European agencies and risk governance in EU financial market law:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London ; New York
Routledge Taylor & Francis Group
2016
|
| Series: | Routledge research in EU law
|
| Subjects: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029098585&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029098585&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XIX, 237 Seiten |
| ISBN: | 9781138899995 |
Staff View
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| adam_text |
EUROPEAN AGENCIES AND RISK GOVERNANCE IN EU FINANCIAL MARKET LAW
/ WEISMANN, PAULYYEAUTHOR
: 2016
TABLE OF CONTENTS / INHALTSVERZEICHNIS
PRELIMINARIES
CORE QUESTIONS OF THE "AGENCIFICATION" OF RISK GOVERNANCE
THE EUROPEAN SYSTEM OF FINANCIAL SUPERVISORS
INSTITUTIONAL CHANGE THROUGH THE BANKING UNION
CONCLUSION
DIESES SCHRIFTSTCK WURDE MASCHINELL ERZEUGT.
Contents
Preface x
Abbreviations xi
Tables xv
List of cases xvi
Introduction 1
1 Preliminaries 5
I. The term ‘agency’ in general and in the context of EU law
in particular 5
1. introduction 5
2. Different meanings of the term ‘agency’ 6
2.1. In a general context 6
2.2. In the context of EU administration 7
II. Risk governance as a generic term of a certain set of policies 9
1. Terminology 9
2. Excursus: objective science and subjective
politics - a fallacy? 11
2.1. The theory of the interplay between science
and politics 11
2.2. Five assumptions on the practice of science
and politics 13
III. Administrative output and its legal quality 16
1. Introduction 16
2. The output of European agencies in the light of EU
primary law 18
2 Core questions of the ‘agencification’ of risk governance 21
I. Delegation of powers and the Meroni judgement 21
1. The background of the case 21
2. The parties’ submissions and the Opinion of AG Roemer 22
2.1. The parties’ submissions 22
2.2. The Opinion of the Advocate General 22
vi Contents
3. The decision of the Court 23
4. Some remarks on the judgement 25
5. Post-Meroni case law on delegation 28
6. The Meroni doctrine and the rise of European agencies 30
7. The Meroni doctrine revisited: the ESMA case 32
II. Comitology - a foreshadowing of agencification? 35
1. The development of comitology over time 35
2. The procedures 40
2.1. Advisory procedure 40
2.2. Examination procedure 41
3. Delegated and implementing acts - the new regime 42
4. Comitology today 46
III. The EU’s ‘agencification’ - institutionalisation, classification
and continuation 47
1. Tour waves’ of the EU’s agencification? 47
2. Common characteristics of European agencies 53
3. Distinguishing European agencies - different approaches 54
4. Has the European agency exceeded its zenith?
An assessment 58
IV. Comitology and agencies - a brief comparison 62
1. Legal foundation 62
2. Rationale 65
3. Independence 68
4. Excursus: the legal status of expert opinions 71
V. The crisis: alternative ways of risk governance 75
1. The EFSM/EFSF/ESM and the Troika 75
2. The Single Supervisory Mechanism: empowering
the ECB 77
3. The Fiscal Compact 78
3 The European System of Financial Supervisors 81
I. The development of a financial market supervisory system 81
1. The Committee of Wise Men and its reports 81
1.1. Genesis and main ideas 81
1.2. From theory to practice - the implementation
of the Lamfalussy Report 83
2. The committees within the Lamfalussy framework 84
2.1. The level 2 committees: ESC, EBC, EIOPC 84
2.2. The level 3 committees: CESR, CEBS and CEIOPS 86
2.3. The Lamfalussy process: its rationale and the role
of committees 91
3. The 2009 reform 93
3.1. Room for improvement 93
3.2. Extension of competences 94
4. The de Larosière Report 97
4.1. Overview 97
Contents vii
4.2. The reform of microprudential supervision 100
4.3. The reform of macroprudential supervision 104
4.4. The resonance of the de Larosière Report
in scholarship and in politics 105
II. The European System of Financial Supervisors 106
1. Introduction 106
2. The European Systemic Risk Board (ESRB) 107
2.1. Tasks 107
2.1.1. Collection and exchange of information
(Article 15) 108
2.1.2. Warnings and recommendations and
their follow-up (Articles 16 to 18) 109
2.2. Organisation 110
3. The European Financial Market Supervisory Authorities 112
3.1.Legal basis 112
3.2.Seat, legal status, scope and objectives 114
3.3. The ES As’ tasks - an overview 119
3.3.1. Unification of regulatory and supervisory
practices (including the application of
Union law; Article 8 para 1 ) 119
3.3.2. Provision of a sound information flow
(Article 8 para 1) 120
3.3.3. Long-term monitoring of the market with
a view to systemic risks (Article 8 para 1) 120
3.3.4. Protection of stakeholders (Articles 8 and 9
para 1) 120
3.3.5. Tasks related to financial activities (Article 9) 121
3.4. The ESAs’ powers 121
3.4.1. Regulatory technical standards (RTS) 121
3.4.1.1. General remarks 121
3.4.1.2. Genesis: cooperation between
the Commission and the ES As 122
3.4.1.3. Delegation of power and its
revocation 124
3.4.1.4. Objections by the EP and/or
