Universiteit Leiden

nl en

Matthias Haentjens and Jouke Tegelaar at the AFM on the European dimension of judicial review of financial supervision

Matthias Haentjens and Jouke Tegelaar held a presentation on the European dimension of judicial review of financial supervision at the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, AFM).

Financial supervision has been Europeanised to a large extent. Financial regulation is increasingly harmonised and elaborated in detail at European level. In addition, whereas traditionally national supervisory authorities have been exclusively responsible for financial supervision and enforcement, nowadays European supervisory authorities play an important role. Examples are the European Central Bank (ECB) which is the central prudential supervisory authority for euro zone banks since the establishment of the Banking Union and the European Securities and Markets Authority (ESMA), which has been conferred several supervisory and enforcement powers with regard to the financial markets.

Matthias Haentjens and Jouke Tegelaar discussed the effects of this Europeanisation on judicial review of financial supervision. They examined the topic from both the European administrative law perspective, with a focus on the European principle of proportionality, as well as the national civil law perspective, focusing on supervisory liability.

They conclude that the Europeanisation of financial regulation and supervision permeates judicial review of supervision in several ways. Their most important conclusions include that national courts must apply the European principle of proportionality in case the national supervisory authorities act within the scope of Union law and that the European principle of state liability will impact national liability regimes.

This website uses cookies. More information