Legal Nature of Supervisory Instruments above the Financial Market in the EU — Chosen Issues

Upravlenie ◽  
10.12737/5641 ◽  
2014 ◽  
Vol 2 (3) ◽  
pp. 76-80
Author(s):  
Шаранец ◽  
Monika zaraniec
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Institutions ◽  
Member States ◽  
Legal Nature ◽  
Organizational Aspect ◽  
Standard Solution ◽  
Financial Supervisors ◽  
Supervision Of Financial Markets ◽  
The Eu

In the article taken analysis of character of supervisory instruments was as part of uni-form financial markets the EU applied by EU organs of the supervision. To the end of 2010 the supervision of financial markets constituted the control domain of Member States in the financial, procedural and organizational aspect. At present European Sys-tem of Financial Supervisors (ESFS) and organs acting in his structures of the EU su-pervision have a right to issuing decisions of superintendents directly binding supervised entities, that is organs of the supervision and financial institutions acting on the market. A possibility of drawing up by European Supervisiory Authorities (ESA) is a special standard solution of projects binding technical standards (BTS) being subject to approving by the European Commission and having a power of direct being applicable in all Member States.

Part V Legal and Conduct Risk in Interconnected Financial Markets, 19 ‘Brexit’

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Member State ◽  
Financial Markets ◽  
Financial Institutions ◽  
Member States ◽  
Cross Border ◽  
Legal Risks ◽  
The Uk ◽  
The Eu

This chapter considers the legal risks raised by Brexit. These include change of law risk for financial markets and especially for institutions that wish to do cross-border business in the EU. For example, while the UK remains in the EU, financial institutions carrying on certain ‘regulated activities’ are afforded so-called ‘passporting’ rights pursuant to which, broadly, they can take advantage of the fact that they are established and appropriately authorised in one member state to do business in other member states, without the need for separate permissions or authorisations in those other states. If the UK leaves the EU, such passporting rights may be terminated unless the Brexit negotiation results in them being preserved in some way.

The EU Experience as a Model for the Development of a Single Financial Market Regulation in the Eurasian Economic Union (EAEU)

2019 ◽  
Vol 16 (5) ◽  
pp. 592-621 ◽  
Author(s):  
Rustam A. Kasyanov
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Services ◽  
Market Regulation ◽  
Member States ◽  
Financial Market Regulation ◽  
Eurasian Economic Union ◽  
Economic Union ◽  
The Republic ◽  
The Eu

Five countries became members of the Eurasian Economic Union – an international organization of regional economic integration. The Republic of Kazakhstan, the Russian Federation, and the Republic of Belarus signed the international Treaty in the city of Astana, Kazakhstan on May 29, 2014. The Republic of Armenia and the Kyrgyz Republic acceded to the Treaty later. Harmonized regulation of financial markets should be one of the initial areas of cooperation, with the aims of creating a single financial services market within the EAEU and ensuring non-discriminatory access to the national financial markets of each of the member states. The EAEU member states have already entered into the initial stage of developing the Eurasian common market in financial services. A considerable part of the work should be carried out by a supranational financial market regulation body, which is to be established by 2025 according to the EAEU Treaty. Such financial integration in the EAEU has only been in progress for a limited time period and many of the key steps are yet to be done. The existing national-markets development level is highly non-homogeneous and is in need of further development. In such circumstances, a relevant question related to the study of foreign experience arises. European Union started to form its single financial services market in 1973, and since then it has gained certain experience in financial markets integration. This research paper is dedicated to the issue of necessity and possibility of using the EU experience in the course of the EAEU Single market development. The issue will be addressed in terms of political, legal, academic, and practical aspects. The article is of a general, theoretical legal character, which is why emphasis will be placed on legal and doctrinal questions. Special attention will be paid to an analysis of the Eurasian Economic Union Treaty and its Protocols. The work will be based on the academic research and opinions of Russian and foreign authors.

IV. Insurance and Banking

1998 ◽  
Vol 47 (3) ◽  
pp. 719-724
Author(s):  
Karl Newman ◽  
Mads Andenas
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Institutions ◽  
Member States ◽  
Cross Border ◽  
Regulation Of Financial Markets ◽  
Provision Of Services

The internal financial market is still far from its completion. Parts of the financial market and certain financial institutions are not yet covered by implementing directives. In areas that are covered by directives, transposition by member States has not removed important practical barriers to cross-border establishment and provision of services. An interesting feature of the current developments in the EC regulation of financial markets is the Commission's use of “Communications” to implement Treaty freedoms and so to remedy the situation where the member States have blocked proposals for a directive or where unacceptable barriers remain after their transposition.

