Regulating and Supervising European Financial Markets

More Risks than Achievements

Author: Mads Andenas,Gudula Deipenbrock

Publisher: Springer

ISBN: 3319321749

Category: Law

Page: 437

View: 9773

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.

European Prudential Banking Regulation and Supervision

The Legal Dimension

Author: Larisa Dragomir

Publisher: Routledge

ISBN: 1135149917

Category: Business & Economics

Page: 448

View: 5781

The financial market events in 2007-2009 have spurred renewed interest and controversy in debates regarding financial regulation and supervision. This book takes stock of the developments in EU legislation, case law and institutional structures with regards to banking regulation and supervision, which preceded and followed the recent financial crisis. It does not merely provide an update, but anchors these developments into the broader EU law context, challenging past paradigms and anticipating possible developments. The author provides a systematic analysis of the interactions between the content of prudential rules and the mechanisms behind their production and application European Prudential Banking Regulation and Supervision includes discussions of the European banking market structure and of regulatory theory that both aim to circumscribe prudential concerns. It scrutinises the content of prudential norms, proposes a qualification of these norms and an assessment of their interaction with other types of norms (corporate, auditing and accounting, consumer protection, competition rules). It also features an analysis of the underpinning institutional set-up and its envisaged reforms, focusing on the typical EU concerns related to checks and balances. Finally, the book attempts to revive the debate on supervisory liability, in light of the developments discussed. This book will be of great value to all those interested in financial stability matters (practitioners, policy-makers, students, academics), as well as to EU law scholars.

EU Securities and Financial Markets Regulation

Author: Niamh Moloney

Publisher: OUP Oxford

ISBN: 0191641219

Category: Law

Page: 950

View: 4340

The Global Financial Crisis has re-ordered how the EU intervenes in the EU financial market, both with respect to regulation and with respect to supervision. After 5 years of a behemoth reform agenda, the new landscape is now clear. Rule-making power has decisively moved to the EU and radical reforms have been made to the organization of supervision. EU Securities and Financial Markets Regulation provides the first comprehensive, critical, and contextual account of the vast new rule-book which now applies to the EU financial market in the aftermath of the seismic reforms which have followed the financial crisis. Topics covered in-depth include the AIFMD, EMIR, the Short Selling Regulation, the new market abuse and transparency regimes, the rating agency regime, the UCITS IV-VI reforms, and MiFID II/MiFIR; the analysis is wide-reaching, extending to secondary legislation and relevant soft law. The book also examines the far-reaching institutional changes which have followed and considers in detail the role and impact of the European Securities and Markets Authority and the potential impact of the Single Supervisory Mechanism for euro area banks on the supervision of the EU financial market. EU Securities and Financial Markets Regulation is the third edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Almost entirely recast and re-written from the 2008 second edition to reflect the changes wrought by the Global Financial Crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, international, institutional, and constitutional context of the new regulatory and supervisory regime, and the underlying forces which have (and will continue to) shape it.

The future of EU financial regulation and supervision

14th report of session 2008-09, Vol. 1, Report

Author: Great Britain: Parliament: House of Lords: European Union Committee

Publisher: The Stationery Office

ISBN: 9780108444395

Category: Business & Economics

Page: 84

View: 7018

The European Union Committee undertook this inquiry as the implications of the financial crisis became clear. Supervisors in the UK, in the EU, and globally failed to identify the impending meltdown, and failed to take preventative action. Reform of regulation and supervision of the financial system has become an important political topic. In response to the crisis the European Commission has so far published four regulatory proposals on Capital Requirements, Deposit Guarantee Schemes, Credit Rating Agencies and Alternative Investment Funds. The first two of these have been agreed and are largely sensible responses to the crisis. The proposals to regulate alternative investment funds and credit rating agencies are more controversial, highlighting the need for more thorough consultation, impact assessment and risk analysis. Further coordination of supervision of the EU financial institutions and markets is seen as necessary and financial services in the EU will benefit from strengthened macro- and micro-prudential supervision. This should provide a more effective early warning system for mitigating systemic risks and help improve the operation of the single market in financial services. The Committee supports the establishment of a new body at the EU level to assess and monitor macro-prudential systemic risks arising from financial markets and institutions. Major strengthening of the powers of any EU micro-prudential body is, though, a matter of some controversy and thorough and careful debate of the alternatives for reform within existing limitations is necessary. The Commission has applied state aid rules speedily and flexibly and has helped ensure that bail-outs of failing banks and mitigation of damage to the real economy do not jeopardise the single market.

