Three years ago, the Court of Justice of the European Union (ECJ) delivered a judgment in the case of UK v. Parliament and Council. This judgment allows for a better understanding of the recent developments in security markets of the European Union and in the legal regulation of these processes. This case broadens the legal discourse in the EU and provides solid ground to reflect on these trends. Explaining the ECJ’s position, the author shows the systemic character of the European Union’s approach to market regulation. The EU solves problems holistically and simultaneously shows a high degree of adaptability to new conditions. This commentary reveals the main trends in the legal regulation of financial markets in the EU. Some other theoretical issues relate to the growing role of European agencies, such as the European Securities and Markets Authority. A second and more particular reason for the author’s concern with this judgment is the practical significance it may have for Russia’s activities within the Eurasian Economic Union (EAEU) and the EAEU Court’s jurisdiction. The Eurasian Court could draw upon the world’s best legal practices, including the judicial experience of the ECJ, owing to the fact that the European Union is now justly considered to be a supranational commonwealth that has achieved significant results, despite some negative trends and new challenges. Lastly, the knowledge and skills of several generations of ECJ judges provide a good example of judicial work.
About the author
Rustam Kasyanov – Candidate of Sciences (Ph.D.) in Law, Ph.D. in EU Law (France), Associate Professor, Moscow State Institute of International Relations (University), Moscow, Russia.
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