2 July 2021

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Disarray at the EU Banking Authority

by The Good Lobby

The Good Lobby has assisted the Change Finance Coalition to boost their campaigns to uphold the independence of the European Banking Authority (EBA) by stopping alleged conflict of interests across the Institution. 

 

Change Finance is a network of non-profit organizations and activists from more than 67 countries, building a consistent and compelling story about why finance needs to change in order to accommodate the big social, economic, and environmental challenges of our time.

Back in 2020,  the Change Finance Coalition filed a complaint to the EU Ombudsman as it reported to have found maladministration in moves from the EBA to a big financial interest group in Brussels, exposing the risk of undermining the independence of the institution.

After an inquiry, the Coalition’s complaint eventually led to a rebuke by the Ombudsman. However, since then, Change Finance has been highlighting how loopholes to bypass the rules governing the EBA still can allow revolving door moves to happen. Equally, the EBA is no stranger to accusations of conflict of interests, confirming the relevance of a coalition like Change Finance to exist. 

Jana Leutner, pro bono volunteer at Change Finance, approached The Good Lobby for a pro bono legal analysis on the regulations applicable to conflict of interest within the European Banking Authority and the European Commission. In a complex institutional framework, her request was crucial to have a clear legal overview to fearlessly push forward their mission. 

The Good Lobby was happy to assist Jana with a pro bono legal analysis by matching Change Finance with Javier Sánchez Moro, a brilliant lawyer from Spain with a strong background in European law.

 

 

 

The Case

 

Thanks to Javier and The Good Lobby, Change Finance received greater exposure to legal notions concerning regulations on revolving doors and conflict of interests in the European Banking Authority.  Specifically, Change Finance asked Javier for his support in solving an alleged normative conflict and received a clear overview of the applicable rules to prevent maladministration within the Institution.   

 

 

 

The Outcome

 

Although the legal assistance proved that the issues at stake were more political than legal, the pro bono assistance from TGL Clearinghouse to Change Finance ensured fundamental preparedness for a meeting with the Commission. It also proved useful to redirect their energy and focus on exercising political pressure towards the European institution in question.
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