Overview

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. Comprehensive yet accessible, this book will be a key resource for students and scholars of EU financial law, constitutional law, public administration and governance. Providing an evaluation of the legal nature of ESMA’s soft law acts in the context of the financial sector, it will also prove valuable for practitioners, compliance officers and parties establishing other EU agencies.

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9781839109706

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Reviews

'This book provides unique insights into the role soft rulemaking plays within the framework of one of the most important EU regulatory agencies. It offers an in-depth and comprehensive study of this role at the decision-making, transposition, implementation and enforcement levels, drawing on findings gained by the author in ESMA's daily practice. It presents highly relevant conclusions surrounding the current balance of effectiveness gains and legitimacy concerns regarding increased soft law-making within ESMA, making recommendations for improvement.' -- Linda Senden, Utrecht University, the Netherlands

'AEoVan Rijsbergen makes a crucial contribution to the research on EU agencies and EU soft law. Adopting a much-needed empirical approach, her book makes important recommendations allowing a balance to be struck between legitimacy and effectiveness in soft-law making and application. As the field is currently subject to increasing litigation, the book is a must read not only for academics, but also for policy-makers, administrators, judges, and lawyers at all levels of governance.'AEo 'AEi Oana Stefan, Kings College London, UK 'AEoThis book provides unique insights into the role soft rule-making plays within the framework of one of the most important EU regulatory agencies. It offers an in-depth and comprehensive study of this role at the decision-making, transposition, implementation and enforcement levels, drawing on findings gained by the author in ESMA'AEos daily practice. It presents highly relevant conclusions surrounding the current balance of effectiveness gains and legitimacy concerns regarding increased soft law-making within ESMA, making recommendations for improvement.'AEo 'AEi Linda Senden, Utrecht University, the Netherlands

Author Information

Marloes van Rijsbergen, currently works as Senior Policy Advisor at the Dutch Authority for the Financial Markets in the Netherlands

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