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Tatyana Filipova - The Concept of Integrated Financial Supervision and Regulation of Financial Comglomerates in Germany and the United Kingdom

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Tatyana Filipova

The Concept of Integrated Financial Supervision and Regulation of Financial Comglomerates in Germany and the United Kingdom

Series: Europäisches Wirtschaftsrecht

Volume 48 2007

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Arguments against integrated financial supervision S. 64-70

„… supervisory failure occurs. 4.2 Arguments against integrated financial supervision Several points have been …” „… raised against the concept of integrated financial supervision:151 4.2.1 Cross-sectoral differences …” „… Perhaps the most obvious challenge facing the attempts to develop an integrated supervision for financial …”

Arguments underpinning the integrated financial supervision S. 60-64

„… 60 Chapter 4: The Concept of Integrated Financial Supervision (Allfinanzaufsichtskonzept) The …” „… the financial conglomerates efficiently following the traditional approach of financial supervision …” „… concept of integrated financial supervision was created as a policy alternative to the traditional …”

Constitutional basis and structure of financial supervision S. 73-78

„… 73 PART III: REGULATION AND SUPERVISION OF FINANCIAL CONGLOMERATES IN GERMANY AND THE UNITED …” „… understanding that sectoral-based supervision might lose sight of the financial conglomerates as a whole and …” „… financial supervision as the best response to the changes in the financial environment and, in particular …”

General rules governing the supervision of financial conglomerates S. 142-165

„… them against the concept of integrated financial supervision. The concept of integrated financial …” „… Supervision of Financial Institutions: some Basic Distinctions and Policy Choices, Sveriges Riksbank Workshop …” „… , ZVerWiss (1994) 563-632; Dieter Hesberg and Walter Karten, Supervision of Financial conglomerates – Remarks …”

Organisation of supervisory authorities S. 98-106

„… 98 6.5.3 Comparison While the Bank of England has not been involved in financial supervision since …” „… framework for organisation of financial supervision in Germany as well as the diffuse structure of the …” „… KWG.284 However, the parallel competences that the dual system of supervision of credit and financial …”

Key Results S. 175-180

„… financial supervision as the best response to changes in the financial environment and, in particular, to …” „… and overlapping. A consistent approach to the supervision of financial conglomerates was another …” „… regulatory design has an impact on the supervision of financial conglomerates. The German Gesetz über die …”

Selected Bibliography S. 191-204

„… Financial Sector Supervision. Financial Markets Group Special Paper 134 (2002) George Akerlof, Market for …” „… , Position Paper on the Proposed Directive on the Supplementary Supervision of Financial Conglomerates, 2001 …” „… ) Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Reasons for Integrated Financial Market Supervision …”

General characteristics and competences of supervisory authorities S. 93-98

„… , BaFin exercises supervision over the credit and financial institutions in co-operation with the German …” „… financial system.262 With its dense branch network and staff experienced in banking supervision, the German …” „… Central Bank keeps in close contact with the banks and financial institutions and facilitates supervision …”

Aims and Methodology S. 21-31

„… , Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Reasons for Integrated Financial Market Supervision …” „… Gruson, Supervision of Financial Holding Companies in Europe: The Proposed EU Directive on Supplementary …” „… Supervision of Financial Conglomerates, Arbeitspapier Nr. 94, Johann Wolfgang Goethe-Universität Frankfurt am …”

Conclusions S. 106-110

„… UK for the supervision of financial conglomerates – “group supervision” and “lead supervision …” „… duplications. These approaches are unfamiliar to the German financial supervision. The German regulator set up …” „… benefits of the integrated financial supervision in Germany has materialised on the international level …”

Insufficient co-operation between sectoral regulators S. 59-60

„… Supervision of Financial Conglomerates (Tripartite Report) (Basel: July 1995), par. 84. 60 Chapter 4: The …” „… Concept of Integrated Financial Supervision (Allfinanzaufsichtskonzept) The problems elaborated in the …” „… efficiently following the traditional approach of financial supervision.132 This “fragmented” supervision …”

