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Financial Market Regulation and Supervision in: The Law of the European Union

Matthias Haentjens, Jouke Tegelaar and Dorine Verheij have recently published the chapter Financial Market Regulation and Supervision in the new volume of the prestigious The Law of the European Union (previously Kapteyn and VerLoren van Themaat).

Prof. Matthias Haentjens, J.T. Tegelaar LLM and D.J. Verheij LLM
18 December 2018

The chapter deals with the European legal framework for financial markets. The internal market objective of the European Union has resulted in a legal framework that is thoroughly harmonized, and, in part, even unified. Not only financial regulation has undergone a strong Europeanization. Financial supervision, traditionally remaining a national issue exclusively reserved for the Member States, has also been increasingly Europeanized with the centralization of Eurozone banking supervision at the European Central Bank (ECB) as an illustrative example.

The chapter is structured as follows. Firstly, the institutional structure and development of financial regulation are discussed, including the Lamfalussy process of lawmaking and the establishment of the European Banking Union. Secondly, an overview is given of the existing body of financial regulation, taking a sectoral approach. Thus, a distinction is made between regulation governing banking, securities and markets and insurers and pension funds. Thirdly, the supervisory dimension is explored, addressing, i.a. the European Supervisory Authorities (ESAs), as well as the Banking Union. More in particular, it discusses the tasks and powers of the ECB, the ESAs and the Single Resolution Board (SRB). The chapter concludes with a section on legal protection, and discusses challenging decisions taken by the ECB, the ESAs and the SRB, as well as financial supervisory liability. 

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