This Chapter addresses the law-making process for EU securities and markets regulation.1 Securities and markets regulation develops in an empirical manner; it responds to observed events, often crisis-driven.2 But its development is not entirely haphazard. It is a truism that process matters. The process or institutional risks to effective regulation—at legislative and administrative levels—are many. The standard roll-call includes information asymmetries with respect to the regulated sector, capture, bureaucratic inertia, perverse incentives, political risks,...
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