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Over the past two decades, the Member States have seen many different market regulators being set up under the influence of European law. Market liberalization has resulted in regulatory authorities being created for the purposes of monitoring the liberalization process and promoting competition. These play a key role in implementing and enforcing European rules. Although the work of these national regulatory authorities is based on the principles of institutional and procedural autonomy, European law has a major impact on their activities and how they operate. This 'Europeanization' is multifaceted and does not always manifest itself in the same way in the various regulatory authorities. In addition to the influence of European law at a national level (level 1), various European networks of national regulators (level 2) have also been set up over the years, and these are playing a role in the further harmonization, implementation, and enforcement of European law. A recent development has been the establishment of European regulatory authorities (level 3) alongside the national regulatory authorities and to which are being assigned European powers. These three different levels make the European regulatory landscape highly complex. An institutional structure for coordination has been created, as a result of which a mixed administration, with national and European elements, is now in operation. This article analyses this three-layered legal order in the area of market supervision.

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