Capital Markets Law and Compliance

The Implications of MiFID

Author: Paul Nelson

Publisher: Cambridge University Press

ISBN: 1139471228

Category: Law

Page: N.A

View: 2484

DOWNLOAD NOW »
The Markets in Financial Instruments Directive (MiFID) is a detailed re-writing of the regulation of capital markets. To the extent those rules permit, the Financial Services Authority (FSA) is also introducing high-level 'principles-based regulation'. In response to this, Paul Nelson presents practical guidance on the regulation of the capital markets, ranging from new issues and IPOs to investment banking, broker-dealing and asset management. All laws and rules relevant to the regulation of the capital markets are explained and put into context within the economic operation of markets, institutions and products, the European Single Market, the FSA's policies and objectives, the historical evolution of the regulations and the general civil and criminal law. Drawing on 30 years' experience as a practitioner, and referring to a vast range of supporting materials, the author provides an insightful analysis and critique of the rules, the rule makers and the institutions.

A Practical Guide to Private Equity Transactions

Author: Geoff Yates,Mike Hinchliffe

Publisher: Cambridge University Press

ISBN: 1139484192

Category: Law

Page: N.A

View: 2508

DOWNLOAD NOW »
This overview of a complex and often misunderstood subject takes the reader through the issues that are faced throughout the life cycle of a private equity investment, from the identification of an opportunity, through the various stages of the transaction and the lifetime of the investment, to the eventual exit by the investor. The analysis of key documentation and legal issues covers company law, employment law, pensions, taxation, debt funding and competition law, taking into account recent legal developments such as the Companies Act 2006, the recent emergence of private equity in the UK and the challenges faced by the industry as a result of the financial crisis.

Regulation of the EU Financial Markets

MiFID II and MiFIR

Author: Professor of Financial Law Danny Busch,Guido Ferrarini

Publisher: Oxford University Press, USA

ISBN: 9780198767671

Category:

Page: 768

View: 2336

DOWNLOAD NOW »
This book provides a comprehensive and expert examination of the Markets in Financial Instruments Directive II, which comes into force in January 2018 and will have a major impact on investment firms and financial markets. It offers detailed guidance on interpretation of MiFID II, its measure and aims which include: to increase transparency; better protect investors; reinforce confidence; address unregulated areas; and ensure that supervisors are granted adequate powers to fulfil their tasks. After a thorough overview of the various innovative features of the new legislative framework in comparison with the former MiFID, the book's chapters are grouped thematically to cover the following areas: general aspects; investment firms and investment services; trading; supervision and enforcement; and reform perspectives. Offering high-quality analysis of both the theoretical and practical aspects of MiFID II, this book is an essential guide to this major EU legislation. It brings together the expert opinions of leading practitioners and legal and economic scholars with access to practice, providing a variety of perspectives on the new regime and the likely effect of the increased regulation.

Electronic and Algorithmic Trading Technology

The Complete Guide

Author: Kendall Kim

Publisher: Academic Press

ISBN: 9780080548869

Category: Business & Economics

Page: 224

View: 9788

DOWNLOAD NOW »
Electronic and algorithmic trading has become part of a mainstream response to buy-side traders’ need to move large blocks of shares with minimum market impact in today’s complex institutional trading environment. This book illustrates an overview of key providers in the marketplace. With electronic trading platforms becoming increasingly sophisticated, more cost effective measures handling larger order flow is becoming a reality. The higher reliance on electronic trading has had profound implications for vendors and users of information and trading products. Broker dealers providing solutions through their products are facing changes in their business models such as: relationships with sellside customers, relationships with buyside customers, the importance of broker neutrality, the role of direct market access, and the relationship with prime brokers. Electronic and Algorithmic Trading Technology: The Complete Guide is the ultimate guide to managers, institutional investors, broker dealers, and software vendors to better understand innovative technologies that can cut transaction costs, eliminate human error, boost trading efficiency and supplement productivity. As economic and regulatory pressures are driving financial institutions to seek efficiency gains by improving the quality of software systems, firms are devoting increasing amounts of financial and human capital to maintaining their competitive edge. This book is written to aid the management and development of IT systems for financial institutions. Although the book focuses on the securities industry, its solution framework can be applied to satisfy complex automation requirements within very different sectors of financial services – from payments and cash management, to insurance and securities. Electronic and Algorithmic Trading: The Complete Guide is geared toward all levels of technology, investment management and the financial service professionals responsible for developing and implementing cutting-edge technology. It outlines a complete framework for successfully building a software system that provides the functionalities required by the business model. It is revolutionary as the first guide to cover everything from the technologies to how to evaluate tools to best practices for IT management. First book to address the hot topic of how systems can be designed to maximize the benefits of program and algorithmic trading Outlines a complete framework for developing a software system that meets the needs of the firm's business model Provides a robust system for making the build vs. buy decision based on business requirements

The Foundations and Future of Financial Regulation

Governance for Responsibility

Author: Mads Andenas,Iris H-Y Chiu

Publisher: Routledge

ISBN: 113504337X

Category: Law

Page: 544

View: 5558

DOWNLOAD NOW »
Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.

