The establishment of the second pillar of the Banking Union (BU) unquestionably confirmed the social and economic significance of appropriate bank resolution and crisis management regimes as one of ...the core components of prudential frameworks. In this regard, the Croatian experience offers an intriguing case study in terms of institutional arrangements, regulatory approaches, and policy decisions that construct an appropriate resolution and crisis management regime in the context of a post-transition economy. Therefore, this paper examines bank resolution in Croatia from an evolutionary standpoint, focusing on economic complexities and institutional entrepreneurship as the primary drivers of the convergence of a crisis-forged system into a larger resolution and stabilisation framework represented by the BU’s Single Resolution Mechanism. Despite episodes of exceptional market disruptions, the paper identifies ‘success factors’ in banking sector restructuring, macroeconomic stabilisation, and institutional empowerment in Croatia through a qualitative, documentary analysis of a variety of primary and secondary sources. Furthermore, based on an analysis of actions taken in the resolution of ‘Sberbank’, the paper sheds light on recent issues in bank resolution governance within the broader BU framework.
The purpose of this paper is to examine regulatory agencies and regulated parties in an empirical study of administrative disputes initiated against the decisions of regulatory agencies in Croatia. ...We first aim to provide an overview of the status and trend estimates regarding these disputes; second, to answer the question how well does the system work from the perspectives of both the plaintiffs and the regulatory agencies; third, to identify the problem areas and to compare these with problem areas identified by the authors studying the broader area of administrative judiciary in Croatia, and finally to compare efficiency level of regulatory agencies to other public authorities in confirming the legality of their decisions and actions. Data on all administrative disputes against 12 Croatian regulatory agencies’ decisions in the 17-year period between 1995 and 2011 are used to identify the main characteristics and trends relating to these disputes. Data for 2012 to 2013 was also examined to identify initial changes and emerging trends in the new administrative judiciary system resulting from fundamental legal reform as part of Croatia’s process of accession to the European Union in 2013. The results show these administrative disputes to be often costly and timely with modest outcome for the plaintiff and impressive success rate for the most of regulatory agencies.
Ever since the outset of the financial crisis of 2009, agencies have emerged as key actors of European Union (EU) financial sector governance. As an organisational form that can be insulated from ...national political pressures, and committed to the Union interest, agencies proliferated in the financial sector ushering the agencification trend in finance. In this sense, the European Securities and Markets Authority (ESMA) - as part of the European Supervisory Authorities - practically embodies this trend. ESMA presents a radical shift in financial markets' governance due to the nature of its soft law regulations and the direct impact it exerts on addressees' behaviour in emergency circumstances. But ESMA's success in optimising financial sector governance largely depends on its legitimacy, which is centred on independence. At the same time independence demands wider participation and inclusiveness of the decision-making process. This is not easy to achieve in a complex system with multiple stakeholders as is the governance of the EU financial sector (e.g., EU institutions, national actors, private sector). This paper examines ESMA's interinstitutional relations and independence in light of publicly voiced criticism. We find that ESMA's main executive bodies are still susceptible to influences by Member States as well as EU institutions (i.e., Commission), which undermines its operational independence.
The establishment of the second pillar of the Banking Union (BU) unquestionably confirmed the social and economic significance of appropriate bank resolution and crisis management regimes as one of ...the core components of prudential frameworks. In this regard, the Croatian experience offers an intriguing case study in terms of institutional arrangements, regulatory approaches, and policy decisions that construct an appropriate resolution and crisis management regime in the context of a post-transition economy. Therefore, this paper examines bank resolution in Croatia from an evolutionary standpoint, focusing on economic complexities and institutional entrepreneurship as the primary drivers of the convergence of a crisis-forged system into a larger resolution and stabilisation framework represented by the BU’s Single Resolution Mechanism. Despite episodes of exceptional market disruptions, the paper identifies ‘success factors’ in banking sector restructuring, macroeconomic stabilisation, and institutional empowerment in Croatia through a qualitative, documentary analysis of a variety of primary and secondary sources. Furthermore, based on an analysis of actions taken in the resolution of ‘Sberbank’, the paper sheds light on recent issues in bank resolution governance within the broader BU framework.
