Part III

Ana Gabriela ATANASIU, Ph.D. Candidate Faculty of Law, University of Bucharest, (Ab)Use of Subsidiarity in Regulating the European Securities Market
Subsidiarity means that what can be achieved at a lower level of competence must not be realised at a higher level. European subsidiarity is connected with the concepts of Proportionality and Necessity. Any action taken by the E.U. should not go beyond what is necessary to achieve the objectives of the Treaty. The novelty brought by the Lisbon Treaties is the Protocol on the application of the principles of subsidiarity and proportionality.

The current EU legislative framework is based on minimum harmonization and mutual recognition.

The most important measure, the act that had deep implications in the entire financial sector was the MiFID directive.  But the implementation of this measure was very difficult and resulted in a continuous struggle of the Commission with member states for the complete implementation of measures taken at EU level in the area of financial services.

As a result of this implementation marathon, some infringement procedures were finalized with convictions by the Court of Justice.

Key-words: principles of subsidiarity, European securities, legal framework markets
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