Ortino, Matteo --- "EU delegation of powers in the field of financial markets regulation" [2018] ELECD 1182; in Tauschinsky, Eljalill; Weiß, Wolfgang (eds), "The Legislative Choice Between Delegated and Implementing Acts in EU Law" (Edward Elgar Publishing, 2018) 145

Book Title: The Legislative Choice Between Delegated and Implementing Acts in EU Law

Editor(s): Tauschinsky, Eljalill; Weiß, Wolfgang

Publisher: Edward Elgar Publishing

ISBN: 9781788115223

Section: Chapter 6

Section Title: EU delegation of powers in the field of financial markets regulation

Author(s): Ortino, Matteo

Number of pages: 29

Abstract/Description:

This chapter addresses the issue of flexibility in the EU constitutional regime governing the delegation of powers. The issue is first studied from a judicial perspective, by analysing some fundamental judgments of the CJEU, and second from the perspective of the EU legislature, focusing on financial markets regulation. The chapter will argue that the EU financial rule-making process confirms that the legislative choice between Article 290 and Article 291 TFEU is mostly made on the basis of political and practical considerations, and not on the basis of the evanescent conceptual distinction between ‘supplementing’ and ‘implementing’ measures. This political discretion is supported by EU Treaty rules and their judicial interpretation. From a wider perspective, the chapter will also show that the field of EU financial markets regulation offers an interesting case study of the EU legislators’ ingenuity in devising the most – politically and practically – convenient institutional set up to delegate rule- and decision-making powers.