Rule-Making by the european financial supervisory authorities: Walking a tight rope

European Law Journal

Volumn 19, Issue 1, 2013, Pages 111-125

  Busuioc, Madalina ^a  

^a LONDON SCHOOL OF ECONOMICS   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84871687644     PISSN: 13515993     EISSN: 14680386     Source Type: Journal    
DOI: 10.1111/eulj.12016     Document Type: Article

References (61)

1. Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC, OJ L 331/12, 15.12.2010; Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC, OJ L 331/48, 15.12.2010; Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority) amending Decision No 716/2009/EC and repealing Commission Decision 2009/77EC, OJ L 331/84, 15.12.2010.
2. Recital 1, Preamble of Regulation (EU) No 1093/2010, OJ L 331/12, 15.12.2010; Regulation (EU) No 1094/2010, OJ L 331/48, 15.12.2010; Regulation (EU) No 1095/2010, OJ L 331/84, 15.12.2010 (hereafter ESAs Founding Regulations).
3. E. Ferran, 'Understanding the New Institutional Architecture of EU Financial Market Supervision', (2011) University of Cambridge Legal Studies Research Paper Series No. 29/2011, at 32.
4. E. Chiti, 'An Important Part of the EU's Institutional Machinery: Features, Problems and Perspectives of European Agencies', (2009) 46 Common Market Law Review 5, 1395-1442.
5. European Parliament, Press Release, 'Parliament gives green light to new financial supervision architecture', REF.: 2010092, 22.9.2010.
6. R. Sullivan, 'Anxiety grows over new powers for ESMA', Financial Times, available at http://www.ft.com/intl/cms/s/0/cb034c38-9103-11df-b297-00144feab49a.html#axzz1x65GMQeB.
7. N. Moloney, 'EU Financial Market Regulation after the Global Financial Crisis: "More Europe" or More Risks?' (2010) 47 Common Market Law Review 5, 1317-1383, 1341. See also E. Fahey, 'Does the Emperor Have Financial Crisis Clothes? Reflections on the Legal Basis of the European Banking Authority', (2011) 74 The Modern Law Review 4, 581-595.
8. European Parliament (2010), op cit.
9. N. Moloney, 'The European Securities and Markets Authority and Institutional Design for the EU Financial Market-A Tale of Two Competences: Part (1) Rule-Making', (2011) 12 European Business Organisation Law Review 1, 41-86.
10. N. Moloney (2010), op cit, 1345.
11. E. Ferran (2010), op cit, 45
12. N. Moloney (2011), op cit, 49.
13. eg E. Ferran (2010), op cit; E. Fahey (2011), op cit.
14. E. Fahey (2011), op cit, 593.
15. N. Moloney (2011), op cit.
16. Case 9/56, Meroni & Co, Industrie Metallurgiche SpA v High Authority [1958] ECR 133.
17. R. Dehousse, Misfits: EU Law and the Transformation of European Governance, (2002) Jean Monnet Working Paper 2/02, 13, available at http://centers.law.nyu.edu/jeanmonnet/archive/papers/02/020201.html
18. European Commission, 'Communication from the Commission. The operating framework for the European Regulatory Agencies', COM (2002) 718 final, Brussels, 11.12.2002; European Commission, 'Communication from the Commission to the European Parliament and the Council. European agencies-The way forward', COM (2008) 135 final, Brussels, 11.3.2008.
19. Recital 22, Preamble Regulation (EU) No 1093/2010, OJ L 331/12, 15.12.2010; Regulation (EU) No 1095/2010, OJ L 331/84, 15.12.2010; Recital 21, Preamble Regulation (EU) No 1094/2010, OJ L 331/48, 15.12.2010.
20. Recital 23, Preamble Regulation (EU) No 1093/2010, OJ L 331/12, 15.12.2010; Regulation (EU) No 1095/2010, OJ L 331/84, 15.12.2010; Recital 22, Preamble Regulation (EU) No 1094/2010, OJ L 331/48, 15.12.2010.
21. Arts 10 and 15 of ESAs Founding Regulations. Also in the Preamble to the regulations, in respect of draft regulatory technical standards 'the elaboration of draft regulatory technical standards, which do not involve policy choices'.
22. Recital 12, Preamble Omnibus Dir I, Dir 2010/78/EU, OJ 2010L 331/120.
23. Art 10(1) for regulatory technical standards and Art 15(1) for implementing technical standards of ESAs Founding Regulations.
24. Art 10(3) for regulatory technical standards and Art 15(3) for implementing technical standards, ESA's Founding Regulations.
25. Art 10(1) for regulatory technical standards and Art 15(1) for implementing technical standards of ESA's Founding Regulations.
