| Abstract: | This article examines the new regulatory process in the regulation of EU securities markets, as proposed by the Wise Men Committee and welcomed by the Council and the Parliament. The new structure involves inter alia the creation of a 'comitology' committee and recognises two layers of legislation: essential measures that will be enacted through the normal co-decision process on the one hand, and more detailed technical and 'non-essential' measures, which will be decided by the new committee and the Commission, on the other. It is believed that the new structure will respond to the need for speed, efficiency and flexibility in securities regulation. However, the starting point for discussion and the decisive question is how one can distinguish between these two levels of legislative measures. Although the Wise Men Committee does not give sufficient guidance on this issue, it is alleged that the success of the proposed regime will heavily depend on the clear definition and distinction between essential and non-essential measures. The theoretical exercise of this article involves an analysis of the delegation issues arising from the proposal and the identification of some potentially useful guiding principles and criteria derived from primary and secondary Community legislation and case law as well as from inter-institutional agreements. Its ultimate goal is a proposal for the adoption of common principles, criteria and dividing lines at EU level. |