Financial Regulation and Supervision: A post-crisis analysis

Author: Eddy Wymeersch,Klaus J. Hopt,Guido Ferrarini

Publisher: OUP Oxford

ISBN: 0191636657

Category: Law

Page: 528

View: 2172

This comprehensive account of financial regulation and supervision in times of crisis analyses the complex changes under way regarding the new financial regulatory structures in the EU. Focusing on the organisation of financial supervision, it deals with the background to the reforms, the architecture of the regulatory system, the likely implications for the financial institutions and the challenge of international co-operation. Changes in the US have been heavily criticised and in Europe a brand new regulatory system with three new regulatory agencies and a systemic risk board has been developed. National systems are in the process of being updated. International cooperation, although still difficult, has made progress, with the Financial Stability Board now acting on behalf of the G.20. Central bank cooperation has improved significantly and in the meantime, sectoral regulations are being adapted in full speed, such as Basel III, AIDMD, MiFID and many others. This book gives an overall view of these complex changes. The first section of the book provides an assessment of the reforms and considers the background to their making. In the section on regulatory structure there is analysis of the new regulatory bodies, their complex competences and actions. The book also takes a critical look at their likely effectiveness. The final section of the work considers the actual implementation of the new rules in a cross-border context.

Financial Market Supervision

European Perspectives

Author: James K. Jackson

Publisher: DIANE Publishing

ISBN: 1437927424


Page: 25

View: 1889

The global financial crisis has sparked a debate over the cause and impact of the crisis. Academics and policymakers are searching for changes in the financial system that can correct any perceived weaknesses in the structure of regulation, the content of regulations, and the coverage of financial instruments and activities. This report addresses the European perspectives on a number of proposals that are being advanced for financial oversight and regulation in Europe. The European experience may be instructive because financial markets in Europe are well developed, European firms often are competitors of U.S. firms, and European governments have faced severe problems of integration and consistency across various financial structures.

Governing Financial Services in the European Union

Banking, Securities and Post-Trading

Author: Lucia Quaglia

Publisher: Routledge

ISBN: 1136998160

Category: Political Science

Page: 210

View: 4110

The global financial crisis that reached its peak in late 2008 has brought the importance of financial services regulation and supervision into the spotlight. This book examines the governance of financial services in the EU, asking who governs financial services in the EU, how and why, and explaining where the power lies in the policy-making process. It covers the main financial services: banking, securities, payments systems, clearing and settlement. Addressing the politics and public policy aspects of financial market integration, regulation and supervision in the European Union, this book conducts a theoretically-informed and empirically-grounded analysis of financial services governance from the establishment of Economic and Monetary Union (1999) and the launch of the Financial Services Action Plan (1999), to date. It also assesses the EU responses to the global financial crisis. Providing a reliable and unique insight into the politics of financial services regulation in the EU based on an extensive programme of interviews with policy makers and stakeholders across Europe, the book will be of great topical interest to students and scholars of European Union studies, political science and political economy.

The Age of ESMA

Governing EU Financial Markets

Author: Niamh Moloney

Publisher: Bloomsbury Publishing

ISBN: 1509921796

Category: Law

Page: 392

View: 7614

Since its establishment in 2011, the European Securities and Markets Authority (ESMA) has become a pivotal actor in EU financial market regulation and supervision. Its burgeoning influence extends from the rule-making process to supervisory convergence/coordination to direct supervision. Reflecting the now critical importance of ESMA to how the EU regulates and supervises financial markets, and with ESMA at an inflection point in its evolution, particularly in light of the Commission's 2017 proposals to reform ESMA and the UK's withdrawal from the EU, The Age of ESMA maps, contextualises, and examines ESMA's role and the implications for EU financial market governance.

