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E-grāmata: Liability of Financial Supervisors and Resolution Authorities

Edited by Gerard McMeel QC (Professor of Commercial and Financial Law, University of Reading), Edited by Christos Gortsos (Professor of Public Economic Law, University of Athens), Edited by Danny Busch (Professor of Financial Law, Radbound University of Nijmegen)

Formāts: 528 pages
Sērija : Oxford EU Financial Regulation
Izdošanas datums: 16-May-2023
Izdevniecība: Oxford University Press
Valoda: eng
ISBN-13: 9780192639721

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Formāts: 528 pages
Sērija : Oxford EU Financial Regulation
Izdošanas datums: 16-May-2023
Izdevniecība: Oxford University Press
Valoda: eng
ISBN-13: 9780192639721

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Since the global financial crisis of 2008, claims by clients, shareholders, depositors, and bondholders of financial firms have increased against financial supervisors and resolution authorities for inadequate supervision or resolution action. Liability of Financial Supervisors and Resolution
Authorities is the first book to offer a thorough and systematic analysis of the liability regimes which apply to financial supervisors and resolution authorities at the EU level (particularly relevant since the European Banking Union came into operation in 2014), at the level of individual EU
Member States, as well as in other major jurisdictions worldwide.

The jurisdiction-by-jurisdiction approach provides a detailed analysis of the liability regimes as they apply to local financial supervisors and resolution authorities in major civil law, common law, and mixed legal system jurisdictions. This global view of the primary financial jurisdictions as
examples provides a unique and comprehensive overview which is of great practical and theoretical importance.

The work concludes with a comparative law evaluation that discusses to what extent limitations of the liability of national financial supervisors and resolution authorities are valid under the EU rules on Member State liability. It also explores whether it would be preferable to adopt a uniform
liability standard for the European Central Bank (ECB), the Single Resolution Board (SRB), and national financial supervisors and resolution authorities. Furthermore, it addresses whether it would be preferable to adopt a provision to the effect that the Court of Justice of the European Union has
exclusive jurisdiction in relation to the ECB, SRB, and the national financial supervisors and resolution authorities.

Table of Cases

xvii

Table of Legislation

xxxix

List of Abbreviations

List of Contributors

lix

PART I GENERAL PART

1 Introduction

(6)

Danny Busch

Christos V. Gortsos

Gerard McMeel

I Introduction

(4)

II Liability of European Financial Authorities

(4)

III Liability of National Financial Supervisors and Resolution Authorities

(3)

IV Comparative Law Evaluation

PART II EU LAW

2 Liability of the European Financial Authorities - ECB, SRB, EBA, ESMA, EIOPA, and ESRB

(46)

Danny Busch

Christos V. Gortsos

I Introduction

(1)

II Rationale of Supervision and Supervisory Model

(58)

1 General

(4)

2 The European System of Financial Supervisors

(3)

3 The European Banking Union

(46)

4 A European Anti-Money Laundering Authority?

(5)

III Liability Standard

(19)

1 Non-contractual Liability

(13)

2 Contractual Liability

(3)

3 Liability of Staff

(2)

4 Inability to Cover Claims by the Financial Resources of the ECB, the SRB, or the Relevant ES A

(1)

IV Detailed Liability Criteria

(64)

1 General

(1)

2 A Sufficiently Serious Breach of EU Law

(51)

3 Imputability

131

(1)

4 The Rule of EU Law Infringed Must Be Intended to Confer Rights on Individuals

132

(5)

5 Direct Causal Link

137

(5)

6 Actual and Certain Damage

142

(1)

V Evaluation

143

PART III CIVIL LAW LEGAL SYSTEMS

3 Germany

(16)

Jens-Hinrich Binder

I Introduction

(2)

II Rationale of Supervision and Supervisory Model

(1)

III Liability Standard

(9)

1 Overview

(3)

2 The History of Section 4(4) FinDAG: Liability for Supervisory Failure - a Realistic Scenario?

(2)

3 The Remaining Scope for Liability: Claims by Supervised Entities

(1)

4 Francovich Liability for Failure to Transpose Relevant EU Law Requirements?

(3)

