The Financial Appeal Bodies of the European Union: Nature and Future of the Appeal Panel of the Single Resolution Board
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Rosa M. Lastra
Abstract
936The three financial appeal bodies established in the EU (Board of Appeal of the European Supervisory Authorities, Administrative Board of Review of the SSM, and Appeal Panel of the Single Resolution Board) have certainly a number of advantages. Particularly, their technical expertise in matters of financial supervision and resolution makes them well placed to understand the intricacies, complexities and reactions of financial markets. The members of these bodies are individuals of high repute, with a proven record of relevant knowledge and professional experience and are not bound by any instructions, thereby acting independently and in the public interest. Yet, there are also drawbacks as the nature of these financial appeal bodies is hybrid, quasi-judicial, combining features from both advisory committees and courts of justice. Also, the legal regime applicable to these financial appeal bodies is both complex and not uniform. The rationale of the new European financial regulatory regime post GFC, which prompted the creation of the appeal bodies, resides in the primacy of financial stability and public interest considerations. Although there is no doubt that administrative decisions need to be motivated if they are to be reviewed, most of such decisions in the area of banking and finance are very complex and yet timing is crucial for them to be effective. On these grounds, legitimacy and accountability are of utmost importance for any democratic system to properly function; however, the more complex the activity, the more difficult it is to establish clear standards of conduct and specific outcomes.937
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Articles in the same Issue
- Frontmatter
- Frontmatter
- Introduction
- Inter-agency Cooperation Within the SRM: Legal and Operational Challenges for the Cooperation Between Banking Supervision and Resolution Authorities in the EU and With Third-country Authorities
- The Legal and Practical Challenges Which Arise in Recognition of Third-Country Resolution Action: A Case Study in Cooperation Between Banking Supervision and Resolution Authorities
- Panel I of the SRB Legal Conference – Legal and Operational Challenges That Arise in Respect of the Cooperation Between Banking Supervision and Resolution Authorities in the EU and in Respect of Their Cooperation with Third-Country Authorities
- The Financial Appeal Bodies of the European Union: Nature and Future of the Appeal Panel of the Single Resolution Board
- Some Reflections on the Standard of Review in the Experience of the ESAs Joint Board of Appeal and of the SRB Appeal Panel
- Legal Conference – Panel II – Role, Scope of Review and Significance of Internal Administrative Review Bodies in the Banking Union and in the European System of Financial Supervision
- The ‘judicial’ control of discretionary measures in banking and financial fields: the role of EU Courts (and Boards of Appeal)
- Administrative Discretion in U. S. Banking Regulation
- Panel III of the SRB Legal Conference – The Exercise of Administrative Discretion by Banking Authorities and the Need to Ensure Accountability; Perspectives From the EU and US
Articles in the same Issue
- Frontmatter
- Frontmatter
- Introduction
- Inter-agency Cooperation Within the SRM: Legal and Operational Challenges for the Cooperation Between Banking Supervision and Resolution Authorities in the EU and With Third-country Authorities
- The Legal and Practical Challenges Which Arise in Recognition of Third-Country Resolution Action: A Case Study in Cooperation Between Banking Supervision and Resolution Authorities
- Panel I of the SRB Legal Conference – Legal and Operational Challenges That Arise in Respect of the Cooperation Between Banking Supervision and Resolution Authorities in the EU and in Respect of Their Cooperation with Third-Country Authorities
- The Financial Appeal Bodies of the European Union: Nature and Future of the Appeal Panel of the Single Resolution Board
- Some Reflections on the Standard of Review in the Experience of the ESAs Joint Board of Appeal and of the SRB Appeal Panel
- Legal Conference – Panel II – Role, Scope of Review and Significance of Internal Administrative Review Bodies in the Banking Union and in the European System of Financial Supervision
- The ‘judicial’ control of discretionary measures in banking and financial fields: the role of EU Courts (and Boards of Appeal)
- Administrative Discretion in U. S. Banking Regulation
- Panel III of the SRB Legal Conference – The Exercise of Administrative Discretion by Banking Authorities and the Need to Ensure Accountability; Perspectives From the EU and US
