Nordic financial market law: the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden
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| Format: | Book |
| Language: | English |
| Published: |
Copenhagen
DJØF Publ.
2003
|
| Edition: | 1. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 340 S. Ill. |
| ISBN: | 8757407932 |
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| 245 | 1 | 0 | |a Nordic financial market law |b the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden |c Jesper Lau Hansen |
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| adam_text | INDHOLDSFORTEGNELSE
FOREWORD 15
PARTI. INTRODUCTION
CHAPTER 1. THE NORDIC COUNTRIES
JESPER LAU HANSEN
1. OVERVIEW 19
2. THE HISTORY OF THE NORDIC REGION 20
3. NORDIC LAW 26
CHAPTER 2. REGULATION OF THE FINANCIAL MARKETS IN THE ELL AND EEA
JESPER LAU HANSEN
1. THE DEVELOPMENT OF THE EU 27
2. THE INSTITUTIONS 29
2.1. LEGISLATION 29
2.2 THE EUROPEAN COURT OF JUSTICE 29
3. THE LEGISLATIVE PROCESS 31
3.1. THE FINANCIAL SERVICES ACTION PLAN 31
3.2. THE LAMFALUSSY REPORT 32
3.3. LEVEL 1 - FRAMEWORK PRINCIPLES 34
3.4. LEVEL 2: IMPLEMENTING THE DETAILS 35
3.5. LEVELS 3 AND 4: CO-OPERATION AND ENFORCEMENT 36
4. THE EEA 37
5. COMMUNITY LAW 38
6. OBSTRUCTION OF RIGHTS 41
7. FREEDOM OF MOVEMENT 42
8. REGULATION OF FINANCIAL MARKETS 43
8.1. EARLY EFFORTS AT HARMONISATION 43
8.2. PUBLIC OFFERS AND LISTING 44
8.3. INSIDER DEALING 47
8.4. INVESTMENT SERVICES 49
8.5. SUPERVISION AND INFORMATION EXCHANGE 51
8.6. OTHER DIRECTIVES 51
9. EU LAW AFTER THE FINANCIAL ACTION PLAN 53
9.1. COMPETITION AND CONSOLIDATION 53
9.2. NEW INITIATIVES 56
9.3. MARKET ABUSE 56
9.4. STOCK EXCHANGE PROSPECTUSES 59
9.5. TAKEOVERS 62
9.6. INVESTMENT SERVICES 65
9.7. SUPERVISION OF CONGLOMERATES 65
9.8. DISCLOSURE AND TRANSPARENCY 66
9.9. CLEARING AND SETTLEMENT 67
CHAPTER 3. NORDIC LAW, AN OVERVIEW
JESPER LAU HANSEN
1. THE MARKETS AND THE ACTORS 69
2. DEMATERIALISATION OF SECURITIES 70
3. LISTING 71
4. COMPANY LAW AND CORPORATE GOVERNANCE 71
5. DISCLOSURE 72
6. MARKET ABUSE 72
7. TAKEOVERS 73
PART II. THE NORDIC COUNTRIES
CHAPTER 4. DENMARK
JESPER LAU HANSEN
1. THE FINANCIAL MARKET AND ITS ACTORS 77
1.1. INTRODUCTION 77
1.2. SUPERVISION 78
1.3. REGULATED MARKETS 82
1.4. TRADERS 84
1.5. CENTRAL SECURITIES DEPOSITORIES AND CLEARING CENTRES 86
1.6. THE GUARANTEE FUND FOR DEPOSITORS AND INVESTORS 87
1.7. LAWS AND OTHER REGULATIONS 87
2. STOCK EXCHANGE LISTING 88
2.1. INTRODUCTION 88
2.2. LISTING REQUIREMENTS 88
2.3. PROSPECTUS REQUIREMENTS 89
2.4. MUTUAL RECOGNITION 94
2.5. DE-LISTING 94
3. CORPORATE GOVERNANCE 95
3.1. INTRODUCTION 95
