EU Securities and Financial Markets Regulation

Author: Niamh Moloney

Publisher: Oxford University Press, USA

ISBN: 019966434X

Category: Law

Page: 1044

View: 550

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The first comprehensive, authoritative account of the massive new regulatory and supervisory regime which now applies to the EU financial market following the radical and far-reaching regulatory, supervisory, and institutional reforms which have followed since the Global Financial Crisis. By examining the market, political, international, constitutional, and institutional context for the new regime, it provides the reader with a deep understanding not only of therules, but of how and why they were adopted and how they are likely to develop. It examines in-depth the massive array of new rules which have been adopted since 2008 and the related institutionalreforms, including the establishment of the European Securities and Markets Authority.

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: 6161

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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.

The Integration of European Financial Markets

The Regulation of Monetary Obligations

Author: Noah Vardi

Publisher: Routledge

ISBN: 1136847839

Category: Business & Economics

Page: 208

View: 7344

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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 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 in this way highlights 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.

Europe's Hidden Capital Markets

Evolution, Architecture and Regulation of the European Bond Market

Author: Jean-Pierre Casey,Karel Lannoo

Publisher: CEPS

ISBN: 9290795964

Category: Business & Economics

Page: 129

View: 7253

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Nonequity financial markets used to be "hidden" in Europe,in the sense that they traditionally received less attention from ordinary investors and the media than equity markets, relative to their size. This phenomenon was accentuated by the fact that the EU's Financial Services Action Plan was primarily geared toward equity markets. Given the crucial role played by bond markets in the economy through the capital allocation process, monetary policy decisions, and the hedging of risk, this study attempts to demystify bond markets and clarify a general misapprehension among investors and regulators about how these overwhelmingly wholesale, off-exchange markets operate. The book assesses regulatory measures taken at the EU level that will impact European bond markets and it examines the desirability, utility, and feasibility of certain policy measures. The book comes at a critical time--prior to the Commission's upcoming mandated review of the transparency requirements specified in the Markets in Financial Instruments Directive (MiFID) and their possible applicability to nonequity markets.

MiFID II

Recht, Praxis, Perspektiven

Author: Doris Wohlschlägl-Aschberger

Publisher: Frankfurt School Verlag

ISBN: 3956471245

Category: Law

Page: 498

View: 4500

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Die europäischen Regelungen der MiFID II sowie der MiFIR und der EMIR stellen die Finanzindustrie vor große Herausforderungen. Mit diesen neuen Normen sollen die Transparenz in den Märkten sowie die Effizienz und Integrität der Finanzmärkte erhöht und neue, auch technische Entwicklungen, erfasst werden. Dies wirkt sich grundlegend auf die Produktgestaltung und den Vertrieb der Institute im Besonderen sowie auf die Marktstruktur im Allgemeinen aus. Damit ergeben sich auch Folgen für die geschäftspolitische Positionierung der einzelnen Marktteilnehmer. Das Buch beschreibt die rechtlichen Grundlagen der MiFID II sowohl auf europäischer als auch auf nationaler Ebene. Darauf aufbauend werden die Auswirkungen der Richtlinie auf den Wertpapierhandel und auf Handelsplätze sowie auf die Anlageberatung und für den Anlegerschutz aus Sicht der Institute thematisiert. Zudem werden die Folgen der MiFID II im Zusammenhang mit der Product Governance auf die Kunden- und Produktstruktur analysiert sowie die Wertpapier-Compliance für die Marktteilnehmer beschrieben. Die Autoren stammen aus Finanzinstituten, aus Rechtsanwaltskanzleien sowie der Aufsicht. Sie beschreiben sowohl den Stand der Umsetzung als auch weiterführende Perspektiven für die praktische Implementierung der MiFID II. Das Buch bietet damit einen lösungsorientierten Ein- und Überblick über zentrale Themen sowie einen Ausblick auf die weitere Entwicklung.

Capital Markets Union in Europe

Author: Danny Busch,Guido Ferrarini,Emilios Avgouleas

Publisher: Oxford University Press, USA

ISBN: 9780198813392

Category: Law

Page: 672

View: 8444

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Capital Markets Union in Europe analyses the legal and economic implications of the European Commission's plans to form a Capital Markets Union (CMU) in Europe, which will have a major impact on financial markets and institutions both in the region and beyond. A detailed introductory chapter provides a broad overview of the various aspects and challenges of the CMU proposals, whilst thematically grouped chapters cover the following areas: (i) general aspects, (ii) Brexit, (iii) financing innovation, (iv) raising capital on the capital markets, (v) fostering retail and institutional investment, (vi) leveraging banking capacity to support the wider economy, (vii) facilitating cross-border investing, and (viii) comparative aspects of capital market integration. Written by world renowned experts in the fields of banking and capital markets, including respected academics, with broad practical experience, and leading practitioners, Capital Markets Union in Europe provides high-quality analysis of the legal and economic issues in a practical context.

