Legitimacy and Effectiveness of ESMA’s Soft Law
Marloes van Rijsbergen, "Legitimacy and Effectiveness of ESMA’s Soft Law "
English | ISBN: 183910970X | 2021 | 360 pages | PDF | 1437 KB
English | ISBN: 183910970X | 2021 | 360 pages | PDF | 1437 KB
This timely book explores pertinent questions around the legitimacy and effectiveness of EU agencies’ soft law, with a particular focus on the European Securities and Markets Authority (ESMA). It examines the variety of ESMA’s existing and newly granted soft law-making powers, which were intended to deal with the lack of effectiveness of its predecessor but are now called into question due to the ‘hard’ effect of these soft laws.
Built on a combination of theoretical analysis and first-hand practical experience, Marloes van Rijsbergen tests the framework for each category of ESMA’s soft law instruments at each stage of the policy cycle, demonstrating that the framework can be applied to other EU agencies with similar soft law-making powers. This unique framework assesses which procedural and institutional safeguards regarding EU agencies' soft law would reflect an adequate balancing of both legitimacy and effectiveness concerns.
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