Vuarlot-Dignac, Sophie; Siracusa, Eugenia --- "The European System of Financial Supervision and in particular the European Securities and Markets Authority" [2019] ELECD 2245; in Fabbrini, Federico; Ventoruzzo, Marco (eds), "Research Handbook on EU Economic Law" (Edward Elgar Publishing, 2019) 397

Book Title: Research Handbook on EU Economic Law

Editor(s): Fabbrini, Federico; Ventoruzzo, Marco

Publisher: Edward Elgar Publishing

Section: Chapter 14

Section Title: The European System of Financial Supervision and in particular the European Securities and Markets Authority

Author(s): Vuarlot-Dignac, Sophie; Siracusa, Eugenia

Number of pages: 37

Abstract/Description:

Chapter 14 discusses the European architecture of financial supervision and the role of the European Supervisory Authorities (ESAs), the authors summarize in historical perspectives the reasons leading to the creations of the ESAs in the aftermath of the euro-crisis and examine specifically the role of the European Securities Market Authority (ESMA), detailing its organization and institutional mandate. As they point out, the ESAs have contributed to establishing a common supervisory culture across Europe. However, a number of challenges remain, including divergences in data collection, and it remains questionable whether specifically ESMA has all the powers it would need: from this point of view, therefore, further legislative developments may be necessary.