Status of these guidelines

1. These guidelines are issued pursuant to Article 16 of the ESA Regulations [ESMA - Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC. EBA - Regulation (EU) No 1093/2010 of The European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC ]. In accordance with Article 16(3), competent authorities and financial institutions shall make every effort to comply with the guidelines.

2. These guidelines set out appropriate supervisory practices within the European System of Financial Supervision and of how Union law should be applied. Competent authorities to which these guidelines apply should comply by incorporating them into their supervisory practices as appropriate (e.g. by amending their legal framework or their supervisory processes), including where guidelines are directed primarily at institutions.

Reporting requirements