IV Detailed Liability Criteria

(7)

1 Overview

(1)

2 Acts or Omissions by `Officials'

(1)

3 Acts or Omissions While Discharging a Public Duty

(1)

4 Breach of Duty towards the Aggrieved Party

(2)

5 Causal Connection and Amount of Damages

(1)

6 Negligence or Intention

(1)

V Liability of Financial Supervisors in Practice

(4)

1 Banking Supervision

(2)

2 Liability in Resolution Cases

(1)

3 Liability for Negligent Securities Supervision

(1)

VI Evaluation

(47)

4 Austria

(18)

Sebastian Mock

I Introduction

(1)

II General Principles of State Liability in Austria

(2)

III Rationale of Supervision and Supervisory Model

(1)

IV Liability Standard

(11)

1 General

(1)

2 (Additional) Legal Sources

(1)

3 Liable Financial Supervisors and Their Representatives

(8)

4 (No) Direct Liability of the Republic of Austria - Violation of European Law?

(1)

V Detailed Criteria for Liability

(13)

1 General

(1)

2 Acting in the Enforcement of Federal Act (Hoheitliches Handeln)

(1)

3 Damage (Schaden)

(5)

4 Causation (Kausalitat)

(1)

5 Illegality (Rechtswidrigkeit)

(1)

6 Fault (Verschulden)

(1)

7 Amount of Compensation

(1)

8 Burden of Proof

(1)

9 Assistance of the Austrian Financial Market Authority

(1)

VI No (Personal) Liability of the Employees and Bodies

(1)

VII Liability of Financial Supervisors in Practice

(3)

1 General

(1)

2 Historical Development before the Introduction of § 3, Subsection 1, Sentence 3 FMABG

(1)

3 New Developments in the Case of the Commerzialbank Mattersburg im Burgenland AG

(1)

VIII Summary

(54)

IX Annex-§ 3 Federal Act on the Establishing and Organization of the Financial Market Authority

(2)

5 France

(14)

Thierry Bonneau

I Introduction

(8)

II Rationale of Supervision and Supervisory Model

(9)

1 Rationale of Supervision

(3)

2 Supervisory Model

(6)

III Liability Standard

(24)

1 General

(2)

2 Regulatory Acts

(3)

3 Individual Decisions

(6)

4 Application of the Public Law Rules

(3)

5 Limitation of Liability

(10)

IV Detailed Liability Criteria

(3)

1 General

(1)

2 Gross Negligence/Gross Fault

(1)

3 Damage and Causation

(1)

V Liability of Financial Supervisors in Practice

(13)

1 General

(3)

2 Financial Authorities

(4)

3 Banking Authorities

(3)

4 Amount of Damages Claimed

(1)

5 Out of Court Settlements

(1)

6 Extra-judicial Routes

(1)

VI Evaluation

(45)

6 The Netherlands

103

(50)

Danny Busch

I Introduction

(1)

II Rationale of Supervision and Supervisory Model

(12)

1 General

(1)

2 Conduct-of-business Supervision

(2)

3 Prudential Supervision

(4)

4 The Creation of the Dutch `Twin Peaks' Model

(5)

III Liability Standard

(18)

1 General

(7)

2 Historical Background

(5)

3 The Impact of EU Law

(6)

IV Detailed Liability Criteria

(76)

1 General

(2)

2 Tortious Conduct

(28)

3 Imputability

(12)

4 The Influence of the Principle of Formal Legal Force on the Requirements of Tortious Conduct and Imputability

(9)

5 Relativity

(5)

6 Causation

(8)

7 Loss

(11)

8 Joint and Several Liability

107

(1)

V Liability of Financial Supervisors in Practice

108

(32)

1 General

108

(1)

2 Policyholders

109

(4)

3 Investors

113

(2)

4 Deposit Holders

115

(7)

5 Trustees in Bankruptcy

122

(3)

6 Former Bank Directors

125

(4)

7 Pension Funds

129

(11)

VI Evaluation

140

(13)

7 Italy

153

(22)

Andrea Perrone

I Introduction

(3)

II The Italian Supervisory Model and its Rationale

(8)

