FMLC publishes report on legal risk of EU Financial Supervisions
18 August 2010
The report highlights fundamental issues that could create a significant legal uncertainty and provide grounds for a challenge to future Commission or European Supervisory Authority decisions.
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
