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The Esa Guidelines: Soft Law And Subjectivity In The European Financial Market-Capturing The Administrative Influence, Jakob Schemmel
The Esa Guidelines: Soft Law And Subjectivity In The European Financial Market-Capturing The Administrative Influence, Jakob Schemmel
Indiana Journal of Global Legal Studies
The disastrous performance of European financial-market regulation during the 2008 financial crisis convinced the European powers-that- be of the urgent need for further integration. Since then the European Union (EU) has established three European Supervisory Authorities (ESAs), which are commissioned to enhance capacity and harmonization of the European banking, insurance, and capital markets law. In carrying out this task, the ESAs employ so called ESA Guidelines, which have caught the attention of practitioners and scholars alike. As soft law, they bear a strong resemblance to instruments used on the global level to regulate the financial markets and therefore might fall …