Legitimacy and Effectiveness of ESMA’s Soft Law

Author: Marloes van Rijsbergen
Publisher: Edward Elgar Publishing
ISBN: 9781839109706
Published In: October 2021
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

This timely book explores pertinent questions around the legitimacy and effectiveness of EU agencies’ soft law, with a particular focus on the European Securities and Markets Authority (ESMA). It examines the variety of ESMA’s existing and newly granted soft law-making powers, which were intended to deal with the lack of effectiveness of its predecessor but are now called into question due to the ‘hard’ effect of these soft laws.

Built on a combination of theoretical analysis and first-hand practical experience, Marloes van Rijsbergen tests the framework for each category of ESMA’s soft law instruments at each stage of the policy cycle, demonstrating that the framework can be applied to other EU agencies with similar soft law-making powers. This unique framework assesses which procedural and institutional safeguards regarding EU agencies’ soft law would reflect an adequate balancing of both legitimacy and effectiveness concerns.

Comprehensive yet accessible, this book will be a key resource for students and scholars of EU financial law, constitutional law, public administration and governance. Providing an evaluation of the legal nature of ESMA’s soft law acts in the context of the financial sector, it will also prove valuable for practitioners, compliance officers and parties establishing other EU agencies.

1. Setting the scene

2. Guiding principles for EU agencies’ soft law-making

3. Defining the legal basis for ESMA’s soft law-making powers

4. Initiation of ESMA’s soft law-making powers

5. ESMA’s decision-making process

6. Transparency with regard to ESMA’s soft law instruments

7. Transposition of ESMA’s soft law instruments

8. Compliance with ESMA’s soft law instruments

9. Enforcing ESMA’s soft law instruments vis-à-vis national authorities

10. Reviewing ESMA’s soft law instruments

11. Conclusions and recommendation

Bibliography