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Since the global financial crisis of 2008, claims by clients,
shareholders, depositors, and bondholders of financial firms have
increased against financial supervisors and resolution authorities
for inadequate supervision or resolution action. Liability of
Financial Supervisors and Resolution Authorities is the first book
to offer a thorough and systematic analysis of the liability
regimes which apply to financial supervisors and resolution
authorities at the EU level (particularly relevant since the
European Banking Union came into operation in 2014), at the level
of individual EU Member States, as well as in other major
jurisdictions worldwide. The jurisdiction-by-jurisdiction approach
provides a detailed analysis of the liability regimes as they apply
to local financial supervisors and resolution authorities in major
civil law, common law, and mixed legal system jurisdictions. This
global view of the primary financial jurisdictions as examples
provides a unique and comprehensive overview which is of great
practical and theoretical importance. The work concludes with a
comparative law evaluation that discusses to what extent
limitations of the liability of national financial supervisors and
resolution authorities are valid under the EU rules on Member State
liability. It also explores whether it would be preferable to adopt
a uniform liability standard for the European Central Bank (ECB),
the Single Resolution Board (SRB), and national financial
supervisors and resolution authorities. Furthermore, it addresses
whether it would be preferable to adopt a provision to the effect
that the Court of Justice of the European Union has exclusive
jurisdiction in relation to the ECB, SRB, and the national
financial supervisors and resolution authorities.
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