Fischer-Appelt, Dorothee --- "Does the EU Need a Single European Securities Regulator?" [2006] ELECD 279; in Hofmann, C.H. Herwig; Türk, H. Alexander (eds), "EU Administrative Governance" (Edward Elgar Publishing, 2006)

Book Title: EU Administrative Governance

Editor(s): Hofmann, C.H. Herwig; Türk, H. Alexander

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781845422851

Section: Chapter 8

Section Title: Does the EU Need a Single European Securities Regulator?

Author(s): Fischer-Appelt, Dorothee

Number of pages: 43

Extract:

8. Does the EU need a single
European securities regulator?
Dorothee Fischer-Appelt

INTRODUCTION

One of the most serious questions posed by the new European securities law
regime enacted pursuant to the Financial Services Action Plan1 is whether
one of the committees set up as part of the four-level Lamfalussy process
should be transformed into an agency at the European level. This agency
could be in charge of carrying out a number of administrative functions
under the new regulatory regime, such as assisting with implementing and
enforcing legislation and co-ordinating the work of the various national
regulators in charge of securities legislation. The Prospectus Directive
(2003/71/EC) that was adopted to upgrade the previous passport system
with a system based on maximum harmonization specifically notes that
for future developments the establishment of a European Securities Unit
should be considered, in order to enhance further the uniform application of
EU securities regulation.2 However, in the 2005 Green Paper following the
Financial Services Action Plan, the Commission stressed that the existing
framework of supervisory committees set up under the Lamfalussy process
should be given some time to deliver their full potential before rushing into
more integrated supervision when markets are not yet fully integrated.3
A heated debate has developed in which proponents and opponents of a
European securities regulator have voiced their views. This chapter will place
this debate in the context of the development of a regulatory framework for
European securities regulation, which for the first ...