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Papers by Nikolai Badenhoop
European Review of Contract Law
Loans with variable interest rates indexed to foreign currencies carry a double risk for borrower... more Loans with variable interest rates indexed to foreign currencies carry a double risk for borrowers: a rise of interest rates and an adverse development in the exchange rate. While they therefore could have been forbidden for consumer credit, they are allowed both at EU and (most) national levels. Consumer credit arrangements indexed to foreign currencies that were legal in principle have raised enormous problems when they occurred in large numbers in Eastern and Central European countries and reference was not directly written into the terms (like in Romania), but could change with additional discretionary decisions (such as in Poland and Croatia). While Croatia has introduced special legislation to cure the overall problem, Polish cases are potentially not only causing a systemic risk for the2 whole banking system, but abundantly are the subject of CJEU case law. This triggers the core interest in contract law, namely an unheard-of relevance in EU law of general and more specific q...
Social Science Research Network, 2023
Das europäische Recht der laufenden Bankaufsicht bezweckt neben dem Systemschutz zunehmend auch d... more Das europäische Recht der laufenden Bankaufsicht bezweckt neben dem Systemschutz zunehmend auch den Schutz individualisierbarer Kundengruppen, insbesondere der Einleger, Anleger und Verbraucher. Derzeit werden diese vor allem durch öffentlich-rechtliche Instrumente wie die Bankaufsicht der BaFin und EZB oder die gesetzliche Einlagensicherung geschützt, während ein privatrechtlicher Schutz nur punktuell besteht. In Anlehnung an die unionsrechtlichen Modelle des Wettbewerbs- und Kapitalmarktrechts untersucht Nikolai Badenhoop, ob und wie bankaufsichtsrechtliche Ziele und Pflichten mit Mitteln des Privatrechts durchgesetzt werden können. Das aufsichtsrechtliche Systemschutzziel beeinflusst durch die Pflicht zum Risikomanagement vor allem das Gesellschaftsrecht. Das Individualschutzziel spielt für die Vertragsauslegung und Schadensersatzansprüche im Kundenkontakt eine besondere Rolle. Da das europäische Bankaufsichtsrecht flächendeckend Individualschutzziele verfolgt, plädiert der Autor für eine unionsrechtskonforme Auslegung des Vertrags- und Deliktsrechts und damit für eine stärkere privatrechtliche Durchsetzung.
SSRN Electronic Journal, 2019
Recent case law on the scope of professional secrecy for the supervisory authorities in the finan... more Recent case law on the scope of professional secrecy for the supervisory authorities in the financial sector and on the measure of openness of their files highlights the lack of coordination among the silos of supervision and the absence of clear and uniform professional secrecy rules across the financial sector. The introduction of the Single Supervisory Mechanism (SSM) makes this situation more acute: notwithstanding a centralised system of banking supervision, different approaches may exist in respect of access to files, even when based on EU legislation. This contribution addresses the accountability of supervisory authorities and, notably the European Central Bank (ECB), from the perspective of access to supervisory files, as a prelude to possible follow-up proceedings for failing supervision. Recent judgments in the Altmann, Baumeister, Buccioni, and UBS Europe cases slowly move the case law on supervisory secrecy towards more openness, long after Hillegom/Hillenius (1984). The judgments lead us to wonder whether the absence of legislative coordination and questionable drafting is being remedied by the judiciary. The variety of legislative provisions and relevant recent case law form the backdrop of our proposal to adopt a Regulation on professional secrecy for supervisory authorities in the financial sector, which would institute a single standard that is directly applicable across Member States and supervisory authorities.
European Review of Contract Law, 2017
Revista Brasileira de Direitos Fundamentais & Justiça, 2011
Neste artigo, serão analisadas as normas jurídicas relativas à pesquisa da clonagem à luz do prin... more Neste artigo, serão analisadas as normas jurídicas relativas à pesquisa da clonagem à luz do princípio constitucional da dignidade humana. Também se fará brevemente uma exposição sobre o seu contexto biológico, necessária para que se possa aprofundar a discussão política e jurídica, sobretudo, tendo em vista a posição do Parlamento Alemão e as visões de Horst Dreier e de Ernst-Wolfgang Böckenförde. Isso vai possibilitar, ao final, chegar a uma conclusão de caráter prospectivo sobre a pesquisa relativa à clonagem na Alemanha.