The purpose of this paper is to examine regulatory agencies and regulated parties in an empirical study of administrative disputes initiated against the decisions of regulatory agencies in Croatia. ...We first aim to provide an overview of the status and trend estimates regarding these disputes; second, to answer the question how well does the system work from the perspectives of both the plaintiffs and the regulatory agencies; third, to identify the problem areas and to compare these with problem areas identified by the authors studying the broader area of administrative judiciary in Croatia, and finally to compare efficiency level of regulatory agencies to other public authorities in confirming the legality of their decisions and actions. Data on all administrative disputes against 12 Croatian regulatory agencies’ decisions in the 17-year period between 1995 and 2011 are used to identify the main characteristics and trends relating to these disputes. Data for 2012 to 2013 was also examined to identify initial changes and emerging trends in the new administrative judiciary system resulting from fundamental legal reform as part of Croatia’s process of accession to the European Union in 2013. The results show these administrative disputes to be often costly and timely with modest outcome for the plaintiff and impressive success rate for the most of regulatory agencies.
New technologies are changing at a very fast course and reshaping the financial system significantly. FinTech is a relatively new term used for technology enabled innovation in the area of financial ...services and includes variety of products, applications, models and processes. FinTech provides new opportunities both for private sector and its consumers, increasing efficiency and integration of financial systems across Europe and worldwide. The above-mentioned trends have motivated the European Commission to initiate actions in order to promote technology enabled innovation in the area of financial services. The goal is to empower all market players in promoting new technologies such as blockchain and artificial intelligence while controlling risks and protecting consumers. Based on the analysis of secondary data, this paper aims, first, to discuss the effects these measures will have on the financial markets across Europe, especially with regard to better regulation. Secondly, the objective is to research financial integration for the New Member States’ financial markets with regard to new technologies and the access they provide for financial services and consequently efficiency improvement of the financial system.
Europska regulativa tržišta kapitala predstavlja idealan primjer kako regulacija ne bi trebala izgledati. Ona je prekodificirana, tj. preregulirana: u namjeri da se kreira jedinstveni europski ...regulatorni okvir za slobodni protok kapitala i financijskih usluga, izgrađen je regulatorni gigant s neželjenim popratnim nuspojavama. Slučaj se pogoršava kada se navedeni EU propisi transponiraju u hrvatski pravni sustav. Ponajprije se radi o regulatornom okviru, namijenjenom visokorazvijenim tržištima kapitala zapadne Europe, dok je u slučaju Hrvatske nova regulativa bila uvjetovana procesom prilagodbe hrvatskog zakonodavstva pravnoj stečevini EU-a. Aktualna financijska kriza dodatno je opteretila postojeći financijski sustav, transformirajući regulatorni okvir u regulaciju i »superviziju na steroidima«.
Fintech embodies technological innovations in financial services. The scholarship in this area is fast-growing and correlates with a disruptive potential Fintech has for the financial ecosystem. ...European regulation is also keeping up with this phenomenon. A case in point is the recently adopted EU crowdfunding regulation which is part of the EU’s FinTech Action Plan and Capital Markets Union agenda. Its general goal is to promote financial development of European financial systems by enhancing alternative finance sources to bank lending and cross-border investments. On the one hand, the EU crowdfunding regulation aims to enhance scalability for crowdfunding platforms service providers across the European single market through a single EU crowdfunding licence.
Corruption presents an extreme case of lacking confidence in society’s official structure. It seems to be rather inevitable issue in transitional countries and appears to be closely related with the ...existence of relationship-based markets and their (too) slow transformation into impersonal rule-based markets. The evidence shows that corrupt deals impose high transaction costs and that corrupt relations are often embedded in legal relations. No part of the World might be considered fully excluded from corruption phenomenon. Yet, research in Eastern Europe indicates that people feel obliged to reward the help of others, especially when dealing with public sector employees. In addition, ordinary citizens consider petty corruption as a (legitimate) reward for given service and even if they use it often, they do not perceive themselves as bribe-givers or bribe-takers. This paper seeks to disentangle ambiguities, complexities and difficulties in its measurement. Therewith it contributes to the debate on corruption as one of the omnipresent informal practices, fine-tuning of its understanding and possibilities to address it in an efficient way.
Regulatorne agencije nastale su krajem 19. stoljeća u SAD-u iz potrebe reguliranja područja komunalnih usluga za koje se smatralo da je prirodni monopol. U cilju zaštite potrošača i javnog interesa, ...regulatorne agencije djeluju kao korektiv nesavršenosti tržišta i promotor slobode poduzetništva. Iako im se pripisuju brojni nedostaci, regulatorne agencije pokazuju veliku sposobnost preživljavanja i evoluiranja. Svrha ovog rada je dati prikaz nastanka regulatornih agencija u SAD-u te učinaka i problema koji su uslijedili, kao doprinos raspravi o ulozi regulatornih agencija u Hrvatskoj.
PDF
