EC securities regulation:
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| Format: | Book |
| Language: | English |
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Oxford [u.a.]
Oxford Univ. Press
2002
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| Edition: | 1. publ. |
| Series: | Oxford EC law library
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | LXXXIX, 939 S. |
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SUMMARY TABLE OF CONTENTS
TABLE OF ABBREVIATIONS XXXIII
TABLE OF CASES XXXV
TABLE OF LEGISLATION XLV
PART I: INTRODUCTION
I INTRODUCTION 3
PART II: CAPITAL RAISING AND COLLECTIVE-INVESTMENT SCHEMES:
THE EC INVESTMENT-PRODUCTS REGIME
II INTRODUCTION TO THE SECURITIES DIRECTIVES 53
III THE ADMISSION OF SECURITIES TO OFFICIAL LISTING 83
IV THE ISSUER-DISCLOSURE REGIME 118
V COLLECTIVE-INVESTMENT SCHEMES 241
PART III: THE EC INVESTMENT-SERVICES REGIME
VI THE REGULATION OF INVESTMENT-SERVICES PROVIDERS: THE EC
REGIME 295
VII THE INVESTMENT-SERVICES PASSPORT 355
VIII THE PRUDENTIAL REGULATION OF INVESTMENT-SERVICES PROVIDERS 439
IX THE PROTECTIVE REGULATION OF INVESTMENT-SERVICES PROVIDERS 510
X INVESTOR-COMPENSATION SCHEMES 607
PART IV: THE EC SECURITIES-TRADING MARKETS REGIME
XI THE REGULATION OF SECURITIES-TRADING MARKETS 643
XH THE SETTLEMENT OF SECURITIES TRANSACTIONS 708
PART V: EC SECURITIES REGULATION AND
THE CONTROL OF MARKET ABUSE
XIII THE CONTROL OF MARKET ABUSE 739
PART VI: EC SECURITIES REGULATION AND TAKEOVERS
XIV EC SECURITIES REGULATION AND TAKEOVERS 805
XVI SUMMARY TABLE OF CONTENTS
PART VII: THE INSTITUTIONAL STRUCTURE OF
EC SECURITIES REGULATION
XV RULE-MAKING AND MARKET SUPERVISION 843
INDEX 899
CONTENTS
TABLE OF ABBREVIATIONS XXXIII
TABLE OF CASES XXXV
TABLE OF LEGISLATION XLV
PART I: INTRODUCTION
I INTRODUCTION 3
1.1 INTRODUCTION AND SCOPE 3
1.2 THE TREATY AND COMPETENCE TO REGULATE 5
1.3 HARMONIZATION 11
1.3.1 HARMONIZATION AND REGULATORY COMPETITION 11
1.3.2 INTEGRATION DEVICES 13
1.4 FORMS OF LEGISLATION 16
1.5 REGULATORY DEVICES 20
1.6 THE ROOTS OF EC SECURITIES REGULATION 21
1.7 THE FSAP AND THE LAMFALUSSY REPORT 25
1.8 CAPITAL CONTROLS 32
1.8.1 THE ROAD TO UBERALIZATION 32
1.8.2 THE 1988 CAPITAL MOVEMENTS DIRECTIVE 41
1.8.3 FREE MOVEMENT OF CAPITAL AND PAYMENTS:
ARTICLES 56-60 EC 45
PART II: CAPITAL RAISING AND COLLECTIVE-INVESTMENT SCHEMES:
THE EC INVESTMENT PRODUCTS REGIME
II INTRODUCTION TO THE SECURITIES DIRECTIVES 53
II. 1 EC SECURITIES REGULATION AND CAPITAL RAISING 53
II.2 THE RATIONALE FOR REGULATING THE CAPITAL-RAISING PROCESS 53
II. 3 SCOPE OF THE REGIME 55
II.4 THE TREATY AND MARKET FINANCE 57
11.4.1 THE INTEGRATION OF CAPITAL MARKETS AND THE
TREATY 57
11.4.2 MARKET FINANCE 57
11.4.3 SMALL AND MEDIUM-SIZED ISSUERS 60
XVIII CONTENTS
II. 5 HARMONIZATION AND THE TREATY 62
11.5.1 EARLY DEVELOPMENTS 62
11.5.2 THE TREATY COMPETENCES 65
II.6 THE DEVELOPMENT OF THE HARMONIZED REGIME 66
IL7 DETAILED HARMONIZATION AND MUTUAL RECOGNITION 67
II. 7.1 THE IMPLEMENTATION PROBLEM 67
11.7.2 MUTUAL RECOGNITION 69
11.7.3 IS THE HARMONIZATION PROGRAMME WELL-FOUNDED? 70
II.8 A LIMITED REGIME 76
IL9 ISSUER AND INVESTOR BEHAVIOUR 77
