Adapting the European System of Financial Supervision (ESFS) to the EEA Two-Pillar Structure – A Workable Solution?

Bergþórsson Andri Fannar
Additional contact information
Bergþórsson Andri Fannar: Ph.D. (2017) from University of Copenhagen and Associate Professor of Capital Market Law at Reykjavik University, School of Law.ReykjavikIsland

European Company and Financial Law Review, 2019, vol. 16, issue 5, 557-591

Abstract: In response to the global financial crisis, the European System of Financial Supervision (ESFS) was created in 2010. Supranational bodies were established for different financial sectors to act as supervisors of sorts for national-level supervisors in EU Member States. This article focuses on how the system was adapted to three EFTA States that are not part of the EU but form the internal market along with EU Member States through the EEA Agreement – Iceland, Norway and Lichtenstein (EEA EFTA States). The aim is to clarify how ESFS has been incorporated into the EEA agreement and to discuss whether this a workable solution for the EEA EFTA States that have not transferred their sovereignty by name in the same manner as the EU Member States. One issue is whether the adaptation has gone beyond the limits of the two-pillar structure, as all initiative and work stem from the EU supranational bodies and not the EFTA pillar.

Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1515/ecfr-2019-0020 (text/html)
For access to full text, subscription to the journal or payment for the individual article is required.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bpj:eucflr:v:16:y:2019:i:5:p:557-591:n:2

Ordering information: This journal article can be ordered from
https://www.degruyter.com/journal/key/ecfr/html

DOI: 10.1515/ecfr-2019-0020

Access Statistics for this article

European Company and Financial Law Review is currently edited by Heribert Hirte

More articles in European Company and Financial Law Review from De Gruyter
Bibliographic data for series maintained by Peter Golla ().