothers" and the declaration of bankruptcy in 2008 as a result of the mortgage crisis, the bank, which was considered one of the world's largest financial institutions, in addition to forcing many banks to seek financial assistance from governments as a result of the large affected by the crisis, the European Parliament is taking several measures through the establishment of several supervisory and regulatory bodies to monitor and regulate the banking sector institutions and to ensure that they meet certain criteria in order to ensure their ability to withstand any financial crisis.
Therefore it has been the establishment of the European Banking Authority European Banking Authority (EBA) in the November 24, 2010 and began working formally on January 1 of 2011, in conjunction with the creation of other financial bodies, similar to the European Commission for financial assets, the body of European Insurance and retirement, which falls in a package of measures and laws pertaining to other banking and financial sectors, known European system of financial control program (European system of financial Supervision (ESFS)).
European Banking Authority
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European Banking Authority Foundation exists currently based in London, based their work on the coordination between the various financial institutions and regulatory and supervisory authorities within the EU, and could enact laws and standards of how the banking institutions after the European Parliament's approval. The body also known as the European Authority for control, were created by European law No. 1093-2010 in the year 2010 within the European financial system software control.
European Banking Authority operates independently of the other institutions within the European Union, in order to regulate and control the banking institutions transactions within the European Union, and to maintain the stability of the financial system and ensure efficiency, transparency and good work of the banking sector. In spite of its independent from the other institutions that they enact laws and legislation within the European Union, but they may sometimes proposing laws and regulations on the European Commission, the European Parliament and the Council of the European Union.
The objectives of the European Banking Authority
European Banking Authority is part of the European system of financial surveillance program, which was established after World mortgages crisis that caused the collapse of the financial sector in the United States and the European Union. This Foundation aims to ensure the stability of the financial and banking sector in the European Union and increase its effectiveness while ensuring transparency in dealings between most of the banking institutions competing with each other, through the enactment of laws to improve the functioning of these institutions through a system of monitoring.
The 100K Factory Revolution Commission is also keen to increase transparency and integration level and efficiency of the work of the various financial sectors, and to enter into cooperation agreements with international financial institutions, whether inside or outside the European Union, and to provide conditions to compete transparent among financial institutions, banks and a process of arbitration when disputes between these institutions. In addition to ensuring that the risk ratios are included in the banks' operations are subject to the standards and procedures.
European Banking Authority tasks
European Banking Commission enjoys wide powers in terms of restructuring the financial sector and ensure its stability by doing the following tasks:
- Formulate and enact legislative and regulatory standards and laws apply to all financial and banking institutions within the EU. - To ensure the homogeneity of the regulatory laws of each state with regulatory laws of the European Union with regard to surveillance and regulation. - Cooperation, communication and exchange of information with other regulatory institutions within the European system of financial surveillance program to monitor the founder of European capital markets and European Insurance Corporation and contracting, as well as the European Central Bank in order to ensure maximum efficiency and control. - Care to protect and ensure the rights of all consumers within the financial and banking sector. - To 100k Factory study and analyze financial markets and the economy in general to ensure keep up with the standards and laws enacted by the various economic changes. - Work on the protection of individual investors by forcing most financial institutions to provide most of the information necessary for those 100k Factory investors with respect to the way they work and the size of the financial risk in their operations and products they provide.