5.01 Most of the big decisions about the shape and content of the rules governing financial market activity in Europe are now taken at the EU level and the domestic laws of Member States have been relegated to an increasingly secondary role.1 This has not been matched by a simultaneous centralization of supervisory responsibility. Instead, the tasks of day-to-day implementation and on-the-ground enforcement of this body of regulation still fall to Member States’ supervisory authorities, albeit with a layer of EU-wide structural coordination added on top. EU law...
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