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Part IV Supervision and Enforcement, 19 Public Enforcement of MiFID II

Christos V. Gortsos

From: Regulation of the EU Financial Markets: MiFID II and MiFIR

Edited By: Danny Busch, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 22 May 2024

Criminal proceedings — Enforcement — Investment business — Regulated activities — Supervision

This chapter systematically assesses the provisions of MiFID II (Articles 67-88) on supervision, enforcement, and cooperation by competent authorities. It addresses the role of Member States’ competent authorities within the MiFID II regime, with particular emphasis on the competent authorities’ supervisory powers, their power to impose administrative sanctions and measures, as well as criminal sanctions, and redress procedures. It considers cooperation arrangements between Member States’ competent authorities, the obligation to cooperate with the ESMA, and cooperation with third countries. Finally, these rules are briefly assessed on the basis of three elements pertaining to financial supervision, which, in the author’s view, are essential for the preservation of financial stability and the attainment of other goals underlying (public) capital markets law, and which are addressed by MiFID II’s provisions: micro-prudential supervisory effectiveness, the efficient and unobstructed exercise of competent authorities’ sanctioning powers, and the effectiveness of supervisory cooperation arrangements.

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