Europees financieel toezicht: een dichter-bij-uw-bed-show dan u waarschijnlijk dacht. De financiële crisis legde bloot dat doeltreffend financieel toezicht onontbeerlijk is voor een gezond financieel klimaat. In haar masterthesis stelt Sara De Moor de wijze waarop dit toezicht wordt georganiseerd, in vraag. Er kan namelijk worden vastgesteld dat het huidige sectorale toezichtsmodel niet (meer) strookt met de cross-sectorale structuur van datgene wat onder toezicht staat. De vraag rijst waarom een evolutie naar cross-sectoraal toezicht uitblijft: wat pleit tegen en voor sectoraal toezicht? Eveneens wordt een blik geworpen in de toekomst: hoe zou de Europese toezichtstructuur eruit kunnen zien, en idealiter, hoe zou deze er moeten uitzien?
De Europese Toezichthoudende Autoriteiten
Je kan ze het best vergelijken met de toezichthoudende directeur op de speelplaats: de Europese Toezichthoudende Autoriteiten (European Supervisory Authorities, hierna ‘ESAs’) overzien het Europese financiële speelveld en coördineren de manier waarop de lidstaten gevolg geven aan Europese financiële regelgeving. Er zijn drie ESAs, elk verantwoordelijk voor een andere financiële sector: EBA, voor de bankensector; ESMA, voor de investeringssector; en EIOPA, voor de verzekeringssector. De missie van dit olijke trio bestaat erin te vermijden dat de op Europees niveau geharmoniseerde prudentiële regels (regels die de financiële gezondheid van een individuele financiële instelling voor ogen hebben) en gedragsregels (regels die van toepassing zijn op de relatie tussen een financiële instelling en haar cliënten) een gefragmenteerde, lidstaat-specifieke uitwerking krijgen. Om die reden is iedere ESA in essentie dan ook de optelsom van haar deelnemende nationale toezichthouders, dewelke in principe verantwoordelijk zijn voor het dagdagelijks, lokale toezicht.
Verscheidene toezichtstructuren
De hierboven geschetste toezichtstructuur wordt het sectorale toezichtsmodel genoemd. Financieel toezicht kan echter ook op cross-sectorale wijze worden georganiseerd. Enerzijds via een geïntegreerde structuur, anderzijds via een zogenoemde ‘twin peaks’ structuur, dewelke gericht is op de doelen die financieel recht heeft. In een geïntegreerde structuur bestaat er slechts één enkele toezichthouder die zich bezighoudt met het volledige pakket aan micro-financiële regelgeving, en dit voor alle sectoren. Een twin peaks structuur maakt eveneens geen onderscheid qua sector, maar bevat twee toezichthouders: één voor prudentiële regelgeving, één voor gedragsregels.
Probleem: sectorale toezichtstructuur in een cross-sectorale financiële wereld
Zoals leerkrachten moeten toezien op de leerlingen in hun klas, zo moeten de ESAs toezien op de sector die zij elk onder hun vleugels hebben. “Piece of cake”, althans wanneer financiële producten en diensten, en de financiële instellingen die deze aanbieden, specifiek in te delen zijn in de banken-, of de investerings-, of de verzekeringssector. Je ziet de bui al hangen: in het huidige, continu aan verandering onderhevig, financiële klimaat wordt het almaar moeilijker om de best geplaatste financiële toezichthouder te matchen met diegene die en datgene dat toezicht vereist. De fundering waarop de pilaren van het Europese sectorale toezicht zijn gebouwd, vertoont meer en meer cross-sectorale kenmerken.
Bovenstaande observatie beschrijft een proces dat al enkele decennia in werking is en dat zich gedurende de komende jaren zal doorzetten: “the blurring of sectors”.
