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The Public and the Private – European Regulatory Private Law and Financial Services

The Public and the Private – European Regulatory Private Law and Financial Services ERCL 2014; 10(4): 473­475 Editorial Hans-Wolfgang Micklitz DOI 10.1515/ercl-2014-0021 European Regulatory Private Law (ERPL) focusses on private law beyond the boundaries of traditional private law and on the role of EU legal intervention in the transformation of private law. Financial services are at the core of this process. First, through the adoption of the MIFID in 2004, and ten years later through the adoption of MIFID II and MIFIR,1 the European Union has defined a tight regulatory framework for investment services. The overall policy objective was and is to give shape to a European capital market ­ more precisely, a European market for financial services. Liberalisation comes at a price: already before the 2007­2008 crises, but even stronger afterwards, the financial sector has been subjected to increasingly strict administrative supervision. What could only be found in a rudimentary form in the 2004 Directive (MIFID I) ­ the shift from prudential supervision to post market control ­ is gaining impetus with MIFID II.An increasingly expanding market requires new supervision strategies. It does not suffice anymore to exercise the classical means of prudential supervision `vor Ort' ­ in the banks which are offering financial products ­, but it has become http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Review of Contract Law de Gruyter

The Public and the Private – European Regulatory Private Law and Financial Services

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Publisher
de Gruyter
Copyright
Copyright © 2014 by the
ISSN
1614-9920
eISSN
1614-9939
DOI
10.1515/ercl-2014-0021
Publisher site
See Article on Publisher Site

Abstract

ERCL 2014; 10(4): 473­475 Editorial Hans-Wolfgang Micklitz DOI 10.1515/ercl-2014-0021 European Regulatory Private Law (ERPL) focusses on private law beyond the boundaries of traditional private law and on the role of EU legal intervention in the transformation of private law. Financial services are at the core of this process. First, through the adoption of the MIFID in 2004, and ten years later through the adoption of MIFID II and MIFIR,1 the European Union has defined a tight regulatory framework for investment services. The overall policy objective was and is to give shape to a European capital market ­ more precisely, a European market for financial services. Liberalisation comes at a price: already before the 2007­2008 crises, but even stronger afterwards, the financial sector has been subjected to increasingly strict administrative supervision. What could only be found in a rudimentary form in the 2004 Directive (MIFID I) ­ the shift from prudential supervision to post market control ­ is gaining impetus with MIFID II.An increasingly expanding market requires new supervision strategies. It does not suffice anymore to exercise the classical means of prudential supervision `vor Ort' ­ in the banks which are offering financial products ­, but it has become

Journal

European Review of Contract Law – de Gruyter

Published: Dec 1, 2014

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