EU의 금융규제 단일화에 관한 법적 쟁점과 단일 금융 감독체계와의 관계

Since September 30, 2015, the European Commission has announced and implemented the Action Plan on Building a Capital Markets Union which focuses on establishing a single capital market in the EU member countries as a key policy instrument in order to encourage employment, growth and investment. Although the United Kingdom disaffiliated itself from the EU on last June 24th (Brexit) and its negative impact on the globalization and cooperation of financial regulations and the EU’s policy for CMU, many experts prospect that, in 5 years, a few other countries have left an EU that, now more manageable and harmonious, is solidly anchored by a reinvigorated French—German—Italy partnership so that the smaller and more committed EU is able to better pursue the “ever closer union.” In this context, the EU’s CMU policy and try to establish a single regulatory foundation for member states’ financial system are still significant relevant. This article discusses the concept of the Single Rulebook as well as its interaction with the Single Supervisory Mechanism (SSM) from a legal perspective. It aims to provide a comprehensive overview of the scope of the Single Rulebook, with a specific focus on banking legislation. It further considers the application of the Single Rulebook, in particular by the European Central Bank (ECB) as part of the SSM, and flags potential challenges and possible solutions. Based on these findings the author considers that the further development of the Single Rulebook, both in terms of subject areas and granularity of rules, will make the operation of the SSM more efficient, while the operation of the SSM may also improve the content of the Single Rulebook.