The Powers of the ESMA in Case of Breach of European Union Law : The Particular Case of Breaching the 'Non Bis in Idem' Principle

The ESMA has the power under Article 17 of its statutory Regulation to investigate and take further action concerning the failure of a national competent authority to comply with its obligations under the legislation referred to in Article 1(2) of that Regulation and in general if it has not correctly implemented or applied EU law. The detailed rules on the application of this Article are laid down in the relevant ESMA's Rules of Procedure.The present study analyses Article 17 of the ESMA Regulation (Section I) and the Rules of Procedure (Section II), in particular with regard to the violation of the ne bis in idem principle in respect of legal acts covered by Article 1(2) of the ESMA Regulation