III Liability Standards for Financial Supervisors

(15)

1 Vicarious Liability for Public Officers' Wrongdoing

(2)

2 Tort Liability under General Private Law

(8)

3 Quasi-contractual Liability

(4)

IV Detailed Liability Criteria

(14)

1 Unlawfulness

(3)

2 Accountability

(5)

3 Causation

(2)

4 Damages

(3)

V Liability of Financial Supervisors in Practice

(19)

1 Administrative Law Cases

(6)

2 Private Law Cases

(12)

VI Evaluation

(115)

8 Spain

175

(34)

David Ramos Munoz

Elia Cerrato Garcia

Carlos Bosque Argachal

I Introduction

(4)

II Rationale of Supervision and Supervisory Model

(16)

1 The Spanish Model of Financial Supervision: A Sectoral Approach

(2)

2 Rationale of Financial Supervision: Constitutional and Sectoral Basis

(13)

3 Closing Gaps between Supervisory Competencies in Spain: BdE (Alleged) Prevalence

(1)

III Liability Standard

(13)

1 Liability of Financial Supervisors in Spain: A More Theoretical than Actual Possibility

(2)

2 Special Administrative Procedure to Claim Liability from Financial Supervisors

(3)

3 Source of Liability and Absence of Liability Limitations

(8)

IV Detailed Liability Criteria

(24)

1 Introduction: The Four Requirements to Establish Public Administration's Financial Liability

(1)

2 Detailed Analysis of the Criteria Determining Financial Supervisors' Liability

(23)

V Liability of Financial Supervisors in Practice

(74)

1 Scope of the Analysis and Parameters Examined

(4)

2 Liability of Financial Supervisors: Comprehensive Analysis of Spanish Case Law

(58)

3 Liability of Spanish Financial Supervisors in the European Context

120

(12)

VI Conclusion

132

(77)

9 Portugal

209

(26)

Luis Silva Morais

Lucio Tome Feteira

I Introduction

(2)

II Rationale of Supervision and Supervisory Model

(14)

III Liability Standard

(11)

IV Detaded Liability Criteria

(22)

1 General

(3)

2 Voluntary Action or Omission

(4)

3 Unlawfulness

(5)

4 Accountability

(6)

5 Damage

(3)

6 Causal Connection between the Voluntary Action or Omission and the Damage Suffered

(1)

V Liability of Financial Supervisors in Practice

(11)

VI Evaluation

(174)

10 Greece

235

Christos V. Gortsos

Elli K. Anastopoulou

I Introduction: Competent Authorities for Financial Supervision and Resolution in Greece

(13)

1 The Bank of Greece (BoG)

(9)

2 The Hellenic Capital Market Commission (HCMC)

(4)

II Rationale of Supervision and Supervisory Model

(8)

1 Statutory Objectives of Supervision

(4)

2 Supervisory Model

(4)

III Liability Standard

(34)

1 Civil Liability and its Limitations

(15)

2 Liability of Members of Staff

(6)

3 Resolution and AML Tasks

(4)

4 Francovich Doctrine

(9)

IV Detailed Liability Criteria

(22)

1 Introductory Remarks

(2)

2 Act or Omission of the Supervisory Authority

(2)

3 Act or Omission during the Exercise of Public Authority (Internal Relevance)

(4)

4 Illegality

(7)

5 Damage

(5)

6 Causal Link between the Illegal Act or Omission and the Damage

(2)

V Liability of Financial Supervisors in Practice

(26)

1 Introductory Remarks

(2)

2 Banking Supervision

(6)

3 Banking Resolution

(7)

4 Capital Markets Supervision

(11)

VI Evaluation

104

(167)

PART IV COMMON LAW LEGAL SYSTEMS

11 United Kingdom

271

(50)

Gerard McMeel

I Introduction

(1)

II Rationale of Supervision and Supervisory Model

(32)

1 Changing Supervisory Models

(1)

2 Why Regulate Financial Services?

(3)

3 The UK Financial Regulatory System

(2)

4 The Background to FSMA as Originally Enacted

(2)

5 Northern Rock and the Global Financial Crisis

(2)

6 Legislative Measures for Resolution of Financial Institutions

(5)