Legal conflict between the EU and the republic of Poland regarding polish judicial reform

2021 ◽  
Author(s):  
Ivan Yakovyuk ◽  
Suzanna Asiryan ◽  
Anastasiya Lazurenko
Keyword(s):  
European Union ◽  
Judicial Reform ◽  
Eu Law ◽  
The European Union ◽  
Member States ◽  
Court Of Justice ◽  
Legal Nature ◽  
Constitutional Tribunal ◽  
The Republic ◽  
The Eu

Problem setting. On October 7, 2021, the Constitutional Tribunal of the Republic of Poland ruled in favor of Polish law over European Union law, which in the long run may violate the principles according to which the Union operates and the rights enjoyed by citizens of the state. Such a precedent can further serve as a basis for identical decisions of the bodies of constitutional jurisdiction of those states that have problems in fulfilling their obligations in the European community. Analysis of recent researches and publications. The problems of the functioning of the bodies of the European Union, the implementation of their decisions and the general status in EU law are widely studied in national science. In particular, many scholars have studied the legal nature of the EU, including: TM Anakina, VI Muravyov, NM Ushakov, A. Ya. Kapustina, NA Korolyova, Yu. Yumashev, BN Topornin, OYa Tragniuk, SS Seliverstov, IV Yakovyuk and others. Target of research is to establish the foundations of EU law in the functioning of Union bodies, especially the Court, as well as to determine the hierarchy of national law and EU law. Article’s main body. Over the years, the Court has, within its jurisdiction, issued a large number of judgments which have become the source of the Union’s Constituent Treaties and of EU law in general. Over the last two decades, the powers of the Court of Justice have changed significantly. In particular, this is due to the adoption of the Lisbon Treaty, which amended the EU’s founding treaties on the powers of the Court, then the reform of the European Court took place in 2015-2016, which concerned a change in the organizational structure of the Court. Despite the generally well-established case law of the Court of Justice of the European Union on the unification of the observance by the Member States of the basic principles of the European Union, the Constitutional Tribunal of the Republic of Poland adopted a decision on 7 October. Conclusions and prospects for the development. Following the decision of the Constitutional Court, the Polish authorities found themselves in a situation that significantly complicated its internal and external situation. The way out of which requires answers to fundamental questions about the legal nature of the EU. Undoubtedly, this is an issue not only between Poland and the EU, but also between other member states.

scholarly journals Financial Development and Tax Revenue: How Catalytic Are Political Development and Corruption?

2018 ◽  
Vol 10 (8) ◽  
pp. 92 ◽  
Author(s):  
John Bosco Nnyanzi ◽  
John Mayanja Bbale ◽  
Richard Sendi
Keyword(s):  
Financial Markets ◽  
Financial Development ◽  
Financial Market ◽  
Financial Institutions ◽  
Low Income ◽  
Political Development ◽  
Tax Revenue ◽  
Tax Revenues ◽  
The Impact ◽  
Cent Change

Increasing domestic revenue mobilization remains a challenge for many governments, particularly in low-income countries. Using a sample of East African countries, the study sets off to investigate the impact of financial development from a multi-dimensional perspective on tax revenues for the period 1990 to 2014, and how political development and the control of corruption would enhance the observed nexus. The dynamic panel results from the system GMM estimation approach indicate a significant role of financial development overall and the financial institutions and financial markets in particular. A disaggregation of the duo suggests that it is the depth of financial institutions that greatly matters for tax revenue, with a one per cent change expected to yield about 0.26 per cent change in tax collections. It is then followed by their level of accessibility, financial market depth and efficiency. We fail to find significant evidence in support of financial market access and financial institutions efficiency although the possibility for the latter seems indismissible. Further evidence points to the catalytic nature of a good institutional and political environment in pursuit of higher tax-GDP ratio via financial development. Policies to promote the depth and accessibility of financial institutions as well the depth and efficiency of financial markets in East Africa alongside well-focused anti-corruption programs and democratic governance are likely to yield better fiscal outcomes in terms of domestic tax revenues critically needed to achieve the United Nations Sustainable Development Goals. We also confirm the positive role played by the lagged tax revenue, per capita GDP, trade openness, debt-to-GDP ratio and population density in the tax effort.

Die Stabilität von Finanzmärkten:Wie kann die Wirtschaftspolitik Vertrauen schaffen?

2006 ◽  
Vol 55 (1) ◽  
Author(s):  
Theresia Theurl ◽  
Jan Pieter Krahnen ◽  
Thomas P. Gehrig
Keyword(s):  
Credit Risk ◽  
Financial Markets ◽  
Financial Market ◽  
Financial Institutions ◽  
Banking Sector ◽  
Public Awareness ◽  
Credit Derivatives ◽  
Point Of View ◽  
Regulatory Oversight ◽  
The Creation

