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• Financial Support System of EU – EFTA (Member States) cooperation

  62-85

  Gabriella Csűrös

  Views:

  160

  The economic cooperation between the EU and EFTA states constitutes a special cooperation form in several ways: the actors of cooperation (economic integrations and their Member States), the legal and institutional framework and the budgetary relations also have unique features. In our study the rules and changes of the EEA and Norwegian Financial Mechanism, as well as the Swiss Contribution are analyzed from aspect of integration theories and financial law. In the framework of historical analysis and comparative method the financial instruments of EFTA states are compared with the EU Cohesion and Structural Funds with the help of evaluating statistical data.

• The Legal Background of Sovereign Funds and Their Role in National Economies

  151-169

  András Kecskés

  Views:

  128

  Sovereign funds are funds created and operated by the state. They came into the limelight after the financial crisis of 2007–08, when they saved the most emblematic listed companies in the US and Europe. The aim of the article is to explore some key issues related to sovereign funds. The paper discusses the origins of the term and some related economic concepts, including factors which resulted in the creation of sovereign funds. The legal background is also elaborated on both international and national levels, giving an insight into the regulatory framework. The article closes with propounding a sovereign fund in Hungary. This section gives an overview of state property management and its legal background.

• The Financial Supervisory Agencies of the European Union and the Question of the European Administrative Procedure

  Bálint Teleki

  Views:

  207

  The agency-type organs have a history of several decades in the European Union. In the last few years there were two different tendencies leading towards the establishment of regulatory (or decentralised) agencies with strong powers, especially in the field of financial supervision. The first of these tendencies was the fall of the neoliberal dogma of the self-regulating market – as a consequence of the 2008 financial-economic crisis – which led to the priorities of the decision-makers being reset in favour of a stricter regulation than that of the New Public Management era. The other tendency was that the debate about a European administrative law started to live. The European Supervisory Authorities of the financial sector, which were established after the crisis, are regulatory agencies with strong powers. However, some of their competences are so strong, that it poses questions regarding the legal protection of the participants of the market. Moreover, the case-law related to their function seems to overwrite the accepted norms of delegation of competences within the institutional framework of the European Union.