Market Abuse and Insider Dealing

Author: Barry Rider,Kern Alexander,Stuart Bazley,Jeffrey Bryant

Publisher: Bloomsbury Publishing

ISBN: 1780434952

Category: Law

Page: 414

View: 4174

DOWNLOAD NOW »
The nature of insider dealing and market abuse -- Insider dealing : the civil law -- The main offences of insider dealing - dealing on the basis of inside information -- The market abuse regime -- FSMA criminalo offences of market manipulation -- Fraud and financial crime -- Anti-money laundering and proceeds of crime -- Conflicts of interest -- Issuer disclosure and liability -- Information gathering -- Investigations -- Enforcement issues -- Compliance procedures and systems -- Personal liability of senior managers and compliance officers -- Control liability -- The impact of other laws : domestic and overseas

Principles of Financial Regulation

Author: Hogan Lovells Professor of Law and Finance John Armour,Associate Professor of Law and Finance and Academic Director of the Msc in Law and Finance Programme Dan Awrey,Paul Davies,Allen & Overy Professor of Corporate Law Luca Enriques,Richard Paul Richman Professor of Law Jeffrey N Gordon,Peter Moores Professor of Management Studies Colin Mayer,Professor of Corporate Finance Law Jennifer Payne

Publisher: Oxford University Press

ISBN: 0198786476

Category:

Page: 520

View: 1223

DOWNLOAD NOW »
The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

Research Handbook on the Regulation of Mutual Funds

Author: William A. Birdthistle,John Morley

Publisher: Edward Elgar Publishing

ISBN: 1784715050

Category: Business & Economics

Page: 480

View: 6659

DOWNLOAD NOW »
With fifty trillion in worldwide assets, the growth of mutual funds is a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials, and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds.This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds.

Regulating and Supervising European Financial Markets

More Risks than Achievements

Author: Mads Andenas,Gudula Deipenbrock

Publisher: Springer

ISBN: 3319321749

Category: Law

Page: 437

View: 9187

DOWNLOAD NOW »
The book analyses the institutions of the European financial market supervision and the challenges of financial markets. The current European supervisory structure for financial markets represents a major development in European supervisory history. Its operation however has to be explored and analysed critically. Has it gone far enough to provide a sufficiently comprehensive and resilient system to reduce or mitigate systemic risks and handle financial crises? Some claim it has gone too far already. Fresh and rigorous critical legal and economic analysis from an independent scholarly perspective are needed to assess whether the institutional design of the European supervisory architecture has proved itself to be an efficient and effective model. This book discusses many dimensions of the structure and workings of the European system from various angles providing different dimensions. The book makes an important contribution to the limited literature on financial market supervision./div

It's All One Case

The Illustrated Ross Macdonald Archives

Author: Paul Nelson,Kevin Avery

Publisher: Fantagraphics Books

ISBN: 1606998889

Category: Biography & Autobiography

Page: 304

View: 541

DOWNLOAD NOW »
This is a prose series of unpublished interviews with, and a visual retrospective of, the seminal mid- to late-20th century literary crime writer. In 1976, critic Paul Nelson spent several weeks interviewing legendary detective writer Ross Macdonald, who elevated the form to a new literary level. “We talked about everything imaginable,” Nelson wrote―including Macdonald’s often meager beginnings; his dual citizenship; writers, painters, music, and movies he admired; The Great Gatsby, his favorite book; how he used symbolism to change detective writing; and more. This book, published in a handsome, oversized format, collects these unpublished interviews and is a visual history of Macdonald’s professional career. It is illustrated with rare and select items from one of the world’s largest private archives of Macdonald ephemera; reproduces, in full color, the covers of the various editions of Macdonald’s more than two dozen books; collects facsimile reproductions of select pages from his manuscripts, as well as magazine spreads; and presents rare photos, many never before seen.