Private law remedies are an increasingly important tool in EU law to enforce its regulatory goals... more Private law remedies are an increasingly important tool in EU law to enforce its regulatory goals, which is particularly evident in the areas of competition law and capital markets law. In contrast, private enforcement of banking regulation only plays a limited role so far. This is astonishing given that the protection of individual bank customers appears to be a fil conducteur in EU banking regulation. CRD IV and CRR as the main legislative acts of banking regulation strongly promote the goals of depositor and investor protection. More explicitly, the Consumer Credit Directive and the Consumer Mortgage Credit Directive introduced the duty of responsible lending towards consumers. Both the individual protection goals and the duty of responsible lending mirror the importance of private enforcement in other regulatory areas of EU law for banking regulation. In the absence of clear ECJ guidance, this contribution argues that the current EU banking regulation is open for and even requir...
European Review of Contract Law
EU regulation both affects private law and increasingly relies on private law mechanisms to ensur... more EU regulation both affects private law and increasingly relies on private law mechanisms to ensure its proper enforcement. Prominent examples are competition and capital markets regulation. In contrast, EU prudential regulation of commercial banking predominantly relies on public enforcement via supervisory authorities. This is astonishing given that the protection of individual bank customers emerges as a leitmotiv of EU banking regulation. CRD IV and CRR as the main legislative acts of EU commercial banking regulation strongly promote the goals of depositor and investor protection. More explicitly, the Consumer Credit Directive and the Consumer Mortgage Credit Directive introduced the duty of responsible lending towards consumers. Where the individual bank customer enjoys regulatory attention, but is not protected by public supervisory authorities, private law is best placed to fill the enforcement gap. In light of CJEU guidance, this contribution argues that the current EU bankin...
European Business Organization Law Review, 2018
This article focuses on the consequences Brexit will have for cross-border financial services bet... more This article focuses on the consequences Brexit will have for cross-border financial services between the EU and the UK after a possible transition period. In light of the uncertain results of Brexit negotiations, we analyse the future regulatory framework for commercial banking and clearing services in two scenarios. In the first scenario, the EU and the UK do not agree on a free trade agreement (FTA) so that market access will depend on unilateral market access provisions (no deal scenario). This would probably cause serious market disruptions because financial services providers on both sides would lose their privileged passporting rights and be treated as third country providers. In order to avoid this, the EU and the UK can enter an FTA (deal scenario). As to this second scenario, the article discusses five models for an FTA regarding financial services ranging from no access to full access and corresponding to divergent degrees of regulatory alignment. The analysis of both scenarios considers the boundaries set by the GATS on an international level. With regard to a possible FTA granting mutual market access for financial services, we develop a margin for modelling an FTA between the legal limitations of the GATS and the legal-political limitations of the EU-EEA market integration.
European Review of Contract Law, 2017
European Business Organization Law Review, 2018
This article focuses on the consequences Brexit will have for cross-border financial services bet... more This article focuses on the consequences Brexit will have for cross-border financial services between the EU and the UK after a possible transition period. In light of the uncertain results of Brexit negotiations, we analyse the future regulatory framework for commercial banking and clearing services in two scenarios. In the first scenario, the EU and the UK do not agree on a free trade agreement (FTA) so that market access will depend on unilateral market access provisions (no deal scenario). This would probably cause serious market disruptions because financial services providers on both sides would lose their privileged passporting rights and be treated as third country providers. In order to avoid this, the EU and the UK can enter an FTA (deal scenario). As to this second scenario, the article discusses five models for an FTA regarding financial services ranging from no access to full access and corresponding to divergent degrees of regulatory alignment. The analysis of both scenarios considers the boundaries set by the GATS on an international level. With regard to a possible FTA granting mutual market access for financial services, we develop a margin for modelling an FTA between the legal limitations of the GATS and the legal-political limitations of the EU-EEA market integration.
