PLMET:

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Alternative title:

The European supervisory authorities’ contribution to the formation of the internal financial market

Subject and Keywords:

guidelines   recommendations   regulatory agencies   regulatory and implementing technical standards   rule-making   financial supervision

Abstract:

The European supervisory agencies were created to respond to the financial crisis of 2008-2010. They are institutions operating across the borders in close cooperation with the nationally competent authorities. The supervisory agencies constitute a platform for coordinating the activities of the member states and simultaneously, due to their transnational nature, they represent added value, particularly important in a crisis situation. Their existence and functioning within the European internal market is closely linked with the development of globalization and the progressive internationalization in various fields of social life in the EU institutional system. This article analyses the process of shaping the single financial market through regulatory instruments of EU agencies. These agencies try to harmonize different supervisory practices in order to minimize competition distortions and regulatory arbitrage. The proper solution for that should build guidelines and recommendations both to the national financial supervisors, as well as individual financial institutions. In addition to that, the EU financial supervisory agencies can develop draft regulatory and implementing technical standards. Doing this they are supposed to support the European Commission but in actual fact they are the true coordinators in the process of adopting the regulatory standards whereas the role of the Commission remains strongly restricted.

Place of publishing:

Wrocław

Publisher:

E-Wydawnictwo. Prawnicza i Ekonomiczna Biblioteka Cyfrowa. Wydział Prawa, Administracji i Ekonomii Uniwersytetu Wrocławskiego

Date issued:

2017

Detailed Type:

journal

Format:

application/pdf

Identifier:

ISSN 2450-3932

Language:

ger

Abstract Language :

ger   eng   pol

WUL Catalog:

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Is part of:

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Is referenced by:

www.fiw.prawo.uni.wroc.pl

Replaces:

Folia Iuridica Wratislaviensis

Access rights:

The use of this material is allowed only with accordance of applicable rules of fair use or other exceptions provided by law, and any broader use requires the permission of the authorized entity

License:

Making materials available on the basis of the agreement with the owner of the property copyrights

Rights holder:

Copyright by Natalia Kohtamäki

Location of original object:

Library of the Faculty of Law, Administration and Economics

Autor opisu:

WR U/PAdjm   TK