De historische logica van Europees sectoraal toezicht
In het pre-‘Europa’ tijdperk gaven verschillende historische gebeurtenissen in de lidstaten vorm aan de scheidingslijnen tussen de bankensector, de investeringssector en de verzekeringssector; de internationaal ontwikkelde financiële standaarden volgden dezelfde drieledige indeling. Wanneer de zogenaamde Europese eengemaakte markt zich voltrok, en de molen van Europese financiële regelgeving op gang kwam, werd de traditionele sectorale opsplitsing logischerwijze gevolgd. Nochtans kan worden opgemerkt dat het startschot voor Europese financiële integratie tevens het startschot betekende voor een toenemende cross-sectorale financiële markt. Verschillende lidstaten reageerden hierop proactief door op nationaal niveau een cross-sectorale toezichtstructuur aan te meten. Op Europees niveau blijven architecturale wijzigingen echter uit; de focus ligt daarentegen op het verwezenlijken van de slagzin “meer Europa”. De idee lijkt te zijn dat nationale toezichthouders een aantal toezichtsbevoegdheden zouden moeten afstaan aan de ESAs, wat het principe van gedecentraliseerd toezicht ondermijnt. Voorbeeld bij uitstek is het project Bankenunie, en het daarbij horende Gemeenschappelijke Toezichtsmechanisme waardoor de Europese Centrale Bank zich ontpopte als dé toezichthouder voor banken in de eurozone. Enige aanpassing aan de huidige toezichtstructuur staat niet op de Europese agenda.
Argumenten tegen en voor sectoraal toezicht
De afwezigheid van enige evolutie in de Europese toezichtstructuur haalt de nieuwsgierigheidstrekker over. De lijst met argumenten die pleiten ten nadele van sectoraal georganiseerde ESAs is overtuigend, maar hetzelfde geldt voor het aantal argumenten pro sectorale ESAs.
Contra sectoraal Europees toezicht kan, naast het reeds vermelde “blurring of sectors”, het belang aan krachtige regels aangaande consumentenbescherming worden vermeld. De stelling dat deze regels de sectorale opsplitsing overstijgen wordt bekrachtigd door het feit dat op dit vlak recent een eerste portie cross-sectorale regelgeving werd doorgevoerd. Sectoraal toezicht wordt eveneens op de helling gezet door de talrijke sector-overschrijdende uitdagingen waarvoor het financiële systeem staat, zoals onder meer de strijd tegen witwaspraktijken en de opkomst van technologie in het recht. Voor de aanhangers van het anti-sectorale kamp is de zaak kristalhelder: de sectorale toezichtstructuur heeft haar houdbaarheidsdatum overschreden.
Maar moeten we haar daarom kordaat naar de geschiedenisboeken verwijzen? Niet als het van de argumenten komende uit het kamp pro sectoraal Europees toezicht afhangt. Ten behoud van sectoraal toezicht, is er onder meer de ‘path dependence’ theorie. Op basis daarvan zou de drievoudige structuur zo gangbaar zijn, dat ervan afscheid nemen moeilijk is geworden, te meer omdat een ander toezichtsmodel niet per sebeter is en omdat er met het huidige model reeds goede resultaten zijn geboekt. Bovendien vindt het huidige toezichtsmodel steun bij financiële dienstverleners omwille van de opgebouwde sectorspecifieke expertise. Last, but certainly not least moet worden onthouden dat een specifieke structuur ondergeschikt is aan het einddoel, namelijk een efficiënte en effectieve coördinatie, communicatie en samenwerking tussen toezichthouders.
De toekomst van de ESAs: het beste van drie modellen in één
Op basis van de argumenten tegen en voor sectoraal toezicht, wordt getracht een optimaal toezichtsmodel te creëren. Het voorstel dat uit de bus komt, is er één dat de voordelen van de drie modellen - geïntegreerd, twin peaks en sectoraal toezicht - combineert in één nieuwe toezichthouder: de Europese Coördinator voor Financieel Toezicht. Integratie, met het oog op het centraliseren van kennis, methodes en middelen. Twin peaks, om tegemoet te komen aan de blurring of sectors. Sectoraal toezicht, om sectorspecifieke expertise in te schakelen waar nodig. Binnenin deze nieuwe instelling staan coördinatie, communicatie en samenwerking centraal. Assistenten van dienst zijn de nationale toezichthouders. Een heuse ommezwaai, maar misschien wel één die het hoofd kan bieden aan wat het financiële systeem te wachten staat. Een nieuw recept met klassieke toets.