European Law Review, 2019
Recent case law on the scope of professional secrecy for the supervisory authorities of the finan... more Recent case law on the scope of professional secrecy for the supervisory authorities of the financial sector and on the measure of openness of their files highlights the lack of co-ordination among the silos of supervision and the absence of clear and uniform professional secrecy rules across the financial sector. The introduction of the Single Supervisory Mechanism (SSM) makes this situation more acute: notwithstanding a centralised system of banking supervision, different approaches may exist in respect of access to files, even when based on EU legislation. This contribution addresses the accountability of supervisory authorities and, notably the European Central Bank (ECB), from the perspective of access to supervisory files, as a prelude to possible follow-up proceedings for failing supervision. Recent judgments in the Altmann, Baumeister, Buccioni and UBS Europe cases slowly move the case law on supervisory secrecy towards more openness, long after Hillegom v Hillenius (1984). The judgments make us wonder whether the absence of legislative co-ordination and questionable drafting is being remedied by the judiciary. The variety of legislative provisions and relevant recent case law form the backdrop of our proposal to adopt a Regulation on professional secrecy for supervisory authorities in the financial sector, which would institute a single standard directly applicable across Member States and supervisory authorities.
Direitos Fundamentais & Justiça, v. 17, 227-243., 2011
Books by Nikolai Badenhoop
Schriften zum Unternehmens- und Kapitalmarktrecht, Mohr Siebeck, 2020
Das europäische Recht der laufenden Bankaufsicht bezweckt neben dem Systemschutz zunehmend auch d... more Das europäische Recht der laufenden Bankaufsicht bezweckt neben dem Systemschutz zunehmend auch den Schutz individualisierbarer Kundengruppen, insbesondere der Einleger, Anleger und Verbraucher. Derzeit werden diese vor allem durch öffentlich-rechtliche Instrumente wie die Bankaufsicht der BaFin und EZB oder die gesetzliche Einlagensicherung geschützt, während ein privatrechtlicher Schutz nur punktuell besteht. In Anlehnung an die unionsrechtlichen Modelle des Wettbewerbs- und Kapitalmarktrechts untersucht Nikolai Badenhoop, ob und wie bankaufsichtsrechtliche Ziele und Pflichten mit Mitteln des Privatrechts durchgesetzt werden können. Das aufsichtsrechtliche Systemschutzziel beeinflusst durch die Pflicht zum Risikomanagement vor allem das Gesellschaftsrecht. Das Individualschutzziel spielt für die Vertragsauslegung und Schadensersatzansprüche im Kundenkontakt eine besondere Rolle. Da das europäische Bankaufsichtsrecht flächendeckend Individualschutzziele verfolgt, plädiert der Autor für eine unionsrechtskonforme Auslegung des Vertrags- und Deliktsrechts und damit für eine stärkere privatrechtliche Durchsetzung.
European Review of Contract Law
Loans with variable interest rates indexed to foreign currencies carry a double risk for borrower... more Loans with variable interest rates indexed to foreign currencies carry a double risk for borrowers: a rise of interest rates and an adverse development in the exchange rate. While they therefore could have been forbidden for consumer credit, they are allowed both at EU and (most) national levels. Consumer credit arrangements indexed to foreign currencies that were legal in principle have raised enormous problems when they occurred in large numbers in Eastern and Central European countries and reference was not directly written into the terms (like in Romania), but could change with additional discretionary decisions (such as in Poland and Croatia). While Croatia has introduced special legislation to cure the overall problem, Polish cases are potentially not only causing a systemic risk for the2 whole banking system, but abundantly are the subject of CJEU case law. This triggers the core interest in contract law, namely an unheard-of relevance in EU law of general and more specific q...
Social Science Research Network, 2023
Das europäische Recht der laufenden Bankaufsicht bezweckt neben dem Systemschutz zunehmend auch d... more Das europäische Recht der laufenden Bankaufsicht bezweckt neben dem Systemschutz zunehmend auch den Schutz individualisierbarer Kundengruppen, insbesondere der Einleger, Anleger und Verbraucher. Derzeit werden diese vor allem durch öffentlich-rechtliche Instrumente wie die Bankaufsicht der BaFin und EZB oder die gesetzliche Einlagensicherung geschützt, während ein privatrechtlicher Schutz nur punktuell besteht. In Anlehnung an die unionsrechtlichen Modelle des Wettbewerbs- und Kapitalmarktrechts untersucht Nikolai Badenhoop, ob und wie bankaufsichtsrechtliche Ziele und Pflichten mit Mitteln des Privatrechts durchgesetzt werden können. Das aufsichtsrechtliche Systemschutzziel beeinflusst durch die Pflicht zum Risikomanagement vor allem das Gesellschaftsrecht. Das Individualschutzziel spielt für die Vertragsauslegung und Schadensersatzansprüche im Kundenkontakt eine besondere Rolle. Da das europäische Bankaufsichtsrecht flächendeckend Individualschutzziele verfolgt, plädiert der Autor für eine unionsrechtskonforme Auslegung des Vertrags- und Deliktsrechts und damit für eine stärkere privatrechtliche Durchsetzung.
