Financial Services Division 2 (EU)

29.04.15

Overview

Role of the Financial Services Division

The Financial Services Division is responsible for policy and the legislative framework on the regulation of the financial services sector (Banking, Insurance, Markets & Securities (including Funds) and Anti-Money Laundering/Counter Terrorist Financing and Sanctions); and the development of EU policy and legislation for the financial services sector, including the transposition of EU directives in these areas.

FSD 2: Principal Objectives

  • To support the transposition and implementation of EU directives, Regulations and Level 2 measures which reflect the national interest.
  • To represent of Irish national interests at EU level in relation to financial services dossiers while respecting the goals of growth in the economy and effective supervision consistent with EU financial services initiatives.
  • To support policies which ensure well-regulated, effectively supervised, competitive and more stable financial services sectors.
  • To ensure compliance with EU & International Anti-Money laundering and counter terrorism standards and Financial Sanctions.
  • Effective engagement with Central Bank of Ireland

EU Financial Services

What we do

  • Financial services policy and the legislative framework is central to supporting financial regulation which protects the interests of consumers and supports the overall development of the financial sector and the economy.
  • Ireland’s statutory basis for financial regulation is based largely on a detailed and comprehensive EU template. Ireland’s strong record in the timely transposition of EU financial services legislation and in contributing to the development of EU financial services policy has helped underpin the development of Ireland’s international financial services sector.

Financial Services Committee (FSC)

The Financial Services Committee (FSC) is one of the main EU Committees serviced by the Division. The FSC was set up in 2003 by the Economic and Financial Affairs Council. It has a mandate to:

  • provide for cross-sectoral strategic reflection separate from the legislative process
  • help define the medium and long-term strategy for financial services issues;
  • consider sensitive short-term issues;
  • assess progress and implementation;
  • provide political advice and oversight on both internal and external issues.

The FSC works closely with the Economic and Financial Committee (EFC), especially in preparing meetings in the Council.

Legislation/ Legislative Framework:

Financial Services legislation (Banking, Insurance, Markets,  Securities (including Funds) and Anti-Money Laundering/Counter Terrorist Financing and Sanctions) including completed EU Directives, & EU Directives for transposition under the responsibility of the Department of Finance can be found at:

http://www.finance.gov.ie/publications/legislation/eu-legislative-framework

Links to relevant information on EU Commission and Council of the European Union websites

EU Commission:

Financial services and financial markets fall under the Internal Market and Services Directorate General (DG MARKT) at the European Commission

http://ec.europa.eu/internal_market/finances/index_en.htm

Council of the EU:

Summaries of EU legislation website presents the main aspects of European Union (EU) legislation The financial services legislation can be found here:

http://europa.eu/legislation_summaries/internal_market/single_market_services/financial_services_general_framework/index_en.htm

Financial Sanctions:

http://www.finance.gov.ie/publications/legislation/financial-sanctions

Consultations:

Details of any current or previous public consultations on legislative proposals being administered by the Department can be found here:

http://www.finance.gov.ie/what-we-do/banking-financial-services/consultations/consultations-0