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European Parliament, ‘Provisional legislative resolution of 16 April 2019 on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority); Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority); Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority); Regulation (EU) No 345/2013 on European venture capital funds; Regulation (EU) No 346/2013 on European social entrepreneurship funds; Regulation (EU) No 600/2014 on markets in financial instruments; Regulation (EU) 2015/760 on European long- term investment funds; Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds; Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and (EU) Directive 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing (COM(2018)0646 – C8- 0409/2018 – 2017/0230(COD))’ (2019), 321 p.
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http://www.europarl.europa.eu/factsheets/en/sheet/84/european-system-of…- esfs-
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http://www.europarl.europa.eu/doceo/document/TA-8-2016-0458_EN.html?red…
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Documents of the ESAs review
All answers can be retrieved from the Commissions’ website, via the following link:
https://ec.europa.eu/eusurvey/publication/esas-operations-2017?surveyla…
AIMA, ‘AIMA Response to the Public Consultation on the Operations of the European Supervisory Authorities’ (2017), 15 p.
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Association française de la Gestion Financière, ‘AFG Response to EC Consultation on Operations of the European Supervisory Authorities’ (2017), 27 p.
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Insurance Europe, ‘ESAs review: splitting responsibilities or losing dedicated insurance supervisor would damage quality of supervision’ Press release (16 May 2017), 2 p.
Insurance Europe, ‘Response to the European Commission’s Consultation on the Review of the European System of Financial Supervision’ (2017), 22 p.
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International Center for Insurance Regulation, ‘The Benefits of Consolidating Financial Supervision in Europe – A Plea for a Single Integrated European Supervisory Authority’ (2017) Response from the ICIR of Goethe University Frankfurt to the European Commission, 2 p.
Magyar Nemzeti Bank, ‘Comments of the Magyar Nemzeti Bank on the public consultation launched by the European Commission on the operation of the European Supervisory Authorities’ (2017), 10 p.
Paris EUROPLACE, ‘Response to the European Commission’s public consultation on the operations of the European Supervisory Authorities’ (2017), 12 p.
The Netherlands Ministry of Finance, the Netherlands Financial Markets Authority and the Dutch Central Bank, ‘Response of the Netherlands – Public Consultation on the European Supervisory Authorities’ (2017), 34 p.
UK
Joint Committee on the draft Financial Services Bill, ‘Draft Financial Services Bill’ (2011) Parliament of Great Britain, 130 p.
HM Treasury, ‘A new approach to financial regulation: the blueprint for reform’ (2011), 408 p.
House of Lords, ‘Capital Markets Union: a welcome start’ (2015) 11th Report of Session 2014-2015, European Union Committee, 51 p.
US
Consumer Financial Protection Bureau, ‘Building the CFPB: a progress report’ (2011), 32 p.
Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010).
Department of the Treasury, ‘Financial Regulatory Reform: A New Foundation: Rebuilding Financial Supervision and Regulation’ (2009) White Paper, 89 p.
Financial Crisis Inquiry Commission, ‘The Financial Crisis Inquiry Report. Final Report of the National Commission on the Causes of the Financial and Economic Crisis in The United States’ (2011), 634 p.
FISCHER, R. and RODRIGUEZ, E., ‘The Consumer Financial Protection Bureau: Measuring the Progress of a New Agency’ (2013) Bipartisan Policy Center, 59 p.
NEIMAN, R.H. and OLSON, M., ‘Dodd-Frank’s Missed Opportunity: A Road Map for a More Effective Regulatory Architecture’ (2014) Bipartisan Policy Center, 80 p.
PAULSON, H.M., STEEL, R.K. and NASON, D.G., ‘Blueprint for a Modernized Financial Regulatory Structure’ (2008) Report for the Department of the Treasury, 219 p.
The Volcker Alliance, ‘Reshaping The Financial Regulatory System. Long Delayed, Now Crucial’ (2015), 64 p.
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CJEU C-270/12, United Kingdom vs. European Parliament and Council of the European Union[2013] ECLI:EU:C:2013:562, Opinion of AG Jääskinen, paras 35-53.
