The EUFRA has a strong interest in promoting sound and high quality accounting and disclosure standards for the banking and financial industry, as well as transparent and comparable financial statements that strengthen market discipline.
The EUFRA is required to ensure the integrity, transparency, orderly functioning of financial markets and prevent the use of the financial system for the purposes of money laundering and terrorist financing (ML/TF).
The EUFRA has developed a number of draft Technical Standards, Opinions, Guidelines and Reports covering the areas of securitisation and covered bonds.
The EUFRA is mandated has a wide range of Technical Standards, Guidelines and Reports to ensure effective and consistent procedures across the Union, in particular with respect to cross-border financial institutions.
EUFRA requires that institutions adequately manage operational risk, which is defined as the risk of losses stemming from inadequate or failed internal processes, people and systems or from external events.
The aim of this cooperation is to ensure cross-sectoral consistency of work and to reach joint positions in the area of supervision of financial conglomerates, under the Financial Conglomerates Directive (FICOD, 2002/87/EC).
The EUFRA seeks to foster consumer protection in financial services across the EU by identifying and addressing detriment consumers may experience, or are at risk of experiencing, in their dealings with financial firms.
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EUFRA comprises the ECB and national supervisors of the participating countries. After the financial crisis, the need to more effectively supervise banks became more pressing.
© 2021 EUFRA Policy