Titelei/Inhaltsverzeichnis S. 2-12

„… Concept of Integrated Financial Supervision and Regulation of Financial Conglomeratesin Germany and the …” „… co-operation between sectoral regulators 59 Chapter 4: The Concept of Integrated Financial Supervision …” „… (Allfinanzaufsichtskonzept) 60 4.1 Arguments underpinning the integrated financial supervision 61 4.1.1 Facilitation of …”

History of financial regulation S. 78-85

„… financial supervision – Gesetz über die integrierte Finanzaufsicht The …” „… Integrated Financial Services Supervision)212. The central part of the Gesetz über die integrierte …” „… fostered the idea of the realisation of the concept of integrated financial supervision (see Hans-Otto …”

Supervisory instruments for containment of conglomerate risks S. 165-172

„… not take steps to converge them in order to enable an integrated approach to supervision of financial …” „… conglomerates. As an aftermath of the international and EU laws, the supervision of financial resources in …” „… concept of integrated financial supervision, the Financial Services Authority started drafting “the next …”

Transparency of the legal and managerial structure S. 57-59

„… . 121 Cameron Half, Evolving Trends in the Supervision of Financial Conglomerates: A comparative …” „… . 122 Cf. Tripartite Group, The Supervision of Financial Conglomerates (Tripartite Report) (Basel: July …” „… , Monatsbericht, April 1994, 49-61, p. 54; Tripartite Group, The Supervision of Financial Conglomerates …”

Conclusion S. 140-142

„… benefits of the concept of integrated financial supervision, while the advantages of the regulatory reform …” „… concept of integrated financial supervision do not rise automatically. They need to be worked for within …” „… arrangements and assess them against the concept of integrated financial supervision. The concept of …”

The main legal sources of financial regulation S. 85-88

„… . With regard to the supervision of credit and financial institutions, the competences of the Financial …” „… supervision is exercised: one and the same enterprise could be a credit or financial institution when it is …” „… ), Securities and Investment Boards (investment business), Supervision and Surveillance Division of the Bank of …”

Danger of influence exercised to the detriment of a prudent business activity of a financial company S. 51-53

„… presentation draws heavily on the findings of its reports. See Tripartite Group, The Supervision of Financial …” „… (1978) 1250-1267, p. 1256; Tripartite Group, The Supervision of Financial Conglomerates (Tripartite …” „… state implicitly guarantees the solvency of financial institutions. Prudential supervision only incites …”

Contagion – Domino and spill-over effects S. 53-55

„… quick to withdraw finances 105 Cf. Scott Davies, The Regulation and Supervision of Domestic Financial …” „… guarantees the solvency of financial institutions. Prudential supervision only incites financial companies to …” „… Group, The Supervision of Financial Conglomerates (Tripartite Report) (Basel: July 1995), par. 47. 109 …”

Annex II: Most Important EU Legislative Developments in the Financial Services Sector S. 185-190

„… 185 Annex II: Most Important EU Legislative Developments in the Financial Services Sector621 …” „… Prudential Supervision Directive (Post-BCCI) effective 1/1/96 Strengthened powers of authorities with regard …” „… financial institutions maintain their head and registered office in the same member state. Insurance Group …”

Supervisory instruments for containment of conglomerate risks S. 121-140

„… supervisors. Some of the alleged benefits of the concept of integrated financial supervision are associated …” „… integrated financial supervision. In contrast, the German BaFin kept the practices of the former sectoral …” „… “another undertaking, which is not subject to supervision”. Credit and financial institutions are subject …”

Conclusion S. 172-174

„… supervision, the Financial Services Authority started drafting “the next generation of oversight tools … based …” „… different sectoral rules, no integrated approach to supervision of financial conglomerates is possible at …” „… result, both in Germany and the UK, the supervision of the three financial sectors is placed under one …”

Table of Legislation S. 17-20

„… Directive of 13 June 1983 on the supervision of credit institutions on consolidated basis (83/350/EEC), OJ L …” „… , 5.2.1993 (Large Exposure Directive) Council Directive of 6 April 1992 on the supervision of credit …” „… institutions on a consolidated basis (92/30/EEC), OJ L 110, 28.4.1992 (Consolidated Supervision Directive …”

Significance S. 31-32

„… organised along the following problems: • The structure of financial supervision (Chapter 6); • The legal …” „… of the concept of integrated financial supervision. Since the law pertaining to financial …” „… contained in the EU Directive on Supplementary Supervision of Financial Conglomerates. Chapter 9 draws …”

