The developing powers of the European Supervisory Authorities in the EU response to the financial crisis
For more than 20 years the EU’s single market in financial services has given individual Member States wide discretion as to how to apply EU directives in their own jurisdictions, but times are changing.
The financial crisis has led to a dramatic change in the way that financial services activities are regulated in Europe. The EU is steadily seeking to vest greater powers in EU bodies and to erode the discretion of individual regulators, like the UK’s FSA, in an attempt to produce a wholly harmonised European market for financial services and to address divergences that are believed to have contributed to the financial crisis.
The European Supervisory Authorities have already had additional powers vested in them, which they are just starting to exercise. New EU Directives that are in the process of being finalised will add further to those powers. These developments have the potential to create both opportunities and risks for EU markets and the firms that operate in them.
Please join Mark Compton and Alexandria Carr from our London offices on 12 July when they will discuss these developments and the potential effect that they will have on all those who are active in the EU financial markets.
Mayer Brown's Global Financial Markets Initiative
helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm's global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.