SSRN Electronic Journal, 2019
Recent case law on the scope of professional secrecy for the supervisory authorities in the finan... more Recent case law on the scope of professional secrecy for the supervisory authorities in the financial sector and on the measure of openness of their files highlights the lack of coordination among the silos of supervision and the absence of clear and uniform professional secrecy rules across the financial sector. The introduction of the Single Supervisory Mechanism (SSM) makes this situation more acute: notwithstanding a centralised system of banking supervision, different approaches may exist in respect of access to files, even when based on EU legislation. This contribution addresses the accountability of supervisory authorities and, notably the European Central Bank (ECB), from the perspective of access to supervisory files, as a prelude to possible follow-up proceedings for failing supervision. Recent judgments in the Altmann, Baumeister, Buccioni, and UBS Europe cases slowly move the case law on supervisory secrecy towards more openness, long after Hillegom/Hillenius (1984). The judgments lead us to wonder whether the absence of legislative coordination and questionable drafting is being remedied by the judiciary. The variety of legislative provisions and relevant recent case law form the backdrop of our proposal to adopt a Regulation on professional secrecy for supervisory authorities in the financial sector, which would institute a single standard that is directly applicable across Member States and supervisory authorities.
European Review of Contract Law, 2017
Revista Brasileira de Direitos Fundamentais & Justiça, 2011
Neste artigo, serão analisadas as normas jurídicas relativas à pesquisa da clonagem à luz do prin... more Neste artigo, serão analisadas as normas jurídicas relativas à pesquisa da clonagem à luz do princípio constitucional da dignidade humana. Também se fará brevemente uma exposição sobre o seu contexto biológico, necessária para que se possa aprofundar a discussão política e jurídica, sobretudo, tendo em vista a posição do Parlamento Alemão e as visões de Horst Dreier e de Ernst-Wolfgang Böckenförde. Isso vai possibilitar, ao final, chegar a uma conclusão de caráter prospectivo sobre a pesquisa relativa à clonagem na Alemanha.
Private law remedies are an increasingly important tool in EU law to enforce its regulatory goals... more Private law remedies are an increasingly important tool in EU law to enforce its regulatory goals, which is particularly evident in the areas of competition law and capital markets law. In contrast, private enforcement of banking regulation only plays a limited role so far. This is astonishing given that the protection of individual bank customers appears to be a fil conducteur in EU banking regulation. CRD IV and CRR as the main legislative acts of banking regulation strongly promote the goals of depositor and investor protection. More explicitly, the Consumer Credit Directive and the Consumer Mortgage Credit Directive introduced the duty of responsible lending towards consumers. Both the individual protection goals and the duty of responsible lending mirror the importance of private enforcement in other regulatory areas of EU law for banking regulation. In the absence of clear ECJ guidance, this contribution argues that the current EU banking regulation is open for and even requir...
European Review of Contract Law
EU regulation both affects private law and increasingly relies on private law mechanisms to ensur... more EU regulation both affects private law and increasingly relies on private law mechanisms to ensure its proper enforcement. Prominent examples are competition and capital markets regulation. In contrast, EU prudential regulation of commercial banking predominantly relies on public enforcement via supervisory authorities. This is astonishing given that the protection of individual bank customers emerges as a leitmotiv of EU banking regulation. CRD IV and CRR as the main legislative acts of EU commercial banking regulation strongly promote the goals of depositor and investor protection. More explicitly, the Consumer Credit Directive and the Consumer Mortgage Credit Directive introduced the duty of responsible lending towards consumers. Where the individual bank customer enjoys regulatory attention, but is not protected by public supervisory authorities, private law is best placed to fill the enforcement gap. In light of CJEU guidance, this contribution argues that the current EU bankin...
European Business Organization Law Review, 2018
This article focuses on the consequences Brexit will have for cross-border financial services bet... more This article focuses on the consequences Brexit will have for cross-border financial services between the EU and the UK after a possible transition period. In light of the uncertain results of Brexit negotiations, we analyse the future regulatory framework for commercial banking and clearing services in two scenarios. In the first scenario, the EU and the UK do not agree on a free trade agreement (FTA) so that market access will depend on unilateral market access provisions (no deal scenario). This would probably cause serious market disruptions because financial services providers on both sides would lose their privileged passporting rights and be treated as third country providers. In order to avoid this, the EU and the UK can enter an FTA (deal scenario). As to this second scenario, the article discusses five models for an FTA regarding financial services ranging from no access to full access and corresponding to divergent degrees of regulatory alignment. The analysis of both scenarios considers the boundaries set by the GATS on an international level. With regard to a possible FTA granting mutual market access for financial services, we develop a margin for modelling an FTA between the legal limitations of the GATS and the legal-political limitations of the EU-EEA market integration.