The Regulation of International Financial Markets

Perspectives for Reform

Author: Rainer Grote,Thilo Marauhn

Publisher: Cambridge University Press

ISBN: 1139450344

Category: Law

Page: N.A

View: 7383

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International financial relations have become increasingly important for the development of global and national economies. At present these relations are primarily governed by market forces, with little regulatory interference at the international level. In the light of numerous financial crises, this abstinence must be seriously questioned. Starting with an analysis of the regulatory problems at the international level, with only minimal powers entrusted to international organisations, this book develops various possibilities for reform. On the basis of an historical analysis, the book first adopts a comparative approach to national attempts to regulate international financial markets, then outlines the potential of relevant institutions and finally develops a policy perspective. It seeks to provide a framework for analysing options for the regulation of international financial markets from a public international law and comparative law perspective.

The Oxford Handbook of Financial Regulation

Author: Niamh Moloney,Eilís Ferran,Jennifer Payne

Publisher: OUP Oxford

ISBN: 0191510874

Category: Law

Page: 900

View: 5411

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The financial system and its regulation have undergone exponential growth and dramatic reform over the last thirty years. This period has witnessed major developments in the nature and intensity of financial markets, as well as repeated cycles of regulatory reform and development, often linked to crisis conditions. The recent financial crisis has led to unparalleled interest in financial regulation from policymakers, economists, legal practitioners, and the academic community, and has prompted large-scale regulatory reform. The Oxford Handbook of Financial Regulation is the first comprehensive, authoritative, and state-of-the-art account of the nature of financial regulation. Written by an international team of leading scholars in the field, it takes a contextual and comparative approach to examine scholarly, policy, and regulatory developments in the past three decades. The first three Parts of the Handbook address the underpinning horizontal themes which arise in financial regulation: financial systems and regulation; the organization of financial system regulation, including regional examples from the EU and the US; and the delivery of outcomes and regulatory techniques. The final three Parts address the major reoccurring objectives of financial regulation, widely regarded as the anchors of financial regulation internationally: financial stability; market efficiency, integrity, and transparency; and consumer protection. The Oxford Handbook of Financial Regulation will be an invaluable resource for scholars and students of financial regulation, and for economists, policy-makers and regulators.

The Eurozone Crisis and the Transformation of EU Governance

Internal and External Implications

Author: Dr Eleni Xiarchogiannopoulou,Professor Maria Joᾶo Rodrigues

Publisher: Ashgate Publishing, Ltd.

ISBN: 1472433092

Category: Political Science

Page: 282

View: 3550

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Research on European governance is central to understanding both the process of European integration and its external influence as a laboratory for multilateralism. This volume focuses on the impact of the recent Eurozone crisis and its far-reaching implications for European governance both inside and outside the EU borders. Ideal for classroom use, this volume covers European modes of governance; the transformation of European economic governance; the transformation of European social policy governance; and the international implications of the transformation of EU governance.

Controlling Capital

Public and Private Regulation of Financial Markets

Author: Nicholas Dorn

Publisher: Routledge

ISBN: 1317374010

Category: Business & Economics

Page: 230

View: 4128

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Controlling Capital examines three pressing issues in financial market regulation: the contested status of public regulation, the emergence of ‘culture’ as a proposed modality of market governance, and the renewed ascendancy of private regulation. In the years immediately following the outbreak of crisis in financial markets, public regulation seemed almost to be attaining a position of command – the robustness and durability of which is explored here in respect of market conduct, European Union capital markets union, and US and EU competition policies. Subsequently there has been a softening of command and a return to public-private co-regulation, positioned within a narrative on culture. The potential and limits of culture as a regulatory resource are unpacked here in respect of occupational and organisational aspects, stakeholder connivance and wider political embeddedness. Lastly the book looks from both appreciative and critical perspectives at private regulation, through financial market associations, arbitration of disputes and, most controversially, market ‘policing’ by hedge funds. Bringing together a distinguished group of international experts, this book will be a key text for all those concerned with issues arising at the intersection of financial markets, law, culture and governance.

