Europäische Regulierungsagenturen

This study focuses on the legal protection of non-state actors against binding decisions made by regulatory agencies. For this reason, its author considers the question of the democratic legitimacy of regulatory agencies from the perspective of a non-state actor. In this context, the ESMA ruling by the European Court of Justice is of particular significance in analysing the shift in institutional balance. Not only does this study examine and assess all initiatives and efforts to create a common concept for regulatory agencies that also ensures coherence, efficiency, accountability and transparency, but it also analyses the quality and effectiveness of the legal protection available from the perspective of a non-state actor while bearing their fundamental rights in mind. Moreover, it evaluates the flaws in current legal protection in this respect and makes suggestions for improvements.