Harmonising national sanctioning administrative law: An alternative to a single capital‐markets supervisor

Since the disclosure in 2009 of the Larosière Report, legislative acts disciplining financial markets have established a set of rules called to form the foundations of a sanctioning administrative law to be enforced by the Member States. Furthermore, the ECtHR and the ECJ, are contributing to apply here the guarantees of the Rome Convention and the Charter of Fundamental Rights. This study, in addition to giving account of such legislation and case‐law, aims to outline the broad principles of this new law, whose purpose is levelling the ‘playing field’ amongst NCAs and fostering supervisory convergence without creating new institutions. Should this ‘experiment’ be successful, and a new way of ‘cooperative federalism’ could emerge at a global level in the Union. Otherwise, further centralisation—which is neither possible nor desirable at this stage—should be expected in future years, with a sort of single supervisory mechanism in securities markets.