Download or read book EU Financial Regulation Soft Law in the Member States written by Matej Avbelj and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the results of research conducted by the European Network on Soft Law Research (SoLaR) in the field of financial regulation. An empirical study was conducted to determine how the European Securities and Markets Authority's (ESMA) guidelines and recommendations are complied with by some selected Member States: Finland, France, Germany, Italy, the Netherlands, Slovenia and the UK. The research has also studied the attitudes of the officials and judges regarding ESMA soft law, in particular the potential differences between the two groups of stakeholders across the Member States. The paper consists of two parts. First, this introduction sheds some light on the history of the EU system of financial regulation, and the role ESMA has played in it. Having provided the necessary background for the research, the main elements of its methodology are presented next. This is then followed by a comparative analysis conducted on the selected seven Member States. The questionnaire used for the empirical analysis is attached in the appendix. The co-authors acknowledge funding from the European Commission under 575097-EPP-1-2016-1-FI-EPPJMO-NETWORK.
Download or read book EU Soft Law in the Member States written by Mariolina Eliantonio and published by Bloomsbury Publishing. This book was released on 2021-03-25 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume analyses, for the first time in European studies, the impact that non-legally binding material (otherwise known as soft law) has on national courts and administration. The study is founded on empirical work undertaken by the European Network of Soft Law Research (SoLaR), across ten EU Member States, in competition policy, financial regulation, environmental protection and social policy. The book demonstrates that soft law is taken into consideration at the national level and it clarifies the extent to which soft law can have legal and practical effects for individuals and national authorities. The national case studies highlight the points of convergence or divergence in the way in which judges and administrators approach soft law, while reflecting on the reasons for and consequences of various national practices. A series of horizontal studies connect this research to the rich literature on new modes of governance, by revisiting traditional theories on soft law, and by reflecting on the potential of such instruments to undermine or to foster rule of law values.
Download or read book The Role of Financial Stability in EU Law and Policy written by Gianni Lo Schiavo and published by Kluwer Law International B.V.. This book was released on 2016-04-24 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the outbreak of the 2008 financial crisis, European Union (EU) institutions and Member States have engaged in a major effort to repair the architecture of economic governance of the European Economic and Monetary Union (EMU). This book takes as its starting point the unclear notion of financial stability, which only recently has received a more detailed legal analysis. It examines the evolution of the concept of financial stability during the financial crisis and provides a conceptual framework in order to demonstrate that financial stability has become a foundational objective in Europe and has set a new normative framework in EU law and policy. Arguing that financial stability is a foundational objective in EU law and policy based on certain normative instruments, this ground-breaking book provides an in-depth and original understanding of the newly developed framework to attain supranational financial stability. In its analysis of the legal implications of these new instruments, the study examines topics and issues such as the following: - the concept and normative instruments of financial stability at European level; - the renewed economic governance in Europe; - the financial assistance mechanisms developed in Europe; - the new regulatory environment for banks at European level; - the Single Supervisory Mechanism and the role of the European Central Bank (ECB) therein; and - the new framework for banking resolution, with specific focus on the Single Resolution Mechanism. The author shows in detail how an appropriate level of supranational regulation, supervision, burden-sharing and rescue measures strengthen financial stability. Thereby, the book will appeal to officials in EU institutions and agencies as well as lawyers and academics in EU law and in banking/financial law to gain a clear understanding of role of financial stability and its normative instruments in EU law and policy. Gianni Lo Schiavo is currently working as a lawyer at the ECB. He obtained a PhD in EU Law at King's College, London, and has written numerous articles and chapters in EU administrative law, EU financial/banking law and EU competition law.