11.10 REFORM OF THE SECURITIES DIRECTIVES 80
III THE ADMISSION OF SECURITIES TO OFFICIAL LISTING 83
III. 1 THE OFFICIAL-LISTING PROCESS 83
III.2 SCOPE AND FEATURES OF THE ADMISSION REGIME 86
IIL3 EARLY DEVELOPMENTS 89
111.3.1 MARKET FINANCE AND ISSUER MARKET ACCESS 89
IH.3.2 THE 1977 CODE OF CONDUCT 90
IN.4 THE ADMISSION DIRECTIVE (NOW CONSOLIDATED) 91
111.4*1 OBJECTIVES, TREATY BASIS, AND APPROACH TO
HARMONIZATION 91
111.4.2 THE CORE OBLIGATION 96
111.4.3 SCOPE 97
111.4.4 COMPETENT AUTHORITIES AND OFFICIAL-LISTING
APPLICATIONS 100
111.4.5 ADMISSION REQUIREMENTS AND THE SCHEDULES 103
IH.4.6 ONGOING OBLIGATIONS 108
111.4.7 ENFORCEMENT 112
111.4.8 CONTACT COMMITTEE 112
III. 5 UPDATING THE ADMISSION DIRECTIVE 113
IIL 5.1 AN ADMISSION PASSPORT 113
III.5.2 ADMISSION TO TRADING AND ADMISSION TO OFFICIAL
LISTING 116
IV THE ISSUER-DISCLOSURE REGIME 118
IV. 1 EC SECURITIES REGULATION AND DISCLOSURE 118
CONTENTS XIX
IV.2 MANDATORY ISSUER DISCLOSURE 119
IV.2.1 THE RATIONALE FOR MANDATORY DISCLOSURE 119
IV.2.2 DISCLOSURE AS A BARRIER TO CAPITAL RAISING 127
IV.3 SCOPE AND FEATURES OF THE EC ISSUER-DISCLOSURE REGIME 128
IV.3.1 SCOPE 128
IV.3.2 RATIONALE: MARKET INTEGRATION 129
IV.3.3 THE HARMONIZATION DEVICE: DETAILED
HARMONIZATION AND MUTUAL RECOGNITION 140
IV.3.4 THE NEXT STAGE 141
IV.4 DISCLOSURE AND OFFICIALLY LISTED SECURITIES*THE LISTING
PARTICULARS DIRECTIVE (LPD) 141
IV.4.1 OBJECTIVES 141
IV.4.2 THE CORE OBLIGATION AND EXEMPTIONS 143
IV.4.3 INFORMATION REQUIREMENTS 145
IV.4.4 PUBLICATION OF LISTING PARTICULARS 154
IV.4.5 REVIEW OF LISTING PARTICULARS AND THE
COMPETENT AUTHORITY 155
IV.4.6 MULTIPLE OFFICIAL LISTINGS AND A COMMON
DISCLOSURE DOCUMENT 156
IV.4.7 THE CONTACT COMMITTEE 157
IV. 5 ONGOING DISCLOSURE FOR ISSUERS OF OFFICIALLY LISTED SECURITIES 157
IV.5.1 SCOPE 157
IV.5.2 THE ADMISSION DIRECTIVE 157
IV.5.3 THE INTERIM REPORTS DIRECTIVE (IRD) 158
IV. 5.4 THE SUBSTANTIAL SHAREHOLDINGS DIRECTIVE (THE SSD) 166
IV.6 DISCLOSURE AND PUBLIC OFFERS OF SECURITIES: THE PUBLIC
OFFERS DIRECTIVE (POD) 177
IV.6.1 BACKGROUND 177
IV. 6.2 OBJECTIVES 179
IV.6.3 THE CORE OBLIGATION 180
IV.6,4 SCOPE 180
IV.6.5 PROSPECTUS REQUIREMENTS FOR PUBLICLY OFFERED
SECURITIES THE SUBJECT OF AN OFFICIAL-LISTING
APPLICATION 185
IV.6.6 PROSPECTUS REQUIREMENTS FOR PUBLICLY OFFERED
SECURITIES NOT SUBJECT TO AN OFFICIAL-LISTING
APPLICATION 187
XX CONTENTS
TV.6.7 CO-OPERATION BETWEEN MEMBER STATES AND
COMPETENT AUTHORITIES 192
IV. 7 AN EC DISCLOSURE CODE 193
IV JA MARKET INTEGRATION AS A CONSISTENT OBJECTIVE 193
IV.7.2 INVESTOR PROTECTION AS A CONSISTENT OBJECTIVE 193
IV.8 BEYOND THE CODE: THE REGIME FALTERS 197
IV. 8.1 INTRODUCTION 197
IV.8.2 STAGE 1: MUTUAL RECOGNITION OF LISTING
PARTICULARS 198
IV.8.3 STAGE 2: MUTUAL RECOGNITION OF PUBLIC-OFFER
PROSPECTUSES 203
IV.8.4 STAGE 3: A SINGLE DISCLOSURE DOCUMENT 204
IV.8.5 THE EUROLIST DIRECTIVE 206
IV.9 BEYOND MUTUAL RECOGNITION: RADICAL REFORM 209
IV.9.1 THE FAILURE OF MUTUAL RECOGNITION 209
IV.9.2 MOVEMENTS TOWARDS A FULL DISCLOSURE PASSPORT
AND SHELF REGISTRATION 213
IV.9.3 THE PROPOSED NEW DISCLOSURE REGIME 217
IV.9.4 REFORM OF THE ONGOING DISCLOSURE REGIME 232
IV. 10 HARMONIZATION OF ACCOUNTING STANDARDS 234
