Archive Issue
International Interdisciplinary Scientific Journal "Expert"
Volume 2, Issue 1 (2025)
Language of the original article: English
ABSTRACT. This article analyzes sustainability-related financial regulation in the European Union as a density-driven administrative governance framework that expands procedural obligations and supervisory discretion within financial law. Moving beyond conventional interpretations, it conceptualizes Regulation (EU) 2019/2088 (SFDR), Regulation (EU) 2020/852 (Taxonomy Regulation), and Directive (EU) 2022/2464 (CSRD) as structural instruments of regulatory density rather than policy-oriented measures. Through layered disclosure requirements, delegated technical standards, assurance mechanisms, and supervisory integration, these instruments reshape the architecture of financial administrative law across Member States. Using a structured comparative administrative-law methodology, the article examines how Bulgaria and Poland mediate regulatory density through their institutional configurations. The findings demonstrate that harmonized EU norms produce differentiated enforcement outcomes depending on supervisory integration, administrative coordination, and institutional capacity. The article advances the Regulatory Density Governance Model (RDGM) to explain how normative layering and procedural expansion interact with decentralized enforcement in the EU legal order.
Keywords: EU financial regulation; administrative law; supervisory discretion; regulatory density; compliance governance; enforcement asymmetry; Bulgaria; Poland.
2. Chiti, E., & Recine, F. (2018). The Single Supervisory Mechanism in action: Institutional adjustment and the reinforcement of the ECB position. European Public Law, 24(1), 101–124. https://doi.org/10.54648/euro2018006
3. European Banking Authority. (2022). Final draft implementing technical standards on prudential disclosures on ESG risks in accordance with Article 449a CRR. Available at: https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-binding-standards-pillar-3-disclosures-esg
4. European Commission. (2019). Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. Official Journal of the European Union, L 317, 1–16. https://eur-lex.europa.eu/eli/reg/2019/2088/oj
5. European Commission. (2020). Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment. Official Journal of the European Union, L 198, 13–43. https://eur-lex.europa.eu/eli/reg/2020/852/oj
6. European Commission. (2022). Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 as regards corporate sustainability reporting. Official Journal of the European Union, L 322, 15–80. https://eur-lex.europa.eu/eli/dir/2022/2464/oj
7. Busch, D., Ferrarini, G., & Grünewald, S. (Eds.). (2024). Sustainable finance in Europe: Corporate governance, financial stability and financial markets (2nd ed.). Palgrave Macmillan. https://doi.org/10.1007/978-3-031-53696-0
8. Frankiewicz, P. (2024). The impact of administrative and legal mechanisms on the stability and adaptation of the financial systems of EU countries: A comparative analysis of Poland and Bulgaria. International Interdisciplinary Scientific Journal “Expert”, 1(5), 56–73. https://doi.org/10.62034/2815-5300/2024-v1-i5-005
9. Moloney, N. (2021). EU securities and financial markets regulation (4th ed.). Oxford University Press. Available at: https://global.oup.com/academic/product/eu-securities-and-financial-markets-regulation-9780198953562
10. Odobaša, R., & Maroševi, K. (2023). Expected contributions of the European Corporate Sustainability Reporting Directive (CSRD) to the sustainable development of the European Union. EU and Comparative Law Issues and Challenges Series (ECLIC), 7, 593–612. Available at: https://ojs.srce.hr/index.php/eclic/article/view/27463/14199
ABSTRACT. This article analyzes sustainability-related financial regulation in the European Union as a density-driven administrative governance framework that expands procedural obligations and supervisory discretion within financial law. Moving beyond conventional interpretations, it conceptualizes Regulation (EU) 2019/2088 (SFDR), Regulation (EU) 2020/852 (Taxonomy Regulation), and Directive (EU) 2022/2464 (CSRD) as structural instruments of regulatory density rather than policy-oriented measures. Through layered disclosure requirements, delegated technical standards, assurance mechanisms, and supervisory integration, these instruments reshape the architecture of financial administrative law across Member States. Using a structured comparative administrative-law methodology, the article examines how Bulgaria and Poland mediate regulatory density through their institutional configurations. The findings demonstrate that harmonized EU norms produce differentiated enforcement outcomes depending on supervisory integration, administrative coordination, and institutional capacity. The article advances the Regulatory Density Governance Model (RDGM) to explain how normative layering and procedural expansion interact with decentralized enforcement in the EU legal order.
