Chapter 8: Does the EU Need a Single European Securities Regulator?
Dorothee Fischer-Appelt INTRODUCTION One of the most serious questions posed by the new European securities law regime enacted pursuant to the Financial Services Action Plan1 is whether one of the committees set up as part of the four-level Lamfalussy process should be transformed into an agency at the European level. This agency could be in charge of carrying out a number of administrative functions under the new regulatory regime, such as assisting with implementing and enforcing legislation and co-ordinating the work of the various national regulators in charge of securities legislation. The Prospectus Directive (2003/71/EC) that was adopted to upgrade the previous passport system with a system based on maximum harmonization speciﬁcally notes that for future developments the establishment of a European Securities Unit should be considered, in order to enhance further the uniform application of EU securities regulation.2 However, in the 2005 Green Paper following the Financial Services Action Plan, the Commission stressed that the existing framework of supervisory committees set up under the Lamfalussy process should be given some time to deliver their full potential before rushing into more integrated supervision when markets are not yet fully integrated.3 A heated debate has developed in which proponents and opponents of a European securities regulator have voiced their views. This chapter will place this debate in the context of the development of a regulatory framework for European securities regulation, which for the ﬁrst time has created a more uniform ‘European securities law’. The cornerstones of this new European framework...
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