Financial Stability, Economic Growth, and the Role of Law

Author: Douglas W. Arner

Publisher: Cambridge University Press

ISBN: 113946454X

Category: Law

Page: N.A

View: 4148

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Financial crises have become an all too common occurrence over the past twenty years, largely as a result of changes in finance brought about by increasing internationalization and integration. As domestic financial systems and economies have become more interlinked, weaknesses can significantly impact not only individual economies but also markets, financial intermediaries, and economies around the world. This volume addresses the twin objectives of financial development in the context of financial stability and the role of law in supporting both. Financial stability (frequently seen as the avoidance of financial crisis) has become an objective of both the international financial architecture and individual economies and central banks. At the same time, financial development is now seen to play an important role in economic growth. In both financial stability and financial development, law and related institutions have a central role.

Theory and Practice of Harmonisation

Author: Mads Andenas,Camilla Baasch Andersen

Publisher: Edward Elgar Publishing

ISBN: 0857933175

Category: Law

Page: 640

View: 2035

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Harmonised and uniform international laws are now being spread across different jurisdictions and fields of law, bringing with them an increasing body of scholarship on practical problems and theoretical dimensions. This comprehensive and insightful book focuses on the contributions to the development and understanding of the critical theory of harmonisation. The contributing authors address a variety of different subjects concerned with harmonisation and the application of legal rules resulting from harmonisation efforts. This study is written by leading scholars engaged in different aspects of harmonisation, and covers both regional harmonisation within the EU and regional human rights treaties, as well as harmonisation with international treaty obligations. With comparative analysis that contributes to the development of a more general theory on the harmonisation process, this timely book will appeal to EU and international law scholars and practitioners, as well as those looking to future legal harmonisation in other regions in Asia, Latin America and Africa.

Financial Regulation at the Crossroads

Implications for Supervision, Institutional Design and Trade

Author: Panagiotis Delimatsis,Nils Herger

Publisher: Kluwer Law International B.V.

ISBN: 9041133550

Category: Business & Economics

Page: 387

View: 6568

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This book brings outstanding expertise and provides insightful perspectives from nineteen authors with diverse backgrounds, including officials from international organizations, national regulators, and commercial banking, as well as academics in law, economics, political economy, and finance. The authors not only shed light on the causes of the financial turmoil, but also present thoughtful proposals that contribute to the future policy debate, and discuss opportunities that financial services can offer in funding activities which raise standards of living through initiatives in microfinance, renewable energy, and food distribution. The contributions to this volume tackle several of the thorniest issues of financial regulation in a post-crisis environment, such as: the mechanics of contagion within the financial system and the role of liquidity; moral hazard when large financial institutions are no longer subject to the disciplinary effects of bankruptcy; bank capital requirements; management compensation; design of bank resolution schemes; a function-centric versus institution-centric regulatory approach; subsidization and compatibility of stimulus packages with EU rules on state aid; trade finance and the role of the GATS prudential carve-out; and the role of financial services in promoting human rights or combating climate change.

Britain in a Global World

Options for a New Beginning

Author: Mark Baimbridge,Philip B. Whyman,Brian Burkitt,Ruth Lea,Ian Milne,John Mills,Philip Davies,Patrick Minford,Eric Nowell,Matthew Elliott,Brian Hindley,Brent Cameron,David Lascelles,Philip Booth,Marc Glendening,John Redwood,Roger Helmer,Andrew Mullen,David Howell,Vo Phuong Mai Le

Publisher: Andrews UK Limited

ISBN: 1845403207

Category: Political Science

Page: 252

View: 8848

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This edited collection explores the future options for the UK regarding its relationship with the European Union (EU). Since Britain applied for membership in 1961, the nature of the relationship between the UK and the EU has been central to economic and political debate, being widely perceived as ‘inevitable’, because withdrawal from the process would leave Britain isolated and largely powerless. However, this book challenges this presumption by illustrating that it could be in Britain’s long-term interest to seek positive and plausible global policy options if it were to be released from the rigidities and constraints imposed by aspects of EU membership (e.g. economic policy, agriculture and fisheries, trade relations, taxation policy, labour relations, social policy, human rights and civil liberties, foreign policy, sovereignty and national identity) Britain might benefit from a looser relationship. Hence, the effective choice Britain possesses is between an essentially European future or a comprehensive global strategy.