Everything is an Afterthought

The Life and Writings of Paul Nelson

Author: Kevin Avery

Publisher: Fantagraphics Books

ISBN: 1606994751

Category: Biography & Autobiography

Page: 512

View: 2572

DOWNLOAD NOW »
What happened to Paul Nelson? In the '60s, he pioneered rock & roll criticism with a first-person style of writing that would later be popularized by the likes of Tom Wolfe and Norman Mailer as “New Journalism.” As co-founding editor of The Little Sandy Review and managing editor of Sing Out!, he’d already established himself, to use his friend Bob Dylan’s words, as “a folk-music scholar”; but when Dylan went electric in 1965, Nelson went with him. During a five-year detour at Mercury Records in the early 1970s, Nelson signed the New York Dolls to their first recording contract, then settled back down to writing criticism at Rolling Stone as the last in a great tradition of record-review editors that included Jon Landau, Dave Marsh, and Greil Marcus. Famously championing the early careers of artists like Bruce Springsteen, Jackson Browne, Rod Stewart, Neil Young, and Warren Zevon, Nelson not only wrote about them but often befriended them. Never one to be pigeonholed, he was also one of punk rock’s first stateside mainstream proponents, embracing the Sex Pistols and the Ramones. But in 1982, he walked away from it all — Rolling Stone, his friends, and rock & roll. By the time he died in his New York City apartment in 2006 at the age of seventy — a week passing before anybody discovered his body — almost everything he’d written had been relegated to back issues of old music magazines. How could a man whose writing had been so highly regarded have fallen so quickly from our collective memory? With Paul Nelson’s posthumous blessing, Kevin Avery spent four years researching and writing Everything Is an Afterthought: The Life and Writing of Paul Nelson. This unique anthology-biography compiles Nelson’s best works (some of it previously unpublished) while also providing a vivid account of his private and public lives. Avery interviewed almost 100 of Paul Nelson’s friends, family, and colleagues, including several of the artists about whom he’d written.

A New Approach to Financial Regulation

Building a Stronger System

Author: Great Britain. Treasury

Publisher: The Stationery Office

ISBN: 9780101801225

Category: Business & Economics

Page: 133

View: 665

DOWNLOAD NOW »
This document presents more detailed proposals for financial regulation following on from the consultation paper "A new approach to financial regulation: judgment, focus and stability" (July 2010, Cm. 7874, ISBN 9780101787420) and continuing policy development by the Treasury, Bank of England and Financial Services Authority. The Government's reforms focus on three key institutional changes. First, a new Financial Policy Committee (FPC) will be established in the Bank of England, with responsibility for 'macro-prudential' regulation, or regulation of stability and resilience of the financial system as a whole. Second, 'micro-prudential' (firm-specific) regulation of financial institutions that manage significant risks on their balance sheets will be carried out by an operationally independent subsidiary of the Bank of England, the Prudential Regulation Authority (PRA). Thirdly, responsibility for conduct of business regulation will be transferred to a new specialist regulator, the Financial Conduct Authority (FCA). Individual chapters cover: Bank of England and Financial Policy Committee; Prudential Regulation Authority; Financial Conduct Authority; regulatory process and co-ordination; compensation, dispute resolution and financial education; European and international issues; next steps; how to respond; impact assessment. The chapters contain significant detail on how the legislative framework will be constructed in order to deliver the Governments' priorities for the framework. The Government will consult on these proposals with a view to publishing a draft bill in spring 2011.

How to Protect Investors

Lessons from the EC and the UK

Author: Niamh Moloney

Publisher: Cambridge University Press

ISBN: 1139485555

Category: Law

Page: N.A

View: 8461

DOWNLOAD NOW »
As governments around the world withdraw from welfare provision and promote long-term savings by households through the financial markets, the protection of retail investors has become critically important. Taking as a case study the wide-ranging EC investor-protection regime which now governs EC retail markets after an intense reform period, this critical, contextual and comparative examination of the nature of investor protection explores why the retail investor should be protected, whether retail investor engagement with the markets should be encouraged and how investor protection laws should be designed, particularly in light of the financial crisis. The book considers the implications of the EC's investor protection rules 'on the books' but also considers investor protection law and policy 'in action', drawing on experience from the UK retail market and in particular the Financial Services Authority's extensive retail market activities, including the recent Retail Distribution Review and the Treating Customers Fairly strategy.

