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European Financial Services Legislation

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Twin Peaks for Europe: State-of-the-Art Financial Supervisory Consolidation

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Abstract

After acquiring a picture of the most significant pieces of EU legislation driving European financial market integration in the insurance sector over the past decades, the present chapter comments on the wider European financial services legislation framework, which has seen a period of important innovations in the last roughly two decades. Similarly to virtually all segments of the financial system, the increasing integration of the global financial marketplace has necessitated major changes in the European financial services legislation framework. Due to its structural features and functioning, the legislative system employed in the 1990s had increasingly struggled to keep up with the pace of financial innovation and has proven to be a major impediment of the European integration process before reaching its current shape through several extensive reforms. Some of the reforms affecting the European financial services legislation framework did not target financial services legislation per se but pursued the broader agenda to address weaknesses of the European regulatory and financial supervisory framework. They have progressively aligned the European financial regulatory and supervisory architecture to the business realities of today’s interconnected financial markets, considerably strengthening both the international competitiveness of the European financial industry and the EU’s overall economic position.

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Notes

  1. 1.

    Article 5 TFEU.

  2. 2.

    For further information see Lamfalussy Report (2001) [40], p. 9 et seq. and Lamfalussy (2001) [4].

  3. 3.

    Presidency Conclusions of the Cardiff European Council [38], pt. 17.

  4. 4.

    COM(1998) 625 [51].

  5. 5.

    Presidency Conclusions of the Vienna European Council [84], pt. 51.

  6. 6.

    COM(1999) 232 [52].

  7. 7.

    See the Presidency Conclusions of the Lisbon European Council [80], pt. 5.

  8. 8.

    For concrete examples see SEC(2004) 1459 [67], p. 6.

  9. 9.

    See the Lamfalussy Report (2001) [40], p. 15.

  10. 10.

    For further details see The Committee of Wise Men’s Terms of Reference Given by the European Union’s Economic and Finance Ministers on 17 July 2000 [42].

  11. 11.

    Initial Report of the Committee of Wise Men (2000) [41].

  12. 12.

    Lamfalussy Report (2001) [40].

  13. 13.

    See the Resolution of the Stockholm European Council of 23 March 2001 on More Effective Securities Market Regulation in the European Union [82], Parliament Resolution P5_TA(2002)0035 [69], and the Presidency Conclusions of the Barcelona European Council [34].

  14. 14.

    See Parliament Resolution P5_TA(2002)0565 [70].

  15. 15.

    See Bolkestein’s letter [35] and Prodi’s intervention [81].

  16. 16.

    See the Conclusions of the ECOFIN Council of 12 July 2002 [44] and 3 December 2002 [45].

  17. 17.

    For further background information and an initial assessment of the Lamfalussy framework including its impact on Europe’s financial supervisory structure refer to Gualandri and Grasso (2006) [2].

  18. 18.

    See Black, Hopper, and Band (2007) [1] and Wandt and Sehrbrock (2009) [5], p. 15 et seq.

  19. 19.

    For a concise overview of the pre-Lisbon Lamfalussy framework see also Wandt and Sehrbrock [5], p. 5 et seq.

  20. 20.

    See SEC(2004) 1459 [67], p. 6.

  21. 21.

    Lamfalussy Report (2001) [40], p. 23.

  22. 22.

    ESC, EBC, EIOPC, for more information see the introduction of Level 2 below.

  23. 23.

    Lamfalussy Report (2001) [40], p. 25.

  24. 24.

    For further details on Level 1 legislation see the Lamfalussy Report (2001) [40], p. 19 et seq.

  25. 25.

    See IIMG First Interim Report (2003) [75], p. 40.

  26. 26.

    See also the description of the co-decision procedure in Article 251 TEC.

  27. 27.

    See Annex 5 to the Initial Report of the Committee of Wise Men (2000) [43], p. 42.

  28. 28.

    European Institute of Public Administration (EIPA) (2011) [46], p. 5 et seq.

  29. 29.

    Council Decisions 87/373/EEC [11], 1999/468/EC [12], and 2006/512/EC [13].

  30. 30.

    Articles 3, 4, 5, 5a, and 6 of Council Decision 1999/468/EC [12].

  31. 31.

    For further details see Annex 5 to the Initial Report of the Committee of Wise Men (2000) [43] and EIPA (2011) [46].

  32. 32.

    See Article 5a of Council Decision 1999/468/EC [12], inserted by Council Decision 2006/512/EC [13].

  33. 33.

    For further details see the Lamfalussy Report (2001) [40], p.30–35.

  34. 34.

    For further details see Parliament Resolution P5_TA(2002)0035 [69] and the Resolution of the Stockholm European Council of 23 March 2001 on More Effective Securities Market Regulation in the European Union [82].

  35. 35.

    See the Statement by the Parliament, the Council and the Commission [72], pt. 3.

  36. 36.

    Established by Commission Decision 2004/10/EC [15] in the area of banking.

  37. 37.

    Established by Commission Decision 2004/9/EC [18] in the area of insurance and occupational pensions.

  38. 38.

    Established by Commission Decision 2001/528/EC [10] in the area of securities markets.