3.2. THE ALLOCATION OF POWERS 96
3.3. THE COMPANY GENERAL MEETING 99
3.4. THE MANAGEMENT 102
4. THE DUTY TO PROVIDE INFORMATION 106
4.1. INTRODUCTION 106
4.2. THE GENERAL DUTY TO PROVIDE INFORMATION 106
4.3. OWN SHARES 109
4.5. THE MANAGEMENT 111
5. MARKET ABUSE 111
5.1. INTRODUCTION ILL
5.2. INSIDER DEALING 112
5.3. PROHIBITION AGAINST PASSING ON INSIDE INFORMATION 114
5.4. REGISTRATION OF COMPANY INSIDERS 115
5.5. SPECULATION 117
5.6. INTERNAL RULES AND COMPLIANCE 117
5.7. PRICE MANIPULATION 118
5.8. SUPERVISION 120
5.9. JURISDICTION 120
5. LO.COURT DECISIONS 121
6. TAKEOVERS 125
6.1. INTRODUCTION 125
6.2. MANDATORY BIDS 125
6.3. VOLUNTARY BIDS 127
6.4. REDEMPTION 127
6.5. THE OFFER PERIOD 128
6.6. THE OFFER DOCUMENT 128
6.7. COMPETING BIDS 129
6.8. THE MANAGEMENT OF THE TARGET COMPANY 129
6.9. SUPERVISION 130
CHAPTER 5. FINLAND
MATTI J. SILLANPDA
1. THE FINANCIAL MARKET AND ITS ACTORS 131
1.1. ORGANISATIONS AND LEGISLATION 131
1.2. THE SECURITIES REGISTRATION SYSTEM 134
2. STOCK EXCHANGE LISTING 138
2.1. LISTING REQUIREMENTS 138
2.2. SHARE ISSUES 141
3. CORPORATE GOVERNANCE 146
3.1. INTRODUCTION 146
3.2. THE GENERAL MEETING 146
3.3. EMPLOYEE REPRESENTATION 147
3.4. THE BOARD OF DIRECTORS 149
3.5. THE CHIEF EXECUTIVE OFFICER 149
4. THE DUTY TO PROVIDE INFORMATION 150
4.1. INTRODUCTION 150
4.2. COMPANY ACCOUNTS 151
4.3. THE LEGAL REQUIREMENT TO PROVIDE INFORMATION 152
4.4. THE DUTY OF DISCLOSURE 153
4.5. A COMPANY S OWNERSHIP OF ITS OWN SHARES 154
5. MARKET ABUSE 155
5.1. PROVISIONS ON INSIDERS 155
5.2. SHARE PRICE MANIPULATION 156
6. TAKEOVERS 157
6.1. PUBLIC OFFERS TO ACQUIRE SHARES 157
6.2. BUY-OUT OF MINORITY SHAREHOLDERS (MANDATORY BIDS) 159
6.3. OFFICIAL SUPERVISION 161
CHAPTER 6. ICELAND
ADALSTEINN E. JONASSON
1. THE FINANCIAL MARKET AND ITS ACTORS 163
1.1. INTRODUCTION 163
1.2. SUPERVISION 166
1.3. REGULATED MARKETS 168
1.4. TRADERS 169
1.5. CENTRAL SECURITIES DEPOSITORIES 173
1.6. STATUTES AND OTHER REGULATIONS 173
2. STOCK EXCHANGE LISTING 174
2.1. INTRODUCTION 174
2.2. LISTING REQUIREMENTS 175
2.3. PROSPECTUS REQUIREMENTS 177
2.4. MUTUAL RECOGNITION 179
2.5. DE-LISTING 180
3. CORPORATE GOVERNANCE 181
3.1. INTRODUCTION 181
3.2. ALLOCATION OF POWERS 182
3.3. THE COMPANY GENERAL MEETING 183
3.4. THE MANAGEMENT 185
4. THE DUTY TO PROVIDE INFORMATION 188
4.1. INTRODUCTION 188
4.2. THE GENERAL DUTY TO PROVIDE INFORMATION 189
4.3. A COMPANY S TRADING IN ITS OWN SHARES 191
4.4. SHAREHOLDERS 191
4.5. THE MANAGEMENT 192
5. MARKET ABUSE 193
5.1. INTRODUCTION 193
5.2. INSIDER DEALING 193
5.3. PROHIBITION OF PASSING ON INSIDE INFORMATION 196
5.4. REGISTRATION OF COMPANY INSIDERS 197
