The Financial Appeal Bodies of the European Union: Nature and Future of the Appeal Panel of the Single Resolution Board

IF 1.3 Q1 LAW

European Company and Financial Law Review Pub Date : 2022-12-01 DOI:10.1515/ecfr-2022-0025

R. Lastra, Marco Bodellini

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Abstract

Abstract 936The three financial appeal bodies established in the EU (Board of Appeal of the European Supervisory Authorities, Administrative Board of Review of the SSM, and Appeal Panel of the Single Resolution Board) have certainly a number of advantages. Particularly, their technical expertise in matters of financial supervision and resolution makes them well placed to understand the intricacies, complexities and reactions of financial markets. The members of these bodies are individuals of high repute, with a proven record of relevant knowledge and professional experience and are not bound by any instructions, thereby acting independently and in the public interest. Yet, there are also drawbacks as the nature of these financial appeal bodies is hybrid, quasi-judicial, combining features from both advisory committees and courts of justice. Also, the legal regime applicable to these financial appeal bodies is both complex and not uniform. The rationale of the new European financial regulatory regime post GFC, which prompted the creation of the appeal bodies, resides in the primacy of financial stability and public interest considerations. Although there is no doubt that administrative decisions need to be motivated if they are to be reviewed, most of such decisions in the area of banking and finance are very complex and yet timing is crucial for them to be effective. On these grounds, legitimacy and accountability are of utmost importance for any democratic system to properly function; however, the more complex the activity, the more difficult it is to establish clear standards of conduct and specific outcomes.937

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欧盟财政上诉机构:单一决议委员会上诉小组的性质和未来

在欧盟建立的三个金融上诉机构(欧洲监管机构上诉委员会，SSM行政审查委员会和单一决议委员会上诉小组)当然具有许多优势。特别是，他们在金融监管和解决问题方面的技术专长使他们能够很好地理解金融市场的错综复杂和反应。这些机构的成员都是享有很高声誉的个人，具有相关知识和专业经验的证明记录，不受任何指示的约束，从而独立行事并为公众利益服务。然而，也有缺点，因为这些金融上诉机构的性质是混合的、准司法的，结合了咨询委员会和法院的特点。此外，适用于这些财政上诉机构的法律制度既复杂又不统一。全球金融危机后欧洲新金融监管制度的基本原理在于，金融稳定和公共利益是首要考虑因素。该制度促使了上诉机构的成立。虽然毫无疑问，如果要审查行政决定，就必须有动机，但银行和金融领域的大多数行政决定都非常复杂，但时机对其有效性至关重要。基于这些理由，合法性和问责制对任何民主制度的正常运作至关重要;但是，活动越复杂，就越难以确定明确的行为标准和具体的结果

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来源期刊

European Company and Financial Law Review LAW-

CiteScore

1.00

自引率

16.70%

发文量

期刊介绍： In legislation and in case law, European law has become a steadily more dominant factor in determining national European company laws. The “European Company”, the forthcoming “European Private Company” as well as the Regulation on the Application of International Financial Reporting Standards (“IFRS Regulation”) have accelerated this development even more. The discussion, however, is still mired in individual nations. This is true for the academic field and – even still – for many practitioners. The journal intends to overcome this handicap by sparking a debate across Europe on drafting and application of European company law. It integrates the European company law component previously published as part of the Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), on of the leading German law reviews specialized in the field of company and capital market law. It aims at universities, law makers on both the European and national levels, courts, lawyers, banks and other financial service institutions, in house counsels, accountants and notaries who draft or work with European company law. The journal focuses on all areas of European company law and the financing of companies and business entities. This includes the law of capital markets as well as the law of accounting and auditing and company law related issues of insolvency law. Finally it serves as a platform for the discussion of theoretical questions such as the economic analysis of company law. It consists of articles and case notes on both decisions of the European courts as well as of national courts insofar as they have implications on European company law.