Keywords: EU financial regulation; administrative law; supervisory discretion; regulatory density; compliance governance; enforcement asymmetry; Bulgaria; Poland.
References
1. Avgouleas, E., & Goodhart, C. (2015). Critical reflections on bank bail-ins. Journal of Financial Regulation, 1(1), 3–29. https://doi.org/10.1093/jfr/fju009
2. Chiti, E., & Recine, F. (2018). The Single Supervisory Mechanism in action: Institutional adjustment and the reinforcement of the ECB position. European Public Law, 24(1), 101–124. https://doi.org/10.54648/euro2018006
3. European Banking Authority. (2022). Final draft implementing technical standards on prudential disclosures on ESG risks in accordance with Article 449a CRR. Available at: https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-binding-standards-pillar-3-disclosures-esg
4. European Commission. (2019). Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. Official Journal of the European Union, L 317, 1–16. https://eur-lex.europa.eu/eli/reg/2019/2088/oj
5. European Commission. (2020). Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment. Official Journal of the European Union, L 198, 13–43. https://eur-lex.europa.eu/eli/reg/2020/852/oj
6. European Commission. (2022). Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 as regards corporate sustainability reporting. Official Journal of the European Union, L 322, 15–80. https://eur-lex.europa.eu/eli/dir/2022/2464/oj
7. Busch, D., Ferrarini, G., & Grünewald, S. (Eds.). (2024). Sustainable finance in Europe: Corporate governance, financial stability and financial markets (2nd ed.). Palgrave Macmillan. https://doi.org/10.1007/978-3-031-53696-0
8. Frankiewicz, P. (2024). The impact of administrative and legal mechanisms on the stability and adaptation of the financial systems of EU countries: A comparative analysis of Poland and Bulgaria. International Interdisciplinary Scientific Journal “Expert”, 1(5), 56–73. https://doi.org/10.62034/2815-5300/2024-v1-i5-005
9. Moloney, N. (2021). EU securities and financial markets regulation (4th ed.). Oxford University Press. Available at: https://global.oup.com/academic/product/eu-securities-and-financial-markets-regulation-9780198953562
10. Odobaša, R., & Maroševi, K. (2023). Expected contributions of the European Corporate Sustainability Reporting Directive (CSRD) to the sustainable development of the European Union. EU and Comparative Law Issues and Challenges Series (ECLIC), 7, 593–612. Available at: https://ojs.srce.hr/index.php/eclic/article/view/27463/14199
© 2025 The Author(s)
This work is licensed under the Creative Commons Attribution 4.0 International (CC BY 4.0).
Frankiewicz, P. (2025). LEGAL AND ADMINISTRATIVE ASPECTS OF APPLYING SUSTAINABILITY-RELATED FINANCIAL REGULATION IN THE EUROPEAN UNION: ADMINISTRATIVE DENSITY, SUPERVISORY DISCRETION, AND COMPARATIVE ENFORCEMENT ASYMMETRY IN BULGARIA AND POLAND. International Interdisciplinary Scientific Journal "Expert", 2(1), 96–108. https://doi.org/10.62034/2815-5300/2025-v2-i1-009
Citation Format APA
Frankiewicz, P. (2025). LEGAL AND ADMINISTRATIVE ASPECTS OF APPLYING SUSTAINABILITY-RELATED FINANCIAL REGULATION IN THE EUROPEAN UNION: ADMINISTRATIVE DENSITY, SUPERVISORY DISCRETION, AND COMPARATIVE ENFORCEMENT ASYMMETRY IN BULGARIA AND POLAND. International Interdisciplinary Scientific Journal "Expert", 2(1), 96–108. https://doi.org/10.62034/2815-5300/2025-v2-i1-009.
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