the Council 125
3.4.1.5. The ESAs’ role in the making
of RTS - an appraisal 126
3.4.2. Implementing technical standards (ITS) 128
3.4.3. Binding decisions 132
3.4.3.1. Breach of Union law (Article 17) 133
3.4.3.2. Action in emergency situations
(Article 18) 138
3.4.3.3. Settlement of disagreements
between competent authorities in
cross-border situations (Article 19) 142
viii Contents
3.4.3.4. The relationship between the
regimes laid down in Articles 17,
18 and 19 144
3.4.4. Guidelines and recommendations 146
3.4.5. Legal protection against ESA-output 149
3.5. Organisation: tasks and composition of the
ESAs’organs 152
3.5.1. The Chairperson 153
3.5.1.1. Tasks 153
3.5.1.2. Appointment and dismissal 153
3.5.2. The Executive Director 154
3.5.2.1. Tasks 154
3.5.2.2. Appointment and dismissal 155
3.5.3. The Board of Supervisors 155
3.5.3.1. Tasks 155
3.5.3.2. Composition and decision-making 156
3.5.3.3. Internal committees and panels 159
3.5.4. The Management Board 160
3.5.4.1. Tasks 160
3.5.4.2. Composition and decision-making 160
3.5.5. The Joint Committee of the ESAs 162
3.5.6. The Board of Appeal 163
3.6. Information, networks and budget 166
3.6.1. Preliminary remarks 166
3.6.2. Risk assessment and risk management 166
3.6.3. Relations with competent authorities 168
3.6.3.1. General remarks 168
3.6.3.2. Delegation 169
3.6.3.3. Peer reviews 170
3.6.3.4. Colleges of supervisors 171
3.6.4. Reaction to ESRH warnings and
recommendations 172
3.6.5. The ESAs’ budget 173
4. Resume 176
4 Institutional change through the Banking Union 180
I. Single Supervisory Mechanism (SSM) and Single Resolution
Mechanism (SRM): development, legal basis and scope 180
II. The ECB under the SSM 184
1. Tasks and powers 184
2. Organisation 186
III. The SRB under the SRM 189
1. Tasks and powers 189
2. Organisation 193
3. The Single Resolution Fund (SRF) 194
Contents ix
IV. Consequences for the ESFS and Appraisal 194
Conclusion 199
List of references 204
Index 236 |
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| spelling | Weismann, Paul Verfasser (DE-588)111248485X aut European agencies and risk governance in EU financial market law Paul Weismann London ; New York Routledge Taylor & Francis Group 2016 XIX, 237 Seiten txt rdacontent n rdamedia nc rdacarrier Routledge research in EU law Includes bibliographical references and index Europäische Union (DE-588)5098525-5 gnd rswk-swf Recht Financial institutions Law and legislation European Union countries Risk management Law and legislation European Union countries Finanzdienstleistungsinstitut (DE-588)4535644-0 gnd rswk-swf Kapitalmarktrecht (DE-588)7573652-4 gnd rswk-swf Risikomanagement (DE-588)4121590-4 gnd rswk-swf Europäische Union. Mitgliedsstaaten Europäische Union (DE-588)5098525-5 b Finanzdienstleistungsinstitut (DE-588)4535644-0 s Risikomanagement (DE-588)4121590-4 s Kapitalmarktrecht (DE-588)7573652-4 s DE-604 Erscheint auch als Online-Ausgabe 978-1-315-70754-9 LoC Fremddatenuebernahme application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029098585&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029098585&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Weismann, Paul European agencies and risk governance in EU financial market law Europäische Union (DE-588)5098525-5 gnd Recht Financial institutions Law and legislation European Union countries Risk management Law and legislation European Union countries Finanzdienstleistungsinstitut (DE-588)4535644-0 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd Risikomanagement (DE-588)4121590-4 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4535644-0 (DE-588)7573652-4 (DE-588)4121590-4 |
| title | European agencies and risk governance in EU financial market law |
| title_auth | European agencies and risk governance in EU financial market law |
| title_exact_search | European agencies and risk governance in EU financial market law |
| title_full | European agencies and risk governance in EU financial market law Paul Weismann |
| title_fullStr | European agencies and risk governance in EU financial market law Paul Weismann |
| title_full_unstemmed | European agencies and risk governance in EU financial market law Paul Weismann |
| title_short | European agencies and risk governance in EU financial market law |
| title_sort | european agencies and risk governance in eu financial market law |
| topic | Europäische Union (DE-588)5098525-5 gnd Recht Financial institutions Law and legislation European Union countries Risk management Law and legislation European Union countries Finanzdienstleistungsinstitut (DE-588)4535644-0 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd Risikomanagement (DE-588)4121590-4 gnd |
| topic_facet | Europäische Union Recht Financial institutions Law and legislation European Union countries Risk management Law and legislation European Union countries Finanzdienstleistungsinstitut Kapitalmarktrecht Risikomanagement Europäische Union. Mitgliedsstaaten |
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