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Practical Overview of the Implementation of Community Law in Financial Sector: A View of a Legal Practitioner

41 Pages Posted: 30 Aug 2016  

Gintautas Pošiūnas

Bank of Lithuania

Date Written: August 29, 2016

Abstract

The timely and correct application of Community law is essential to maintain a strong foundation for the European Union and ensure that European policies have intended impacts, bringing benefits to citizens. The European institutions and Member States share an interest in keeping this foundation strong and need to make an even stronger commitment to assign high priority to the correct application of law.

Non-compliance with Community primary and/or secondary law constitutes a de-facto breach of law, ie, delict or as the case may be, a criminal offense, tort or wrong. Breach of Community primary law shall have vertical adverse effect to the legal system of the nation (sovereign or suzerain); while the breach of Community secondary law shall have horizontal adverse effect to the legal system of the nation (sovereign or suzerain). Therefore, the Member States of the EU should maintain their legal systems in order with Community primary law and Community secondary law.

Alongside with general legal regime of the Member States of the EU, there are certain specific provisions, which lay in detail the analysis of compatibility of national provisions with that of EU directives. That is most valuable experience, which might serve a good example to other Member States. Legal system of the Member State of the EU should contain specific provisions regulating the matters on transposition and application of Community law in the legal acts establishing the law making procedure.

National law making procedural rules should expressly state that the law making procedure in case of transposition and/or application of Community law completes only after adoption, publication, entering into force and notification of National Execution Measures to the European Commission.

Suggested Citation

Pošiūnas, Gintautas, Practical Overview of the Implementation of Community Law in Financial Sector: A View of a Legal Practitioner (August 29, 2016). ICCLJ year 2012 volume 9, issue 1. ; University of Oslo Faculty of Law Research Paper No. 2016-12. Available at SSRN: https://ssrn.com/abstract=2831464

Gintautas Pošiūnas (Contact Author)

Bank of Lithuania ( email )

Totoriu 4
Vilnius, LT-01121
Lithuania

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