  39. 39.

    Established by Commission Decision 2004/5/EC [16] in the area of banking.

  40. 40.

    Established by Commission Decision 2004/6/EC [17] in the area of insurance and occupational pensions.

  41. 41.

    Established by Commission Decision 2001/527/EC [9] in the area of securities markets.

  42. 42.

    For an in-depth analysis of the role, tasks and membership of the committees see the Lamfalussy Report (2001) [40], p. 29 et seq. and the Commission Decisions establishing the respective committees.

  43. 43.

    For further details see Article 5a of Council Decision 1999/468/EC [12].

  44. 44.

    For further details see the Lamfalussy Report (2001) [40], p. 37 et seq.

  45. 45.

    For more information see the Lamfalussy Report (2001) [40], p. 40.

  46. 46.

    See the Lamfalussy Report (2001) [40], p. 40.

  47. 47.

    For further details on the IIMGs and their work see their 6 reports [73–78].

  48. 48.

    See Directive 2005/1/EC [25] and COM(2007) 727 final [66].

  49. 49.

    See Commission Decision 2009/77/EC [21] repealing Decision 2001/527/EC for CESR, Commission Decision 2009/78/EC [19] repealing Decision 2004/5/EC for CEBS, and Commission Decision 2009/79/EC [20] repealing Decision 2004/6/EC for CEIOPS.

  50. 50.

    See the Note to the Reader accompanying the publication of the consolidated Treaties in the Official Journal of the European Union [7].

  51. 51.

    For details see EP CODE Secretariat (2009) [39].

  52. 52.

    Héritier et al. (2013) [3], p. 4.

  53. 53.

    See EIPA (2011) [46], p. 5.

  54. 54.

    See Case 25/70 [6].

  55. 55.

    Article 202 (then Article 145) TEC was supplemented by Article 10 of the Single European Act [8].

  56. 56.

    Council Decision 87/373/EEC [11].

  57. 57.

    Article 1 of Council Decision 87/373/EEC.

  58. 58.

    For an in-depth analysis of that contest for power specifically from the Parliament’s perspective see Héritier et al. (2013) [3], p. 32. et seq.

  59. 59.

    For an overview of IIAs in the field of comitology see Kietz and Maurer 2006 [79], p. 16. and the latest IIA of 2008 [71].

  60. 60.

    Council Decision 1999/468/EC [12].

  61. 61.

    Article 7 of Council Decision 1999/468/EC.

  62. 62.

    The right of scrutiny entitled the Parliament to oppose by passing a non-binding resolution if the Commission exceeded its implementing powers, see Article 8 of Council Decision 1999/468/EC.

  63. 63.

    Council Decision 2006/512/EC [13].

  64. 64.

    See Article 5a of Council Decision 1999/468/EC.

  65. 65.

    For more details on democratic deficits see Brandsma (2010) [36], p. 18 et seq., on comitology in general Brandsma (2010) [36], EIPA (2011) [46], Kietz and Maurer (2006) [79], p. 15 et seq., and Héritier et al. (2013) [3], p. 4. et seq.

  66. 66.

    Article 289(3) TFEU.

  67. 67.

    Article 290 TFEU.

  68. 68.

    Article 291 TFEU.

  69. 69.

    See Héritier et al. (2013) [3], p. 49.

  70. 70.

    By contrast to the regulatory procedure with scrutiny pursuant to Article 5a of the Second Comitology Decision [12], the objection may be based on any grounds.

  71. 71.

    See the Common Understanding of 3 March 2011 [68] and some useful explanatory remarks in Héritier et al. (2013) [3], p. 50 et seq.

  72. 72.

    Regulation (EU) No 182/2011 [33].

  73. 73.

    Article 3(2) of Regulation (EU) No 182/2011.

  74. 74.

    Article 4 of Regulation (EU) No 182/2011.

  75. 75.

    Article 5 of Regulation (EU) No 182/2011.

  76. 76.

    Article 2 of Regulation (EU) No 182/2011.

  77. 77.

    See the enumeration in Article 2(2) of Regulation (EU) No 182/2011.

  78. 78.

    Recital 10 of the Preamble of Regulation (EU) No 182/2011.

  79. 79.

    Article 7 of Regulation (EU) No 182/2011.

  80. 80.

    Article 8 of Regulation (EU) No 182/2011.

  81. 81.

    Article 3(4) of Regulation (EU) No 182/2011.

  82. 82.

    Article 3(5) of Regulation (EU) No 182/2011.

  83. 83.

    Article 10 of Regulation (EU) No 182/2011.

  84. 84.

    Article 11 of Regulation (EU) No 182/2011.

  85. 85.

    Articles 12–14 of Regulation (EU) No 182/2011.

  86. 86.

    See for instance Article 301(3) of the Solvency II Directive [26], Article 64(2) of the Markets in Financial Instruments Directive (MiFID) [24], Article 17(2a) of the Market Abuse Directive [22], and Article 24(2a) of the Prospectus Directive [23], although some of these provisions have been already aligned to the new system by subsequent EU legislation at the time of writing. For further interesting aspects of the new system of delegation of powers under the Lisbon Treaty see Héritier et al. (2013) [3], p. 48 et seq.

