• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文OA文献 >The Lamfalussy Reform in the EU Securities Markets: Fiduciary Relationships, Policy Effectiveness and Balance of Power
【2h】

The Lamfalussy Reform in the EU Securities Markets: Fiduciary Relationships, Policy Effectiveness and Balance of Power

机译：欧盟证券市场的拉姆法西式改革：信托关系，政策有效性和均势

代理获取
本网站仅为用户提供外文OA文献查询和代理获取服务，本网站没有原文。下单后我们将采用程序或人工为您竭诚获取高质量的原文，但由于OA文献来源多样且变更频繁，仍可能出现获取不到、文献不完整或与标题不符等情况，如果获取不到我们将提供退款服务。请知悉。
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

In 2000 a Committee of Wise Men chaired by Alexandre Lamfalussy, former president of the European Monetary Institute was appointed by the Economics and Finance Ministers Council to make recommendations on the regulation of the European securities markets. It proposed a four-level system to improve the legislative process while ensuring what it called a democratic and institutional balance. Our paper questions to what extent the concepts of two basic modes of delegation - agency and trust relationships - are appropriate tools to interpret the new structure set up by the Committee. It formulates hypotheses about its policy effectiveness and the balance of power between Community institutions. Evidence supports the agency hypothesis: the Lamfalussy process has reduced the average time taken to negotiate and adopt the first framework directives at level 1 and it has facilitated the removal of bottlenecks in the process through parallel working at levels 1 and 2. In this sense, delegation has enhanced policy effectiveness in the securities sector. But it is much more difficult to assess the trustee hypothesis: that is, whether the Commission and the Committee of European Securities Regulators (CESR) in fact act as trustees of the member states for the benefit of market actors. For the time being, whether CESR might evolve into a European securities regulator remains an open question
机译：2000年，经济及财政部长理事会任命了一个由智贤委员会组成的智者委员会，该委员会由欧洲货币学院前主席亚历山大·兰法洛西（Alexandre Lamfalussy）任命，以就欧洲证券市场的监管提出建议。它提出了一个四级制度，以改善立法程序，同时确保所谓的民主和体制平衡。我们的论文质疑两种基本授权模式（代理和信任关系）的概念在多大程度上是解释委员会建立的新结构的适当工具。它提出了有关其政策有效性和共同体机构之间权力平衡的假设。证据支持机构的假设：Lamfalussy流程减少了在第1层协商和采用第一个框架指令所需的平均时间，并且通过在第1层和第2层进行并行工作，帮助消除了过程中的瓶颈。代表团提高了证券部门的政策效力。但是要评估受托人的假设要困难得多：也就是说，委员会和欧洲证券监管机构委员会（CESR）是否实际上是为了市场行为者的利益而成为成员国的受托人。目前，CESR是否可能发展成为欧洲证券监管机构仍是一个悬而未决的问题

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
代理获取

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号