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Part II The New European Supervisory Architecture, 5 Understanding the New Institutional Architecture of EU Financial Market Supervision

Eilis Ferran

From: Financial Regulation and Supervision: A post-crisis analysis

Edited By: Eddy Wymeersch, Klaus J Hopt, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 25 January 2022

Subject(s):
Supervision — European Systemic Risk Board (ESRB) — European Securities and Markets Authority (ESMA) — Banks and cross-border issues
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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