The Enforcement of EU Financial Law

Description

This book focuses on the enforcement of EU financial law on the national and supra-national levels. Emphasis is laid on the interaction between the EU and national levels (vertical interaction), as well as between private, administrative and criminal law (horizontal interaction). The book takes a multi-jurisdiction and inter-disciplinary approach and covers a range of issues that are highly topical, such as the new EU Anti-Money Laundering regime, and the ReNEUAL model for administrative law. With contributions by leading academics and senior members of EU and national institutions, the book will be of interest to professionals dealing with financial law in their daily practice such as lawyers, bankers, policy makers and officers at supervisory authorities, but also to academics interested in fundamental questions of interaction between legal systems. Hart Studies in Commercial and Financial Law: Volume 8 Preface Table of Contents List of Contributors List of Abbreviations Table of Cases Table of Statutes 1. Enforcement of EU Financial Regulation and Investor Protection 1.1. Enforcement of Financial Regulation 1.2. EU Financial Regulation 1.3. EU Financial Supervision 1.4. Example: Investor Protection 1.5. Conclusions 2. The Implementation and Enforcement of European Financial Regulation 2.1. Introduction 2.2. National Rules and EU Rules as Applicable to Financial Institutions and Transactions 2.3. The Impact of National Company Law on EU Banking Law 2.4. The Implementation of the Banking Regulatory System 2.5. Implementation of EU Banking Law – Adapting National Law to EU Law 2.6. The EU-Wide Implementation of EU Public Financial Supervision 2.7. Judicial Review of Decision-Making in Banking 2.8. Non-Judicial Review of Supervisory Decisions 2.9. Other Contributions to the Implementation of Financial Regulation 2.10. The Impact of Market Practices on Regulatory Implementation 2.11. Conclusion 3. Some Thoughts on the Ratio, Creation and Enforcement of EU Financial Services Regulation in Private Law 3.1. Introduction 3.2. The Creation of EU Financial Services Regulation and the Attempt to Categorise its Interaction with Private Law 3.3. Enforcement 3.4. Conclusion 4. Enforcement of Qualitative Capital Requirements for Banks 4.1. Introduction 4.2. Horizontal Effect of European Regulations 4.3. Ex Ante Vetting of Conformity of CET1 Instruments with the CRR Rules 4.4. ECB Guidance on the Review of the Qualification of Capital Instruments as AT1 and Tier 2 Instruments 4.5. EBA Involvement in the Assessment of CET1 Instruments 4.6. Public Law Impediments Affecting Private Law Relationships 4.7. EBA June 2021 Report on the Monitoring of AT1 Instruments of EU Institutions 4.8. Two Legal Cases Concerning Qualitative Capital Requirements 4.9. Concluding Remarks 5. Administrative Enforcement of European Financial Regulation 5.1. Preface 5.2. Scenarios 5.3. Rules and Guarantees for Enforcement by European Supervisory Authority 5.4. Enforcement by National Supervisory Authorities and Cooperation between Member States 5.5. Equality 5.6. Conclusion 6. The EU Courts as Juges de Droit National in the Single Supervisory Mechanism? 6.1. Preface 6.2. Composite Procedures and National Law 6.3. Division of Jurisdiction in Composite Procedures 6.4. The EU Courts as Juges de Droit National in the SSM? 6.5. Concluding Remarks 7. Criminal Enforcement of EU Financial Standards 7.1. Introduction 7.2. EU Dominates Financial Legislation – Also Financial Criminal Law? 7.3. Criminalisation of Breaches of EU Standards 7.4. Blanket Criminal Legislation 7.5. Awareness of Standards and Liability 7.6. Conclusion 8. Full Cooperation versus the Right not to Incriminate Oneself: Oil and Water? 8.1. Introduction 8.2. The Right not to Incriminate Oneself; Article 6 ECHR 8.3. The Right not to Incriminate Oneself; EU Law 8.4. Intermezzo; Legal Persons 8.5. Full Cooperation with Regard to Money Laundering, Terrorist Financing and Market Abuse 8.6. Analysis 8.7. Concluding Remarks 9. The Enforcement Paradox of the Ne Bis in Idem Principle in EU Criminal Financial Law: Not what it Seems 9.1. Introduction 9.2. The ECtHR and the Ne Bis in Idem Principle 9.3. The ECJ and the Ne Bis in Idem Principle 9.4. Concluding Remarks 10. European Strategies against Money Laundering: A Critical Overview of Current and Future Enforcement 10.1. Introduction – From Inactivity to Scandal-Driven Reform 10.2. The Matrix: Decoding the Complexity of a Multilevel Enforcement Strategy 10.3. The Impact of Time: Prevention versus Repression? 10.4. One World, a Multidimensional Space to Launder Money 10.5. Differentiating Sanctions: Limits of a Double-Track System 10.6. A Stronger Criminal Law Response for Money Laundering? A Critical Analysis of the Directive on Combating Money Laundering Using Criminal Law 10.7. The Controversial Relationship between AML Strategies and Data Protection 10.8. Divergent in Defence: Conclusions 11. Concluding Remarks on Interdisciplinarity and Fairness in Financial Law 11.1. Introduction 11.2. Interdisciplinarity of Financial Law and its Enforcement 11.3. Balancing Effectivity and Fairness in Financial Law 11.4. Conclusion Bibliography Index