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

Niels Skovmand Rasmussen*, Nina Dietz Legind

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review

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Abstract

As 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.

Original languageEnglish
JournalEuropean Company and Financial Law Review
Volume20
Issue number3
Pages (from-to)409-437
ISSN1613-2548
DOIs
Publication statusPublished - 16. Oct 2023

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