Download or read book Financial Regulation in the European Union written by Rainer Kattel and published by Routledge. This book was released on 2017-06-16 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection offers a comparative overview of how financial regulations have evolved in various European countries since the introduction of the single European market in 1986. It includes a number of country studies which provides a narrative of the domestic financial regulatory structure at the beginning of the period, as well the means by which the EU Directives have been introduced into domestic legislation and the impact on the financial structure of the economy. In particular, studies highlight how the discretion allowed by the Directives has been used to meet the then existing domestic conditions and financial structure as well as how they have modified that structure. Countries covered are France, Germany, Italy, Spain, Estonia, Hungary and Slovenia. The book also contains an overview of regulatory changes in the UK and Nordic countries, and in post-crisis USA. This comparative approach raises questions about whether past and more recent regulatory changes have in fact contributed to increase financial stability in the EU. The comparative analysis provided in this book raises questions on whether the past and more recent changes are contributing to increase the financial stability and efficiency of individual banks and national financial systems. The crisis has demonstrated the drawbacks of formulating the regulatory framework on standards borrowed from the best industry practices from the large developed countries, originally designed exclusively for large global banks, but now applied to all financial institutions.
Download or read book Financial Regulation in the EU written by Raphaël Douady and published by Springer. This book was released on 2017-08-29 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.
Download or read book International Financial Regulation and Offshore Financial Centers written by Louis Tournier and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does the lack of shared economic interests among OECD member countries weaken new international laws-which are based on soft law-that aim to contribute to the fight against the financial and fiscal opacity of offshore financial centers? Tax optimization involves using the rules of law to legally reduce a tax burden. But the line that separates tax optimization and tax evasion is tenuous and one could even say porous al best. Increasingly, it indeed appears that the issues of tax optimization and tax-fraud are becoming one, as the rules of law can be easily circumvented and the limits easily crossed. This phenomenon is particularly evident in the field of international taxation. This thesis deals precisely with the issue of difficulties of Soft Law in regulating offshore financial centers. Indeed, the absence of common economic interests is blatant between the Anglo-Saxon countries and continental Europe on this issue, thus finding a common interest (that could be economic, cultural, environmental or security-related) appears to be key to the success of legislation based on Soft Law internationally. The common interest seems unattainable when it comes to combating tax optimization, since the main aim is to protect the social model of the welfare state in continental European countries. A dichotomy of size at the time when the Anglo-Saxon countries are increasingly lacking in such a model.
Download or read book EU Financial Regulation and Supervision Beyond 2005 written by Karel Lannoo and published by CEPS. This book was released on 2005 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Regulation and Civil Liability in European Law written by Olha O. Cherednychenko and published by Edward Elgar Publishing. This book was released on 2020-11-10 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This insightful book provides a comprehensive analysis of the interplay between EU financial regulation and civil liability. It explores this interrelationship in order to determine whether a coordinated approach has been adopted. Examining EU law and the law of several current EU member states, one former EU member state, and the US, expert contributors consider the level of coordination between financial regulation and civil liability achieved throughout different sectors of financial services and activities, such as payments, credit, and securities, as well as among the various actors involved in public, private, and hybrid enforcement, such as courts, alternative dispute resolution bodies, and financial regulators. Distinguished scholars contribute a variety of perspectives, combining top- and bottom-up legal comparative analysis, law and economics, and experimentalist governance, in order to outline directions for cross-sector and cross-actor coordination to develop more fully at EU and national level. In doing so, they highlight the need to fundamentally rethink the role of civil liability, and private law remedies more generally, as a regulatory and compensatory tool in European financial law. Scholars across the fields of European and private law, financial regulation and economics will find this book to be an astute and engaging read. It will also prove an indispensable guide for practitioners working in financial regulation and private law throughout the EU and beyond.
Download or read book Legitimacy and Effectiveness of ESMA s Soft Law written by van Rijsbergen, Marloes and published by Edward Elgar Publishing. This book was released on 2021-10-19 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book explores pertinent questions around the legitimacy and effectiveness of EU agencies’ soft law, with a particular focus on the European Securities and Markets Authority (ESMA). It examines the variety of ESMA’s existing and newly granted soft law-making powers, which were intended to deal with the lack of effectiveness of its predecessor but are now called into question due to the ‘hard’ effect of these soft laws.