European Agencies and Risk Governance in EU Financial Market Law

Author: Paul Weismann

Publisher: Routledge

ISBN: 1317480163

Category: Law

Page: 257

View: 8305

The phenomenon of ‘agencification’ describes the EU legislator’s increasing establishment of European agencies to fulfil tasks in a variety of EU policies. The creation of these decentralised administrative entities raises a number of questions; for example, on the limits to such delegation of powers, on the agencies’ institutional development and possible classification, and on the role of comitology committees as an institutional alternative. This book examines the EU’s ‘agencification’ with regard to these questions, on the basis of and with reference to which the focus is laid on the European agencies operating in the field of financial market risk governance. This analysis not only encompasses the three European Financial Market Supervisory Authorities (the ESAs), but also takes into account the institutional change brought about by the Banking Union, more specifically the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). While the SRM sets in place a new European agency, the Single Resolution Board (SRB), the SSM establishes and empowers a new body within the organisation of the European Central Bank (ECB), the Supervisory Board. By exploring the organisation, the tasks and the powers of these actors in financial market regulation and supervision, the book points at the current peak of the institutional development of European agencies and assesses organisation and unprecedented powers with a view to their compliance with EU law, in particular the Treaties and the respective case law of the European courts. As an evaluation of various aspects of the progressing centralisation of regulatory power on the EU level, which is exercised by an increasingly decentralised administrative apparatus, this book will be of great interest and use to students and scholars of EU law, financial law and regulation, and European politics.

Handbook of Central Banking, Financial Regulation and Supervision

After the Financial Crisis

Author: S. Eijffinger,Donato Masciandaro

Publisher: Edward Elgar Publishing

ISBN: 1849805768

Category: Business & Economics

Page: 672

View: 9716

ÔThis Handbook is a must read for policy makers and practitioners alike as well as excellent reading for advanced academic courses in international banking.Õ Ð Allard Bruinshoofd, SUERF ÔThis collection of papers is essential reading for anyone interested in central banking, regulation and supervision. Sylvester Eijffinger and Donato Masciandaro have brought together contributions from the leading academics, central bankers and regulators, providing the most up-to-date analysis of this critical subject.Õ Ð Paul Mizen, University of Nottingham, UK This stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis. The crisis has raised new questions about the compatibility of monetary and financial stability, which are changing the face of central banking and its relationships with the architecture of financial regulation and supervision. The Handbook explores on both the economics and political economy of the topic, in order to understand how and why reforms of the role of the central banks can be designed and implemented. The general suggestion is that future effectiveness of the central banking architecture will depend on its ability to ensure the consistency between the monetary actions in normal and extraordinary times. Consequently the possible paths in the central bank strategies and tactics, as well as in the classic concepts of independence, accountability and transparency, are analyzed and discussed. With chapters written by outstanding scholars in economics, this lucid Handbook will appeal to academics, policymakers and practitioners, ranging from central bankers and supervisory authorities to financial operators. Among the academics it would be of particular interest to financial and monetary economists (including postgraduate students), but the institutional slant and the central theme of relations between economics, institutional settings and politics will also be invaluable for political scientists.

Handbook of Central Banking and Financial Authorities in Europe

New Architectures in the Supervision of Financial Markets

Author: Donato Masciandaro

Publisher: Edward Elgar Publishing

ISBN: 9781781954348

Category: Business & Economics

Page: 566

View: 6235

Analyzing ongoing changes in the design of regulatory and supervisory authorities over the banking and financial industry in Europe, this comprehensive Handbook pays particular attention to the role of national central banks, the new financial supervisory authorities and the European Central Bank (ECB).

European Capital Markets Law

Author: Rüdiger Veil

Publisher: Bloomsbury Publishing

ISBN: 1782256547

Category: Law

Page: 848

View: 4892

European capital markets law has developed rapidly in recent years. The former directives have been replaced by regulations and numerous implementing legal acts aimed at ensuring a level playing field across the EU. The financial crisis has given further impetus to the development of a European supervisory structure. This book systematises the European law and examines the underlying concepts from a broadly interdisciplinary perspective. National experiences in selected Member States – Austria, France, Germany, Italy, Spain, Sweden and the United Kingdom – are also explored. The first chapter deals with the foundations of capital markets law in Europe, the second explains the basics, and the third examines the regime on market abuse. Chapter four explores the disclosure system and chapter five the roles of intermediaries, such as financial analysts, rating agencies and proxy advisers. Short selling and high frequency trading is described in chapter six. Chapter seven deals with financial services and chapter eight explains compliance and corporate governance in investment firms. Chapter nine illustrates the regulation of benchmarks. Finally, chapter ten deals with public takeovers. Throughout the book emphasis is placed on legal practice, and frequent reference is made to the key decisions of supervisory authorities and courts.

