Publication

This commentary talks about the January 22, 2014 ruling by the European Court of Justice (ECJ) on the case concerning the European Securities and Markets Authority (ESMA). The authors suggest that this ruling is another step toward the 'mellowing' of the application of the 1956 Meroni doctrine, which defines the circumstances in which the EU can lawfully delegate power to subordinate agencies. They say that this mellowing is not a rejection of the principle of legitimate delegation, but is rather about finding a balance between this principle and that of establishing and ensuring the functioning of the internal market surrounded by legal conditions and guarantees.