European Review of Contract Law, 2017
European Business Organization Law Review, 2018
This article focuses on the consequences Brexit will have for cross-border financial services bet... more This article focuses on the consequences Brexit will have for cross-border financial services between the EU and the UK after a possible transition period. In light of the uncertain results of Brexit negotiations, we analyse the future regulatory framework for commercial banking and clearing services in two scenarios. In the first scenario, the EU and the UK do not agree on a free trade agreement (FTA) so that market access will depend on unilateral market access provisions (no deal scenario). This would probably cause serious market disruptions because financial services providers on both sides would lose their privileged passporting rights and be treated as third country providers. In order to avoid this, the EU and the UK can enter an FTA (deal scenario). As to this second scenario, the article discusses five models for an FTA regarding financial services ranging from no access to full access and corresponding to divergent degrees of regulatory alignment. The analysis of both scenarios considers the boundaries set by the GATS on an international level. With regard to a possible FTA granting mutual market access for financial services, we develop a margin for modelling an FTA between the legal limitations of the GATS and the legal-political limitations of the EU-EEA market integration.
European Law Review, 2019
Recent case law on the scope of professional secrecy for the supervisory authorities of the finan... more Recent case law on the scope of professional secrecy for the supervisory authorities of the financial sector and on the measure of openness of their files highlights the lack of co-ordination among the silos of supervision and the absence of clear and uniform professional secrecy rules across the financial sector. The introduction of the Single Supervisory Mechanism (SSM) makes this situation more acute: notwithstanding a centralised system of banking supervision, different approaches may exist in respect of access to files, even when based on EU legislation. This contribution addresses the accountability of supervisory authorities and, notably the European Central Bank (ECB), from the perspective of access to supervisory files, as a prelude to possible follow-up proceedings for failing supervision. Recent judgments in the Altmann, Baumeister, Buccioni and UBS Europe cases slowly move the case law on supervisory secrecy towards more openness, long after Hillegom v Hillenius (1984). The judgments make us wonder whether the absence of legislative co-ordination and questionable drafting is being remedied by the judiciary. The variety of legislative provisions and relevant recent case law form the backdrop of our proposal to adopt a Regulation on professional secrecy for supervisory authorities in the financial sector, which would institute a single standard directly applicable across Member States and supervisory authorities.
Direitos Fundamentais & Justiça, v. 17, 227-243., 2011
Schriften zum Unternehmens- und Kapitalmarktrecht, Mohr Siebeck, 2020
Das europäische Recht der laufenden Bankaufsicht bezweckt neben dem Systemschutz zunehmend auch d... more Das europäische Recht der laufenden Bankaufsicht bezweckt neben dem Systemschutz zunehmend auch den Schutz individualisierbarer Kundengruppen, insbesondere der Einleger, Anleger und Verbraucher. Derzeit werden diese vor allem durch öffentlich-rechtliche Instrumente wie die Bankaufsicht der BaFin und EZB oder die gesetzliche Einlagensicherung geschützt, während ein privatrechtlicher Schutz nur punktuell besteht. In Anlehnung an die unionsrechtlichen Modelle des Wettbewerbs- und Kapitalmarktrechts untersucht Nikolai Badenhoop, ob und wie bankaufsichtsrechtliche Ziele und Pflichten mit Mitteln des Privatrechts durchgesetzt werden können. Das aufsichtsrechtliche Systemschutzziel beeinflusst durch die Pflicht zum Risikomanagement vor allem das Gesellschaftsrecht. Das Individualschutzziel spielt für die Vertragsauslegung und Schadensersatzansprüche im Kundenkontakt eine besondere Rolle. Da das europäische Bankaufsichtsrecht flächendeckend Individualschutzziele verfolgt, plädiert der Autor für eine unionsrechtskonforme Auslegung des Vertrags- und Deliktsrechts und damit für eine stärkere privatrechtliche Durchsetzung.