Article 29a – Towards a new Strategic Dimension in Supervisory Convergence?

Skovmand Rasmussen Niels () and Dietz Legind Nina
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Skovmand Rasmussen Niels: Niels Skovmand Rasmussen serves as Associate Professor at the department of law, University of Southern Denmark, Odense, Denmark
Dietz Legind Nina: Nina Dietz Legind serves as Professor at the department of law, University of Southern Denmark, as well as Chairman of the Governing Board of the Danish NCA (Finanstilsynet), Odense, Denmark

European Company and Financial Law Review, 2023, vol. 20, issue 3, 409-437

Abstract: 409As part of the 2019 reform of the European System of Financial Supervision, the three European Supervisory Authorities were granted a completely new convergence tool in Article 29a to promote a common supervisory culture. This tool allows them to identify up to two Union Strategic Supervisory Priorities that the National Competent Authorities shall take into account when drawing up their work programme. The article provides a doctrinal legal analysis of each procedural step in Article 29a; from information gathering to assessment of national work programmes and follow-up measures. On this basis, it is argued that Article 29a has expanded the scope of the ESAs’ existing toolkit; from the operational to the strategic level. Hereby the USSPs have essentially brought a new strategic orientation to the former level 3 of the Lamfalussy process. However, this institutional development also raises several key challenges related to the ESA/NCA relationship that call for attention in the further development of this convergence tool.410

Date: 2023
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DOI: 10.1515/ecfr-2023-0022

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