EU Financial Regulation Soft Law in the Member States: Finland, France, Germany, Italy, the Netherlands, Slovenia and the UK

SOLAR, 2020

142 Pages Posted: 29 Sep 2020

See all articles by Matej Avbelj

Matej Avbelj

New University

Jacopo Alberti

University of Ferrara

Caroline Cauffman

Maastricht University

Miriam Hartlapp

Freie Universität, Berlin

Emilia Korkea-aho

University of Eastern Finland

Päivi Leino

University of Helsinki - Faculty of Law

Eric Oliva

affiliation not provided to SSRN

Steffen Post

affiliation not provided to SSRN

Angela Schwerdtfeger

affiliation not provided to SSRN

Date Written: August 7, 2020

Abstract

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.

Suggested Citation

Avbelj, Matej and Alberti, Jacopo and Cauffman, Caroline and Hartlapp, Miriam and Korkea-aho, Emilia and Leino-Sandberg, Päivi and Oliva, Eric and Post, Steffen and Schwerdtfeger, Angela, EU Financial Regulation Soft Law in the Member States: Finland, France, Germany, Italy, the Netherlands, Slovenia and the UK (August 7, 2020). SOLAR, 2020, Available at SSRN: https://ssrn.com/abstract=3668793 or http://dx.doi.org/10.2139/ssrn.3668793

Matej Avbelj (Contact Author)

New University ( email )

Žanova ulica 3
Kranj, 4000
Slovenia

Jacopo Alberti

University of Ferrara ( email )

Corso Ercole I d'Este 37
Ferrara, 44100
Italy

Caroline Cauffman

Maastricht University ( email )

P.O. Box 616
Maastricht, 6200MD
Netherlands

Miriam Hartlapp

Freie Universität, Berlin ( email )

Boltzmannstr. 3
Berlin, 14195
Germany

Emilia Korkea-aho

University of Eastern Finland ( email )

PO Box 111
Joensuu, 80100
Finland

Päivi Leino-Sandberg

University of Helsinki - Faculty of Law ( email )

Porthania 5th Floor
P.O. Box 4
Helsinki, FIN-0001 4
Finland

Eric Oliva

affiliation not provided to SSRN

Steffen Post

affiliation not provided to SSRN

Angela Schwerdtfeger

affiliation not provided to SSRN

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