The Architecture of the European Financial Market: Legal Foundations
Autor: Anna Jurkowska-Zeidler
Wydawnictwo Uniwersytetu Gdańskiego
cena: 29,99 zł
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
ISBN: 978-83-7865-508-4 Rok wydania: 2016 Liczba stron: 168 Format: 130 x 210
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