Eu financial Market Supervision Revisited: The European Securities Regulator



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The Jean Monnet Program
Professor J.H.H.Weiler

European Union Jean Monnet Chair

Jean Monnet Working Paper 7/03


Yannis V. Avgerinos
EU Financial Market Supervision Revisited:

The European Securities Regulator

NYU School of Law  New York, NY 10012

All rights reserved.

No part of this paper may be reproduced in any form

without permission of the author.

ISSN 1087-2221

© Yannis V. Avgerinos 2003

New York University School of Law

New York, NY 10012

USA


EU Financial Market Supervision Revisited:

The European Securities Regulator
Dr Yannis V. Avgerinos

LL.M(Warwick), Ph.D(London), Visiting Lecturer, University of London

Research Fellow, British Institute of International & Comparative Law

Lawyer, Avgerinos & Partners

avgerinos@hol.gr

Abstract



This paper deals with the regulation and supervision of financial markets within the European Union (EU). Recent developments in financial services at EU level as well as regulatory and institutional developments at national level have recently moved the question of the institutional structure of the EU financial services regulation and supervision beyond the purely academic domain to form the subject of specific political debate. The new Lamfalussy method promises a fast-track decision-making structure, which will be more transparent, flexible and effective. Specific legal, economic and institutional hurdles, however, will further slow down and undermine the creation of the Single Financial Market. The aim of this paper is to contribute to this debate by critically assessing the current regulatory and supervisory regime in EU financial services with a view to drawing policy lessons and recommendations on more effective and efficient institutional alternatives.

Table of Contents

A. Prologue: financial market revolution and regulatory evolution in the EU




B. The legal basis for a Single Regulator


1. The extent of legal authority

1.1 Subsidiarity

1.2 Proportionality

1.3 Non-discrimination


2. Is a Treaty amendment required?

2.1 Establishment of a European Securities Regulator without a Treaty amendment

2.1.1 Choice of legal basis


2.1.1.1 Article 86 EC (former Article 90)

2.1.1.2 Article 95 EC (former Article 100a)

2.1.1.3 Article 308 EC (former Article 235)



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