IV. 10.1 THE MARKET-INTEGRATION LINK 2 34
IV. 10.2 THE CURRENT POSITION 234
IV. 10.3 INTERNATIONAL CONVERGENCE 235
IV.10.4 THE APPROACH TO HARMONIZATION 236
IV.10.5 THE PROPOSED IAS REGULATION 237
V COLLECTIVE-INVESTMENT SCHEMES 241
V.I COLLECTIVE-INVESTMENT SCHEMES 241
V.2 RATIONALE FOR AND FORMS OF REGULATION 243
V.3 SCOPE AND FEATURES OF THE EC REGIME 244
V.4 THE ROOTS OF THE REGIME 245
V.5 EARLY DEVELOPMENTS 246
V.6 THE UCITS DIRECTIVE 248
V.6.1 OBJECTIVES AND TREATY BASIS 248
V.6.2 SCOPE 250
V.6.3 THE UCITS PASSPORT 252
V.7
V.8
V.6.4
V.6.5
V.6.6
V.6.7
V.6.8
V.6.9
V.6.10
V.6.11
THE ISD
REFORM
V.8.1
V.8.2
V.8.3
CONTENTS
THE AUTHORIZATION PROCESS
STRUCTURAL REQUIREMENTS
INVESTMENT POLICIES
GENERAL OBLIGATIONS
DISCLOSURE
MARKETING RULES
SUPERVISION AND THE COMPETENT AUTHORITIES
DEROGATIONS AND THE CONTACT COMMITTEE
THE PUSH FOR REFORM
THE UCITS PRODUCT REGIME
THE MANAGEMENT COMOANV AND PROSOECTUS
XXI
254
255
258
263
265
268
269
271
271
272
272
274
REGIME 284
PART III: THE EC INVESTMENT-SERVICES REGIME
VI THE REGULATION OF INVESTMENT-SERVICES PROVIDERS:
THE EC REGIME 295
VI. 1 INVESTMENT INTERMEDIARIES AND TRADING MARKETS 295
VI.2 THE RATIONALE FOR REGULATION 296
VI.2.1 INVESTMENT INTERMEDIARIES 296
VI.2.2 INVESTOR PROTECTION AND SYSTEMIC STABILITY 297
VI.2.3 REGULATORY TECHNIQUES 300
VL2.4 MORAL HAZARD AND EFFICIENT REGULATION 302
VI.2.5 THE RATIONALE FOR REGULATION AND THE EC REGIME 303
VI. 3 THE DEVELOPMENT OF AN EC SYSTEM OF
INVESTMENT-INTERMEDIARY REGULATION 304
VI. 3.1 INTRODUCTION 304
VI.3.2 THE ROOTS OF THE REGIME 306
VI.3.3 INVESTMENT INTERMEDIARIES AND REGULATORY
OBSTACLES 308
VI.4 THE FREEDOM TO ESTABLISH AND THE FREEDOM TO
PROVIDE SERVICES 311
VI.4.1 INTRODUCTION 311
VI.4.2 THE FREEDOM TO ESTABLISH 311
XXII CONTENTS
VI.4.3 THE FREEDOM TO PROVIDE SERVICES 315
VI.4.4 NON-DISCRIMINATORY RULES 321
VIA 5 THE INTERACTION BETWEEN THE FREEDOM TO
PROVIDE SERVICES AND THE FREEDOM TO ESTABLISH 322
VI.4.6 PERMITTED RESTRICTIONS 324
VI.5 THE EVOLUTION OF THE HARMONIZED REGIME 335
VI.5.1 THE APPROACH TO HARMONIZATION EMERGES 335
VI.5.2 THE MAIN PLANKS OF THE REGIME ARE SET IN PLACE 338
VI.5.3 FURTHER PROGRESS 340
VI.5.4 THE E-COMMERCE CHALLENGE 341
VI.6 THE MAIN THEMES OF THE REGIME 342
VI.6.1 MARKET INTEGRATION AND SUBSTANTIVE
REREGULATION 342
VI.6.2 FUNCTIONAL REGULATION 343
VI.6.3 WHOLESALE AND RETAIL MARKETS 345
VI.6.4 THE MARKET-INTEGRATION DEVICE 346
VI.6.5 POST-LIBERALIZATION REGULATORY TRENDS (1) 351
VI.6.6 POST-LIBERALIZATION REGULATORY TRENDS (2) 352
VL7 GUIDING PRINCIPLES FOR INVESTMENT-SERVICES REGULATION 353
VII THE INVESTMENT-SERVICES PASSPORT 355
VII. 1 INTRODUCTION 355
VII.2 SINGLE-MARKET MAKING: THE END AND THE MEANS 356
VIL2.1 ARTICLE 47(2) EC 356
VII.2.2 ESSENTIAL FEATURES 357
VII.2.3 RELATIONSHIP WITH THE BANKING REGIME 359
VII.3 SCOPE 362
VIL3.1 A FUNCTIONAL APPROACH 362
VII.3.2 INVESTMENT FIRMS 362
VII.3.3 INVESTMENT SERVICES 364
VII.3.4 AN EXPANSIVE APPROACH TO INTERPRETING THE
SCOPE OF THE ISD? 367
VN.3.5 EXCLUSIONS 368
VH.4 THE AUTHORIZATION PROCESS 370
VII.4.1 INTRODUCTION 370
CONTENTS XXIII
VII.4.2 JURISDICTION TO AUTHORIZE AND THE HOME
MEMBER STATE 371
