Regulatory networks constitute a central role in the multi-level governance system of the EU and beyond. Much has been written on their emergence and their functioning. Less is known about the influence regulatory networks have on the process of regulatory policymaking process. In this paper we examine the influence of the Committee of European Securities Regulators (2002-2010) in the field of financial regulation. Using quantitative text-analysis techniques, we compare the technical advices of CESR and the comments of stakeholders in the policy process with the final formal decisions of the European Commission.
