Europejski system nadzoru finansowego a unijny mandat krajowych organów nadzoru – wybrane aspekty
selected aspects of the european system of financial supervision and the EU mandate of domestic supervisory authorities

Summary/Abstract: The aim of the paper is to review the legal and institutional nature of the European system of supervi- sion and the “...U mandate” of domestic supervisory authorities. To put it differently, the paper refers to the scope of rights and obligations of financial supervision authorities derived from, indirectly and directly effective, enactments of ...uropean secondary law. A detailed analysis has been made of the le- gal characteristics of a regulation and directive (based on legal acts relevant to the discussed issues of the insurance market). A major focus has been placed on the importance of soft law (recommenda- tions and guidelines), and in particular on the effect these acts have on domestic legal systems, which includes a review of the relevant case-law of the ...uropean Court of Justice. The centre of discussion is the question whether regulations adopted in the form of a recommendation directed towards do- mestic supervisory authorities may be used by these authorities as a legal basis for issuing guidelines for insurance companies, irrespectively of any applicable authorisation specified in domestic law and whether such regulations should pay heed to domestic legal conditions.It is argued in the paper that as non-binding sources of law become increasingly more influential within the ...uropean Union, they also affect operations of domestic authorities which are obliged to fol- low the guidelines of the ...U bodies in their operations.

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