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SUMMARY: Understanding the shape of the new institutional architecture of 
 EU financial market supervision - Prof Eilis Ferran\, 3CL
DTSTART:20100430T160000Z
DTEND:20100430T170000Z
UID:TALK24711@talks.cam.ac.uk
CONTACT:Rachel Marston
DESCRIPTION:Most of the big decisions about the shape and content of the r
 ules governing financial market activity in Europe are now taken at the EU
  level and the domestic laws of Member States (MS) have been relegated to 
 an increasingly secondary role. This has not been matched by a simultaneou
 s centralization of supervisory responsibility. Instead the tasks of day-t
 o-day implementation and on-the-ground enforcement of this body of regulat
 ion still fall to MSs’ supervisory authorities\, with a layer of EU-wide
  structural co-ordination added on top. EU law impinges to a certain exten
 t on the way in which supervisory responsibilities are discharged at MS le
 vel but key structural decisions about the organization and conduct of sup
 ervision remain within MSs’ discretion. This freedom is reflected in the
  many different supervisory models that are in operation across the MSs.\n
 \nWhy has this complicated patchwork of institutional arrangements endured
 ? Why has MS-based supervision not already succumbed to the powerful force
 s that have propelled the centralization of regulation? \n \nThe model of 
 centralized European supervision as the necessary and appropriate compleme
 nt to centralized European regulation has merit on grounds of logic\, clar
 ity and intellectual purity. But financial market supervision is an intens
 ely practical “real world” activity. To understand the current institu
 tional setting for financial market supervision in the EU and to form a vi
 ew on its future direction\, it is necessary therefore to conduct a carefu
 l examination that takes account of the highly-charged political questions
  that surrounds the organization of\, and payment for\, supervision and of
  legal issues arising from the limits of European law. This article conduc
 ts such an examination.\n
LOCATION:Winstanley Lecture Hall\, Trinity College
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