Description
Book SynopsisThis timely book explores pertinent questions around the legitimacy and effectiveness of EU agencies’ soft law, with a particular focus on the European Securities and Markets Authority (ESMA). It examines the variety of ESMA’s existing and newly granted soft law-making powers, which were intended to deal with the lack of effectiveness of its predecessor but are now called into question due to the ‘hard’ effect of these soft laws.
Built on a combination of theoretical analysis and first-hand practical experience, Marloes van Rijsbergen tests the framework for each category of ESMA’s soft law instruments at each stage of the policy cycle, demonstrating that the framework can be applied to other EU agencies with similar soft law-making powers. This unique framework assesses which procedural and institutional safeguards regarding EU agencies' soft law would reflect an adequate balancing of both legitimacy and effectiveness concerns.
Comprehensive yet accessible, this book will be a key resource for students and scholars of EU financial law, constitutional law, public administration and governance. Providing an evaluation of the legal nature of ESMA’s soft law acts in the context of the financial sector, it will also prove valuable for practitioners, compliance officers and parties establishing other EU agencies.
Trade Review‘Van Rijsbergen makes a crucial contribution to the research on EU agencies and EU soft law. Adopting a much-needed empirical approach, her book makes important recommendations allowing a balance to be struck between legitimacy and effectiveness in soft-law making and application. As the field is currently subject to increasing litigation, the book is a must read not only for academics, but also for policy-makers, administrators, judges, and lawyers at all levels of governance.’ -- – Oana Stefan, Kings College London, UK
‘This book provides unique insights into the role soft rule-making plays within the framework of one of the most important EU regulatory agencies. It offers an in-depth and comprehensive study of this role at the decision-making, transposition, implementation and enforcement levels, drawing on findings gained by the author in ESMA’s daily practice. It presents highly relevant conclusions surrounding the current balance of effectiveness gains and legitimacy concerns regarding increased soft law-making within ESMA, making recommendations for improvement.’ -- – Linda Senden, Utrecht University, the Netherlands
Table of ContentsContents: 1. Setting the scene 2. Guiding principles for EU agencies’ soft law-making 3. Defining the legal basis for ESMA’s soft law-making powers 4. Initiation of ESMA’s soft law-making powers 5. ESMA’s decision-making process 6. Transparency with regard to ESMA’s soft law instruments 7. Transposition of ESMA’s soft law instruments 8. Compliance with ESMA’s soft law instruments 9. Enforcing ESMA’s soft law instruments vis-à-vis national authorities 10. Reviewing ESMA’s soft law instruments 11. Conclusions and recommendation Bibliography Index