AbstractFrom Theresia Theurl’s point of view financial markets exhibit certain features that turn them inherently unstable. Therefore, economic policy measures were necessary and advisable, but they should not take the shape of isolated and selected interventions. Rather, these measures of financial market supervision and regulation had to be integrated into a comprehensive concept of micro- and macroeconomic policy in order to allow the creation of stabilizing trust.In his contribution, Jan Pieter Krahnen maintains, that the systemic risk of banks and financial institutions has changed and risen in recent years. According to his view, this is due to a more widespread use of credit derivatives. Although they may cause a more efficient distribution of credit risk in the banking sector, at the same time they could mean a higher vulnerability of the banking sector to system-wide contagion effects of credit risk. As such, financial market supervision as well as the Basel II rules on Capital Standards should take into account not only the credit risk exposure of individual financial institutions, but also correlation measures of their share prices.For Thomas Gehrig, empirical anomalies demonstrate the relevance of awareness and trust in financial markets. This note would argue in favor of social policies that enhance public awareness in financial markets as a basis for trust. And so naturally, these policies need to be complemented by a strong financial order that aims at minimizing behavioral risks. He says, trust requires a regulatory framework that reduces manipulation by private as well as public interests. A competitive order complemented by strong regulatory oversight may go a long way towards generating liquid financial markets and the creation of trust. Trust by individuals, however, would be most strongly encouraged when individuals are entrusted in managing their own financial market activities including their own pension arrangements.

scholarly journals Towards Single Market in Financial Services: Highlights of the EU and the EAEU Financial Markets Regulation

2020 ◽  
Vol 8 (1) ◽  
pp. 111-137
Author(s):  
Rustam Kasyanov ◽  
Anzhelika Kriger
Keyword(s):  
Comparative Analysis ◽  
Financial Markets ◽  
Financial Services ◽  
Market Regulation ◽  
The European Union ◽  
European Union Law ◽  
Member States ◽  
Advantages And Disadvantages ◽  
The Eu ◽  
Financial Markets Regulation

The article covers key formats of interstate cooperation in the post-Soviet space. The authors conclude that the Eurasian Economic Union is the major integration project bringing together Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. This research addresses various legal issues related to founding of the EAEU single financial services market with provisions and annexes of the EAEU Treaty studied. The EAEU meets challenges and creates legal and institutional framework for single financial services market within a relatively short timeframe. By 2025 both Supranational Eurasian financial regulator should be established and EAEU legislation on financial services should be harmonized. These tasks require international and national regulation experience. Therefore through the use of comparative analysis some advantages of the European Union law in the field of financial services market regulation are pointed out alongside with particular national legislation aspects of the EAEU member states in the similar or relative fields. Comparative analysis provides for determination of modern approaches to financial services market regulation in the EAEU and its member states, and allows to emphasize advantages and disadvantages of such regulation. Comparative analysis is applied to specifically investigate three subject areas of high relevance for global financial community: institutional forms of trade in financial instruments; organized trade in financial derivatives; organization of algorithmic and high-frequency algorithmic trading. Conclusion drawn is that the EU experience in the matters of financial markets regulation is of particular interest for the EAEU and its member states.

scholarly journals Joined Cases C-643/15 and C-647/15 Slovak Republic and Hungary v Council of the European Union

2020 ◽  
Vol 8 (2) ◽  
pp. 141-154
Author(s):  
Anna Doliwa-Klepacka
Keyword(s):  
Slovak Republic ◽  
The European Union ◽  
Member States ◽  
Court Of Justice ◽  
Council Decision ◽  
Legal Nature ◽  
Management Measure ◽  
The Common ◽  
First Time ◽  
The Eu

In the commented judgment the Court of Justice has, for the first time, made an analysis of the legal nature of Article 78(3) TFEU including in particular the understanding of the concepts contained in that provision and the conditions for its application. This provision allows the Council to adopt the non-legislative acts in case of a sudden influx of migrants from third countries into the territory of the Member States. The Court also characterized the temporary relocation mechanism as a part of the common asylum system of the EU and a crisis management measure and examined the provisions of Council Decision 2015/1601, obligating the Member States to relocate 120000 persons staying in Italy and Greece – in the light of the notions used in Article 78(3) TFEU.

Human Rights Obligations of European Financial Assistance Mechanisms

2020 ◽  
pp. 24-48
Author(s):  
Anastasia Poulou
Keyword(s):  
Human Rights ◽  
Financial Crisis ◽  
Financial Markets ◽  
International Law ◽  
Financial Institutions ◽  
Financial Assistance ◽  
International Human Rights ◽  
Member States ◽  
Eu Member States ◽  
International Human

Having been affected by the European financial crisis that erupted in 2008, several EU Member States required financial assistance beyond that available in the financial markets. New financial assistance mechanisms, such as the EFSF and ESM, were created under international law and all financial assistance packages included the participation of the IMF. Despite their differences, these financial assistance schemes all combined supranational and international legal instruments and institutions. The hybrid nature of this European financial assistance raises the question of whether the actors involved in the award of the assistance are bound by EU and international human rights. Against this background, this chapter assesses financial assistance conditionality as applied by the different financial institutions from an EU and international human rights perspective, aiming to respond to the question whether European and international actors are bound by human rights when preparing financial assistance conditions.

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