CJEU C-270/12, United Kingdom vs. European Parliament and Council of the European Union[2014] ECLI:EU:C:2014:18.
CJEU C-9/56, Meroni v. High Authority [1958] ECR 133.
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Research papers, working papers and studies
ABRAMS, R.K. and TAYLOR, M.W., ‘Issues in the Unification of Financial Sector Supervision’ (2000) IMF Working Paper 13, 32 p.
AMPUDIA, M. and BECK, T. a.o., ‘The architecture of supervision’ (2019) ECB Working Paper 103
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BLAIR, C., ‘Financial Services and Markets Bill’ (1999) Research Paper House of Commons 68, 82 p.
BLOT, C., CREEL, J., DELATTE, A., LABONDANCE, F. and LEVASSEUR, S., ‘Structural evolutions and reforms of the French banking and financial system since the 1980s: Relationship with the legal process of European integration’ (2014) FESSUD (Financialization Economy Society and Sustainable Development) Working Paper Series 66, 43 p.
BOUVERET, A., ‘Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment’ (2018) IMF Working Paper 143, 28 p.
BRIAULT, C., ‘The Rationale for a Single National Financial Services Regulator’ (1999) FSA Occasional Paper 2, 40 p.
BROEDERS, D. and PRENIO, J., ‘Innovative technology in financial supervision (suptech) – the experience of early users’ (2018) FSI Insights on policy implementation 9, 26 p.
FRAILE CARMONA, A., GONZÁLEZ-QUEL LOMBARDO, A. e.a., ‘Competition issues in the Area of Financial Technology (FinTech)’ (2018) Study for the ECON Committee, 134 p.
CALVO, D., CRISANTO, J., HOHL, S. and GUTIERREZ, O., ‘Financial supervisory architecture: what has changed after the crisis?’ (2018) FSI Papers 8, 39 p.
ČIHÁK, M. and PODPIERA, R., ‘Is One Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision’ (2006) IMF Working Paper 57, 30 p.
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DEEG, R., ‘Institutional Change and the Uses and Limits of Path Dependency: The Case of German Finance’ (2001) Paper for the Max Planck Institute für Gesellschaftsforschung 6, 39 p.
DEMARIGNY, F., MCMAHON, J. and ROBERT, N., ‘Review of the New European System of Financial Supervision (ESFS). Part 1: The Work of The European Supervisory Authorities (EBA, EIOPA and ESMA) – The ESFS’S Micro-Prudential Pillar’ (2013) Study for the ECON Committee, European Parliament, 158 p.
DETZER, D., and HERR, H., ‘Financial Regulation in Germany’ (2014) FESSUD (Financialization Economy Society and Sustainable Development) Working Paper Series 55, 225 p.
DIERICK, F.,‘The Supervision of Mixed Financial Services Groups in Europe’ (2004) ECB Occasional Paper Series 20, 59 p.
Financial Stability Board, ‘Financial Stability Implications from FinTech. Supervisory and Regulatory Issues that Merit Authorities’ Attention’ (2017), 61 p.
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GORTSOS, C.V., ‘‘Chinese walls’ within the European Central Bank after the establishment of the Single Supervisory Mechanism’ (2015), Paper presented at the conference The Europeanisation of the Payment System, II Edition, 18 p.
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KREMERS, J. and SCHOENMAKER, D., ‘Twin Peaks: Experiences in the Netherlands’ (2010) LSE Financial Markets Group Paper Series, 11 p.
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LAMANDINI, M., ‘A supervisory architecture fit for CMU: Aiming at a moving target?’ (2018) European Capital Markets Institute Commentary 55, 8 p.
LANGFIELD, S. and PAGANO, M., ‘Bank bias in Europe: effects on systemic risk and growth’ (2015) ECB Working Paper 1797, 60 p.
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LLEWELLYN, D.T., ‘Institutional structure of financial regulation and supervision: the basic issues’ (2006) Paper for the World Bank Seminar - Aligning Supervisory Structures with Country Needs, 45 p.
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QUAGLIA, L., ‘European Union Financial Regulation, Banking Union, Capital Markets Union and the UK’ (2017) Sheffield Political Economy Research Institute (SPERI) Paper 38, 22 p.
