Acknowledgements; Contents; List of Editors and Contributors; More Risks than Achievements?; 1 Setting the Scene; 2 Structure of the Book; 3 Some Substantive Highlights of this Book; 4 Outlook; Part I: The European System of Financial Supervision as Originally Introduced from the Institutional Perspective: Selected Asp...; The European Securities and Markets Authority and Its Regulatory Mission: A Plea for Steering a Middle Course; 1 Introduction; 2 ESMA: Legislative Objectives and Mission; 3 ESMA: Regulatory Tasks, Powers and Institutional Design; 3.1 Regulatory Tasks and Powers of ESMA

3.2 Institutional Design of ESMA3.2.1 Independence; 3.2.2 Accountability; 4 ESMA: Performance as Regulator; 5 Conclusion and Critical Outlook; References; Form and Function of the ESRB: A Critical Analysis; 1 Introduction; 2 Background; 3 Legal Basis; 4 Mission and Objectives; 5 Organisation and Structure; 6 Tasks and Applicable Measures; 7 Reporting and Accountability; 8 Relations with the ESFS and Other Relevant Entities; 9 Conclusion; References; Power and Accountability in the EU Financial Regulatory Architecture: Examining Inter-Agency Relations, Agency Independence an...; 1 Introduction

2 The Institutional Architecture in the European System for Financial Supervision (ESFS): The First Stage of Institutional Ref...2.1 An Outline of the Framework of the ESFS; 2.2 Critically Exploring the Complex Designs in Power and Accountability in the ESFS and Technocratic Effectiveness of the Ins...; 3 Inter-Agency Learning, Coordination, Accountability and Achievements; 3.1 Joint Committee; 3.2 Inter-Agency Learning and the Board of Appeal; 3.3 Inter-Agency Coordination and Accountability Generally; 4 The SSM, SRM and Lessons That Can Be Learnt with Respect to Inter-Agency Coordination

5 Final Observations and ConclusionsReferences; The Regulatory Powers of the European Supervisory Authorities: Constitutional, Political and Functional Considerations; 1 Introduction; 2 EU Financial Market Integration Project in Context; 3 Legal Basis for the Creation of the ESAs; 4 The Regulatory Powers of the ESAs; 4.1 Case Law Overview: Constitutional Limitations; 4.2 Political Concerns and Functional Objectives; 5 A Discussion of the Quasi-Rulemaking Process; 5.1 Quasi-Rulemaking Process; 5.2 The Balance of Powers in the Rule-Making process; 5.3 Union Interests; 6 Conclusion; References

CasesThe Effects of the ESMAś Powers on Domestic Contract Law; 1 Introduction; 2 The Potential Effects of the ESMAś Powers on Financial Market Participants; 2.1 Draft Technical Standards; 2.2 The Horizontal Intervention Powers; 2.3 The Sectoral Intervention Powers; 2.4 Guidelines and Recommendations; 3 The Horizontal Effects of the MiFID I; 4 From the MiFID I to the MiFID II: Towards the Harmonization of the Private Enforcement of EU Conduct of Business Rules?; 5 The Impact of the ESMAś Powers on the Contract-Making and Enforcement