VII.4.3 AUTHORIZATION CONDITIONS: MINIMUM INITIAL
CAPITAL 373
VII.4.4 AUTHORIZATION CONDITIONS: MANAGEMENT
REQUIREMENTS 3 74
VIL4.5 AUTHORIZATION CONDITIONS: ORGANIZATION AND
SHAREHOLDERS 376
VII.4.6 AUTHORIZATION: PROCESS AND PROTECTIONS 378
VII.4.7 AUTHORIZATION: RELATIONS WITH THIRD COUNTRIES 380
VII.5 SINGLE-MARKET MAKING AND THE ISD PASSPORT 383
VII.5.1 AUTHORIZATION AND PRUDENTIAL SUPERVISION 383
VII.5.2 RESTRICTIONS ON THE ARTICLE 14 PASSPORT 384
VII.5.3 RELYING ON THE ARTICLE 14 PASSPORT: THE
PROCEDURES 386
VIL6 HOST-MEMBER-STATE CONTROL 394
VII.6.1 MUTUAL RECOGNITION DILUTED 394
VIL6.2 GENERAL RESIDUAL JURISDICTION IN THE INTERESTS
OF THE GENERAL GOOD 395
VII.6.3 HOST-MEMBER-STATE CONTROL AND ADVERTISING RULES 398
VII.6.4 HOST-MEMBER-STATE CONTROL AND
CONDUCT-OF-BUSINESS RULES 398
VII.7 HOST-MEMBER-STATE CONTROL: REPORTING REQUIREMENTS
AND THE ENFORCEMENT PROCESS 409
VII. 7.1 REPORTING REQUIREMENTS 409
VII. 7.2 ENFORCEMENT AND THE HOST MEMBER STATE 409
VII. 8 SUPERVISION OF THE LIBERALIZED MARKET-PLACE 412
VII. 8.1 THE ISD SUPERVISORY FRAMEWORK 412
VII.8.2 COMPETENT AUTHORITIES 413
VII. 8.3 CO-OPERATION BETWEEN COMPETENT AUTHORITIES 415
VII. 8.4 THE INFORMATION GATEWAYS 416
VII.9 EXTENSION OF THE INVESTMENT-SERVICES PASSPORT:
THE MANAGEMENT-COMPANY PASSPORT 420
VII.9.1 INTRODUCTION 420
VII.9.2 SCOPE 422
VII.9,3 THE AUTHORIZATION PROCESS 424
XXIV CONTENTS
VII.9.4 THE MANAGEMENT-COMPANY PASSPORT 426
VII.9.5 REPORTING, HOME/HOST ENFORCEMENT, AND
SUPERVISORY CO-OPERATION 428
VII. 10 THE SUCCESS OF THE ISD AS A MARKET-INTEGRATION MEASURE 429
VII.10.1 RELIANCE ON THE ISD PASSPORT 429
VII. 10.2 IMPLEMENTATION PROBLEMS 429
VII. 10.3 STRUCTURAL WEAKNESSES IN THE ISD AND REFORM 430
VII. 11 INVESTMENT-SERVICES MARKET INTEGRATION AND THE INTERNET:
THE ECD 435
VIII THE PRUDENTIAL REGULATION OF INVESTMENT-SERVICES PROVIDERS 439
VIII. 1 THE RATIONALE FOR PRUDENTIAL REGULATION 439
VIII.2 THE SCOPE OF PRUDENTIAL REGULATION 440
VIII.2.1 MACRO AND MICRO PREVENTIVE AND PROTECTIVE
REGULATION 440
VIII.2.2 FORMS OF PRUDENTIAL REGULATION 441
VIII. 3 THE EC AND PRUDENTIAL SUPERVISION 442
VIII. 3.1 SCOPE OF THE REGIME 442
VIII.3.2 FEATURES OF THE REGIME 444
VIII.4 THE ROOTS OF THE REGIME 447
VIII.5 PRUDENTIAL REGULATION AND AUTHORIZATION 448
VIII.5.1 THE ISD REGIME 448
VIII.5.2 THE MANAGEMENT-COMPANY REGIME 449
VIII.6 PRUDENTIAL REGULATION AND OPERATIONAL PRUDENTIAL RULES 450
VIII.6.1 OPERATIONAL PRUDENTIAL RULES 450
VIII.6.2 THE ISD AND OPERATIONAL PRUDENTIAL RULES 451
VIII.6.3 THE MANAGEMENT COMPANY PROPOSAL AND
OPERATIONAL PRUDENTIAL CONTROLS 457
VIII.7 PRUDENTIAL REGULATION AND OWNERSHIP CONTROLS 459
VIII.7.1 INTRODUCTION 459
VNI.7.2 OWNERSHIP CONTROLS AND THE ISD 460
VEI.7.3 THE MANAGEMENT-COMPANY REGIME AND
OWNERSHIP CONTROLS 462
VM.8 INVESTOR-COMPENSATION SCHEMES 462
VIII.9 PRUDENTIAL SUPERVISION AND CAPITAL ADEQUACY 463
VIII.9.1 RATIONALE 463
CONTENTS XXV
VIII.9.2 CAPITAL-ADEQUACY REGULATION OF INVESTMENT
FIRMS AND THE EC 466
VIII.9.3 THE CAD: CAPITAL REQUIREMENTS 470
VIIL9.4 SUPERVISION AND ENFORCEMENT OF THE CAD 481
VIII.9.5 THE CAD AND CONSOLIDATION 483
VIIL9.6 REVIEW OF THE CAD 486