EMIR – European Market Infrastructure Regulation: Auswirkungen der Neuerungen für nicht-finanzielle Unternehmen

Author: Pamela Wittenberg

Publisher: GRIN Verlag

ISBN: 3656581789

Category: Business & Economics

Page: 18

View: 2328

Studienarbeit aus dem Jahr 2012 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 2,0, Wissenschaftliche Hochschule Lahr, Sprache: Deutsch, Abstract: Die letzte Finanzkrise hat die Schwachstellen von unregulierten Märkten offengelegt. Es wurde erkannt, dass auch die Intransparenz und das Ansteckungsrisiko von OTC-Derivatemärkten ein systemisches Risiko darstellen. Seit dem G20-Gipfel 2009 in Pittsburgh werden daher weltweit Schritte unternommen, um die Stabilität und Sicherheit des außerbörslichen Finanzmarktes zu erhöhen und die Risiken zu verringern. Die Regulierung der Derivatemärkte wird in Europa durch die Verordnung EMIR (European market infrastructure regulation) umgesetzt. Sie trat zum 16.08.2012 in Kraft und beinhaltet vor allem die Regelungen zur Clearingpflicht von Derivaten und Abwicklung über zentrale Gegenparteien (CCPs), Zulassungsbedingungen von CCPs, sowie Regelungen zu Transaktionsregistern. Neben Unternehmen der Finanzindustrie findet die EMIR auch auf Unternehmen der Realwirtschaft Anwendung. Die vorliegende Arbeit hat das Ziel, die Verordnung (EU) Nr. 648/2012, bekannt als EMIR darzustellen und die Auswirkungen der Neuerungen für nicht-finanzielle Unternehmen zu untersuchen. Im 2. Kapitel dieser Arbeit werden zunächst die allgemeinen Grundlagen anhand dargestellt. Das 3. Kapitel gibt einen Überblick über die wesentlichen Inhalte der EMIR. Neben neuen regulatorischen Anforderungen wird hier zudem auf die Einführung einer Clearing- und Meldepflicht eingegangen. Im 4. Kapitel werden die Folgen der Verordnung für nicht-finanzielle Unternehmen untersucht und wesentliche Punkte näher erläutert. Anschließend wird im 5. Kapitel eine kritische Würdigung der Auswirkungen der Verordnung auf nicht-finanzielle Unternehmen durchgeführt. Ein Fazit schließt diese Arbeit im 6. Kapitel ab.

The Future of Insurance Regulation and Supervision

A Global Perspective

Author: Patrick M. Liedtke,Jan Monkiewicz

Publisher: Palgrave Macmillan

ISBN: 0230318789

Category: Business & Economics

Page: 472

View: 7548

The recent financial crisis has provoked a broad spectrum of regulatory observations and possible responses. Currently most of these proposals have been quick solutions to politically pressing questions and often only address parts of regulatory systems, but not the whole. At times, the result has been more confusion than clarity. Although historically wide-ranging reshaping has been a common phenomenon after the severe failure of an existing financial infrastructure, there is an important difference this time – the global reach of today's markets and enterprises. Moreover, never before have so many reforms following a banking crisis not only affected the banking sector but also other parts of the financial services sector, such as insurance, the social systems and, of course, our real economy. Written by leading academics, researchers and insurance industry experts, this book offers a diversified perspective on how the regulatory and supervisory framework for the insurance sector will develop over the coming years. It is supported by The Geneva Association, the world-leading think-tank of the private insurance industry.

European Financial Regulation and Supervision and the Onslaught of the Financial Crisis

Author: Veronica Hagenfeldt

Publisher: GRIN Verlag

ISBN: 3640882490


Page: 60

View: 3721

Scholarly Essay from the year 2009 in the subject Law - European and International Law, Intellectual Properties, grade: Distinction, University of Edinburgh (School of Law), course: Regulatory governance in the European Union, language: English, comment: How has the financial regulatory and supervisory architecture evolved in Europe, and how did its shortcomings affect the onslaught of the current financial crisis? Are the proposed regulatory and supervisory reforms likely to successfully repair these weaknesses?, abstract: The aim of this paper is threefold: first to establish how the regulatory and supervisory architecture has evolved in Europe over the last decade; second to determine how the shortcomings of the present system affected the onslaught of the financial crisis in Europe; and lastly to evaluate whether the proposed regulatory and supervisory reforms are likely to successfully repair these weaknesses. Part I identifies that the single market objective, combined with the significant integration of European financial services, provided the major impetus for bringing about reform to the regulatory and supervisory architecture of Europe. By investigating the Financial Services Action Plan (FSAP) and the implementation of the Lamfalussy Process, this paper illustrates that the member states and the EU institutions sought to achieve a flexible regulatory and supervisory structure marked by cooperation and conversion towards common standards. However, despite the commendable progress made, Part II shows that the regulatory and supervisory system has not kept pace with the financial integration, and that the current crisis revealed substantial inadequacies of the present system. This paper will demonstrate that the weaknesses in the European financial regulatory and supervisory architecture acted both as contributing causes of the crisis, and as exacerbating factors. In particular the essay identifies three such shortcomings that aggravated the crisis, namel

