The Age of Esma

1. Introducing ESMA
I. Introduction: Examining ESMA through an Institutional Lens
II. Characterising ESMA: ESMAâs Setting and its Role
III. Contextualising ESMA
IV. Technocratic Influence, Effectiveness, and Legitimacy
V. Roadmap
2. ESMAâs Governance
I. Assessing ESMA and its Governance Arrangements
II. Examining ESMAâs Governance Arrangements
III. Contextualising ESMAâs Governance Arrangements: Influence, Effectiveness, and Legitimacy
IV. ESMAâs Institutional Design
V. ESMAâs External Governance Arrangements
VI. ESMAâs Funding Arrangements
VII. Conclusion
3. ESMA and Regulatory Governance
I. Assessing ESMA and the Regulatory Governance Setting
II. Examining ESMAâs Role in Regulatory Governance
III. Contextualising ESMAâs Role: Influence, Effectiveness, and Legitimacy
IV. Building the Single Rule-book: ESMA as Architect of EU Administrative Financial Market Regulation
V. Building the Soft Law Rule-book: ESMA as the Designer and Custodian of EU Financial Market Soft Law
VI. The Legislative Process: Shaping Regulatory Governance from the Bottom Up
VII. Conclusion
4. ESMA and Supervisory Convergence
I. Assessing ESMA and the Supervisory Convergence Setting
II. Examining ESMAâs Role in Supervisory Convergence
III. Contextualising ESMAâs Role: Influence, Effectiveness, and Legitimacy
IV. Supervisory Convergence in Practice
V. Conclusion
5. ESMA and Direct Supervision/Market Intervention
I. Assessing ESMA and the Direct Supervision/Market Intervention Setting
II. Examining ESMAâs Role as a Direct Supervisor
III. Contextualising ESMAâs Role: Influence, Effectiveness, and Legitimacy
IV. Direct Supervision in Practice: Rating Agencies and Trade Repositories
V. NCA-Oriented Supervision: Breach of EU Law, Binding Mediation, and Emergency Conditions
VI. Exceptional Intervention: Short Selling, Product/Services Intervention, and Intervention in the Commodity
Derivatives Market
VII. Th e 2017/2018 Reform Waypoint (1): CCP Supervision and the âEuropean Supervisory Mechanismâ
VIII. Th e 2017/2018 Reform Waypoint (2): Th e 2017 ESA Proposal
IX. And the Direction of Travel Continues: Th e 2018 Crowdfunding Proposal
X. Conclusion
6. ESMA as a Network Actor
I. ESMA as a Network Actor
II. ESMA and the EU Financial Governance Network
III. ESMA and the International Financial Market Governance Network
IV. Conclusion