VIII. 10 ENFORCEMENT AND SUPERVISION OF THE PRUDENTIAL REGIME 492
VIIL10.1 ENFORCEMENT POWERS 492
VIII.10.2 SUPERVISION THROUGH A NETWORK OF
HOME-MEMBER-STATE SUPERVISORS 492
VIII. 10.3 FUTURE DIRECTIONS FOR THE SUPERVISORY STRUCTURE 494
VIII. 11 PRUDENTIAL SUPERVISION AND FINANCIAL CONGLOMERATES 499
VIII. 11.1 THE REGULATORY CHALLENGE 499
VFFL.L 1.2 THE CURRENT APPROACH 501
VM. 11.3 THE SUPPLEMENTARY SUPERVISION PROPOSAL 503
IX THE PROTECTIVE REGULATION OF INVESTMENT-SERVICES PROVIDERS 510
IX. 1 THE RATIONALE FOR PROTECTIVE REGULATION 510
IX.2 THE SCOPE OF PROTECTIVE REGULATION 512
IX. 2.1 PRUDENTIAL AND PROTECTIVE RULES 512
IX.2.2 PRUDENTIAL REGULATION 513
IX.2.3 PROTECTIVE REGULATION 513
IX. 3 THE EC AND PROTECTIVE REGULATION 515
IX. 3.1 SCOPE OF THE REGIME 515
IX.3.2 FEATURES OF THE REGIME 516
IX.3.3 THE NEED FOR HARMONIZATION 520
IX.3.4 RETAIL AND SOPHISTICATED INVESTORS 523
IX.4 THE ROOTS OF THE PROTECTIVE REGIME 525
IX.5 PROTECTIVE REGULATION AND THE ISD 526
EX.5.1 INVESTOR PROTECTION AS AN OBJECTIVE 526
IX.5.2 CONDUCT-OF-BUSINESS RULES AND ARTICLE 11 528
IX.5.3 ADVERTISING AND MARKETING REGULATION UNDER
THE ISD 544
IX.5.4 DISPUTE RESOLUTION, SANCTIONS, AND
ENFORCEMENT UNDER THE ISD 546
IX.5.5 INVESTOR PROTECTION AND THE ISD 547
XXVI CONTENTS
IX. 6 THE BANKING REGIME AND PROTECTIVE REGULATION 547
IX. 7 THE MANAGEMENT-COMPANY REGIME 548
IX.8 GENERAL CONSUMER-PROTECTION MEASURES 549
IX.8.1 MARKETING RULES 549
IX.8.2 HARMONIZED CONTRACT REQUIREMENTS 552
IX.9 THE DISTANCE MARKETING PROPOSAL 555
IX. 9.1 BACKGROUND 555
IX.9.2 THE INVESTOR-PROTECTION OBJECTIVE 557
IX.9.3 SCOPE 558
IX.9.4 PRIOR INFORMATION 559
IX.9.5 WITHDRAWAL RIGHTS 561
IX.9.6 INTRUSIVE MARKETING TECHNIQUES AND COLD-CALLING 563
IX.9.7 DISPUTE RESOLUTION 564
IX.9.8 MAXIMUM HARMONIZATION 565
IX. 10 PROTECTIVE REGULATION AND THE INTERNET: THE E-COMMERCE
DIRECTIVE 566
IX. 10.1 THE INTERNET AND INVESTOR PROTECTION 566
IX. 10.2 THE E-COMMERCE DIRECTIVE 567
IX. 10.3 THE COMMISSION COMMUNICATION ON
E-COMMERCE AND FINANCIAL SERVICES 572
IX. 11 THE COURT OF JUSTICE, THE GENERAL GOOD, AND PROTECTIVE
CONTROLS 572
IX. 11.1 INVESTOR PROTECTION AND THE GENERAL GOOD 572
IX. 11.2 PARTICULAR PROTECTIVE MECHANISMS AND THE
GENERAL GOOD 576
IX. 12 INVESTOR PROTECTION AND THE TREATY 577
IX.12.1 THE PROBLEM 577
IX.12.2 ARTICLE 47(2) EC 577
IX.12.3 ARTICLES 94 AND 95 EC 582
IX. 12.4 BEYOND THE INTERNAL MARKET: INVESTOR
CONFIDENCE AND ARTICLE 153 EC 586
IX. 13 THE NEW FOCUS ON INVESTOR PROTECTION 592
IX. 13.1 THE GREEN PAPER ON CONSUMER PROTECTION IN
FINANCIAL SERVICES 592
IX. 13.2 INVESTOR CONFIDENCE AS A POLICY PRIORITY 592
CONTENTS XXVII
IX. 13.3 PROTECTIVE HARMONIZATION AND THE FSAP 5 94
IX. 13.4 PROTECTIVE HARMONIZATION AND SUPERVISION 598
IX. 13.5 HOME AND HOST CONTROL, LEVELS OF
HARMONIZATION, AND SUBSIDIARITY 598
IX. 13.6 THE COMMISSION COMMUNICATION ON
E-COMMERCE AND FINANCIAL SERVICES 600
IX.13.7 THE 2001 ISD WORKING PAPER 602
IX. 14 INVESTOR PROTECTION: A BRAVE NEW WORLD? 604
X INVESTOR-COMPENSATION SCHEMES 607
X.I THE RATIONALE FOR COMPENSATION SCHEMES 607
X.1.1 THE CASE FOR 607
X.I.2 THE CASE AGAINST 609
X.2 SCOPE AND FEATURES OF THE REGIME 611
