عصر ESMA: مدیریت بازارهای مالی اتحادیه اروپا

"Since its establishment in 2011, the European Securities and Markets Authority (ESMA) has become a pivotal actor in EU financial market regulation and supervision. Its burgeoning influence extends from the rule-making process to supervisory convergence/coordination to direct supervision. Reflecting the now critical importance of ESMA to how the EU regulates and supervises financial markets, and with ESMA at an inflection point in its evolution, particularly in light of the Commission's 2017 proposals to reform ESMA and the UK's withdrawal from the EU, The Age of ESMA maps, contextualises, and examines ESMA's role and the implications for EU financial market governance."--Bloomsbury Publishing Preface Contents Table of Treaties, Regulations, and Directives Table of Abbreviations 1. Introducing ESMA I. Introduction: Examining ESMA through an Institutional Lens II. Characterising ESMA: ESMA’s Setting and its Role III. Contextualising ESMA IV. Technocratic Influence, Effectiveness, and Legitimacy V. Roadmap 2. ESMA’s Governance I. Assessing ESMA and its Governance Arrangements II. Examining ESMA’s Governance Arrangements III. Contextualising ESMA’s Governance Arrangements: Influence, Effectiveness, and Legitimacy IV. ESMA’s Institutional Design V. ESMA’s External Governance Arrangements VI. ESMA’s Funding Arrangements VII. Conclusion 3. ESMA and Regulatory Governance I. Assessing ESMA and the Regulatory Governance Setting II. Examining ESMA’s Role in Regulatory Governance III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Building the Single Rule-book: ESMA as Architect of EU Administrative Financial Market Regulation V. Building the Soft Law Rule-book: ESMA as the Designer and Custodian of EU Financial Market Soft Law VI. The Legislative Process: Shaping Regulatory Governance from the Bottom Up VII. Conclusion 4. ESMA and Supervisory Convergence I. Assessing ESMA and the Supervisory Convergence Setting II. Examining ESMA’s Role in Supervisory Convergence III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Supervisory Convergence in Practice V. Conclusion 5. ESMA and Direct Supervision/Market Intervention I. Assessing ESMA and the Direct Supervision/Market Intervention Setting II. Examining ESMA’s Role as a Direct Supervisor III. Contextualising ESMA’s Role: Influence, Effectiveness, and Legitimacy IV. Direct Supervision in Practice: Rating Agencies and Trade Repositories V. NCA-Oriented Supervision: Breach of EU Law, Binding Mediation, and Emergency Conditions VI. Exceptional Intervention: Short Selling, Product/Services Intervention, and Intervention in the Commodity Derivatives Market VII. The 2017/2018 Reform Waypoint (1): CCP Supervision and the ‘European Supervisory Mechanism’ VIII. The 2017/2018 Reform Waypoint (2): The 2017 ESA Proposal IX. And the Direction of Travel Continues: The 2018 Crowdfunding Proposal X. Conclusion 6. ESMA as a Network Actor I. ESMA as a Network Actor II. ESMA and the EU Financial Governance Network III. ESMA and the International Financial Market Governance Network IV. Conclusion Postscript Index "Since its inception in 2011, the European Securities and Markets Authority (ESMA) has established itself as a central actor in EU financial market regulation and supervision. Its burgeoning influence extends from rule-making to supervisory convergence/coordination to direct supervision and it has become a pivotal actor in the development of EU financial market governance. Reflecting the now critical importance of ESMA to how the EU regulates and supervises financial markets, and with ESMA at an inflection point in terms of the development of its powers, The Age of ESMA maps, contextualises and examines ESMA's role and considers how and the extent to which it is shaping EU financial market governance. Drawing on empirical evidence and on a multi-faceted scholarship, the book probes ESMA's approach to its powers and considers whether reforms are necessary, including in light of the Commission's 2017 proposals to reform ESMA and the UK's withdrawal from the EU"-- Provided by publisher