Op-Ed: “Upholding Romano, eroding Meroni: the ruling of the Court of Justice in FBF” by Nathan de Arriba Sellier

A challenge against soft law, a national court asking questions about the annulment procedure, a legal requirement lacking any binding effect, measures relying on unrelated legal bases… at first glance, the FBF judgment of the European Court of Justice of 15 July 2021 (C-911/19) looks like a cabinet of oddities.

This case begins in March 2016 with the issuance of Guidelines on product oversight and governance for banking retail products by the European Banking Authority (EBA). The EBA is one of the three European Supervisory Authorities (ESAs) established in the wake of the Global Financial Crisis by the similarly worded ESA Regulations to ensure consistent application of the law and supervisory coordination. In 2014, the ESMA jud