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EU Prospectus Law

EU Prospectus Law Author Pierre Schammo
ISBN-10 9781139496322
Release 2011-05-19
Pages
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Pierre Schammo provides a detailed analysis of EU prospectus law (and the 2010 amendments to the Prospectus Directive) and assesses the new rules governing the European Securities and Markets Authority, including the case law on the delegation of powers to regulatory agencies. In a departure from previous work on securities regulation, the focus is on EU decision-making in the securities field. He examines the EU's approach to prospectus disclosure enforcement and its implementation at Member State level and breaks new ground on regulatory competition in the securities field by providing a 'law-in-context' analysis of the negotiations of the Prospectus Directive.



The Oxford Handbook of European Union Law

The Oxford Handbook of European Union Law Author Anthony Arnull
ISBN-10 9780199672646
Release 2015
Pages 1051
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Since its formation the European Union has expanded beyond all expectations, and this expansion seems set to continue as more countries seek accession and the scope of EU law expands, touching more and more aspects of its citizens' lives. The EU has never been stronger and yet it now appearsto be reaching a crisis point, beset on all sides by conflict and challenges to its legitimacy. Nationalist sentiment is on the rise and the Eurozone crisis has had a deep and lasting impact. EU law, always controversial, continues to perplex, not least because it remains difficult to analyse. Whatis the EU? An international organization, or a federation? Should its legal concepts be measured against national standards, or another norm?The Oxford Handbook of EU Law illuminates the richness and complexity of the debates surrounding the law and policies of the EU. Comprising eight sections, it examines how we are to conceptualize EU law; the architecture of EU law; making and administering EU law; the economic constitution and thecitizen; regulation of the market place; economic, monetary, and fiscal union; the Area of Freedom, Security, and Justice; and what lies beyond the regulatory state. Each chapter summarizes, analyses, and reflects on the state of play in a given area, and suggests how it is likely to develop in theforeseeable future. Written by an international team of leading commentators, this Oxford Handbook creates a vivid and provocative tapestry of the key issues shaping the laws of the European Union.



The Regulatory Aftermath of the Global Financial Crisis

The Regulatory Aftermath of the Global Financial Crisis Author Eilís Ferran
ISBN-10 9781107024595
Release 2012-11-15
Pages 391
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Provides an unrivalled understanding of major regulatory reforms that will profoundly affect the future of finance.



EU Securities and Financial Markets Regulation

EU Securities and Financial Markets Regulation Author Niamh Moloney
ISBN-10 9780191641220
Release 2014-10-23
Pages 950
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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.



Regulatory Convergence in EU Securities Regulation

Regulatory Convergence in EU Securities Regulation Author Iris H.-Y. Chiu
ISBN-10 9789041126689
Release 2008
Pages 323
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Offers a new approach to the legal issues raised by the drive for convergence in securities regulation. The author offers an informed and insightful examination of the implications for regulatory and policy design if regulatory convergence were to be rigorously implemented.



The Foundations and Future of Financial Regulation

The Foundations and Future of Financial Regulation Author Mads Andenas
ISBN-10 9781135043377
Release 2013-11-20
Pages 544
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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.



Building an EU Securities Market

Building an EU Securities Market Author Eilís Ferran
ISBN-10 1139456822
Release 2004-11-25
Pages
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This book considers some of the fundamental issues concerning the legal framework that has been established to support a single EU securities market. It focuses particularly on how the emerging legal framework will affect issuers' access to the primary and secondary market. The Financial Services Action Plan (FSAP, 1999) was an attempt to equip the community better to meet the challenges of monetary union and to capitalise on the potential benefits of a single market in financial services. It led to extensive change in securities market regulation: new laws; new law making processes, and more attention to the mechanisms for the supervision of securities market activity and legal enforcement. With the FSAP nearing completion, it is a good time to take stock of what has been achieved, and to identify the challenges that lie ahead.



Misuse of Market Power

Misuse of Market Power Author Katharine Kemp
ISBN-10 9781316884911
Release 2018-05-31
Pages
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Laws prohibiting unilateral anticompetitive conduct have been the subject of vigorous international debate for decades, as policymakers, antitrust scholars and agencies continue to disagree over how best to regulate the market conduct of a single firm with substantial market power. Katharine Kemp describes the controversy over Australia's misuse of market power laws in recent years, which mirrored the international debate in this sphere, and culminated in the fundamental reform of the misuse of market power prohibition under the Competition and Consumer Act 2010 (Cth) in 2017. Misuse of Market Power: Rationale and Reform explains Australia's new misuse of market power law, which adopts an 'effects-based test' for unilateral conduct, and makes a comparative analysis between Australian tests for unilateral anticompetitive conduct and tests from the US and the EU. This text also illuminates the frequently mentioned, but little understood, concept of 'purpose' and its role in framing unilateral conduct standards.



Comparing European and U S Securities Regulations

Comparing European and U S  Securities Regulations Author Tanja Boskovic
ISBN-10 0821382543
Release 2010-01-12
Pages 184
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This paper, aimed at professionals, scholars, and government officials in the field of securities regulations, compares the European (specifically the Market in Financial Instruments Directive MiFID) and U.S. securities regulations. The analysis focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. We show that although there may be regional differences in the structure and rules of current securities regulation, the objectives and some outcomes of regulation are comparable. Similarly, as the current global financial and economic crisis exposed gaps in securities regulations worldwide, regulators in both regions face similar challenges. This study will be particularly useful for World Bank member countries that are looking at either the European or U.S. regulations when conducting market reforms.



