I poteri quasi-normativi delle agenzie europee: le decisioni della European Securities and Markets Authority (ESMA)

The establishment of the European supervisory authorities in the financial markets (ESAs) after the 2008 economic crisis significantly changed not only the supervision of banks, insurance companies and funds, but also the system of European administrative governance. Among the ESAs, the European Securities and Markets Authority (ESMA) is a sort of supranational regulator that exercises considerable supervisory powers in the financial markets. Quasi-regulatory powers particularly confer on the Authority a key role in sector-specific regulation. By analysing the case of ESMA, this article aims at investigating how quasi-regulatory powers have contributed to innovating the system of governance by EU agencies. In doing this, it also highlights the problems triggered by the development of a new model of legality in the absence of a general theory framing the exercise of administrative powers with regulatory impact.