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.
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.
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.
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