The temporary intervention powers of the European Banking Authority and the European Securities and Markets Authority: content and limits
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The temporary intervention powers of the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) are mentioned in general terms in Article 9(5) of their respective founding regulations and are subject to the conditions and assessment criteria detailed in the relevant EU legislation. Therefore, apart from a few, limited exceptions, these powers are compliant with the Meroni prohibition. To the extent that no discretion is given to the said authorities, there is no need to limit their liability. Though encroaching on the freedom to carry out a banking or financial activity, temporary intervention powers are compliant with Article 52 of the EU Charter of Fundamental Rights and the conditions laid down therein.
KeywordsOrderly functioning and integrity of the financial markets Stability of financial system Investors protection concern Meroni prohibition Freedom to carry out a business
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