Regulatory objectives S. 88-93

„… securities supervision define different objectives for different financial sectors. 6.4.1.1 Objectives of …” „… supervision was not only to protect the stability and soundness of the financial system in general, but also …” „… .238 The supervisory authority ensures within the framework of financial supervision that the …”

Structure of the Enquiry S. 32-33

„… context for introducing the “concept of integrated financial supervision”, used as an analytical tool …” „… : • The structure of financial supervision (Chapter 6); • The legal framework for the establishment of …” „… supervision. Since the law pertaining to financial institutions is considerably harmonised on international …”

Multiple gearing of capital S. 55-57

„… buffer the risks to which it is exposed. 114 Tripartite Group, The Supervision of Financial …” „… . 121 Cameron Half, Evolving Trends in the Supervision of Financial Conglomerates: A comparative …” „… . 122 Cf. Tripartite Group, The Supervision of Financial Conglomerates (Tripartite Report) (Basel: July …”

Definition S. 35-38

„… , the chapter also explains the concept of integrated financial supervision. 37 Chapter 2: The Nature …” „… undertakings are outside the scope of group supervision40. For that reason, a financial conglomerate, for the …” „… According to Tripartite Group, The Supervision of Financial Conglomerates (Tripartite Report) (Basel: July …”

Note on Terminology S. 33-34

„… structure, and so on. Supervision relates to the control of financial institutions (institutional …” „… study refers to “financial company”, “regulated company“, “financial service provider“, and “financial …” „… firm” as general terms for credit institutions, financial institutions, investment companies, and …”

General rules governing the framework for the establishment of financial conglomerates S. 110-121

„… integrated financial supervision. The concept of integrated financial regulation is associated with a …” „… . 526; Tripartite Group, The Supervision of Financial Conglomerates (Tripartite Report) (Basel: July …” „… 110 Chapter 7: Control over Establishment of Financial Conglomerates “Establishment of financial …”

Supervisory arbitrage S. 57

„… . 121 Cameron Half, Evolving Trends in the Supervision of Financial Conglomerates: A comparative …” „… . 122 Cf. Tripartite Group, The Supervision of Financial Conglomerates (Tripartite Report) (Basel: July …” „… 57 3.4 Supervisory arbitrage The asymmetries between the regulatory regimes for different financial …”

The spread of financial conglomerates S. 44-50

„… Finanzdienstleistungsaufsicht (BaFin), Reasons for Integrated Financial Market Supervision; Gilles Benoist, Bancassurance: The …” „… 44 2.3.2 Structure according to the dominating financial sector Another organisational type follows …” „… the structure of financial conglomerates according to the sector represented by the holding company …”

Conclusions S. 50-51

„… reports. See Tripartite Group, The Supervision of Financial Conglomerates (Tripartite Report) (Basel: July …” „… developments in the financial markets in the 1980s and 1990s intensified competition between the providers of …” „… financial services and increased customer expectations. The formation of financial conglomerates was one of …”

Structure of financial conglomerates S. 42-44

„… under supervision, or a financial holding company whose most dominant subsidiary is an authorised credit …” „… expected to continue.59 2.3 Structure of financial conglomerates Because of the legal obstacles to …” „… Finance and Financial Conglomerates (Boston, Mass.: Kluwer Academic Publishers 1998), p. 12; Kazuchiko …”

The Relationship between Financial Regulation and Competitiveness S. 70-72

„… burdensome regulation.172 The costs incurred by the specialised supervision on financial conglomerates come …” „… 70 Chapter 5: The Relationship between Financial Regulation and Competitiveness While national …” „… where the state intervention in the economy is less intrusive. The financial institutions naturally will …”

List of often used Acronyms and Abbreviations S. 13-14

„… Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) BAKred …” „… Monetary Union EU European Union FinDAG Act Establishing the Federal Financial Supervisory Authority …” „… ) FSA Financial Services Authority FSMA Financial Services and Markets Act GB BAV Geschäftsbericht des …”

Ratio for formation of financial conglomerates S. 38-42

„… the Basel Committee on Banking Supervision in 1988.47 Among the developments changing the financial …” „… Karten, Supervision of Financial conglomerates – Remarks on the Solvency Control and Alleged Double …” „… 38 2.2 Ratio for formation of financial conglomerates 2.2.1 Developments in the financial markets …”