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SAPIR, A., VÉRON, N. and WOLFF, G., ‘Making a reality of Europe’s Capital Markets Union’ (2018) Bruegel Policy Contribution 7, 13 p.
SCHILDBACH, J., ‘Universal banks: Optimal for clients and financial stability. Why it would be wrong to split them up’ (2012) Deutsche Bank Research, 24 p.
SCHOENMAKER, D., ‘European insurance union and how to get there’ (2016) Bruegel Policy brief, 8 p.
SCHMULOW, A., ‘Twin Peaks: A Theoretical Analysis’ (2015) Centre for International Finance and Regulation Research Working Paper Series 64, 42 p.
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TAYLOR, M.W., ‘“Twin Peaks”: A regulatory structure for then new century’ (1995) Centre for the Study of Financial Innovation (CSFI) Working Paper 20, 18 p.
THE GROUP OF THIRTY, ‘The structure of Financial Supervision: Approaches and Challenges in a Global Marketplace’ (2008), 197 p.
VAN DEN BERGHE, L.A.A., VERWEIRE, K. and CARCHON, S.M.W., ‘Convergence in the financial services industry’ (1999) OECD Paper, 94 p.
VELTROP, D. and DE HAAN, J., ‘I just cannot get you out of my head: Regulatory capture of financial sector supervisors’ (2014) DNB Working Paper 410, 37 p.
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WYMEERSCH, E., ‘Financial Regulation: its objectives and their implementation in the European Union’ (2019) European Banking Institute Working Paper Series 36, 20 p.
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Reports
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Financial Services Authority, ‘The Turner Report: A regulatory response to the global banking crisis’ (2009), 122 p.
Financial Stability Board, ‘Financial Stability Implications from FinTech. Supervisory and Regulatory Issues that Merit Authorities’ Attention’ (2017), 61 p.
High-level Expert Group on reforming the structure of the EU banking sector, ‘Final report’ (2012), 139 p (“Liikanen report”).
High-Level Group on Financial Supervision in The EU, ‘de Larosière report’ (2009) (“de Larosière report”)
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Inter-Institutional Monitoring Group, ‘Final Report Monitoring the Lamfalussy Process’ (2007), 31 p.
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JUNCKER, J.-C., TUSK, D., DIJSSELBLOEM, J., DRAGHI, M. SCHULZ, M. ‘Completing Europe’s Economic and Monetary Union’ (2015), 24 p. (‘The Five Presidents’ Report’).
LAMFALUSSY, A. e.a., ‘Final report of the committee of wise men on the regulation of European securities markets’ (2001), 115 p.
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The Tripartite Group of Bank, Securities and Insurance Regulators, ‘Report on the supervision of financial conglomerates’ (1995), 115 p.
Whitepapers
Banco de Portugal, ‘White Paper on the regulation and supervision of the financial system’ (2016), 148 p.
Commission, ‘Completing the internal market. White Paper from the Commission to the European Council’, COM (85) 310 final, 92 p.
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Others
Dictionary
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Blogposts/contributions/commentary/letters/policy briefs/speeches/statements
ALEXANDER, K., ‘Mis-selling of Financial Products: Marketing, Sale and Distribution’ (2018) Study for the ECON Committee, 39 p.
ANGELONI, I., ‘The Single Supervisory Mechanism: were expectations fulfilled?’ (Frankfurt, 22 November 2018) Speech at the Fifth Conference on the Banking Union,https://www.bankingsupervision.europa.eu/press/speeches/date/2018/html/…
BARAN A.-K. and VAN ROOSEBEKE, B., ‘Review of the European Supervisory Authorities: 12 Recommendations’ (2014) CEP Input 04, 23 p.
Basel Committee on Banking Supervision, ‘Principles for effective supervisory colleges’ (2014) Bank for International Settlements, 30 p.
Better Finance, ‘A major enforcement issue: the mis-selling of financial products’ (2017), Briefing Paper, 36 p.
BEUC, Better Finance, Finance Watch, AGE Platform Europe and COFACE Families Europe, ‘Reform of the European Supervisory Authorities and financial consumer protection’ (2019) Letter to the Council, 2 p.
