Common organisational and  6  BIS Review 81/2001  functional requirements, including risk management, could be laid down to achieve a level playing-field of different systems and facilitate their access to foreign market participants. The European Commission is trying to address these issues by amending the Investment Service Directive. •  Second, setting standards.
Although the Guidance at present is non-binding in nature, any deviations from it will need to be explained. Supervisory expectations can be turned into binding requirements by implementing them as part of the Supervisory Review and Evaluation Process. We expect the Guidance to become embedded in the ECB supervisory manual, thereby becoming business as usual supervision.