Annex I: Structure of the FSA Handbook S. 181-184

„… related issues AUTH Supervision – supervisory provisions including those relating to auditors, waivers …” „… detailed requirements for handling complaints and the Financial Ombudsman Service arrangements DISP …” „… Compensation – the rules governing eligibility under, and levies for, the Financial Services Compensation …”

doi.org/10.5771/9783845200347

Ann-Katrin Wolff - Cooperation Mechanisms within the Administrative Framework of European Financial Supervision

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Ann-Katrin Wolff

Cooperation Mechanisms within the Administrative Framework of European Financial Supervision

Series: Schriften zum Finanzrecht und Währungsrecht

Volume 10 2019

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Chapter 3: Supervisory Activities in European Financial Supervision S. 98-154

„… Supervisory Activities in European Financial Supervision According to Recital 9 EBA Regulation, the …” „… financial supervision. Moreover, so far it is not foreseeable and rather unlikely that one of the Member …” „… deficiencies of financial market supervision, and it is emphasized that a particular focus of the Authorities …”

Chapter 2: The Administrative Framework of European Financial Supervision S. 58-97

„… The Administrative Framework of European Financial Supervision Financial stability of financial …” „… , Klaus J. Hopt and Guido Ferrarini (eds), Financial Regulation and Supervision: A post-crisis analysis …” „… administrative structure of financial supervision in the European Union.221 One of the prerequisites for a stable …”

Chapter 4: The Effectiveness of the Supervisory Framework in Financial Supervision S. 155-214

„… The Effectiveness of the Supervisory Framework in Financial Supervision After outlining the …” „… the European Union’s previous system of financial supervision. Even though there is still no general …” „… . In a first step the shortcomings of the initial structure of financial supervision with regard to a …”

Introduction S. 13-24

„… exposed substantial weaknesses in the European Union’s administrative framework of financial supervision …” „… “law in the books” was revealed once more.1 A particular problem of financial supervision in the …” „… financial services. But this structure did not adequately cover cross-border supervision and coordination …”

Bibliography S. 223-238

„… : Theory and Practices, in D. Masciandaro & M. Quintyn (Eds.), Designing Financial Supervision Institutions …” „… . Ferrarini (Eds.), Financial Regulation and Supervision: A post-crisis analysis (Oxford: Oxford University …” „… Press), 48-56. De Larosière Group (2009), Report of the High-Level Group on Financial Supervision in the …”

Conclusion S. 215-218

„… financial supervision: the intervention-based model and the Authorities involvement in executive rulemaking …” „… ensure legal certainty and stability. Although up to now, financial supervision did not serve as such a …” „… now be used as a template for other areas of supervision. First of all, financial supervision is one …”

Titelei/Inhaltsverzeichnis S. 1-12

„… 2.2.3.2 94 Conclusion3. 96 Supervisory Activities in European Financial SupervisionChapter 3: 98 …” „… Cooperation Mechanisms within the Administrative Framework of European Financial Supervision …” „… of European Financial Supervision Nomos BUT_Wolff_5552-3.indd 3 15.02.19 12:46 The Deutsche …”

Index S. 239-243

„… , 173-185 Cross-border supervision, 13, 69, 156, 167, 185 Deficiencies of financial supervision see …” „… shortcomings of financial supervision De Larosière Group, 13, 15, 69 De Larosière Report, 13-14, 156 …” „… Microprudential financial supervision, 18 Mixed proceedings, 26 Multilevel administrative system, 156 Multilevel …”

Theses S. 219-222

„… turned out to be one of the major weaknesses of the European Union’s system of financial supervision …” „… consistent practice in European Union financial supervision is not easily designed and there is no “best …” „… before the financial and European debt crisis. II. The classical concept of European administration can …”

Chapter 1: The Administrative Structure in the European Union S. 25-57

„… sovereign task of applying the law.48 This allocation of competences is also true for financial supervision …” „… . Until the financial crisis, financial supervision had followed the usual European division of tasks. In …” „… of horizontal cooperation, Directive 2011/89/EC regarding the supplementary supervision of financial …”

doi.org/10.5771/9783845297064

Eva Kocher, Doris Neuberger, Geraint Howells, Luca Nogler - Sozialer Verbraucherschutz

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Eva Kocher (ed.), Doris Neuberger (ed.), Geraint Howells (ed.), Luca Nogler (ed.)

