Appendix 6: Glossary
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AIFMD |
Alternative Investment Fund Managers Directive |
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Acquis communautaire |
The accumulated legislation, legal acts, and court decisions which constitute the body of European Union law |
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Article 50 (TEU) |
Sets out the procedure by which a Member State can leave the EU |
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BBB |
British Business Bank |
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BCBS |
Basel Committee on Banking Supervision |
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BRRD |
Banking Recovery and Resolution Directive |
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CCP |
Central counterparty, also known as a clearing house |
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CETA |
Comprehensive Economic and Trade Agreement (with Canada) |
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CJEU |
Court of Justice of the European Union (often referred to as the ECJ) |
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CMU |
Capital Markets Union |
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CRA |
Credit Rating Agency |
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CRD |
Capital Requirements Directive (and Regulation, collectively known as CRD IV) |
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CSD |
Central Securities Depositary |
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EBA |
European Banking Authority |
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ECB |
European Central Bank |
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ECOFIN |
Configuration of the Council of Ministers dealing with economic and financial matters |
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ECON Committee |
European Parliament Economic and Monetary Affairs Committee |
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EEA |
European Economic Area |
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EFTA |
European Free Trade Area |
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EIB |
European Investment Bank |
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EIOPA |
European Insurance and Occupational Pensions Authority |
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EIS |
Enterprise Investment Scheme |
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EU-27 |
The remaining EU member states following Brexit |
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EMIR |
European Market Infrastructure Regulation |
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ESMA |
European Securities and Markets Authority |
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ESAs |
European Supervisory Authorities |
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FCA |
Financial Conduct Authority |
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FPC |
Financial Policy Committee of the Bank of England |
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FSB |
Financial Stability Board |
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FTA |
Free Trade Agreement |
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FinTech |
The application of technology to financial services |
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FRTB |
Fundamental reiew of the trading book |
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G20 |
The Group of 20, comprising 19 of the world’s largest national economies and the European Union |
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G-SIBs |
Global Systemically Important Banks |
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G-SIIs |
Global Systemically Important Insurers |
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GDPR |
General Data Protection Regulation |
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IAIS |
The International Association of Insurance Supervisors |
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IASB |
International Accounting Standards Board |
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IFRS |
International Financial Reporting Standards |
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Lamfalussy process |
System of agreeing legislation in EU financial services |
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MiFID II |
Markets in Financial Instruments Directive/ Regulation |
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NCA |
National Competent Authority |
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OTC |
Over The Counter: refers to securities traded in a context other than on a formal exchange |
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Passporting |
The right for a firm registered in the EEA to do business in any other EEA state without needing further authorisation |
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PSD II |
Second Payments Systems Directive |
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PRA |
Prudential Regulation Authority |
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Regulatory sandbox |
The FCA’s regime for FinTech supervision, part of Project Innovate |
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SMR |
Senior Managers Regime |
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Solvency II |
The EU’s prudential regime for insurance |
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TEU |
Treaty on the European Union |
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TTIP |
Transatlantic Trade and Investment Partnership |
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UCITS |
Undertakings for Collective Investment in Transferable Securities |