Nordic Financial Market Law

The Regulation of the Financial Services in Denmark, Finland, Iceland, Norway and Sweden

Author: Jesper Lau Hansen

Publisher: Djoef Pub

ISBN: 9788757407938

Category: Law

Page: 340

View: 2314

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This is the first presentation in English of the regulation of the financial markets in the five Nordic countries Denmark, Finland, Iceland, Norway and Sweden. Financial market law has changed considerably over the last two decades, and this development has been further accelerated by the efforts to implement the 1999 Financial Services Action Plan by 2005. As a region, the Nordic countries are closely linked by history, culture and legal traditions.

International Law in Financial Regulation and Monetary Affairs

Author: Thomas Cottier,John H. Jackson,Rosa M. Lastra

Publisher: OUP Oxford

ISBN: 0191645214

Category: Law

Page: 470

View: 6769

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The early twenty-first century has seen a conspicuous absence of formal international law concerning money and finance. This book argues that this lack of formal international regulation was a significant contributing factor to the global financial crisis that began in 2007. It focuses on this lack of global substantive principles and 'hard law' rules in the field of financial regulation and monetary affairs, and analyses the emerging framework within international law that aims to govern financial institutions and markets. The global financial crisis has demonstrated the essential need for financial and monetary regulatory reform, and for the establishment of appropriate mechanisms for the settlement of financial disputes and for the regulation of cross-border financial institutions. This book therefore presents the foundations of solutions that could fill these critical gaps in international financial law. It addresses cross-border issues, financial regulation, and provides detailed analyses of monetary policies and regulation. This book is an updated collection of papers first published in the Special Edition of the Journal of International Economic Law on 'The Quest for International Law in Financial Regulation and Monetary Affairs' (Volume 12, Number 3, September 2010), which also show that the regulatory hands-off approach was not replicated in other areas of international economic law. International trade regulation witnessed an increased number of international rules and the reinforcement of a rule-oriented, if not rule-based, approach. Judicial dispute settlement and retaliation, exclusively based upon international ruling and authorization, was reinforced. Given the importance of trade regulation and WTO law, which has an established institutional and legal framework, the book therefore provides a much-needed comparative approach.

European Securities Markets:The Investment Services Directive and Beyond

Author: Guido Ferrarini

Publisher: Kluwer Law International B.V.

ISBN: 9041107363

Category: Law

Page: 406

View: 6750

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The European Union is moving towards the full implementation of the Investment Services Directive (ISD). Indeed, in some Member States, further changes to the domestic legal framework to increase competition among financial institutions and markets will complete or complement its implementation. This book includes updated papers written by academics and practitioners from Europe and the United States and presented at the Genoa Seminar on European Investment Markets, held in November 1996. Several papers examine critical aspects of the ISD from a comparative viewpoint, in particular considering the appropriateness of further harmonisation. The regulation of financial exchanges in the new competitive arena and the need for cooperation between supervisors receive special attention. Its evaluation of the economic impact of ISD implementation and consideration of further perspectives makes European Securities Markets one of the first and most comprehensive publications on the ISD implementation. The volume will interest and educate all those involved in European securities and derivatives markets in either a legal or economic capacity, including banking and financial lawyers, financial economists, regulators, exchanges and intermediaries.

Financial Market Supervision

European Perspectives

Author: James K. Jackson

Publisher: DIANE Publishing

ISBN: 1437927424

Category:

Page: 25

View: 2030

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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.

State Management

An Enquiry Into Models of Public Administration & Management

Author: Jan-Erik Lane,Professor of Political Science Jan-Erik Lane

Publisher: Routledge

ISBN: 1134007183

Category: Business & Economics

Page: 192

View: 1603

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State Management offers a comprehensive yet concise introduction to the new field of state management, presenting an analysis of basic questions within the theories of bureaucracy, policy-making, principal-agent modelling and policy networks. Focussing upon recent state transformation, it illuminates public sector reform strategies such as New Public Management as well as incorporation, tendering and bidding, decentralization, team production and privatization. This book argues that we should look upon the variety of models or approaches to public management or public administration as all belonging under "state management". The so-called "working state" in a well-ordered society involves government delivering services, paying for social security and respecting the rule of law. In this text, Jan-Erik Lane systematically examines the key approaches to the study of how government attempts to achieve these goals, discussing the pros and cons of alternative frameworks of analysis. Each chapter discusses a different issue within state management that is integral to the broader debate, including: Public regulation The relationship between the law and the state Combining ecology and policy making Multi-level governance The virtues and vices of public-private partnerships Policy implementation Presenting a clear overview of how the state operates when government sets out to deliver public services, and generating questions to encourage new research, State Management is a valuable new text for both undergraduate and postgraduate courses in political science, public administration and public management.

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: 4319

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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.