The Role of the “Soft Law” Sources in Developing the EU Banking Supervision Legislation

Abstract

The article examines the development of the EU legislation in the banking sphere and the role of “soft law” in this process. The author considers the Final Report of Committee of Wise Men on the Regulation of European Securities Markets, Brussels, February 15th 2001, a successful example of implementing soft law into regulation of the banking system in the EU.The investigation demonstrates that the system of regulation introduced with the Committee of Wise Men report on the EU level has been implemented into national legal systems of the EU member states and currently is being operated as a successfully working mechanism. The norms introduced primarily for regulating of the stock market have been further extended to the order and structure of the EU banking supervision bodies.