5.5. SPECULATION 197
5.6. INTERNAL RULES 198
5.7. MARKET MANIPULATION 198
5.8. SUPERVISION 200
5.9. COURT DECISIONS 201
6. TAKEOVERS 202
6.1. INTRODUCTION 202
6.2. MANDATORY BIDS 203
6.3. VOLUNTARY BIDS 204
6.4. THE OFFER PERIOD 204
6.5. THE OFFER DOCUMENT 204
6.6. COMPETING BIDS AND THE WITHDRAWAL OF BIDS 205
6.7. THE MANAGEMENT OF THE TARGET COMPANY 205
6.8. SUPERVISION 206
6.9. REDEMPTION 206
CHAPTER 7. NORWAY
KRISTIN NORMANN AARUM
1. THE FINANCIAL MARKET AND ITS ACTORS 207
1.1. INTRODUCTION 207
1.2. SUPERVISION 208
1.3. REGULATED MARKETS 211
1.4. INVESTMENT FIRMS AND FINANCIAL INSTITUTIONS 212
1.5. THE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE 214
1.6. LAWS, REGULATIONS ETC 215
2. STOCK EXCHANGE LISTING 218
2.1. INTRODUCTION 218
2.2. CONDITIONS FOR STOCK EXCHANGE LISTING 218
2.3. PROSPECTUS REQUIREMENTS 220
2.4. MUTUAL RECOGNITION 223
2.5. SUSPENSION AND DISCONTINUANCE OF LISTING 223
3. CORPORATE GOVERNANCE 226
3.1. INTRODUCTION 226
3.2. THE ALLOCATION OF POWERS 227
3.3. THE MANAGEMENT 229
3.4. THE GENERAL MEETING 234
4. THE DUTY TO PROVIDE INFORMATION 236
4.1. INTRODUCTION 236
4.2. THE DUTY OF LISTED COMPANIES TO PROVIDE INFORMATION 237
4.3. THE COMPANY S OWN SHARES 241
4.4. SHAREHOLDERS 241
5. MARKET ABUSE 243
5.1. INTRODUCTION 243
5.2. CRIMINAL INSIDER DEALING 244
5.3. SHARE PRICE MANIPULATION 249
5.4. MARKET SUPERVISION 249
6. TAKEOVERS 250
6.1. MANDATORY BIDS 250
6.2. THE BASIS FOR MAKING PROVISIONS ON MANDATORY BIDS 251
6.3. THE SCOPE OF THE RULES ON MANDATORY BIDS 251
6.4. CONSOLIDATION 252
6.5. THE OFFER PERIOD AND THE OFFER DOCUMENT 252
6.6. THE DUTIES OF THE MANAGEMENT 253
10
6.7. SANCTIONS 254
6.8. REDEMPTION 254
CHAPTER 8. SWEDEN
LARS AJRELL, HAKON KLAHR & PER SAMUELSSON
1. THE FINANCIAL MARKET AND ITS ACTORS 257
1.1. INTRODUCTION 257
1.2. SUPERVISION 258
1.3. REGULATED MARKETS 260
1.4. INTERMEDIARIES 262
1.5. CENTRAL SECURITIES DEPOSITORIES 263
1.6. CLEARING CENTRES 263
1.7. LAWS AND REGULATIONS 264
2. STOCK EXCHANGE LISTING 269
2.1. INTRODUCTION 269
2.2. LISTING REQUIREMENTS 269
2.3. PROSPECTUS REQUIREMENTS 273
2.4. RECIPROCAL APPROVAL OF PROSPECTUSES 274
2.5. DE-LISTING ETC 274
3. CORPORATE GOVERNANCE 274
3.1. INTRODUCTION 274
3.2. ALLOCATION OF POWERS 275
3.3. THE COMPANY GENERAL MEETING 277
3.4. THE MANAGEMENT OF THE COMPANY 279
4. THE DUTY TO PROVIDE INFORMATION 283
4.1. INTRODUCTION 283
4.2. OWNERSHIP BY A COMPANY OF ITS OWN SHARES 285
4.3. THE SHAREHOLDERS 287
5. MARKET ABUSE 290
5.1. INTRODUCTION 290
5.2. INSIDER DEALING 291
5.3. GIVING AND RECEIVING INSIDE INFORMATION 292
5.4. REGISTER OF INSIDERS 292
