Liability of Financial Supervisors and Resolution Authorities

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.

Danny Busch is the Financial Law Chair, Professor of Law, and the founding Director of the Financial Law Centre (FLC) at Radboud University of Nijmegen. He is a Research Fellow of Harris Manchester College and a Fellow of the Commercial Law Centre, University of Oxford. He is also Visiting Professor at Università Cattolica del Sacro Cuore di Milano and Université de Nice Côte d'Azur. He is a member of the Dutch Appeals Committee of the Financial Services Complaints Tribunal (KiFiD). After having graduated with highest honours in Dutch law from Utrecht University in 1997, he was awarded the degree of Magister Juris in European and Comparative Law by the University of Oxford (St John's College) in 1998.

Christos Gortsos is Professor of Public Economic Law and Academic Head of the LLM Program in Financial Regulation at the Law School of the National and Kapodistrian University of Athens. He is President of the Academic Board of the European Banking Institute (EBI); Vice-President of the Board of Appeal of the European Supervisory Authority (ESA) a member of the expert group of the European Parliament on banking resolution; visiting Professor at the Europa-Institut of the University of Saarland; research Partner at the University Research Priority Program (URPP) Financial Market Regulation at the University of Zürich; and Member and Academic Coordinator of the Committee on International Monetary Law of the International Law Association (MOCOMILA).

Gerard McMeel QC is Professor of Commercial Law and Director of the Centre for Commercial Law and Financial Regulation at the University of Reading. He is also a Barrister of England and Wales and was appointed Queen's Counsel in March 2020. He is an associate member of Quadrant Chambers in London.