Chapter

Financial Supervision and Agency Power: Reflections on ESMA

Takis Tridimas

in From Single Market to Economic Union

Published in print June 2012 | ISBN: 9780199695706
Published online September 2012 | e-ISBN: 9780191741302 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199695706.003.0004
Financial Supervision and Agency Power: Reflections on ESMA

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This chapter looks at the powers and workings of the European Securities Markets Authority (ESMA). It discusses the tensions surrounding the establishment of agencies at the EU level and the legal limitations arising from the case law of the European Court of Justice, and focuses on the powers and the accountability mechanisms of ESMA. It examines its quasi-regulatory, decision-making and administrative powers and assesses its likely impact on financial supervision in the EU.

Keywords: financial supervision; EU; agency powers; agency accountability

Chapter.  14816 words. 

Subjects: EU Law

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