Download or read book The Changing Landscape of Global Financial Governance and the Role of Soft Law written by Friedl Weiss and published by BRILL. This book was released on 2015-05-26 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Changing Landscape of Global Financial Governance and the Role of Soft Law provides interdisciplinary perspectives on the changing landscape of global financial governance by exploring the impact and role of soft law, directly or as a precursor of hard law, pertaining to financial governance. Since the shaping of financial governance impacts national, regional and global levels of regulation, different views and arguments contribute to the ongoing discussions about financial regulation. Against this background, this book brings together perspectives of economists and lawyers who have not rallied to one or the other popular call for more regulation as a panacea for the prevention of future global financial crises, calls which have all but drowned out more nuanced scientific debates. Instead, their analysis of aspects of remedial regulatory policy prescriptions already made or proposed demonstrates that carefully designed soft law can be deployed as a valuable method or tool of mediation between the unrestrained autonomy of dysfunctional markets and overzealously crafted hard law.
Download or read book Soft Law and Governance written by Francis Snyder and published by . This book was released on 2018 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Numerous legal systems, indeed perhaps all of them, make use not only of legally binding norms but also of 'soft law', measures which are not legally binding but which nevertheless have practical and even legal effects. The European Union (EU) is no exception to this generalisation. Since 1979, and in particular since the 1992 Maastricht Treaty on the European Union, the EU has elaborated systematically and instrumentally a variety of soft law measures in pursuit of a wide range of public policy objectives. This paper aims to present selected aspects of the EU experience with soft law. The EU experience, both domestically and in international relations, may be of interest to other countries, which seek to combine legally binding measures and soft law in the service of economic and social regulation, if only because the EU experience reminds us that that social, political, legal, economic and cultural contexts shape and condition the choice, use and effectiveness of different types of norms, including soft law. In turn, such a reflection on its own experience within an implicitly comparative framework may be instructive for the EU itself. In the midst of the current financial crisis, the EU may be at a turning point, and there is considerable discussion about how best to regulate financial markets and other markets, whether through legally binding measures or soft law. Consequently, this paper is in the nature of a 'think piece', intended to raise questions and to provoke reflection, drawing considerably on my own research rather than being a systematic presentation of the subject. This paper argues that, in the EU, certain basic features of regional integration have given rise to the frequent use of soft law. This argument is developed in three parts. A first part introduces some basic features of the EU today. The second, main part considers examples of soft law in the EU. Finally, the concluding remarks consider what, in sum, we can learn from the EU experience.
Download or read book EU Administrative Law written by Paul Craig and published by Oxford University Press, USA. This book was released on 2012-03-22 with total page 860 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a legal evaluation of the ways in which the EU delivers policy. It assesses the role of law therein from a contextual and inter-disciplinary perspective and considers in-depth the principles of EU judicial review applicable to EU administration and that of the Member States.
Download or read book Specialized Administrative Law of the European Union written by Herwig C. H. Hofmann and published by Oxford University Press. This book was released on 2018-11-30 with total page 719 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume deals with the law governing the administrative implementation of European Union public policy. Much of this law is specific to individual policy sectors. The volume provides a study of such specialized admininstrative law for more than twenty sectors. This cross-sectoral approach allows for detailed comparisons of EU administration in diverse policy fields. It identifies situations where legal structures and approaches may be unnecessarily duplicated, thus indicating where a comprehensive, general system could be advantageous for both Union law and policy achievement. The comparative nature of the study also draws attention to policy fields which have proven to be testing grounds for approaches adopted subsequently in other areas. In addition, the work highlights the distinctive, highly networked, and strongly cooperative character of EU administration, as a reflection of, and a foundation for, the operative nature of the European Union as a whole.
Download or read book EU Soft Law in the EU Legal Order written by Oana Andreea Stefan and published by . This book was released on 2020 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this first SoLaR working paper we are reviewing the literature on EU soft law, with a special focus on research dealing with competition law, state aid, financial regulation, environmental protection and social policy. The literature reviewed consists of studies conducted at the EU level of governance. A further paper will focus on nationally centered analyses, in particular concerning Finland, France, Germany, Italy, the Netherlands, Slovenia, and the UK. The present paper first discusses different definitions of soft law and taxonomies before moving to an analysis of status and legal effects of soft law. The paper then reviews studies dealing with the interface between soft law and adjudication. It finally looks into issues concerning the justiciability of soft law instruments in order to distill a theory with regards to the use of soft law in courts and national administrations. The paper concludes by looking at the consequences that the enforcement of soft law can have from a rule of law perspective.