26. Art 10(1) for regulatory technical standards and Art 15(1) for implementing technical standards of ESA's Founding Regulations.
27. Recital 23, Preamble of Regulation (EU) No 1093/2010, OJ L 331/12, 15.12.2010 and Regulation (EU) No 1095/2010, OJ L 331/84, 15.12.2010. Recital 22, Preamble of Regulation (EU) No 1094/2010, OJ L 331/48, 15.12.2010.
28. Art 10(1) for regulatory technical standards and Art 15(1) for implementing technical standards of ESAs Founding Regulations.
29. Art 10(3) for regulatory technical standards and Art 15(3) for implementing technical standards of ESAs Founding Regulations.
30. Art 13(1) of ESAs Founding Regulations.
31. Art 14(1) of ESAs Founding Regulations.
32. Art 14(2) of ESAs Founding Regulations.
33. Emphasis added by the author. See, for instance, Proposal for a Directive of the European Parliament and of the Council amending Dir 2003/71/EC and 2009/138/EC in respect of the powers of the EIOPA, and the ESMA, COM (2011) 8 final, Brussels, 19.1.2011; Proposal for a Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms, COM (2011) 452 final, Brussels, 20.7.2011; Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse), COM (2011) 651 final Brussels, 20.10.2011.
34. H. Hofmann, 'Legislation, Delegation and Implementation under the Treaty of Lisbon: Typology Meets Reality', (2009) 15 European Law Journal 482-505.
35. Art 16(1) of ESAs Founding Regulations.
36. Art 16(2) of ESAs Founding Regulations.
37. Art 16(3) of ESAs Founding Regulations.
38. Art 16(4) of ESAs Founding Regulations.
39. M. Bovens, 'Analysing and Assessing Accountability: A Conceptual Framework', (2007) 13 European Law Journal 4, 452
40. Art 44(1) of ESAs Founding Regulations.
41. Art 42 of ESAs Founding Regulations.
42. Art 1, regarding the Authority; Art 42, regarding the chairperson and voting members of the board of supervisors; Art 46, regarding the management board of ESAs Founding Regulations.
43. E. Chiti (2009), op cit, 1431.
44. Art 40(1) of ESAs Founding Regulations.
45. M. Busuioc, The Accountability of European Agencies: Legal Provisions and Ongoing Practices (Eburon, 2010); M. Groenleer, The Autonomy of European Union Agencies: A Comparative Study of Institutional Development (Eburon, 2010); M. Busuioc, 'European agencies and their boards: promises and pitfalls of accountability beyond design', (2012) 19 Journal of European Public Policy 5, 719-736.
46. M. Busuioc (2011), op cit.
47. M. Busuioc (2011), op cit. See also S. Suvarierol, M. Busuioc and M. Groenleer, 'Working for Europe? Socialization in the European Commission and Agencies of the European Union', (forthcoming) Public Administration
48. D. Kelemen, 'The Politics of "Eurocratic" Structure and the New European Agencies', (2002) 25 West European Politics 4, 93-118.
49. Art 62(1) of ESAs Founding Regulations.
50. L. Dragomir, European Prudential Banking Regulation and Supervision: The Legal Dimension (Routledge, 2010), at 269-298.
51. The criticism referred to the EBA. See BBC News, 'German minister rejects plans to pool Eurozone debt', available at http://www.bbc.co.uk/news/business-18438402
52. In respect of guidelines and recommendations, this next level is absent, as they are adopted solely by the Authorities without any involvement from the Commission.
53. N. Moloney (2010), op cit, 1353.
54. Art 45(2) of ESAs Founding Regulations.
55. N. Moloney (2010), op cit, 1354.
56. M. Groenleer (2009), op cit.
57. European Central Bank, 'Opinion of the European Central Bank of 4 May 2011 on a proposal for a directive of the European Parliament and of the Council amending Dir 2003/71/EC and 2009/138/EC in respect of the powers of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority', CON/2011/42, OJ C 159/10, 28.5.2011.
58. E. Ferran (2011), op cit, 46.
59. Commissioner Barnier, 'Statement of the European Commission following the final agreement on financial supervision reform', Memo/10/436, 22 September 2010, available at http://europa.eu/rapid/press-release_MEMO-10-436_en.htm?locale=en
60. E. Ferran, op cit, at 41
61. See M. Groenleer (2009), op cit, on institutional development and discrepancies between formal and de facto autonomy.