The Proposals for the European Supervisory Authorities: The Right (Legal) Way Forward?

Tijdschrift voor Financieel Recht, Vol. 1, 2010

47 Pages Posted: 3 Dec 2009 Last revised: 1 Feb 2010

See all articles by A.T. Ottow

A.T. Ottow

affiliation not provided to SSRN

Hans van Meerten

Utrecht University - Utrecht Centre for Shared Regulation and Enforcement in Europe – RENFORCE

Date Written: December 2, 2009

Abstract

This article deals with the proposals that have been presented by the European Commission in September 2009. These proposals aim to improve the supervision of (multi-jurisdictional) financial undertakings in the EU.

We first shortly addresses some elements of the current state of affairs regarding financial services and supervision. What are the main EU-legal characteristics of the supervisory framework? What are its shortcomings (chapter 2)? Subsequently, we discuss the proposals that the European Commission and European Council have presented to further harmonise the financial supervision between the Member States (chapter 3). The EU proposes to establish three new European Supervisory Authorities (ESAs) and a so-called European Systemic Risk Board (ESRB). The ESAs will replace the so-called level 3 committees (see below).

The fourth chapter will be the main chapter of this article. The originality of this contribution will be to examine to what extent the proposed European system of supervision actually fits into the current EU Treaty legal framework and into its successor, the Treaty of Lisbon. We will focus on two legal issues: 1) can the proposed legal basis for the ESAs (art. 95 EC) be justified and 2) can the future European Supervisory Authorities be entrusted with the envisaged powers? The fifth chapter concludes and contains some recommendations.

Keywords: European Supervision, Prudenial Supervision, Agencies, Meroni, Legal Basis

Suggested Citation

Ottow, A.T. and Meerten, Hans Van, The Proposals for the European Supervisory Authorities: The Right (Legal) Way Forward? (December 2, 2009). Tijdschrift voor Financieel Recht, Vol. 1, 2010, Available at SSRN: https://ssrn.com/abstract=1517371 or http://dx.doi.org/10.2139/ssrn.1517371

A.T. Ottow

affiliation not provided to SSRN ( email )

Hans Van Meerten (Contact Author)

Utrecht University - Utrecht Centre for Shared Regulation and Enforcement in Europe – RENFORCE ( email )

Achter Sint Pieter 200
Utrecht, 3512 HT
Netherlands

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
491
Abstract Views
2,179
Rank
106,396
PlumX Metrics