Financial Services Regulation in Practice

Author: Simon Morris

Publisher: N.A

ISBN: 9780199688753

Category: Banking law

Page: 460

View: 8504

DOWNLOAD NOW »
This book explains how to deal with legal, compliance, and enforcement issues faced by banks and other financial institutions and their legal advisers. It focuses on the practical application of the generally applicable regulations and rules under the Financial Services and Markets Act 2000 governing the financial services sector as it changed and developed during and after the financial crisis. The book considers the key changes made by the Financial Services Act 2012 and the Financial Services (Banking Reform) Act 2013 as well as policy developments brought about by the change in regime from the Financial Services Authority to the Prudential Regulation Authority and Financial Conduct Authority. Guidance is given on the application and enforcement of the rules taking all relevant sources into account including speeches and announcements by regulatory authorities, policy documents and pronouncements, practice developments, court cases, tribunal decisions, and enforcement proceedings. Providing real insight into the practical, legal, and policy issues affecting all dealing with the post-crisis regulatory environment, this book is essential for all advising on legal matters, compliance and enforcement in the financial sector.

Settlement of Investment Disputes under the Energy Charter Treaty

Author: Thomas Roe,Matthew Happold

Publisher: Cambridge University Press

ISBN: 1139497057

Category: Law

Page: N.A

View: 8346

DOWNLOAD NOW »
The Energy Charter Treaty has come of age, with almost 50 States parties and a small but growing body of arbitral case law. In this new study of the Treaty's investment protection provisions, Thomas Roe and Matthew Happold set out to identify and explain the Treaty's principal provisions and to suggest answers to some of the difficult problems thrown up by its drafting. They discuss in detail questions such as the standards of protection granted by the Treaty and the international responsibility of States for breaches of the Treaty, the various procedures available for the vindication of rights under the Treaty and the conditions to be satisfied before a claimant's complaint may be considered on the merits. Specific issues addressed include the impact of EU law on claims under the Treaty and the Treaty's provisions concerning taxation.

Brexit and Financial Services

Law and Policy

Author: Kern Alexander,Catherine Barnard,Eilís Ferran,Andrew Lang,Niamh Moloney

Publisher: Bloomsbury Publishing

ISBN: 1509915818

Category: Law

Page: 224

View: 5636

DOWNLOAD NOW »
This timely book examines the legal and regulatory implications of Brexit for financial services. The UK's withdrawal from the EU is likely to have significant market, political, and policy consequences for the UK financial system, for the single market and the euro area, and for the international financial system. As the UK disentangles its financial system from the EU, law will matter to a profound extent. Treaties, legislation, and regulation, at UK, EU, and international levels, and the many dynamics and interests which drive them, will frame and shape the ultimate settlement between the UK and the EU, as well as how the EU financial system develops post-Brexit and how the international financial system responds. Written by leading authorities in the field, this book addresses and contextualises the legal, regulatory, and policy issues across five dimensions, which correspond to the major legal spheres engaged: financial regulation implications and market access consequences for the UK financial system; labour law and free movement consequences for the UK financial system; the implications internally for EU financial governance and the euro area; the implications and relevance of the EEA/EFTA financial services market; and the trade law and World Trade Organization law implications.

European Capital Markets

Author: W. Seifert,A. Achleitner,F. Mattern,C. Streit,H. Voth

Publisher: Springer

ISBN: 0230287069

Category: Business & Economics

Page: 147

View: 8465

DOWNLOAD NOW »
The competition between European financial centres is a subject of spirited public debate. Has the introduction of the Euro undermined London's position? Does tax competition disadvantage some European centres? Should the regulation of institutional investment be changed? Is it a good policy for governments to promote their national financial centres? And would the UK joining the European monetary union threaten the position of other European centres? These are some of the questions confronting policymakers and industry players. This book provides a firm empirical basis for examining these issues and provides a means to compare the efficiency, performance and future potential of the main European financial centres.

Prospectus for the Public Offering of Securities in Europe: Volume 1

European and National Legislation in the Member States of the European Economic Area

Author: N.A

Publisher: Cambridge University Press

ISBN: 1139470590

Category: Law

Page: 514

View: 8910

DOWNLOAD NOW »
The Prospectus Directive of 4 November 2003 sets the rules on the publication of a prospectus in the event that securities are offered to the public or admitted to trading on a stock exchange in the European Union. These rules apply in all 30 member states of the European Economic Area. Since member states decide to a large extent how to implement the Directive in their law, the rules in the different member states will differ substantially. It is therefore important not only to have an understanding of the rules laid down in the Directive but also to obtain knowledge of the rules applicable in the different states. As an English book it provides an understanding for non-Europeans of the rules applicable on the publication of a prospectus. A comprehensive table of contents, text of the European Directive and a list of national implementing laws are also included.

Electronic Signatures in Law

Author: Stephen Mason

Publisher: Cambridge University Press

ISBN: 1107012295

Category: Law

Page: 408

View: 8101

DOWNLOAD NOW »
Using case law from multiple jurisdictions, Stephen Mason examines the nature and legal bearing of electronic signatures.