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The Architecture of the European Financial Market: Legal Foundations

27,99 

ISBN: 978-83-7865-508-4
Rok wydania: 2016
Liczba stron: 168
Format: 130 x 210

oprawa miękka

Opis

The Architecture of the European Financial Market: Legal Foundations

 Autor: Anna Jurkowska-Zeidler 

Wydawnictwo Uniwersytetu Gdańskiego

 

 

European Union financial legislation has evolved from liberalization and deregulation to the harmonization of law, uniform rulebooks and supervisory practices, the establishment of new regulatory agencies, and the federalization of financial market law. In response to the global financial crisis, fundamental changes have been made at the European level to the legal framework of single financial market regulation and supervision. The new regulatory and supervisory developments transfer more powers to the EU and enhance the process of the federalization of financial market law. This alters the paradigm in the functioning of the financial safety net. In which there is significant strengthening of the positions of the new regulatory and supervisory authorities, chich are given binding powers in the sphere of law In action, thus ensuring the effectiveness of norms established at the European level.

Within the framework of a systemic approach to the EU financial market, this book Illustrates the steps taken towards the Integration of the legal and Institutional structures of the financial safety net. The core content of this book addresses the legal foundations of the new supervisory and regulatory architecture that were introduced In European directives and regulations in the aftermath of the global financial crisis.

 

Summary Contents
Abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Part I
The EU Single Financial Market: A Systemic Approach . . . . . . . . . . . 25
I.1. Legal Integration in EU Financial Market Regulation . . . . . . . . . . 25
I.2. The EU Financial Safety Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Part II
EU Financial Market Regulation
and Supervision After the Global Financial Crisis . . . . . . . . . . . . . . . . 53
II.1. EU Regulatory Response to the Global Financial Crisis . . . . . . . . 53
II.2. Restoring the Single Market
and Creating the Single Rulebook . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
II.3. Establishing the European System
of Financial Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Part III
European Banking Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
III.1. Rationale behind the European Banking Union . . . . . . . . . . . . . . . 117
III.2. Single Supervisory Mechanism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
III.3. Single Resolution Mechanism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
III.4. European Deposit Insurance System . . . . . . . . . . . . . . . . . . . . . . . . . 139
Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
Legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
Cases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161

 

 

Detailed Contents
Abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Part I
The EU Single Financial Market: A Systemic Approach . . . . . . . . . . . 25
I.1. Legal Integration in EU Financial Market Regulation . . . . . . . . . . 25
The Integration of the Single Financial Market . . . . . . . . . . . . . . . . 25
The Legal Framework of the Single Financial Market . . . . . . . . . . 28
From the Financial Services Action Plan (FSAP)
and the Lamfalussy Framework to the New European
Regulatory and Supervisory Architecture . . . . . . . . . . . . . . . . . . . . 31
The Pre-Crisis Rules of Financial Market Regulation . . . . . . . . . . . 38
I.2. The EU Financial Safety Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Systemic Risk, Systemic Crises, and Financial Stability . . . . . . . . . 39
Institutional Architecture of the Financial Safety Net . . . . . . . . . 43
The Rules of Pre-Crisis Market Supervision at the EU Level . . . . 45
Organization of Supervision at the National Level . . . . . . . . . . . . 47
Central Bank as the Lender of Last Resort . . . . . . . . . . . . . . . . . . . . 49
Pre-crisis Diversity of Deposit Guarantee Schemes . . . . . . . . . . . 51
Part II
EU Financial Market Regulation
and Supervision After the Global Financial Crisis . . . . . . . . . . . . . . . . 53
II.1. EU Regulatory Response to the Global Financial Crisis . . . . . . . . 53
EU Financial Regulation and Supervision:
Examination of the Global Crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
The de Larosière Report on the Readjustment
of the Supervisory Framework of the EU Financial Market . . . . 55
Post-Crisis Reform
of the EU Financial Safety Net Architecture . . . . . . . . . . . . . . . . . . . 57
The European Central Bank as a Lender of Last Resort . . . . . . . . 62
Regulatory and Supervisory Architecture of the Single
Financial Market in Decisions of the EU Court of Justice . . . . . . . 63

II.2. Restoring the Single Market
and Creating the Single Rulebook . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
The New Financial Market Post-Crisis
Regulatory Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Single Rulebook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Banking Regulatory Package: CRD IV/CRR . . . . . . . . . . . . . . . . . . . . 76
Recovery and Resolution: Single Rulebook . . . . . . . . . . . . . . . . . . . 79
Bank Deposit Guarantee Schemes: Single Rulebook . . . . . . . . . . 86
II.3. Establishing the European System
of Financial Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Regulation and Micro-prudential Supervision . . . . . . . . . . . . . . . . 91
European System of Financial Supervision.
Institutional Architecture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
The European Supervisory Authorities:
Legal Basis, Tasks, and Powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
Organizational Structure of the European
Supervisory Authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
Building a Common Supervisory Culture . . . . . . . . . . . . . . . . . . . . . 96
Colleges of Supervisors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
The Rule-making Powers
of the European Supervisory Authorities . . . . . . . . . . . . . . . . . . . . . 97
The Decision-Making Powers
of the European Supervisory Authorities . . . . . . . . . . . . . . . . . . . . . 99
The Settlement of Disagreements among
Competent Authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Breach of Union Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Legality of European Supervisory Authorities
Intervention Powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Fiscal Autonomy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
Supervisory Independence and Accountability . . . . . . . . . . . . . . . 103
E% ciency of the European Supervisory Authorities . . . . . . . . . . . 106
Macro-prudential Supervision.
Establishing the European Systemic Risk Board . . . . . . . . . . . . . . . 107
Mission, Objectives, and Tasks
of the European Systemic Risk Board . . . . . . . . . . . . . . . . . . . . . . . . . 108
The European Systemic Risk Board
and the European Central Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Organization of the European Systemic Risk Board . . . . . . . . . . . 110
Regulatory Powers of the European Systemic Risk Board . . . . . . 110

The National Macro-prudential Oversight Frameworks . . . . . . . 112
Macro-prudential Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
Accountability and E% ciency
of the European Systemic Risk Board . . . . . . . . . . . . . . . . . . . . . . . . . 115
Part III
European Banking Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
III.1. Rationale behind the European Banking Union . . . . . . . . . . . . . . . 117
Towards a Genuine Economic and Monetary Union . . . . . . . . . . 117
Name and Pillars of the Banking Union . . . . . . . . . . . . . . . . . . . . . . . 120
III.2. Single Supervisory Mechanism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
The Idea of a Single European Authority for Banking . . . . . . . . . 123
The Establishment of Single Supervisory Mechanism . . . . . . . . . 123
Speci” c Tasks of Supervision Related
to the European Central Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
Macro-prudential Supervisory Powers
of the European Central Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
Separation Monetary Responsibility
from Supervisory Tasks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
The Application of National Banking Supervision Law
by the European Central Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
Accountability within the Single Supervisory Mechanism . . . . . 132
III.3. Single Resolution Mechanism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
The Centralized Approach to Crisis Management
in the European Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
The Legal Bases and Establishment
of the Single Resolution Mechanism . . . . . . . . . . . . . . . . . . . . . . . . . 136
Single Resolution Board and Resolution Colleges . . . . . . . . . . . . . 136
Single Resolution Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137
III.4. European Deposit Insurance System . . . . . . . . . . . . . . . . . . . . . . . . . 139
The Creation of a Single Deposit Guarantee Scheme . . . . . . . . . . 139
Functioning of European Deposit Insurance Scheme . . . . . . . . . 141
Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
Legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
Cases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161

 

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