Investment firms authorised under the Markets in Financial Instruments Directive (MiFID) provide a range of services and activities to investors in financial markets. These services are essential for the functioning of the financial markets and include, among others, the reception and transmission of orders, the provision of investment advice, discretionary portfolio management and trading on own account.
The population of investment firms across the EU is diverse and firms vary greatly in terms of size, business model, risk profile, complexity and interconnectedness, ranging from one-person companies to large internationally active groups.
Taken into account their diversity, as well as their specific risk profiles not always properly captured by the banking prudential framework, the European Commission developed a new prudential framework, consisting of the Directive (EU) 2019/2034 (IFD) and the Regulation (EU) 2019/2033 (IFR).
The new framework aims at creating an appropriate and proportional framework for investment firms, while maintaining systemic investment firms under the prudential requirements and supervision of the Capital Requirements Regulation and Capital Requirements Directive (CRR/CRD). This new framework aims at ensuring the safe functioning of investment firms, strengthening their soundness and stability and better managing their risks towards customers, market and the firms themselves.
Under the investment firms’ prudential framework, a significant number of mandates have been given to the EBA to deliver regulatory products on the following areas: thresholds and criteria for investment firms to be subject to the CRR, capital requirements and capital composition, the supervisory review process, supervisory reporting, disclosure requirements, variable remuneration, governance, mandates related to economic, social and governance (ESG) risks and supervisory convergence.
The EBA’s complete work plan for delivering on those regulatory products is outlined in the IFD-IFR Roadmap.
Documents
- Roadmap on Investment firms
Links
- Supervisory reporting
- Remuneration
- Transparency and Pillar 3
Technical Standards, Guidelines & Recommendations
Technical standards
Final draft RTS/ITS adopted by the EBA and submitted to the European Commission
Regulatory Technical Standards on the specific liquidity measurement for investment firms
Adopted and published in the Official Journal of the EU
Regulatory Technical Standards on disclosure of investment policy by investment firms
Final draft RTS/ITS adopted by the EBA and submitted to the European Commission
Regulatory Technical Standards on prudential requirements for investment firms
Adopted and published in the Official Journal of the EU
Regulatory Technical Standards on own funds requirements for investment firms
Guidelines
Guidelines on the application of the group capital test for investment firms
Final and awaiting translation into the EU official languages
Guidelines on liquidity requirements exemption for investment firms
Final and translated into the EU official languages
Guidelines on internal governance for investment firms
Final and translated into the EU official languages
Guidelines on remuneration policies for investment firms
Opinions, Reports and other Publications
Opinions
11 February 2022
EBA Opinion on modified RTS on FOR.pdf
Opinion on the European Commission’s amendments relating to the final draft Regulatory Technical Standards for own funds requirements for investment firms
1 July 2021
EBA OP 2021 08 - EBA Opinion on no action regarding prudential requirements for certain investment firms.pdf
Opinion on appropriate supervisory and enforcement practices for the process of authorising investment firms as credit institutions
29 September 2017
Annex to the EBA Opinion EBA-Op-2017-11.pdf
Annex to the EBA Opinion EBA-Op-2017-11
29 September 2017
EBA Advice on New Prudential Framework on Investment Firms (EBA-Op-2017-11).pdf
EBA Advice on New Prudential Framework on Investment Firms (EBA-Op-2017-11)
27 October 2016
Opinion of the European Banking Authority on the First Part of the Call for Advice on Investment Firms (EBA-Op-2016-16).pdf
Opinion of the European Banking Authority on the First Part of the Call for Advice on Investment Firms (EBA-Op-2016-16)
14 December 2015
EBA-Op-2015-20 Report on investment firms.pdf
EBA-Op-2015-20 Report on investment firms
Decisions
28 June 2022
EBA DC 446 Decision concerning investment firms reporting by CAs to the EBA.pdf
Decision concerning investment firms reporting by CAs to the EBA
Reports
24 October 2022
EBA report on incorporating ESG risks in the supervision of investment firms.pdf
Report on incorporating ESG risks in the supervision of investment firms
Other publications
31 May 2021
EBA IFR further instruments and funds list_Q2 2021.xlsx
IFR further instruments and funds list (Q2 2021)
6 July 2017
EBA Data Collection MiFID IFs - supplementary.xlsx
EBA Data Collection MiFID IFs - supplementary
6 July 2017
EBA Data Instructions MiFID IFs - supplementary.pdf
EBA Data Instructions MiFID IFs - supplementary
20 December 2016
EBA Data Instructions for Commodity Derivatives Firms.pdf
20 December 2016
EBA Data templates for Commodity Derivatives Firms Final.xlsx
3 October 2016
Data Collection Q&As
15 July 2016
EBA Data Collection UCITS AIFMD.xlsx
EBA Data Collection UCITS AIFMD
15 July 2016
EBA Data Instructions MiFID IFs.pdf
EBA Data Instructions MiFID IFs
15 July 2016
EBA Data Instructions UCITS AIFMD.pdf
EBA Data Instructions UCITS AIFMD
15 July 2016
EBA Data Collection MiFID IFs.xlsx
EBA Data Collection MiFID IFs