Sozialer Verbraucherschutz

2023

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Olha O. Cherednychenko Financial Supervision and Consumer Protection in the Post-Crisis European Union: An Uneasy Relationship S. 303-310

„… Financial Supervision and Consumer Protection in the Post-Crisis European Union:An Uneasy …” „… juxtapose public supervision of financial markets and financial consumer protection, as the title of this …” „… cannot properly function.While it is certainly true that financial supervision and consumer protection …”

Christian Joerges Where the Law Ends – Why the OMT Controversy is Undecidable S. 327-342

„… pioneering in all debtor-lender relationships, although focused not on the mega-actors of the financial …” „… reference and approval of the conditions of the financial assistance programmes of the EFSF and/or the ESM …” „… financial aid under the ESM Treaty as a matter of economic policy.14 Again, through the resort to purposive …”

Publications of Udo Reifner (books in italic) S. 391-413

„… Insurance Supervision Law)(1987) Financial Services and Consumer Law in the US, Canada and Germany; Mscrpt …” „… Editorial VuR 2021, 281-283 (Credit in contract law turn into insurance in bank supervision)(2021 …” „… 2017. (The financial crisis – towards a ban on usury and gambling)(2017) Das Geld 3. Recht des Geldes …”

Christine Riefa Consumer Education and Information Rights in Financial Services S. 345-360

„… supervision.1 Across Reifner’s article Consumer Education and Information Rights in Financial Services, two …” „… Financial LiteracyConsumer Education and Information Rights in Financial ServicesChristine …” „… Riefa*Comments on: Udo Reifner, Isabel Herwig, ‘Consumer Education and Information Rights in Financial Services …”

Alan White Sovereign Debt and Human Rights S. 259-268

„… Inability to Pay in the European Financial Crisis. Toward a Collective Human Right for Discharge of States …” „… ? Fundamental Freedoms and the Inability to Pay in the European Financial Crisis. Towards a Collective Human …” „… Inability to Pay in the European Financial Crisis: Toward a Collective Human Right for Discharge of States …”

Joseph Spooner Responsible Bankruptcy S. 243-252

„… Financial Crisis inflicted on it, and the role that international organisations of the “Troika” (European …” „… have considered that the Global Financial Crisis and Great Recession, in starkly illustrating failures …” „… Settlements, ‘The Global Economy: Maturing Recoveries, Turning Financial Cycles?’ (BIS 2017).5 Atif Mian and …”

Titelei/Inhaltsverzeichnis S. 1-18

„… RegulationVerbraucherschutz durch die BaFin? 295Peter RottFinancial Supervision and Consumer Protection in the Post-Crisis …” „… for financial services) in consumer protection, the reform of the European supervisory authorities or …” „… the significance of "social responsibility of banks" for the regulatory institutions.(9) “Financial …”

Sandra Schuster Präventiver Finanz-TÜV – Mehrwert für die gesamte Gesellschaft S. 317-326

„… Group on Financial Supervision chaired by Jaques de Larosière (De Larosière-Report), Brüssel 25.2.2009 …” „… wurden.7 Reiners, Suleika / World Future Council, At the base of financial regulation: Testing for …” „… Financial Innovations („finance TÜV“), Discussion Papier for EuroMemo, September 2012.Sandra Schuster320 …”

Christoph U. Schmid Principles of Social Contract Law and Residential Tenancy Law S. 141-152

„… merit termination, or financial circumstances or interests on the part of the provider which materially …” „… financial in nature, users are entitled to have recourse to mechanisms of collective redress, including the …” „… scenario, financial circumstances or interests on the part of the provider which disrupt the contractual …”

Peter Rott Verbraucherschutz durch die BaFin? S. 295-302

„… Konflikt haben auch Vertreter der BaFin eingeräumt, vgl. Y. Svetiev/A. Ottow, Financial Supervision in the …” „… längst nicht so scharfe Instrumente an die Hand gegeben hat wie sie insbesondere die englische Financial …”

doi.org/10.5771/9783748914648

Finn Arnesen, Halvard Haukeland Fredriksen, Hans Petter Graver, Ola Mestad, Christoph Vedder - Agreement on the European Economic Area

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Finn Arnesen (ed.), Halvard Haukeland Fredriksen (ed.), Hans Petter Graver (ed.), Ola Mestad (ed.), Christoph Vedder (ed.)

