ABSTRACT
In financial law, ends mark a beginning, as will be seen when charting the evolution of any legislation relating to banking and finance in general, that is, the European Union (EU) legislative framework which regulates banking activity, credit institutions and financial markets. For instance, a pertinent illustration of the above dictum can be found in the wake of the great depression when the US responded by devising and implementing robust legislation on the financial markets as a riposte to the collapse of the stock markets in 1929. First and foremost, binding legislation is adopted by the EU in order to fulfill a specific function in the development of the Union law, which means, in a nutshell, that the legislation must demonstrate a legal basis and fall within the scope of the EU treaties. Accordingly, the norms of each regulation are identical across the spectrum of member states, given the lack of discretion afforded to them.
