Le 27 mars 2014, l'Unité de recherche en Droit de l'Université du Luxembourg organise de 14 à 18h30 un colloque sur l'arrêt de la CJUE concernant l'ESMA.

The establishment of the European Securities and Markets Authority (ESMA) in 2010 marked a major step forward in the creation of an integrated EU financial market. Conferring powers on ESMA involved, on the one hand, the boundaries of competences between Member States and the European Union and, on the other hand, the institutional balance between the Commission and ESMA as well as the two other European Supervisory Authorities (ESAs).

These tensions led to a UK lawsuit concerning ESMA’s ability to restrict short selling practices. However, the ECJ decision, rendered on 22 January 2014, has upheld ESMA’s powers. This landmark decision sets the stage for future developments in ESMA’s role and is also of great significance for the current review of the European System of Financial Supervision (ESFS) and the banking union.

Programme

2.00 pm ¦ Chair and introductory remarks by Pierre-Henri Conac, University of Luxembourg

I The ESMA decision and the institutional architecture

2.15 pm ¦ The ESMA case and how it affects the Financial Supervisory Architecture of the EU
by Georges Zavvos, Legal Adviser at the Legal Service, European Commission

2.45 pm ¦ Short selling in the context of delegation, discretion and the powers of agencies
by Herwig Hofmann, Professor at the University of Luxembourg

3.15 pm ¦ Discussion

II The ESMA decision and banking and financial supervision

4.15 pm ¦ The ESMA decision and its implications for ESMA, by Stephan Karas, Head of Legal (ESMA)

4.45 pm ¦ The ESMA decision and its implications for the Banking Union, by Eilis Ferran, Professor, Faculty of Law, University of Cambridge

5.15 pm ¦ The ESMA decision and its implications for the governance of the ESAs, by Matteo Gargantini, Senior Research Fellow, Max Planck Institute Luxembourg

5.45 pm ¦ Discussion

6.30 pm ¦ Closing of the conference and cocktail

Registration by e-mail to fdef-colloques@uni.lu (specifying name and institution)

Contact : Nadja Risch, Tel: +352 46 66 44 6619