Legitimationsdefizite und Kompetenzen der EIOPA im Lichte der Meroni-Rechtsprechung

The establishment of the European (Financial) Supervisory Authorities (ESA) represents a new peak in the process of agencification of the administration of the European Union. The European legislator has granted the newly founded European Insurance and Occupational Pensions Authority (EIOPA) numerous far-reaching powers in relation to national supervisory authorities and market participants. In this regard the question arises if the European Union was duly empowered by primary law to found this supervisory authority. It has, hitherto, also remained unclear if the extent of the powers entrusted to EIOPA is in conformity with other founding principles of European primary law and the case law of the ECJ.