  87. 87.

    De Larosière Report (2009) [83], p. 59, fn. 14.

  88. 88.

    Annex I to the de Larosière Report (2009) [83], p. 69.

  89. 89.

    De Larosière Report (2009) [83].

  90. 90.

    COM(2009) 114 final [49], p. 4 et seq.

  91. 91.

    For details on the reform program see Annex I to COM(2009) 114 final.

  92. 92.

    COM(2009) 252 final [50].

  93. 93.

    SEC(2009) 715 [53].

  94. 94.

    See de Larosière Report (2009) [83], p. 13, paragraph 38.

  95. 95.

    SEC(2009) 252 final [50], p. 3.

  96. 96.

    Annex I to COM(2009) 114 final [49], p. 2.

  97. 97.

    For more details and further references see COM(2009) 499 final [62], p. 3.

  98. 98.

    See Presidency Conclusions [37], pt. 15 et seq.

  99. 99.

    COM(2010) 301 final [63] and especially Annex 1 and 2 to that document give a full list of past and forthcoming proposals of the Commission within the framework of its financial market reform program.

  100. 100.

    See COM(2009) 499 final [62], COM(2009) 500 final [56], COM(2009) 501 final [59], COM(2009) 502 final [60], COM(2009) 503 final [61], SEC(2009) 1233 [55], and COM(2009) 576 final [57].

  101. 101.

    SEC(2009) 1234 [54].

  102. 102.

    Regulations No 1092/2010 [29], No 1096/2010 [14], No 1093/2010 [30], No 1094/2010 [31], and No 1095/2010 [32].

  103. 103.

    Directive 2010/78/EU [27].

  104. 104.

    COM(2011) 8 final [58].

  105. 105.

    Directive 2014/51/EU [28].

  106. 106.

    See de Larosière Report (2009) [83], p. 38.

  107. 107.

    See de Larosière Report (2009) [83], Annex III, p. 72 et seq.

  108. 108.

    For further details see the de Larosière Report (2009) [83], p. 39 et seq., COM(2009) 501 final [59], COM(2009) 502 final [60], COM(2009) 503 final [61], and SEC(2009) 1233 [55].

  109. 109.

    See for instance COM(2009) 499 final [62], p. 6 and Recitals 13, 27, and 30 of the Preamble of Regulation No 1092/2010 [29].

  110. 110.

    See Regulation No 1096/2010 [14].

  111. 111.

    For more details on the ESRB see COM(2009) 499 final [62], Regulation No 1092/2010 [29], COM(2014) 508 final [64], and SWD(2014) 260 final [47].

  112. 112.

    Established by Regulation No 1093/2010 [30].

  113. 113.

    Established by Regulation No 1094/2010 [31].

  114. 114.

    Established by Regulation No 1095/2010 [32].

  115. 115.

    For more details on the ESAs see COM(2009) 501 final [59], COM(2009) 502 final [60], COM(2009) 503 final [61], Regulations No 1093/2010 [30], No 1094/2010 [31], and No 1095/2010 [32] (collectively referred to as ESA Regulations), COM(2014) 509 final [65], and SWD(2014) 261 final [48].

  116. 116.

    See Sect. 3.3.1.

  117. 117.

    See for instance Article 114(1) of the Solvency II Directive [26] as amended by Article 2(30) of the Omnibus II Directive [28].

  118. 118.

    Directive 2009/138/EC [26].

  119. 119.

    Directive 2014/51/EU [28].

  120. 120.

    Regulation (EU) No 182/2011 [33].

  121. 121.

    See Article 4 of Regulation (EU) No 182/2011 [33].

  122. 122.

    In case the examination committee delivers a negative opinion or no opinion at all, Article 7 of Regulation (EU) No 182/2011 [33] may apply and modify the procedure.

  123. 123.

    See Articles 5–7 of Regulation (EU) No 182/2011 [33].

  124. 124.

    See for instance Article 114(2) of the Solvency II Directive [26] as amended by Article 2(30) of the Omnibus II Directive [28].

  125. 125.

    For more details regarding BTSs see Recitals 21–25 of the Preamble and Articles 10–15, in particular Articles 10(1) second subparagraph and 15 (1) first subparagraph of Regulation No 1093/2010 [30], Recitals 20–24 and Articles 10–15, in particular Articles 10(1) second subparagraph and 15(1) first subparagraph of Regulation No 1094/2010 [31], and Recitals 21–25 and Articles 10–15, in particular Articles 10(1) second subparagraph and 15(1) first subparagraph of Regulation No 1095/2010 [32].

  126. 126.

    See Articles 10–14 of the ESA Regulations [30], [31], and [32].

  127. 127.

    See Article 15 of the ESA Regulations [30], [31], and [32].

  128. 128.

    See Sect. 3.2.4.

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    Olivia Johanna Erdélyi

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Erdélyi, O. (2016). European Financial Services Legislation. In: Twin Peaks for Europe: State-of-the-Art Financial Supervisory Consolidation. Springer, Cham. https://doi.org/10.1007/978-3-319-30707-7_3

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