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The Age of ESMA: Governing EU Financial Markets

The Age of ESMA: Governing EU Financial Markets

Author: Niamh Moloney
Publisher: Clearance
ISBN: 9781509921775
Published In: November 2018
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

HKD 1,330.00

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Since its inception in 2011, the European Securities and Markets Authority (ESMA) has established itself as a central actor in EU financial market regulation and supervision.

Its burgeoning influence extends from rule-making to supervisory convergence/coordination to direct supervision and it has become a pivotal actor in the development of EU financial market governance.

Reflecting the now critical importance of ESMA to how the EU regulates and supervises financial markets, and with ESMA at an inflection point in terms of the development of its powers, The Age of ESMA maps, contextualises and examines ESMA's role and considers how and the extent to which it is shaping EU financial market governance.

Drawing on empirical evidence and on a multi-faceted scholarship, the book probes ESMA's approach to its powers and considers whether reforms are necessary, including in light of the Commission's 2017 proposals to reform ESMA and the UK's withdrawal from the EU.

1. Introducing ESMA

I. Introduction: Examining ESMA through an Institutional Lens

II. Characterising ESMA: ESMA’s Setting and its Role

III. Contextualising ESMA

IV. Technocratic Influence, Effectiveness, and Legitimacy

V. Roadmap

2. ESMA’s Governance

I. Assessing ESMA and its Governance Arrangements

II. Examining ESMA’s Governance Arrangements

III. Contextualising ESMA’s Governance Arrangements: Influence, Effectiveness, and Legitimacy

IV. ESMA’s Institutional Design

V. ESMA’s External Governance Arrangements

VI. ESMA’s Funding Arrangements

VII. Conclusion

3. ESMA and Regulatory Governance

I. Assessing ESMA and the Regulatory Governance Setting

II. Examining ESMA’s Role in Regulatory Governance

III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy

IV. Building the Single Rule-book: ESMA as Architect of EU Administrative Financial Market Regulation

V. Building the Soft Law Rule-book: ESMA as the Designer and Custodian of EU Financial Market Soft Law

VI. The Legislative Process: Shaping Regulatory Governance from the Bottom Up

VII. Conclusion

4. ESMA and Supervisory Convergence

I. Assessing ESMA and the Supervisory Convergence Setting

II. Examining ESMA’s Role in Supervisory Convergence

III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy

IV. Supervisory Convergence in Practice

V. Conclusion

5. ESMA and Direct Supervision/Market Intervention

I. Assessing ESMA and the Direct Supervision/Market Intervention Setting

II. Examining ESMA’s Role as a Direct Supervisor

III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy

IV. Direct Supervision in Practice: Rating Agencies and Trade Repositories

V. NCA-Oriented Supervision: Breach of EU Law, Binding Mediation, and Emergency Conditions

VI. Exceptional Intervention: Short Selling, Product/Services Intervention, and Intervention in the Commodity

Derivatives Market

VII. Th e 2017/2018 Reform Waypoint (1): CCP Supervision and the ‘European Supervisory Mechanism’

VIII. Th e 2017/2018 Reform Waypoint (2): Th e 2017 ESA Proposal

IX. And the Direction of Travel Continues: Th e 2018 Crowdfunding Proposal

X. Conclusion

6. ESMA as a Network Actor

I. ESMA as a Network Actor

II. ESMA and the EU Financial Governance Network

III. ESMA and the International Financial Market Governance Network

IV. Conclusion

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