Part VI Comparative Law Evaluation, 17 Comparative Law Evaluation

Subject(s):

Civil liability of lenders — Regulatory liability of lenders — Bank resolution and insolvency — Bank supervision — Capital markets — Supervision

In this chapter, we place the liability of financial supervisors and resolution authorities in a comparative law perspective. There is constant tension between those in favour and those against granting financial supervisors and resolution authorities some form of protection against liability claims. At first sight, those advocating a limitation of liability seem to be gaining the upper hand, since there is a growing tendency to limit the liability of financial supervisors and resolution authorities in one way or another. The extent to which financial supervisors and resolution authorities are protected against liability claims, and the exact shape that this takes, is however not uniform across the jurisdictions studied. At the same time, a counter-movement is emerging, as limitations of liability are by no means undisputed and are under attack on various grounds. We also discuss the question of whether the conditions for liability of financial supervisors and resolution authorities should be harmonised in the European Banking Union.