Download or read book New Paradigms for Financial Regulation in the United States and the European Union written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book EU Banking and Capital Markets Regulation written by Filippo Annunziata and published by Palgrave Macmillan. This book was released on 2025-05-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between EU and national law has taken up new forms and dimensions in the context of EU financial legislation. The wide reforms introduced in the EU financial architecture over the past years raised new issues and opened new perspectives, stimulating paramount discussions and debates that are far from being settled. Issues concerning the interplay between EU and national law relate to all the dimensions of EU financial legislation: the principles and solutions that are consolidating in this area are also likely to set the standard within other fields of EU policy and legislation. Considering, for example, legal sources, the need to foster higher levels of harmonisation among the legislations of member states needs to be balanced against the complex mechanism of options and discretions, as well as with the application of the principle of proportionality embedded in most of the fundamental texts of European financial legislation. Enforcement and institutional interplay are striking examples of the complexities of the new system. The application of traditional principles comes at grips with the continuous effort, by EU institutions and by the European Supervisory Authorities (ESAs), to set the ground for a stronger backbone of common principles for the application of EU legislation. This volume explores these topics in a new, multi-disciplinary perspective, that cuts across all relevant areas of European financial markets law.The relationship between EU and national law has taken up new forms and dimensions in the context of EU financial legislation. The wide reforms introduced in the EU financial architecture over the past years raised new issues and opened new perspectives, stimulating paramount discussions and debates that are far from being settled. Issues concerning the interplay between EU and national law relate to all the dimensions of EU financial legislation: the principles and solutions that are consolidating in this area are also likely to set the standard within other fields of EU policy and legislation. Considering, for example, legal sources, the need to foster higher levels of harmonisation among the legislations of member states needs to be balanced against the complex mechanism of options and discretions, as well as with the application of the principle of proportionality embedded in most of the fundamental texts of European financial legislation. Enforcement and institutional interplay are striking examples of the complexities of the new system. The application of traditional principles comes at grips with the continuous effort, by EU institutions and by the European Supervisory Authorities (ESAs), to set the ground for a stronger backbone of common principles for the application of EU legislation. This volume explores these topics in a new, multi-disciplinary perspective, that cuts across all relevant areas of European financial markets law.
Download or read book Financial Stability and the Global Influence of EU Law written by Paul L. Davies and published by . This book was released on 2018 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter, a version of which will appear in Cremona and Scott (eds), EU Law Beyond EU Borders The Extraterritorial Reach of EU Law, OUP, considers the influence of European Union law in the post-crisis regulation of financial institutions. The global nature of the financial crisis of 2007-2009 created incentives for jurisdictions to “export” their legislative solutions globally, in order to promote domestic stability. The chapter begins by using an analysis of the development of the crisis from a domestic US sub-prime lending problem into a global lack of trust in financial institutions, with a consequent credit crunch and state bail-outs of the biggest failing institutions, to illustrate these incentives. However, a crude strategy of export is likely to produce adverse reactions from other jurisdictions. The potential for friction was reduced by two developments. First, a rapid expansion of international standards of financial regulation and, second, using some form of mutual recognition strategy at the level of individual jurisdictions. The chapter argues that the European Union had relatively little influence on the first strategy because representation of “Europe” within international standard-setters is still dominated by the individual Member States rather than by the EU institutions. On the other hand, with the adoption of a Union level common rule book, implementation of the second strategy did fall into the hands of Union institutions.The second part of the chapter consists of a case study of the long drawn-out process whereby the EU and the US achieved recognition of each other's rules on central counterparties for derivatives clearing. Despite the existence at G20 level of an agreement on the central clearing of derivatives, which both the EU and the US sought to implement, achievement of mutual recognition on this topic was slow, marked by bad-tempered interchanges and initially developed through a process likely to highlight differences rather than commonalities. The chapter concludes by exploring some possible explanations for this history and examines the potential operation of the equivalence regime in a post-Brexit world.
