LEGAL AND ADMINISTRATIVE ASPECTS OF APPLYING SUSTAINABILITY-RELATED FINANCIAL REGULATION IN THE EUROPEAN UNION: ADMINISTRATIVE DENSITY, SUPERVISORY DISCRETION, AND COMPARATIVE ENFORCEMENT ASYMMETRY IN BULGARIA AND POLAND
LEGAL AND ADMINISTRATIVE ASPECTS OF APPLYING SUSTAINABILITY-RELATED FINANCIAL REGULATION IN THE EUROPEAN UNION: ADMINISTRATIVE DENSITY, SUPERVISORY DISCRETION, AND COMPARATIVE ENFORCEMENT ASYMMETRY IN BULGARIA AND POLAND

Summary/Abstract: This article analyzes sustainability-related financial regulation in the European Union as a density-driven administrative governance framework that expands procedural obligations and supervisory discretion within financial law. Moving beyond conventional interpretations, it conceptualizes Regulation (EU) 2019/2088 (SFDR), Regulation (EU) 2020/852 (Taxonomy Regulation), and Directive (EU) 2022/2464 (CSRD) as structural instruments of regulatory density rather than policy-oriented measures. Through layered disclosure requirements, delegated technical standards, assurance mechanisms, and supervisory integration, these instruments reshape the architecture of financial administrative law across Member States. Using a structured comparative administrative-law methodology, the article examines how Bulgaria and Poland mediate regulatory density through their institutional configurations. The findings demonstrate that harmonized EU norms produce differentiated enforcement outcomes depending on supervisory integration, administrative coordination, and institutional capacity. The article advances the Regulatory Density Governance Model (RDGM) to explain how normative layering and procedural expansion interact with decentralized enforcement in the EU legal order.

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