7 Financial Regulatory Reform Back on the Agenda

(1)

8 The Coalition Government and the Introduction of `Twin Peaks'

(5)

9 The Financial Services Act 2012

(1)

10 The Financial Services (Banking Reform) Act 2013

(1)

11 The Principal Legislation: The Financial Services and Markets Act 2000 as Amended

(3)

12 The Shift to `Twin Peaks' Regulation

(1)

13 The Statutory Objectives and the Regulatory Principles

(4)

14 A Note on Brexit

(1)

III Liability Standard

(44)

1 Introduction

(2)

2 The Statutory Immunity from Damages

(8)

3 The Common Law of Torts

(3)

4 The Seminal Case of Hedley Byrne

(1)

5 The Three-Stage Test

(1)

6 Incrementalism

(2)

7 Assumption of Responsibility

(4)

8 Summary of Developments

(3)

9 Novel Duty of Care Cases

(2)

10 Yuen Kun Yeu v. Attorney General for Hong Kong

(6)

11 Davis v. Radcliffe

(2)

12 Tort of Misfeasance in Public Office

(3)

13 The Three Rivers Case

(7)

IV Detailed Liability Criteria

(24)

1 Overview of Requirements for Misfeasance

(2)

2 Breach of Duty

(4)

3 Accountability or State of Mind

(4)

4 Causal Connection

(2)

5 Damages

(4)

6 Relativity

(1)

7 Claims under the Human Rights Act

(7)

V Liability of Financial Supervisors in Practice

102

(12)

1 Introduction

102

(2)

2 The Parliamentary Ombudsman

104

(2)

3 The Complaints Commissioner

106

(5)

4 London Capital & Finance pic

111

(3)

VI Evaluation

114

(207)

12 Ireland

321

(28)

Blanaid Clarke

I Introduction

(1)

II Rationale of Supervision and Supervisory Model

(6)

1 Regulatory and Statutory Objectives of Supervision

(1)

2 Supervisory Model

(5)

III Liability Standard

(22)

1 Liability for Breach of EU Law

(6)

2 Standard of Liability for Public Authorities

(4)

3 Statutory Immunity

(9)

IV Detailed Liability Criteria

(20)

1 Causation

(1)

2 Statutory Duty Simpliciter

(9)

3 Common Law Tort of Negligence

(2)

4 Misfeasance in Public Office

(7)

V Liability of Financial Supervisors in Practice

(5)

VI Evaluation

(294)

13 Hong Kong and Singapore

349

(22)

Sandra Annette Booysen

I Introduction

(4)

II Rationale of Supervision and the Supervisory Model

(10)

1 Hong Kong

(6)

2 Singapore

(4)

III Liability Standard

(3)

IV Detailed Liability Criteria

(10)

1 The Tort of Negligence

(3)

2 Breach of Statutory Duty

(2)

3 The Economic Torts

(2)

4 Defamation

(1)

5 Misfeasance in Public Office

(2)

V Liability of Financial Supervisors in Practice

(15)

1 Hong Kong

(1)

2 Singapore

(2)

3 Features of the Immunity Provisions

(4)

4 Judicial Review

(7)

VI Concluding Remarks

(328)

14 United States of America

371

(22)

Lissa Lamkin Broome

I Introduction

(5)

II Rationale of Supervision and Supervisory Model

(7)

III Liability Standard

(4)

IV Detailed Liability Criteria 14

(29)

1 Sovereign Immunity, the Federal Tort Claims Act (FTCA), and the Discretionary Function Exception to the FTCA

(10)

2 Affirmative Defences Asserted against the FDIC when it Sues Officers or Directors of Insolvent Institutions

(19)

V Liability of Financial Supervisors in Practice

(4)

VI Evaluation

(343)

15 Australia

393

(36)

Jeannie Marie Paterson

Ian Paterson

I Introduction

(8)

1 General

(1)

2 The Constitutional Background

(3)

3 Historical Financial Crises

(4)

II Rationale of Supervision and Supervisory Model

(46)

1 The Regulators

(3)

2 The Underlying Rationale/Goal of Supervision in Australia

(8)

