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18 August 2010

FMLC publishes report on legal risk of EU Financial Supervisions


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Der Bericht beleuchtet grundlegende Fragen die eine erhebliche Rechtsunsicherheit schaffen könnten und Grundlage für eine Änderung künftiger Entscheidungen seitens der Kommission oder der Europäischen Aufsichtsbehörde darstellen könnten.


 
The report expresses concern over the following issues: uncertainty as to which legislation (the EU directives or national laws) will be applied to national competent authorities and financial institutions; uncertainty for financial institutions supervised by both their national competent authority and the ESAs; uncertainty whether the powers of the ESAs will undermine the ability of competent authorities to discharge their regulatory functions; and uncertainty regarding the scope of the ESAs' powers in relation to EU-based branches of non-EU incorporated financial institutions. 
 
 


© FMLC - Financial Markets Law Committee


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