The Joint Board of Appeal of the European Supervisory Authorities has Published its First Decision Ever
TALLINN, Estonia, July 1, 2013 /PRNewswire/ --
The joint Board of Appeal of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published its decision in an appeal brought by SV Capital OÜ, an Estonian company, against a decision of the European Banking Authority. This is the first ever decision of the Board of Appeal of the ESAs.
The Board of Appeal satisfied the appeal and remitted the case to the European Banking Authority to adopt the appropriate decision in accordance with the finding of the appeal. At this stage the Board of Appeal did not go into the merits of the complaint, which alleges that three heads of the Estonian branch of Nordea Bank Finland PLC (http://www.nordea.ee) are not fit and proper for their position and must have been removed by the national financial regulators.
The successful appellant was represented by Maksim Greinoman, Advokaadibüroo Greinoman & Co.
Maksim Greinoman says that the importance of the case for the European financial industry and the general public is that any person or entity dissatisfied with the inaction of their national financial regulator may now complain to the European Banking Authority and, if necessary, force it to have the complaint reviewed.
Plainly, Maksim Greinoman adds, the system of private enforcement of European financial law has just been born.
Notes to Editors:
1: The Board of Appeal is a joint body of the European Supervisory Authorities (EBA, EIOPA, ESMA). It reviews the complaints brought against the decisions of the Authorities. The decisions of the Board of Appeal are subject to appeal before the Court of Justice of the European Union. The Board of Appeal is composed of six members and six alternates; President of the Board of Appeal is Sir William Blair and Vice-President is Juan Fernández-Armesto.
2: The press release by the Board of Appeal and the decision may be downloaded from the website of any European Supervisory Authority: http://www.esma.europa.eu/news/ESA-Board-Appeal-publishes-its-first-decision?t=326&o=home.
3: Advokaadibüroo Greinoman & Co is a commercial law and litigation boutique law firm located in Tallinn, Estonia. Its website is http://www.greinoman.com.
Contact:
Maksim Greinoman
T +372-611-9000, W http://www.greinoman.com, E [email protected]
SOURCE Advokaadibüroo Greinoman & Co OÜ
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