The EBA has announced that it will gradually relocate its activities to the Paris offices. The current premises at One Canada Square, Canary Wharf, London, are scheduled to close on May 31, 2019. The EBA is expected to sign its siege agreement with the French authorities on 06 March 2019 in Paris. The agreement will ensure that the EBA operates smoothly as part of the transfer of its headquarters from London to Paris on 30 March 2019. From 30 March 2019, all meetings of the EBA`s governing bodies will be held in Paris. The EBA, the Authority, will be fully operational at the new Paris premises from 3 June 2019. Nathalie Loiseau, Minister for European Affairs, Agns Pannier-Runacher, Minister of State for Economic and Financial Affairs, and Jo Swyngedouw, President of the European Banking Authority, will sign the EBA Headquarters Agreement on 6 March. The signing of the siege agreement formalizes the re-establishment of the European Banking Authority in France. The European Banking Authority (EBA) will today sign its headquarters agreement with the French authorities in Paris. The agreement will ensure that the Authority functions properly in the transfer of its headquarters from London to Paris on 30 March 2019.
The EBA`s main task is to contribute to the creation of a single European regulatory framework in the banking sector by adopting binding technical standards (BTS) and guidelines. [15] The single regulatory framework aims to provide a single set of harmonised prudential rules to financial institutions across the EU, to contribute to a level playing field and to provide a high level of protection for depositors, investors and consumers. [16] The European Banking Authority (EBA) is a Regulatory Authority of the European Union based in Paris. Its activities include the implementation of stress tests for European banks to increase the transparency of the European financial system and to identify vulnerabilities in bank capital structures. [2] The EBA was established on 1 January 2011 and inherited all the functions and responsibilities of the European Committee of Banking Supervisors (CECB). In conjunction with the CEBS secretariat, it was first located in London. . Following the UK`s planned withdrawal from the EU, the European Commission has drawn up plans to relocate the EBA (in collaboration with the European Medicines Agency) from the UK to keep it within other EU member states. The future houses envisaged for the Agency[3] were Brussels[4] Dublin,[5] Frankfurt,[6][7] Luxembourg,[9] Paris,[10] Prague,[11] Vienna[12] and Warsaw. [13] At the end, Paris was selected on Monday, November 20, 2017 at 6:40 p.m., summer time, drawing tickets for the EBA.
[14] The EBA is a European agency responsible for regulating and effectively monitoring the banking sector at EU level.