Agreement on the European Economic Area

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2018

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Per Andreas Bjørgan Article 25 a [Responsibilities in the field of financial supervision] S. 1018-1019

„… [Responsibilities in the field of financial supervision] The EFTA Surveillance Authority shall, in accordance with …”

Per Christiansen Article 46 [Exchange of views and information] S. 497-500

„… financial services.6 The strengthening of financial supervision in the EU due to the financial crisis …” „… economic growth, financial sector stability, intelligent fiscal supervision and financial market regulation …” „… integration of the financial and capital markets of the EU and the EFTA States will inevitably influence the …”

Henrik Bull Article 40 [Free movement of capital] S. 473-488

„… taxation and prudential supervision of financial institutions, or to lay down procedures for the …” „… aspects of financial services based on whether the national rules at stake regulate prudential supervision …” „… to the need to combat tax evasion and to safeguard the effectiveness of fiscal supervision. This time …”

Margrét Einarsdóttir, Ragnhildur Helgadóttir Iceland and the EEA S. 13-35

„… Market Authority (2008) and the European System of Financial Supervision (2012).11 In at least two of …” „… those cases12 – the European System of Financial Supervision and the EECMA – the intended changes were …” „… constitutionality of the European System of Financial Supervision mentioned especially the need to amend the …”

Titelei/Inhaltsverzeichnis

„… . A recent example is the regulations establishing the “European System of Financial Supervision …” „… ............................................................................ Article 25 1012 Responsibilities in the field of financial supervision ..........Article 25 a 1018 …” „… . Thus, important parts of the new statutory regimes for credit and financial institutions and insurance …”

Dora Sif Tynes Article 109 [The two-pillar surveillance system] S. 852-860

„… .4 ESA 3 Reg. (EC) No 726/2004 laying down Community procedure for the authorisation and supervision …” „… impose financial penalties on undertakings. As the provisions of Protocol 1 EEA do not extent to the …” „… reluctant to extend the powers of ESA to the competence to issue financial penalties, at least on a …”

Henrik Bull Article 43 [Protective measures] S. 490-495

„… financial institutions under their supervision. If such action is not taken, the EU supervisory authorities …” „… measures introduced when the financial crisis hit the country in 2008 were justified under Art. 43(2) and …” „… acquired foreign currency had to deposit such holdings with domestic financial undertakings within a …”

Halvard Haukeland Fredriksen, Jóhanna Jónsdóttir Article 2 [Consultations] S. 1082-1085

„… constitutional reasons. One important such case was in relation to the European Financial Supervisory Authorities …” „… (EU ESAs).6 The EU ESAs were set up in the wake of the financial crisis with the aim of ensuring …” „… appropriate, efficient and harmonised European regulation and supervision. In certain instances, these …”

Dora Sif Tynes Article 108 [The ESA and the EFTA Court: Establishment and competences] S. 840-852

„… functions and powers of the EFTA Surveillance Authority in the field of financial supervision, as added by …” „… recently financial services. For instance in the fields of food safety and transport, ESA is tasked with …” „… certain instances. The incorporation of the new financial services acquis in 2016 brought about a new …”

Per Christiansen Article 117 [Provisions governing the EEA financial mechanism] S. 894-904

„… resolution Neither the EEA Financial Mechanism nor the Norway Grants are subject to supervision by ESA or …” „… Article 117 [Provisions governing the EEA financial mechanism] Provisions governing the Financial …” „… . 117 merely states that further regulations governing the Financial Mechanisms are to be found in …”

Per Christiansen Article 35 [Jurisdiction to review penalties imposed by the ESA] S. 1040-1041

„… adoption of a new Art. 25 a and Protocol 8 SCA, ESA has been allocated tasks in the field of supervision of …” „… financial services as set out in Annex IX to the EEA Agreement. This includes adopting decisions addressed …”