X. 3 THE ROOTS OF THE REGIME 612
X. 3.1 EARLY DEVELOPMENTS 612
X.3.2 FURTHER DELAYS AND THE DGD 614
X,4 THELCSD 615
X.4.1 TREATY BASIS AND OBJECTIVES 615
X.4.2 THE ICSD FRAMEWORK 618
X.4.3 SCOPE OF THE SCHEME 620
X.4.4 THE COMPENSATION TRIGGER 622
X.4.5 CLAIMS COVERED 623
X.4.6 PAYMENT OF COMPENSATION AND PROCEDURES 624
X.4.7 TOPPING-UP AND THE EXPORT BAN 626
X.4.8 DISCLOSURE AND ADVERTISING 634
X.4.9 MANAGEMENT AND STRUCTURE 635
X.4.10 COMPETENT AUTHORITIES AND SUPERVISION 638
X.4.11 CO-OPERATION AND COMMUNICATION: CROSS-BORDER
CLAIMS 638
X.4.12 RELATIONSHIP WITH THE DGD 639
XXVIII CONTENTS
PART IV: THE EC SECURITIES-TRADING MARKETS REGIME
XI THE REGULATION OF SECURITIES-TRADING MARKETS 643
XI. 1 THE EC CAPITAL-RAISING REGIME AND SECURITIES-TRADING
MARKETS 643
XL 2 THE RATIONALE FOR REGULATING SECURITIES-TRADING MARKETS 644
XL2.1 SECURITIES-TRADING MARKETS 644
XI.2.2 THE RATIONALE FOR REGULATION 646
XI.2.3 THE SCOPE OF REGULATION 647
XL 3 THE EC AND SECURITIES-TRADING MARKET REGULATION 647
XI. 3.1 SCOPE OF THE REGIME 64 7
XI.3.2 FEATURES OF THE REGIME 648
XI.4 THE ROOTS OF THE REGIME 649
XI.5 THE 1977 CODE OF CONDUCT 651
XL6 THE ISD: ACCESS LIBERALIZATION AND LIMITED STANDARDS
HARMONIZATION 653
XL6.1 THE NEGOTIATIONS 653
XI.6.2 FEATURES OF THE ISD REGIME 654
XL6.3 REGULATED MARKETS 655
XL6.4 LIBERALIZATION THROUGH ACCESS RIGHTS 658
XI.6.5 COMMON STANDARDS: CONCENTRATION RULES 663
XI.6.6 COMMON STANDARDS: TRANSPARENCY AND
REPORTING 666
XI. 6.7 SUPERVISION 674
XI.7 BEYOND THE ISD (1): COMMON STANDARDS 675
XI. 7.1 A LIMITED REGIME 675
XI. 7.2 THE FESCO STANDARDS 676
XL 7.3 TREATY COMPETENCES AND FURTHER
HARMONIZATION 677
XI.8 BEYOND THE ISD (2): FURTHER INTEGRATION 680
XL8.1 BENEFITS AND DRAWBACKS 680
XL8.2 GREATER INTEGRATION AND THE REGULATORY
STRUCTURE 681
XI.8.3 INDUSTRY DEVELOPMENTS 685
XL8.4 TECHNOLOGICAL DEVELOPMENTS AND ALTERNATIVE
TRADING SYSTEMS 688
CONTENTS XXIX
XI.9 THE ISD COMMUNICATION AND REFORM OF THE ISD 693
XI.9.1 REVIEW OF THE ISD 693
XI.9.2 THE TREATMENT OF ATSS 694
XI.9.3 EFFECTIVE COMPETITION BETWEEN REGULATED
MARKETS 694
XI.9.4 COMMON STANDARDS 696
XI.9.5 TRANSPARENCY 699
XI.9.6 THE LAMFALUSSY REPORT 699
XI.9.7 THE 2001 ISD WORKING PAPER 699
XII THE SETTLEMENT OF SECURITIES TRANSACTIONS 708
XII. 1 SECURITIES-SETTLEMENT SYSTEMS 708
XII. 2 SETTLEMENT AND SECURITIES REGULATION 711
XII. 3 SECURITIES SETTLEMENT, SETTLEMENT SYSTEMS, AND THE EC 712
XII.3.1 SCOPE AND FEATURES OF THE REGIME 712
XIL3.2 CLEARING AND SETTLEMENT AND THE ISD 713
XII. 3.3 SETTLEMENT AND THE INTEGRATED MARKET-PLACE 714
XII.4 THE SETTLEMENT FINALITY DIRECTIVE 721
XII.4.1 OBJECTIVES AND TREATY BASIS 721
XII.4.2 SCOPE 724
XII.4.3 SETTLEMENT FINALITY: TRANSFER ORDERS AND NETTING 727
XII.4.4 INSOLVENCY PROCEEDINGS 730
XII.4.5 COLLATERAL SECURITY 731
XII.4.6 TRANSPARENCY, SUPERVISION, AND REVIEW OF THE
DIRECTIVE 733
XII. 5 THE FINANCIAL COLLATERAL ARRANGEMENTS PROPOSAL 734
PART V: EC SECURITIES REGULATION AND
THE CONTROL OF MARKET ABUSE
XIII THE CONTROL OF MARKET ABUSE 739
XIII. 1 INSIDER DEALING: THE RATIONALE FOR PROHIBITING INSIDER
DEALING 739
XIII.2 INSIDER DEALING: SCOPE AND FEATURES OF THE EC REGIME 742
