1,721,066 research outputs found

    Legal boundaries of European Supervisory Authorities (ESAs) in the financial markets: tensions in the development of true regulatory agencies

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    The financial crisis urged the establishment of a European System of Financial Supervision (ESFS) aimed at promoting the stability of financial markets by ensuring a consistent and coherent mechanism of financial supervision at the EU level. Three EU regulatory agencies, the European Supervisory Authorities (ESAs), were established with the aim of supervising and contributing to the regulation of the sectors of banking, securities and markets, and pensions and insurances. This article aims to explore the boundaries to the powers of these EU agencies in order to understand the limit and the potential of their action and to highlight the legal tensions that prevent the development of true regulatory agencies in the area of financial markets. The focus is on both constitutional boundaries and the institutional ones. When analysing the constitutional limits to ESAs’ action, the aim is to question the sustainability of the so-called Meroni doctrine in the current framework of the ESAs’ powers. Under the institutional boundaries, instead, the external limits to the ESAs’ regulatory action are explored within the complex framework of EU financial market regulations, caught between the subsidiarity approach and the centralization of responsibilities and tasks

    Thinking ahead of disasters : the role of risk regulation in the European Union

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    The need to reduce the vulnerability of society against disasters has fostered the introduction of regulatory instruments which can anticipate protection before a danger is imminent and an emergency phase starts. Disaster risk regulation has therefore become a significant field of legislation aimed at complementing and supporting disaster relief measures through precautionary action. It however represents a specific issue of disaster management: given the low probability of high impact disasters, it is difficult to assess related risks, so their regulation involves balancing different rights and interests at stake with uncertain scenarios. The need to rationalise such precautionary protection requires regulatory instruments that take into account the very nature of disaster risks (low probability, high impact) as well as other competing situations of rights and interests which can be affected by regulatory measures. Moreover, in view of the aim of reducing vulnerability, disaster-related policies aim at achieving resilience against disasters. Being resilient means having the abilities to resist, adapt to stressful changes and to bounce back to the original structure. In a resilience-oriented context, what disaster risk mitigation should do is to facilitate the process of adaptation under stress by anticipating impact scenarios and the instruments of protection. This article examines the European Union’s (EU) approach to the regulation of risks of potential catastrophic impact by framing it in the context of resilience. In so doing, it argues that this approach is shaped by the multilevel interdependencies that exist between the EU, national administrations, and private parties. These relationships, which govern the functioning of the EU legal order itself, impact on how protection against disaster is designed, shape the nature of regulation and create a number of challenges for regulators. The modes which disaster risk regulation follows in the EU are therefore analysed as a key issue for enhancing the understanding of this complex regulatory approach

    Governing air traffic management in the single European sky : the search for possible solutions to safety issues

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    Abstract: This article analyses the European system of air traffic management (ATM) as a specific case study of EU regulation of potentially catastrophic risks. The creation of the Single European Sky is a growing area of EU policy, which shows the potential and the difficulties of coordinating national competence, with the aim of boosting the efficiency of air transport in Europe. Given the direct impact of these policies on safety, answers to two main questions assist in the implementation of this regulation about what level of protection is appropriate against the risks of possible catastrophic impact, and who bears the risk if the delivered safety system fails. Precautionary safety standards and liability remedies are therefore addressed as the key issues of risk regulation

    Risk Regulation Approach to EU Policy against Terrorism in the light of the ECJ / CFI Jurisprudence

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    In order to get a better understanding of the current relationship between liberty and security in the European Union (EU), the essay adopts a new approach to counterterrorism matters, namely by availing itself of Administrative Law, and focuses on a specific case study, the European Community's (EC) regulations on freezing the assets of the terrorists as well as those of the people and entities associated with the terror network and blacklisting the identified subjects

    Air Traffic Management in the Single European Sky: Standardisation of safety and liability issues

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    This paper aims to analyse the European system of Air Traffic Management (ATM) as a specific case study of risk regulation in the framework of the European integration process. At the present, the implementation of the Single European Sky is a growing area of EU policy, which shows the potential and the difficulties of coordinating national competences in a supranational regulatory framework. This search for coordination has a direct impact on air traffic safety itself and it involves the development of risk mitigation policies at both the EU level and at the level of individual Member States. The existing trade off between risk and safety as conveyed by technology affects both the instruments and the content of risk management. Since the failure of safety measures when providing air services could result in disaster, regulation needs to address this issue. Two main questions assist in the implementation of the regulatory framework: what level of protection is appropriate against such uncertainty and the risks of possible catastrophic impact, and who bears the risk in case the delivered safety system fails. Precautionary safety standards on the one hand and liability remedies on the other are therefore addressed as the key issues for the regulation and distribution of risks. By focusing on these issues, the fragmentation of the current legal framework in ATM illustrates the current legal difficulties in the integration of the European skies
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