BEUC, ‘Fintech: A More Competitive and Innovative European Financial Sector. BEUC Response to Commission Consultation (2017), 14 p.
BEUC, Better Finance, Finance Watch, AGE Platform Europe, EFIN and COFACE Families Europe, ‘Proposal for the EU financial supervisory reform’ (2017) Open letter, 6 p.
CARRIER, A., ‘Member States to continue discussions over controversial ESAs review proposal’ (2018), Blogpost Norton Rose Fulbright, https://www.regulationtomorrow.com/eu/member-states- to-continue-discussions-over-controversial-esas-review-proposal/
DE GRAUWE, P., ‘The Banking Crisis: Causes, Consequences and Remedies’ (2008) CEPS Policy brief 178, 12 p.
DEMARIGNY, F. and LANNOO, K., ‘Navigating the minefield of the ESA review’ (2018) European Capital Markets Institute Commentary 49, 5 p.
DEMERTZIS, M., MERLER, S. and WOLFF, G.B., ‘Capital Markets Union and the fintech opportunity’ (2017) Bruegel Policy Contribution 22, 17 p.
ENRIA, A., ‘The Single Market after the Banking Union’ (Brussels, 18 November 2013) Lecture at the AFME and EBF Banking Union in Europe Conference, 13 p.
FALLESEN, I.-M., ‘The Challenges of the EU Banking Union – will it succeed in dealing with the next financial crisis?’ (2015) Bruges European Economic Policy Briefings 36, 33 p.
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FEDERLE, M., ‘The CMU initiative: Is a hard Brexit really an option?’ (2018) Politheor: European Policy Network, https://politheor.net/the-cmu-initiative-is-a-hard-brexit-really-an-opt….
Financial Services User Group, ‘Responsible Consumer Credit Lending. FSUG opinion and recommendations for the review of the Consumer Credit Directive’ (2019), 24 p.
Financial Services User Group, ‘Proposal for the EU financial supervisory reform’ (2018) Open letter, 4 p.
Insurance Europe, ‘Why insurers differ from banks’ (2014), 67 p.
HENRY, I., ‘CRD IV and Solvency II: an executive Summary’ (2012) British Bankers’ Association, 3 p.
HILL, J., ‘Bringing financial services back to the people they serve’ (Frankfurt am Main, 3 June 2015) Keynote speech at the 3rd Joint ESAs Consumer Protection Day, 11 p.
HUFELD, F. ‘Review of the European System of Financial Supervision’ (Brussels, 27 February 2018) Statement at the Public Hearing, European Parliament (ECON Committee),https://www.bafin.de/SharedDocs/V eroeffentlichungen/EN/Reden/re_180227_ESAReview_p_en. html.
HUIZINGA, H., ‘The supervisory approach to anti-money laundering: an analysis of the Joint Working Group’s reflection paper’, (2018) study for the ECON committee, 19 p.
KORPAS, A. and MAGNUS, M., ‘The Basel Committee on Banking Supervision (BCBS): A De Facto Standard Setter in Banking Legislation’ (2017) Briefing of the European Parliament, 9 p.
KRAHNEN, J.P., ‘On the European Commission’s Proposal for a Structural Reform of Banking’ (2014) Sustainable Architecture for Finance in Europe (SAFE) Press Article, 3 p.
LANNOO, K., ‘The Roadmap to Banking Union: a call for consistency’ (2012) CEPS Commentary, 9 p.
LANNOO, K., ‘Financial supervision is not well served by half-baked solutions’ (2008) CEPS Commentary, 2 p.
LIEBSCHER, K., ‘Financial deregulation in the EU – chances and challenges for financial stability’ (Innsbruck, 18 November 2005), Speech at the Fifth Annual CSI Conference “New Agenda of the WTO: Challenge and Contribution of the European Union”, 5 p.
MAIJOOR, S. ‘Brexit – the regulatory challenges’ (Dublin, 13 February 2019) Speech at the European Financial Forum, 7 p.