XIII.3 INSIDER DEALING: THE ROOTS OF THE EC REGIME 744
XIII.3.1 A FOCUS ON COMPANY INSIDERS 744
XXX CONTENTS
XIII. 3.2 A SHIFT OF FOCUS 74 5
XIII.4 INSIDER DEALING: THE DIRECTIVE 749
XIII.4.1 OBJECTIVES AND TREATY BASIS 749
XIII.4.2 INSIDE INFORMATION 753
XIII.4.3 INSIDERS 758
XIII.4.4 THE PROHIBITION: DEALING, DISCLOSING, AND
RECOMMENDING 761
XIII.4.5 THE IDD AND INVESTMENT FIRMS 764
XIII.4.6 EXEMPTIONS AND DEFENCES 765
XIII.4.7 BEYOND THE PROHIBITION: DISCLOSURE 765
XIII.4.8 TERRITORIAL SPHERE OF APPLICATION 766
XIII.4.9 COMPETENT AUTHORITIES AND CO-OPERATION 767
XIIL4.10 ENFORCEMENT AND THE SANCTIONS PROBLEM 769
XIII.4.11 THE CONTACT COMMITTEE 771
XIII.5 INSIDER DEALING: THE EC REPORTING AND DEALING CONTROLS
REGIME 772
XIII.6 INSIDER DEALING: THE EC TAKEOVERS REGIME 775
XIII.7 MARKET ABUSE: THE RATIONALE FOR REGULATION 775
XIII.8 MARKET ABUSE: SCOPE 776
XIII.8.1 THE RANGE OF ABUSIVE PRACTICES 776
XIII.8.2 ABUSIVE DISCLOSURE PRACTICES 777
XFFL.8.3 MARKET AND PRICE MANIPULATION 777
XIII.9 MARKET ABUSE: THE ENFORCEMENT PROBLEM 779
XFFL.10 MARKET ABUSE: SCOPE AND FEATURES OF THE EC
MARKET-ABUSE REGIME 780
XM.LL MARKET ABUSE: MOVES TOWARDS A NEW EC REGIME 784
XIII. 11.1 THE NEED FOR ACTION 784
XIII. 11.2 THEFSAP 786
XFFL. 11.3 THE LAMFALUSSY REPORT 787
XIII. 11.4 FESCO AND THE EMERGENCE OF A
MARKET-ABUSE REGIME 787
XNI. 11.5 THE PROPOSED MARKET-ABUSE REGIME 789
XIII. 11.6 THE 2001 ISD WORKING PAPER 801
CONTENTS XXXI
PART VI: EC SECURITIES REGULATION AND TAKEOVERS
XIV EC SECURITIES REGULATION AND TAKEOVERS 805
XIV. 1 TAKEOVERS AND REGULATION 805
XIV. 2 TAKEOVERS AND THE EC 810
XIV. 3 EARLY ATTEMPTS AT HARMONIZATION 813
XIV.3.1 THE 1977 CODE OF CONDUCT 813
XIV.3.2 MOVES TOWARDS A TAKEOVER DIRECTIVE 813
XIV. 3.3 A CHANGE IN APPROACH 817
XIV.4 THE PROPOSED THIRTEENTH COMPANY LAW DIRECTIVE 819
XIV.4.1 OBJECTIVES 819
XIV.4.2 SUBSIDIARITY AND STRUCTURE 820
XIV.4.3 SCOPE 821
XIV.4.4 GENERAL PRINCIPLES 823
XIV.4.5 DISCLOSURE AND THE OFFER DOCUMENT 824
XIV.4.6 OBLIGATIONS OF THE OFFEREE BOARD 828
XIV.4.7 CONDUCT OF THE BID 830
XIV.4.8 MINORITY SHAREHOLDER PROTECTION AND
MANDATORY BIDS 830
XIV.4.9 THE SUPERVISORY AUTHORITY 835
XIV.4.10 CONTACT COMMITTEE 839
XIV.4.11 REVISION OF THE SSD 840
PART VII: THE INSTITUTIONAL STRUCTURE OF
EC SECURITIES REGULATION
XV RULE-MAKING AND MARKET SUPERVISION 843
XV. 1 INTRODUCTION 843
XV.2 RULE-MAKING AND THE INSTITUTIONAL STRUCTURE 843
XV.2.1 INTRODUCTION 843
XV.2.2 THE GENERAL INSTITUTIONAL STRUCTURE 845
XV.2.3 THE SECURITIES REGULATION STRUCTURE 850
XV.2.4 THE REPRESENTATION OF INVESTOR INTERESTS 856
XV.2.5 THE RISE OF COMITOLOGY 858
XV. 3 SUPERVISION, ENFORCEMENT, AND THE INSTITUTIONAL STRUCTURE 874 *
XV. 3.1 THE CURRENT MODEL 8 74
XXXII CONTENTS
XV.3.2 BEYOND CO-OPERATION 883
XV.3.3 CENTRALIZED SUPERVISION: THE POSSIBILITIES 891
XV.4 CENTRALIZATION AND DECENTRALIZATION: THE NEW MODEL 896
INDEX 899 |
| any_adam_object | 1 |
| author | Moloney, Niamh |
| author_facet | Moloney, Niamh |
| author_role | aut |
| author_sort | Moloney, Niamh |
| author_variant | n m nm |
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| ctrlnum | (OCoLC)47939993 (DE-599)BVBBV013794248 |
