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European Business Organization Law Review

, Volume 16, Issue 3, pp 547–574 | Cite as

Third Parties in the European Banking Union: Regulatory and Supervisory Effects on Private Law Relationships Between Banks and their Clients or Creditors

  • Florian Möslein
Article
  • 330 Downloads

Abstract

Third parties (like clients or creditors) are inevitably affected by banking regulation and supervision, even if the respective measures may formally only take effect between supervisory authorities and supervised financial institutions. From a legal perspective, those third party effects raise questions of contractual sanctions, the standing of private plaintiffs and potential liability for defective supervision. With the creation of the Banking Union, the same questions will henceforth arise at the European rather than the national level. Accordingly, respective answers need to take the traditional doctrines on direct and indirect horizontal effects of European law into thorough consideration. Starting with overviews of these effects and the general architecture of the European Banking Union, the present paper explores potential third party effects of that Banking Union on two different levels, namely with respect to supervisory policies and regulations, and in relation to specific supervisory measures. In accordance with the established case law of the European Court of Justice, the assessment on both levels requires careful consideration of the spirit, the general scheme and the wording of the respective provisions of banking supervisory law.

Keywords

European Banking Union Horizontal effects Direct and indirect effects Single rulebook Banking supervision Single supervisory mechanism 

Notes

Acknowledgments

For very helpful input and comments I wish to thank, in particular, Marija Bartl, Jens-Hinrich Binder, Paul Davies, Christina Eckes, Guido Ferrarini, Stefan Grundmann, Christos Hadjiemmanuil, Martijn Hesselink, Agnieszka Janczuk-Gorywoda, Eljall Tauschinsky and Chiara Zilioli. Of course, all remaining errors are my responsibility alone.

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Copyright information

© T.M.C. Asser Press 2015

Authors and Affiliations

  1. 1.Faculty of LawPhilipps-University of MarburgMarburgGermany

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