MAIJOOR, S., ‘[Closing keynote on progress made in achieving the Capital Markets Union]’ (Brussels, 11 April 2017) Speech at CMU Mid-Term Review Public Hearing Speech, 10 p.
MAIJOOR, S., [‘Topics on the agenda of the Joint ESAs Consumer Protection Day’] (Frankfurt Am Main, 3 June 2015), Opening speech at the 3rd Joint ESAs Consumer Protection Day, 4 p.
MULDER, J., ‘Let’s Build a European Financial Consumer Authority in Paris’ (2017) Blogpost for Better Europe, https://www.bettereurope.eu/2017/05/efca-paris/
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NOUY, D., ‘Too much of a good thing? The need for consolidation in the European banking sector’ (Madrid, 27 September 2017) Speech at the VIII Financial Forum,https://www.bankingsupervision.europa.eu/press/speeches/date/2017/html/…
PISANI-FERRY, J., SAPIR, A., VÉRON, N. and WOLFF, G.B., ‘What Kind of European Banking Union?’ (2012) Bruegel Policy Contribution 12, 20 p.
RESTOY, F., ‘The organisation of financial supervision’ (Madrid, 18 January 2016) Speech at the presentation of the “Guide to the Spanish Financial System”, 6 p.
ROLDÁN, J.M., ‘Integrated Supervision of Financial Conglomerates: Challenges for the Future’ (Amsterdam, 12 May 2005) Speech at the conference “Integrated Supervision of Financial Conglomerates: Challenges”, 3 p.
ROSS, V., ‘Towards a genuine single European financial market – the role of regulation and supervision’ (Lisbon, 6 June 2018), Statement at the CIRSF Annual International Conference, 8 p.
SAPIR, A., SCHOENMAKER, D. and VERON, N., ‘Making the best of Brexit for the EU27 financial system’ (2017) Policy Contribution Issue 1, 8 p.
SCHOENMAKER, D. and VÉRON, N., ‘A ‘twin peaks’ vision for Europe’ (2017) Bruegel Policy Contribution 30, 10 p.
SCHOENMAKER, D. and VERON, N., ‘EBA relocation should support a long-term ‘twin peaks’ vision’ (2017) Bruegel blog post, http://bruegel.org/2017/04/eba-relocation-should-support-a-long- term-twin-peaks-vision/
SCHOENMAKER, D., ‘Stealing London’s financial crown would bring both benefits and responsibilities’ (2016) Bruegel blog post, http://bruegel.org/2016/11/stealing-londons-financial- crown-would-bring-both-benefits-and-responsibilities/
TEMPLER, L., ‘First Banking Union, then ‘Brexit’: Is the EBA dead?’ (2017) Regulation-Y blogpost, https://regulation-y.com/2017/03/31/first-the-ssm-then-brexit-is-the-eb…
The Greens/European Free Alliance, ‘Danske Bank: European Commission must now investigate money laundering scandal after EU Member States have put the brakes on the EBA’ (2019),https://sven-giegold.de/danske-bank-european-commission-must-now-invest…
The Greens/European Free Alliance, ‘Supervisory hearing: ESMA and EIOPA are doing nothing to fight money laundering’ (2018), https://sven-giegold.de/esma-eiopa-money-laundering/
The Greens/European Free Alliance, ‘European supervisory authorities trilog conclusion: EU governments including Germany prevent much needed fundamental governance overhaul’ (2019),https://sven-giegold.de/supervisory-authorities-conclusion/
The Netherlands Ministry of Finance, the Netherlands Financial Markets Authority and the Dutch Central Bank, ‘Response of the Netherlands – European Commission Green Paper – Building a Capital Markets Union’ (2015), 36 p., https://zoek.officielebekendmakingen.nl/blg-516145.pdf.
TONVERONACHI, M., ‘The ECB and the Single European Financial Market: a Proposal to Repair Half of a Flawed Design’ (2014) Levy Economics Institute of Bard College Public Policy Brief 137, 13 p.