5.5. PROHIBITION OF SHORT TERM TRADING 293
5.6. SHARE PRICE MANIPULATION 294
5.7. SUPERVISION 296
5.8. COURT DECISIONS 297
11
6. TAKEOVERS 299
6.1. INTRODUCTION 299
6.2. MANDATORY OFFERS 300
6.3. THE OFFER PERIOD 301
6.4. PROSPECTUSES 302
6.5. MEASURES TAKEN BY THE TARGET COMPANY 303
PART III
CHAPTER 9. SUPERVISION AND INTERNATIONAL CO-OPERATION
STIG NIELSEN
1. AREAS OF CO-OPERATION 307
2. IOSCO 308
2.1. IOSCO S MEMBERS AND AIMS 308
2.2. THE IOSCO ORGANISATION 309
2.3. IOSCO S STANDARDS AND THE SELF-ASSESSMENT PROCESSES 310
2.4. IMF S FINANCIAL SECTOR ASSESSMENT PROGRAM 311
3. EU AND EEA 312
4. CESR 313
4.1. THE MEMBERSHIP AND AIMS OF CESR 313
4.2. STANDARDS 314
4.3. THE COMMITTEE 314
4.4. MARKET PARTICIPANTS CONSULTATIVE PANEL 315
4.5. CESR WORKING GROUPS 315
5. NORDIC CO-OPERATION 316
5.1. BACKGROUND 316
5.2. THE NORDIC STEERING GROUP 317
5.3. THE NORDIC SECURITIES GROUP 318
6. BILATERAL CO-OPERATION 318
7. MEMORANDA OF UNDERSTANDING 318
7.1. THE CONTENT OF MEMORANDA OF UNDERSTANDING 318
7.2. CO-OPERATION WITHIN THE FRAMEWORK OF AN MOU 319
8. PROBABLE DEVELOPMENTS IN CO-OPERATION 319
CHAPTER 10. NOREX
POUL ERIK SKAANNING-JERGENSEN
1. EUROPEAN DEVELOPMENTS 321
2. NORDIC STOCK EXCHANGE CO-OPERATION 324
12
3. NOREX 324
3.1. THE BACKGROUND 324
3.2. THE COMMON TRADING SYSTEM - SAXESS 328
3.3. NOREX MEMBER RULES 329
3.4. NOREX MEMBERSHIP 329
3.5. TRADING RULES 330
3.6. NOREX EXCHANGE TRADER TRAINING 331
3.7. COMMON MARKET SURVEILLANCE 331
3.8. COMMON CLASSIFICATIONS 332
3.9. DERIVATIVES TRADING 332
4. CLEARING AND SETTLEMENT 333
4.1. THE PRESENT SITUATION 333
4.2. CENTRAL COUNTERPARTY 334
5. THE STOCK EXCHANGES - THE MARKET AND THE ORGANISATIONS 336
5.1. STOCK EXCHANGES IN THE NORDIC REGION 336
5.2. INTERNATIONAL STOCK EXCHANGE ORGANISATIONS 340
AUTHORS PROFILES 341
13
|
| adam_txt |
INDHOLDSFORTEGNELSE
FOREWORD 15
PARTI. INTRODUCTION
CHAPTER 1. THE NORDIC COUNTRIES
JESPER LAU HANSEN
1. OVERVIEW 19
2. THE HISTORY OF THE NORDIC REGION 20
3. NORDIC LAW 26
CHAPTER 2. REGULATION OF THE FINANCIAL MARKETS IN THE ELL AND EEA
JESPER LAU HANSEN
1. THE DEVELOPMENT OF THE EU 27
2. THE INSTITUTIONS 29
2.1. LEGISLATION 29
2.2 THE EUROPEAN COURT OF JUSTICE 29
3. THE LEGISLATIVE PROCESS 31
3.1. THE FINANCIAL SERVICES ACTION PLAN 31
3.2. THE LAMFALUSSY REPORT 32
3.3. LEVEL 1 - FRAMEWORK PRINCIPLES 34
3.4. LEVEL 2: IMPLEMENTING THE DETAILS 35
3.5. LEVELS 3 AND 4: CO-OPERATION AND ENFORCEMENT 36
4. THE EEA 37
5. COMMUNITY LAW 38
6. OBSTRUCTION OF RIGHTS 41
7. FREEDOM OF MOVEMENT 42
8. REGULATION OF FINANCIAL MARKETS 43
8.1. EARLY EFFORTS AT HARMONISATION 43
8.2. PUBLIC OFFERS AND LISTING 44