The Integration of European Financial Markets

The Regulation of Monetary Obligations

Author: Noah Vardi

Publisher: Routledge

ISBN: 1136847820

Category: Business & Economics

Page: 208

View: 9139

The last decade has seen the increasing integration of European financial markets due to a number of factors including the creation of a common regulatory framework, the liberalisation of international capital movements, financial deregulation, advances in technology and the introduction of the Euro. However, the process of integration has proceeded largely in the absence of any comprehensive legal regulation, and has rather been constructed on the basis of sectorial provisions dictated by the needs of cross-border transactions. This has meant that many legal barriers still remain as obstacles to complete integration. This book considers the discipline of monetary obligations within the wider context of financial markets. The book provides a comparative and transnational examination of the legal rules which form the basis of transactions on financial markets. Analysing the integration of the markets from a legal point of view provides an opportunity to highlight the role of globalisation as the key element favouring the circulation of rules, models, and especially the development of new regulatory sources. The book examines market transactions and the institutes at the root of these transactions, including the type of legislative sources in force and the subjects acting as legislators. The first part of the book concentrates on the micro-discipline of money, debts, payments and financial instruments. The second part goes on to analyse the macro-context of integration of the markets, looking at the persistence of legal barriers and options for their removal, as well as the development of new legal sources as a consequence of the transfer of monetary and political sovereignty. Finally, the book draws links between the two parts and assesses the consequences of the changes at the macro-level of regulation on the micro-level of legal discipline of monetary obligations, particularly focusing on the emergence and growing importance of soft law.

The Future of Insurance Regulation and Supervision in the EU

New Developments, New Challenges : Final Report of a CEPS Task Force

Author: Johan van der Ende,Rym Ayadi,Christopher O'Brien,Centre for European Policy Studies (Brussels, Belgium)

Publisher: CEPS

ISBN: 9290796308

Category: Business & Economics

Page: 150

View: 8120

This report offers a comprehensive overview of the developments in the European insurance market over the last decade. It also examines the regulatory initiatives undertaken by the relevant international organizations (IAIS, IAA IASB) in order to develop a global risk-sensitive solvency regime for insurance companies. The authors focus in particular on the ongoing developments of the new European solvency regime (known as Solvency II) and the issues addressed by the proposed EU directives on insurance groups and conglomerates.

Designing Financial Supervision Institutions

Independence, Accountability and Governance

Author: Donato Masciandaro,Marc Quintyn

Publisher: Edward Elgar Publishing


Category: Business & Economics

Page: 504

View: 8476

'The volume is rich in information on the design of financial supervisory institutions around the globe, includes interesting analytical work and provides a structured discussion of the relevant policy issues. Researchers and policymakers in the field of financial regulation and supervision will find it useful.' - SUERF All royalties from this book to go to the UK charity, NSPCC.

Post-Crisis Growth and Integration in Europe

Catching-Up Strategies in CESEE Economies

Author: E. Nowotny,P. Mooslechner,Doris Ritzberger-Grünwald

Publisher: Edward Elgar Publishing

ISBN: 0857932918

Category: Business & Economics

Page: 336

View: 1768

Against the backdrop of the financial crisis that unfolded in 2008, this book deals with policy challenges going forward, focusing in particular on the ongoing catching-up process in Central, Eastern and South-Eastern European (CESEE) countries. Whilst having emerged relatively unscathed from the crisis, the CESEE economies nonetheless need to adjust to the new external conditions they will encounter. In this respect, decision-makers are faced with multiple sources of uncertainty: will post-crisis growth be the same as pre-crisis growth? What will be the future role of financial integration, growth financing and exports? What are the particular challenges facing monetary policy-makers and the banking sector in the region? On these issues and related topics, the book provides a multi-disciplinary assessment, combining the views of high-ranking central bankers and other policy-makers, commercial bankers and academics. Economists and students of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes will find this book of great interest and importance, especially those working on Central, Eastern and South-Eastern Europe.