Christophe Hillion Article 118 [Extension of the EEA Agreement to new fields] S. 904-912

„… IV. Concluding remarks Even though the Financial Mechanism was intended to be a temporary …” „… financial contribution, it has now become an integrated part of the EEA Agreement. This is illustrated, for …” „… substantial financial support to EU beneficiary Member States into the EEA Agreement.45 The recent agreements …”

Peter-Christian Müller-Graff Article 34 [Right of establishment for companies] S. 434-450

„… establishment in general, financial services, services in general as well as electronic communication …” „… integrity of important financial infrastructure institutions in the financial market;47 safeguarding the …” „… effectiveness of fiscal supervision;48 safeguarding the cohesion of the national tax system;49 preserving the …”

Martin Hennig Article 47 [Scope of application] S. 500-517

„… stability, intelligent fiscal supervision and financial market regulation, and supervision. Also discussions …” „… , the subjects of discussion have included economic growth and structural reforms, financial services …” „… and economic dynamics in Europe, financial market integration and economic growth, financial sector …”

Per Christiansen Article 37 [Action for failure to act] S. 1046-1048

„… jurisdiction to review decisions by ESA in the field of supervision of financial services. The second paragraph …”

Dora Sif Tynes Article 110 [Enforceability of decisions of the ESA and the Commission and of judgments of the EFTA Court and the EU Courts] Einarsson/FredriksenEnforceability of decisions and judgements S. 860-865

„… obligation’ is broader than that of ‘penalties’, ‘financial penalty’, ‘fine’ or ‘periodic penalty payment …” „… laying down Community procedures for the authorisation and supervision of medicinal products for human …” „… Ministry of Finance in the White Paper on the incorporation into the EEA Agreement of the EU financial …”

Per Christiansen Article 36 [Action for annulment] S. 1041-1046

„… review decisions by ESA in the field of supervision of financial services. V. Standing for …” „… (3) of Part II of Protocol 3 SCA. 11 Cases E-4/15, 31.3.2016, Icelandic Financial Services …”

Per Christiansen Article 34 [Advisory opinion] S. 1032-1040

„… Art. 25 a and Protocol 8 SCA, ESA has been allocated tasks in the field of supervision of financial …” „… restrictions on shareholder and voting rights in financial services infrastructure institutions in Norway. In …” „… financial system for the purpose of money laundering and terrorist financing. 8 Case E-19/14, 19.6.2015, ESA …”

Index S. 1125-1141

„… 10 Financial supervision II 46 7, 102 26; III 35 2, 36 7, 37 2 Fines II 109 10; III 35 1, 2, 4 …” „… – substantive scope II 74 2 EEA financial mechanism II 128 14 EEA grants II 116 4, 117 13, 14 EEA Joint …” „… JCDs II 102 31 – need for Council approval II 102 31 European Financial Supervisory Authorities (ESAs …”

Henrik Bull Article 24 [Energy] S. 356-361

„… into the reasons behind the goal of public ownership. VI. Energy Markets Supervision In the EU, a …” „… constructed for EFTA participation in the EU financial supervisory authorities: Representatives of the EFTA …”

Thomas Chr. Poulsen Article 42 [Protocols and Annexes as integral part of the SCA] S. 1051-1056

„… powers of ESA in the field of financial supervision.25 Pursuant to Art. 25 a SCA and acts referred to in …”

Per Andreas Bjørgan Article 25 [Responsibilities of the ESA in the field of the competition rules] S. 1012-1018

„… [Responsibilities in the field of financial supervision] The EFTA Surveillance Authority shall, in accordance with …”

Ólafur Jóhannes Einarsson Article 36 [Freedom to provide services] S. 450-470

„… consumers to participate in lotteries, games of chance and betting to the financial benefit of the public …” „… . In Annex IX, the voluminous legislation relating to financial services is to be found. Until recently …” „… solution of how to fit the new financial supervisory structure of the EU into the EEA Agreement. The …”

Gunnar Thor Pétursson Article 13 [Exemptions] S. 301-311

„… effectiveness of fiscal supervision, the protection of public health, the fairness of commercial transactions …” „… restrictions in financial services infrastructure institutions in Norway. Additionally, in that case the EFTA …”

Fredrik Bøckman Finstad Norway and the EEA S. 59-80

„… setting up of new financial supervision bodies, causing their inclusion into the EEA Agreement to be …” „… Christiansen to Arts. 115 to 117 EEA on the Financial Mechanism in Part II of this book. Norway and the EEA …” „… Aftenposten and Dagens Næringsliv, 17.1.17; compare, however, Dagens Næringsliv, 13.3.17 and Financial Times …”

doi.org/10.5771/9783845275796

Robert Grzeszczak - Economic Freedom and Market Regulation

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Robert Grzeszczak (ed.)