Investor Protection in Europe

Investor Protection in Europe Author Guido Ferrarini
ISBN-10 0199202915
Release 2006
Pages 509
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This collection examines investor protection in Europe, offering a broad and coherent examination of the effects of regulatory competition versus harmonisation. It covers both capital market and company law perspectives and explores clearing, settlement, prospectuses and transparency regulation.



European Capital Markets Law

European Capital Markets Law Author Rüdiger Veil
ISBN-10 9781782256540
Release 2017-04-06
Pages 848
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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.



After Enron

After Enron Author John Armour
ISBN-10 9781847312907
Release 2006-11-14
Pages 728
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At the end of the twentieth century it was thought by many that the Anglo-American system of corporate governance was performing effectively and some observers claimed to see an international trend towards convergence around this model. There can be no denying that the recent corporate governance crisis in the US has caused many to question their faith in this view. This collection of essays provides a comprehensive attempt to answer the following questions: firstly, what went wrong - when and why do markets misprice the value of firms, and what was wrong with the incentives set by Enron? Secondly, what has been done in response, and how well will it work - including essays on the Sarbanes-Oxley Act in the US, UK company law reform and European company law and auditor liability reform, along with a consideration of corporate governance reforms in historical perspective. Three approaches emerge. The first two share the premise that the system is fundamentally sound, but part ways over whether a regulatory response is required. The third view, in contrast, argues that the various scandals demonstrate fundamental weaknesses in the Anglo-American system itself, which cannot hope to be repaired by the sort of reforms that have taken place. "This collection of papers by leading US and European corporate law scholars provides fresh and rigorous analyses of the recent corporate governance scandals and the strategies devised by regulators to guard against future governance failures." Randall Thomas, John Beasley Professor of Law and Business, Vanderbilt University School of Law, Vanderbilt University.



Europe s Hidden Capital Markets

Europe s Hidden Capital Markets Author Jean-Pierre Casey
ISBN-10 9789290795964
Release 2005
Pages 129
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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.



Capital Markets Handbook

Capital Markets Handbook Author John C. Burch
ISBN-10 0735550328
Release 2004-12-02
Pages 1162
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Capital Markets Handbook, Sixth Edition is the definitive desk reference for capital market professionals and a complete resource for anyone working in the financial markets field. Written by seasoned professionals in association with the SIA, Capital Markets Handbook covers the latest developments in major securities legislation, and all aspects of documentation, underwriting, pricing, distribution, settlement, immediate aftermarket trading of new issues, compliance issues, a glossary, a bibliography, and appendices containing the full text of the primary statutes and regulations. The Sixth Edition includes coverage of new developments, including compliance issues such as: new amendments to NASD Rule 2710 ("The Corporate Financing Rule") governing underwriting compensation - updates on PIPE and Registered Direct Transactions - amendments to Rule 10b-18 governing corporate repurchase of equity securities - online Dutch auction procedures in use for the Google, Inc. IPO - United Kingdom Financial Service Authority guidance on conflict of interest regarding pricing and allocation issues which have been adopted by one major U.S. investment bank - amendments to Rule 105 Regulation M concerning short selling in connection with public offerings - currency conversion in settlement of a global offering - NASD Rule 2790-Restriction on the Purchase and Sale of IPO equity securities - NASD IPO Distribution Manager Procedures for filing with NASD Corporate Financing - proposed NASD Rule 2712 concerning allocation and distribution of shares in an initial public offering - a reorganized compliance chapter in a checklist format designed to ease and enhance CEO and CFO Compliance Certificationrequired by a proposed amendment to NASD Rule 3010 (Supervision) and the adoption of Interpretive Material 3010-1 - and more.



Europe s Untapped Capital Market

Europe s Untapped Capital Market Author Diego Valiante
ISBN-10 1786600447
Release 2016-03-03
Pages 288
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This book builds on a year-long discussion with a group of academics, policy-makers and industry experts to provide a long-term contribution to the Capital Markets Union project, launched by the European Commission in 2015. It identifies 36 cross-border barriers to capital markets integration and provides an organic plan, consisting of 33 policy recommendations, to relaunch EU financial integration. These aim to improve the key components of cross-border capital market transactions.



Regulating and Supervising European Financial Markets

Regulating and Supervising European Financial Markets Author Mads Andenas
ISBN-10 9783319321745
Release 2016-08-16
Pages 437
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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



Liability of Corporate Groups and Networks

Liability of Corporate Groups and Networks Author Christian A. Witting
ISBN-10 9781108619172
Release 2018-01-11
Pages
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What happens when a corporate subsidiary or network company is unable to pay personal injury victims in full? This book sets out to tackle the 'insolvent entity problem', especially as it arises in cases of mass wrongdoing such as those involving asbestos exposure and defective pharmaceuticals. After discussing the nature of corporate groups and networks from the perspectives of business history, organisation studies, and social theory, the book assesses a range of rules and proposed rules for extending liability for personal injuries beyond insolvent entities. New proposals are put for an exception to the rule of limited liability and for the development of a flexible new tort based on conspiracy that encompasses not only control-based relationships but also horizontal coordination between companies. The book concludes with a general discussion of lessons learned from debates about extended liability and provides guidelines for the development of new liability rules.