| dewey-full | 341.7/5232 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 341 - Law of nations |
| dewey-raw | 341.7/5232 |
| dewey-search | 341.7/5232 |
| dewey-sort | 3341.7 45232 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| edition | 1. publ. |
| format | Book |
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| geographic | Europäische Union. Mitgliedsstaaten |
| geographic_facet | Europäische Union. Mitgliedsstaaten |
| id | DE-604.BV013794248 |
| illustrated | Not Illustrated |
| indexdate | 2025-01-02T09:19:24Z |
| institution | BVB |
| language | English |
| lccn | 2003265710 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009431043 |
| oclc_num | 47939993 |
| open_access_boolean | |
| owner | DE-384 DE-739 DE-945 DE-29 |
| owner_facet | DE-384 DE-739 DE-945 DE-29 |
| physical | LXXXIX, 939 S. |
| publishDate | 2002 |
| publishDateSearch | 2002 |
| publishDateSort | 2002 |
| publisher | Oxford Univ. Press |
| record_format | marc |
| series2 | Oxford EC law library |
| spelling | Moloney, Niamh Verfasser aut EC securities regulation Niamh Moloney 1. publ. Oxford [u.a.] Oxford Univ. Press 2002 LXXXIX, 939 S. txt rdacontent n rdamedia nc rdacarrier Oxford EC law library Europäische Union (DE-588)5098525-5 gnd rswk-swf Europees recht gtt Valeurs mobilières - Pays de l'Union européenne Waardepapieren gtt Europarecht Securities European Union countries Recht (DE-588)4048737-4 gnd rswk-swf Wertpapierhandel (DE-588)4189707-9 gnd rswk-swf Europäische Union. Mitgliedsstaaten Europäische Union (DE-588)5098525-5 b Wertpapierhandel (DE-588)4189707-9 s Recht (DE-588)4048737-4 s DE-604 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009431043&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Moloney, Niamh EC securities regulation Europäische Union (DE-588)5098525-5 gnd Europees recht gtt Valeurs mobilières - Pays de l'Union européenne Waardepapieren gtt Europarecht Securities European Union countries Recht (DE-588)4048737-4 gnd Wertpapierhandel (DE-588)4189707-9 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4048737-4 (DE-588)4189707-9 |
| title | EC securities regulation |
| title_auth | EC securities regulation |
| title_exact_search | EC securities regulation |
| title_full | EC securities regulation Niamh Moloney |
| title_fullStr | EC securities regulation Niamh Moloney |
| title_full_unstemmed | EC securities regulation Niamh Moloney |
| title_short | EC securities regulation |
| title_sort | ec securities regulation |
| topic | Europäische Union (DE-588)5098525-5 gnd Europees recht gtt Valeurs mobilières - Pays de l'Union européenne Waardepapieren gtt Europarecht Securities European Union countries Recht (DE-588)4048737-4 gnd Wertpapierhandel (DE-588)4189707-9 gnd |
| topic_facet | Europäische Union Europees recht Valeurs mobilières - Pays de l'Union européenne Waardepapieren Europarecht Securities European Union countries Recht Wertpapierhandel Europäische Union. Mitgliedsstaaten |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009431043&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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