Judicial Protection Against EU Financial Supervisory Authorities in the Wake of Regulatory Reform

The EU recently established new supranational financial supervision authorities — ESAs — capable of adopting binding supervisory decisions. The upgraded regulatory framework also inaugurated judicial review by a newly established Board of Appeal and the Court of Justice against these authorities' decisions. This article analyses these review mechanisms in the light of the overall regulatory reform framework and assesses the extent to which they present a complete system of legal control against ESA actions. It will be argued that the ESA judicial review system leaves particular gaps and inconsistencies that threaten the completeness of legal control. This contribution therefore suggests alternative solutions to remedy these shortcomings. In so doing, it more generally explores various pathways to render judicial protection against EU regulatory bodies more complete