we will be based on two research questions which are listed below:
-First question : What are the major challenges faced in implementing effective judicial review of ECB penalties? Evaluating whether publishing information would result in excessive harm to the party making the request is confined to determining the potential outcomes of publication. This assessment does not revisit the factors that were previously considered when determining the appropriateness of a penalty. Specific emphasis will be given for instance about the proportionality and whether it is respected in cases of publications of the sanctions by examining also the relevant case law. Another major challenge is about the reasonable time of the decisions together with the right to be heard. Financial decisions often carry time-sensitive consequences. Prolonged delays in the judicial review process can affect the efficacy of penalties and the stability of financial markets. Another issue regarding the implementation of the judicial review, is the appearance of fresh developments following the disputed decision or the emergence of new information during the review procedure. Taking into account the case law (e.g. the Versobank case) this procedure will be analysed and evaluated. -Second question: What improvements or reforms could enhance the process of judicial review? To define this question more precisely, I would like to stand to some examples. For instance, by trying to establish a common system regarding the implementation of penalties by the ECB across the European Union (EU) member nations could be a step of improvement for the whole system. Moreover, creating dedicated judicial panels or divisions within current court systems, staffed with experts in financial and regulatory affairs, would improve the procedure for financial institutions by guaranteeing that judges possess a profound comprehension of the intricate matters at hand. In addition to this, precisely outlining the conditions and benchmarks that trigger ECB penalties would improve the process for financial institutions by minimizing uncertainty and providing them with a better grasp of the explicit regulatory requirements. The potential reforms hold significance for all parties involved. The ECB stands to gain from a review process that is both more efficient and transparent, which can bolster the credibility of its regulatory decisions. Financial institutions would profit from a review process characterized by fairness and timeliness, affording them the opportunity to rectify any unjust penalties. The judiciary would benefit from well-defined legal frameworks and access to specialized knowledge. Finally, the EU financial system as a whole, would reap rewards from a regulatory environment that is more uniform and predictable, ultimately fostering stability and facilitating growth.
Originality in writing is required and a plagiarism check is performed. Further instructions will be given in the communication with the writer