prikaz prve stranice dokumenta The Role of CESR in EU Securities Market Law From technical advisor to sectoral supervisor
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Scientific paper - Original scientific paper
The Role of CESR in EU Securities Market Law From technical advisor to sectoral supervisor
Die Offene Methode der Koordinierung in der Europäischen Union ; Open Method of Coordination in the European Union, 1 (2010); 263-283. urn:nbn:hr:118:271920
Čulinović-Herc, Edita; Braut Filipović, Mihaela

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Čulinović Herc, E. & Braut Filipović, M. (2010). The Role of CESR in EU Securities Market Law From technical advisor to sectoral supervisor. Die Offene Methode der Koordinierung in der Europäischen Union ; Open Method of Coordination in the European Union, 1., 263-283. Retrieved from https://urn.nsk.hr/urn:nbn:hr:118:271920

Čulinović Herc, Edita and Mihaela Braut Filipović. "The Role of CESR in EU Securities Market Law From technical advisor to sectoral supervisor." Die Offene Methode der Koordinierung in der Europäischen Union ; Open Method of Coordination in the European Union, vol. 1, 2010, pp. 263-283. https://urn.nsk.hr/urn:nbn:hr:118:271920

Čulinović Herc, Edita and Mihaela Braut Filipović. "The Role of CESR in EU Securities Market Law From technical advisor to sectoral supervisor." Die Offene Methode der Koordinierung in der Europäischen Union ; Open Method of Coordination in the European Union 1 (2010): 263-283. https://urn.nsk.hr/urn:nbn:hr:118:271920

Čulinović Herc, E. and Braut Filipović, M. (2010) 'The Role of CESR in EU Securities Market Law From technical advisor to sectoral supervisor', Die Offene Methode der Koordinierung in der Europäischen Union ; Open Method of Coordination in the European Union, 1, pp. 263-283. Available at: https://urn.nsk.hr/urn:nbn:hr:118:271920 (Accessed 24 April 2025)

Čulinović Herc E, Braut Filipović M. The Role of CESR in EU Securities Market Law From technical advisor to sectoral supervisor. Die Offene Methode der Koordinierung in der Europäischen Union ; Open Method of Coordination in the European Union [Internet]. 2010 [cited 2025 April 24];1:263-283. Available at: https://urn.nsk.hr/urn:nbn:hr:118:271920

E. Čulinović Herc and M. Braut Filipović, "The Role of CESR in EU Securities Market Law From technical advisor to sectoral supervisor", Die Offene Methode der Koordinierung in der Europäischen Union ; Open Method of Coordination in the European Union, vol. 1, pp. 263-283, 2010. [Online]. Available at: https://urn.nsk.hr/urn:nbn:hr:118:271920. [Accessed: 24 April 2025]

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Metadata
Title (english)The Role of CESR in EU Securities Market Law From technical advisor to sectoral supervisor
AuthorEdita Čulinović-Herc
AuthorMihaela Braut Filipović
Author's institutionUniversity of Rijeka
FACULTY OF LAW
(Department of Corporate and Financial Law)
(Chair of Commercial Law and Corporate Law)
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Law
Commercial and Company Law
Abstract (english)
The Lamfalussy process deeply reformed law-making in financial sector, i.e. internal market of the EU. The main characteristic of the Lamfalussy model, as introduced in the 2001 Report of Wise Men Committee, is that it is a model based on comitology and extensive consultation with market participants, where committees advise and assist Commission in its regulatory policy. Since the comitology means that Parliament and Council delegated law-making powers to Commission, and subsequently to the... More level 2 and level 3 committees of the Lamfalussy model, it raised a justified concern to Parliament that the committees, namely the European Securities Committee (ESC) and the Committee of European Securities Regulators (CESR), will become too powerful law-making factors in financial market. It was reluctant as to whether Lamfallussy legislative technique would be able to grant expected level of transparency, legal certainty and to preserve principle of institutional balance. Indeed, CESR showed a great expansion of its sphere of influence and consequently, it exceeded the pure advisory role. Also, it occasionally acted independently and outside of the area of its competences. At the same time, it grew into a respectful institution, which opinions and interpretation of the existing legislative provisions significantly contributed to the uniform application of legislation under the EU internal market. The obstacle in achieving the complete harmonisation was the fact that recommendations and interpretations are a soft law instruments, which could not legally bind physical persons nor national supervisors. New legislative proposal made by Commission radically changes the role of CESR, by building the platform of independent national and EU supervisors, the so-called European System of Financial Supervisors (ESFS). In that new network, CESR became one of the sectoral supervisors of the EU internal market, with the power to make legally binding decisions towards market participants and national supervisors, although under strict conditions. Authors shall further explore how CESR developed from the technical advisor on level 2 and coordinator on level 3 to the sectoral supervisor. Less
Keywords (english)
Languageenglish
Publication typeScientific paper - Original scientific paper
Publication statusPublished
Peer reviewPeer review
Publication versionPublished version
Journal titleDie Offene Methode der Koordinierung in der Europäischen Union ; Open Method of Coordination in the European Union
Numberingvol. 1, pp. 263-283
p-ISSN2190-4723
URN:NBNurn:nbn:hr:118:271920
Publication2010
Document URLhttp://bib.irb.hr/451925
Type of resourceText
Access conditionsClosed access
Terms of useLicence In copyright icon
Created on2021-12-14 16:04:22
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