IDEAS home Printed from https://ideas.repec.org/a/bpj/eucflr/v20y2023i3p409-437n1.html
   My bibliography  Save this article

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

Author

Listed:
  • 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)

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

Suggested Citation

  • Skovmand Rasmussen Niels & Dietz Legind Nina, 2023. "Article 29a – Towards a new Strategic Dimension in Supervisory Convergence?," European Company and Financial Law Review, De Gruyter, vol. 20(3), pages 409-437, November.
    • Handle: RePEc:bpj:eucflr:v:20:y:2023:i:3:p:409-437:n:1
    DOI: 10.1515/ecfr-2023-0022
    as

    Download full text from publisher

    File URL: https://doi.org/10.1515/ecfr-2023-0022
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.
    File URL: https://libkey.io/10.1515/ecfr-2023-0022?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:eucflr:v:20:y:2023:i:3:p:409-437:n:1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.