3 What is the Model for Financial Supervision in your Country?

(35)

III Liability Standard

(22)

1 General

(2)

2 No General Immunity

(2)

3 Limitation of Liability of APRA and Statutory Managers Appointed by it

(10)

4 Reserve Bank

(4)

5 ASIC

(1)

6 Immunity from Execution

(1)

7 Statutory claim for compensation against the Commonwealth

(2)

IV Detailed Liability Criteria

(52)

1 The Tort of Misfeasance in Public Office in Australia

(27)

2 Other Torts-Intimidation

104

(3)

3 Claims for Acquisition of Property not on Just Terms

107

(22)

V Liability of Financial Supervisors in Practice

129

(9)

1 General

129

(1)

2 Pyramid

130

(2)

3 HIH Insurance

132

(1)

4 Storm Financial

133

(1)

5 Administrative Proceedings

134

(4)

VI Evaluation

138

(291)

PART V MIXED LEGAL SYSTEMS

16 The Republic of South Africa

429

(32)

Engela Catharina Schlemmer

I Introduction

(1)

II Rationale of Supervision and Supervisory Model

(24)

1 General

(11)

2 The Financial Sector Regulation Act

(13)

III Liability Standard

(28)

1 General

(5)

2 Potential Delictual Liability for Financial Sector Supervisors under South African Law

(23)

IV Accountability in Terms of the Promotion of Administrative Justice Act

(5)

1 General

(4)

2 The Financial Services Tribunal

(1)

VI Evaluation

(402)

PART VI COMPARATIVE LAW EVALUATION

17 Comparative Law Evaluation

461

(50)

Danny Busch

Christos V. Gortsos

Gerard McMeel

I Introduction

(1)

II The Growing Tendency to Limit the Liability of Financial Supervisors and Resolution Authorities

(74)

1 General

(2)

2 A Fault that Goes beyond Negligence

(48)

3 The Margin of Discretion: The Portuguese Case

(5)

4 The Protective Purpose of the Norm Infringed: The German Case

(9)

5 The Causation Requirement

(1)

6 The Loss Requirement

(4)

7 Unlawfulness Combined with the Causation Requirement: The Spanish Case

(2)

8 Proportionate Liability

(3)

III Limitations of Liability under Attack

(62)

1 General

(1)

2 Arguments Based on Constitutional Law

(27)

3 Arguments Based on European Union Law

104

(34)

IV Towards Harmonization of Liability within the European Banking Union

138

(29)

1 General

138

(1)

2 SSM

139

(15)

3 SRM

154

(13)

V Concluding Remarks

167

(344)

Index

511

Danny Busch is the Financial Law Chair, Professor of Law, and the founding Director of the Financial Law Centre (FLC) at Radboud University of Nijmegen. He is a Research Fellow of Harris Manchester College and a Fellow of the Commercial Law Centre, University of Oxford. He is also Visiting Professor at Universitą Cattolica del Sacro Cuore di Milano and Université de Nice Cōte d'Azur. He is a member of the Dutch Appeals Committee of the Financial Services Complaints Tribunal (KiFiD). After having graduated with highest honours in Dutch law from Utrecht University in 1997, he was awarded the degree of Magister Juris in European and Comparative Law by the University of Oxford (St John's College) in 1998.

Christos Gortsos is Professor of Public Economic Law and Academic Head of the LLM Program in Financial Regulation at the Law School of the National and Kapodistrian University of Athens. He is President of the Academic Board of the European Banking Institute (EBI); Vice-President of the Board of Appeal of the European Supervisory Authority (ESA) a member of the expert group of the European Parliament on banking resolution; visiting Professor at the Europa-Institut of the University of Saarland; research Partner at the University Research Priority Program (URPP) Financial Market Regulation at the University of Zürich; and Member and Academic Coordinator of the Committee on International Monetary Law of the International Law Association (MOCOMILA).

Gerard McMeel QC is Professor of Commercial Law and Director of the Centre for Commercial Law and Financial Regulation at the University of Reading. He is also a Barrister of England and Wales and was appointed Queen's Counsel in March 2020. He is an associate member of Quadrant Chambers in London.

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