Economic Freedom and Market Regulation

Series: German and European Studies of the Willy Brandt Center at the Wroclaw University

Volume 10 2020

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Paweł Wajda Chapter 9: EU regulation as the sole substantive legal basis for the Polish Financial Supervision Authority to issue an administrative decision – an analysis on the basis of regulations under Article ... S. 209-230

„… EU regulation as the sole substantive legal basis for the Polish Financial Supervision Authority to …” „… the banking sector; supervision of the financial market, supervision of the banking market, single …” „… :2014:18). It is clear that the exercise of supervision of the national financial market, which is the …”

Michał Dorociak Chapter 8: Scope of regulatory discretion in the banking union in the light of judicial review of European Central Bank’s decisions S. 187-208

„… ‐ ities relating to the prudential supervision of credit institutions and the sta‐ bility of the financial …” „… policies relating to the prudential supervision of credit institutions and other financial institutions …” „… measures taken by central banks in the field of monetary policy, banking supervision or financial stability …”

Tomasz Klemt Chapter 10: Financial market – in search of optimal consumer (customer) protection S. 231-248

„… Court of Arbitration at the Financial Supervision Au‐ 4 Directive 2014/65/EU of the European Parliament …” „… Office for Competition and Consumer Protection (UOKiK), and the Financial Supervision Authority (KNF …” „… . This is achieved by, among other things, licensing, and supervision of financial market entities …”

Robert Grzeszczak Introduction S. 7-24

„… of the protected entity. The Polish Financial Supervision Authority has gained new compe‐ tences. At …” „… indications and recommendations used by the financial supervision in‐ stitutions. Those recommendations are …” „… ‐ ministration: the Financial Supervision Authority (KNF), the Office of Competition and Consumer Protection …”

Michał Dorociak Chapter 4: Regulatory authorities’ interference in contractual relationships S. 101-132

„… – UOKiK) and the financial market regulator (Financial Supervision Au‐ thority – KNF). Powers of the …” „… of the competence of the Polish Financial Supervision Authority (KNF), which was estab‐ lished as a …” „… Financial Supervision Au‐ thority to interfere with contractual freedom as a financial market regula‐ tor …”

Tomasz Klemt Chapter 3: Methods and tools of regulating markets from a praxeological perspective S. 69-100

„… an integrated EU legal order. As a re‐ sult, the European System of Financial Supervision was created …” „… entity. The representatives of the regulatory authority (Financial Supervision Authority – KNF) pointed …” „… part of the Financial Supervision Authority, which would unify the practice of formulating the GTI for …”

Titelei/Inhaltsverzeichnis S. 1-6

„… Financial Supervision Authority to issue an administrative decision – an analysis on the basis of …” „… regulations under Article 296(1) of Regulation 575/2013 Chapter 9: 209 Paweł Wajda Financial market – in …”

Dawid Sześciło Chapter 1: The concept of independence of regulatory authorities under EU law S. 25-40

„… laws, the state also needs bod‐ ies implementing the legislation and performing continuous supervision …” „… appointees (minis‐ Dawid Sześciło 28 ters). This argument relates particularly to economic and financial …” „… regula‐ tors (competition and consumer protection authorities, financial markets’ regulators), industry …”

Artur Szmigielski Chapter 2: Between economic freedom and effective regulatory enforcement S. 41-68

„… financial markets’ supervi‐ sion, sectorial regulation in energy and telecommunication or the protec‐ tion …” „… and economic regu‐ lation are, in a large part, separate mechanisms for market supervision, but that …” „… . • Open Markets, which includes: (i) trade freedom, (ii) in‐ vestment freedom, (iii) financial freedom …”

doi.org/10.5771/9783748908463

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