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This paper was drafted under supervision of the Economic Governance Support Unit. Bank regulators have the discretion to discipline banks by executing enforcement actions to ensure that banks correct deficiencies regarding safe and sound banking principles. We highlight the trade-offs regarding the execution of enforcement actions for financial stability. Following this we provide an overview of the differences in the legal framework governing supervisors’ execution of enforcement actions in the ...

This paper was drafted under supervision of the Economic Governance Support Unit. The US system for addressing bank misconduct through fines delivers a number of lessons for the EU with regard to the design of bank enforcement architecture and the need to develop common approaches across national and EU levels with a view to avoiding regulatory arbitrage. Following the crisis, the highest money penalties imposed on banks in the US related to mis-selling of financial products – a criminal offence ...

The current acts in place – the Brussels I Regulation, the Lugano Convention and the parallel convention with Denmark – give the claimant several opportunities for forum shopping when lodging a direct claim against foreign liability insurance. Since the lex fori determines whether the Rome II Regulation or the Hague Convention is applicable in Common Market cases, the aforementioned possibility of forum shopping ultimately leads to law shopping. Between the claimant and the injuring party, the principle ...

The objective of this briefing paper is to discuss the possible issues and solutions regarding the optimal integration of the ODR Platform within the current consumer-oriented websites at the EU and national levels, taking into account the possible extent of scope of the Regulation on consumer ODR.