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News sites/news articles/interviews
BERÉS, P. ‘First step towards ‘twin peaks’ model of financial supervision’ (2010)
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BINI SMAGHI, L., ‘Europe cannot ignore its financial trilemma’ Financial Times (London, 21 June 2009), https://www.ft.com/content/068622e0-5e8c-11de-91ad-00144feabdc0
CONTIGUGLIA, C., ‘EU agency staff who don’t want to leave London set to miss out on benefits’ Politico (Brussels, 8 July 2017), https://www.politico.eu/article/ema-eba-staff-london-benefits/
DAVIES, H.,‘Was the financial crisis wasted?’ The Guardian (London, 30 Augustus 2018),
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DAWSON, G., ‘It’s time the City – and the UK – show support for a capital markets union’ City AM (London, 18 February 2015), http://www.cityam.com/209755/it-s-time-city-and-uk-show-support- capital-markets-union
GARSIDE, J., ‘Is money-laundering scandal at Danske Bank the largest in history?’ The Guardian (London, 21 September 2018), https://www.theguardian.com/business/2018/sep/21/is-money- laundering-scandal-at-danske-bank-the-largest-in-history.
GUARASCIO, F. and STRUPCZEWSKI, J., ‘ECB’s Coeuré says EU should have agency to fight money laundering’ Reuters (London, 7 September 2018), https://www.reuters.com/article/us-eu- banks-moneylaundering/ecb-calls-for-eu-agency-to-combat-money-laundering-idUSKCN1LN1KZ.
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LABATON, S., ‘Parts of U.S. Treasury plan are said to have no hope of survival’ The New York Times (New York, 1 April 2008)https://www.nytimes.com/2008/04/01/business/worldbusiness/01iht-regulat….
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MAXWELL, F. and SMITH-MEYER, B., ‘Frankfurt’s plan to snatch EU bank regulator from London’ PoliticoPro (Brussels, 21 March 2017), https://www.politico.eu/pro/frankfurts-plan-to- snatch-eu-bank-regulator-from-london/.
SMYTH, P., ‘Paris pips Dublin in race to win post-Brexit European Banking Authority’ The Irish Times (Brussels, 20 November 2017), https://www.irishtimes.com/business/economy/paris-pips- dublin-in-race-to-win-post-brexit-european-banking-authority-1.3298881.
THOMPSON, J., ‘Fears mount over mis-selling of ESG-labelled products’ Financial Times (London, 20 January 2019), https://www.ft.com/content/2d3f7683-65a6-3171-8cbb-66ff5ab34405.
VALERO, J., ‘EU watchdog gains new powers to fight money launderers’ (2019) Euractiv article,
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WILLIAMSON, E., ‘Political Pendulum Swings Toward Stricter Regulation’ The Wall Street Journal (New York, 24 March 2008), https://www.wsj.com/articles/SB120631764481458291.
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Thesis
VAN CLEYNENBREUGEL, P., ‘From Shared Competences to Institutional Heteronomy. The Constitutional Architecture of Supranationally Structured Market Supervision’ (PhD thesis Catholic University of Leuven 2013), 484 p.
V aria
On the definition of money laundering, https://ec.europa.eu/home-affairs/what-we-
do/policies/organized-crime-and-human-trafficking/money-laundering_en.
Diagram concerning the prevention of money laundering and terrorist financing across the EU,
https://ec.europa.eu/info/sites/info/files/diagram_aml_2018.07_ok.pdf.
ECON Committee, ‘Public hearing in Financial Supervision in the EU’, statement by Jacques de Larosière (Brussels, 27 February 2018), http://www.europarl.europa.eu/ep- live/en/committees/video?event=20180226-1500-COMMITTEE-ECON.
EIOPA, ‘List of Members and Observers of the EIOPA Board of Supervisors’ (2019),
https://eiopa.europa.eu/Publications/Administrative/BoS%20of%20EIOPA%20… f.
Infographic concerning the EU agencies relocation, available on the European Council’s website,
https://www.consilium.europa.eu/en/infographics/eu-relocation-agencies/.
List of ‘foreign supervisory authorities’ published on the website of the German Federal Financial Supervisory Authority (BaFin),https://www.bafin.de/EN/Internationales/BilateraleZusammenarbeit/Auslae… ndischeaufsicht_node_en.html.