European banking, securities, and insurance law: Cutting through sectoral lines?

Abstract:
Financial law and supervision are to a large extent divided into three separate branches – banking, securities and insurance – reflecting the three traditional sectors of the financial industry. The end of the 20th century has however been characterized by a blurring of distinctions between the traditional sectors and the services and products they offer.
This contribution examines and evaluates recent changes in supervisory structure and in investor protection legislation intended to remedy the problems associated with this blurring of sectors. The shortcomings which are brought to light allow to draw conclusions with respect to two more fundamental and highly interdependent questions: (i) what is the adequate level and model of financial supervision in the EU, and (ii) what is the adequate level and model of financial legislation in the EU.