8.3. INSIDER DEALING 47
8.4. INVESTMENT SERVICES 49
8.5. SUPERVISION AND INFORMATION EXCHANGE 51
8.6. OTHER DIRECTIVES 51
9. EU LAW AFTER THE FINANCIAL ACTION PLAN 53
9.1. COMPETITION AND CONSOLIDATION 53
9.2. NEW INITIATIVES 56
9.3. MARKET ABUSE 56
9.4. STOCK EXCHANGE PROSPECTUSES 59
9.5. TAKEOVERS 62
9.6. INVESTMENT SERVICES 65
9.7. SUPERVISION OF CONGLOMERATES 65
9.8. DISCLOSURE AND TRANSPARENCY 66
9.9. CLEARING AND SETTLEMENT 67
CHAPTER 3. NORDIC LAW, AN OVERVIEW
JESPER LAU HANSEN
1. THE MARKETS AND THE ACTORS 69
2. DEMATERIALISATION OF SECURITIES 70
3. LISTING 71
4. COMPANY LAW AND CORPORATE GOVERNANCE 71
5. DISCLOSURE 72
6. MARKET ABUSE 72
7. TAKEOVERS 73
PART II. THE NORDIC COUNTRIES
CHAPTER 4. DENMARK
JESPER LAU HANSEN
1. THE FINANCIAL MARKET AND ITS ACTORS 77
1.1. INTRODUCTION 77
1.2. SUPERVISION 78
1.3. REGULATED MARKETS 82
1.4. TRADERS 84
1.5. CENTRAL SECURITIES DEPOSITORIES AND CLEARING CENTRES 86
1.6. THE GUARANTEE FUND FOR DEPOSITORS AND INVESTORS 87
1.7. LAWS AND OTHER REGULATIONS 87
2. STOCK EXCHANGE LISTING 88
2.1. INTRODUCTION 88
2.2. LISTING REQUIREMENTS 88
2.3. PROSPECTUS REQUIREMENTS 89
2.4. MUTUAL RECOGNITION 94
2.5. DE-LISTING 94
3. CORPORATE GOVERNANCE 95
3.1. INTRODUCTION 95
3.2. THE ALLOCATION OF POWERS 96
3.3. THE COMPANY GENERAL MEETING 99
3.4. THE MANAGEMENT 102
4. THE DUTY TO PROVIDE INFORMATION 106
4.1. INTRODUCTION 106
4.2. THE GENERAL DUTY TO PROVIDE INFORMATION 106
4.3. OWN SHARES 109
4.5. THE MANAGEMENT 111
5. MARKET ABUSE 111
5.1. INTRODUCTION ILL
5.2. INSIDER DEALING 112
5.3. PROHIBITION AGAINST PASSING ON INSIDE INFORMATION 114
5.4. REGISTRATION OF COMPANY INSIDERS 115
5.5. SPECULATION 117
5.6. INTERNAL RULES AND COMPLIANCE 117
5.7. PRICE MANIPULATION 118
5.8. SUPERVISION 120
5.9. JURISDICTION 120
5. LO.COURT DECISIONS 121
6. TAKEOVERS 125
6.1. INTRODUCTION 125
6.2. MANDATORY BIDS 125
6.3. VOLUNTARY BIDS 127
6.4. REDEMPTION 127
6.5. THE OFFER PERIOD 128
6.6. THE OFFER DOCUMENT 128
6.7. COMPETING BIDS 129
6.8. THE MANAGEMENT OF THE TARGET COMPANY 129
6.9. SUPERVISION 130
CHAPTER 5. FINLAND
MATTI J. SILLANPDA
1. THE FINANCIAL MARKET AND ITS ACTORS 131
1.1. ORGANISATIONS AND LEGISLATION 131
1.2. THE SECURITIES REGISTRATION SYSTEM 134
2. STOCK EXCHANGE LISTING 138
2.1. LISTING REQUIREMENTS 138
2.2. SHARE ISSUES 141
3. CORPORATE GOVERNANCE 146
3.1. INTRODUCTION 146
3.2. THE GENERAL MEETING 146
3.3. EMPLOYEE REPRESENTATION 147
3.4. THE BOARD OF DIRECTORS 149
3.5. THE CHIEF EXECUTIVE OFFICER 149
4. THE DUTY TO PROVIDE INFORMATION 150
4.1. INTRODUCTION 150
4.2. COMPANY ACCOUNTS 151
4.3. THE LEGAL REQUIREMENT TO PROVIDE INFORMATION 152
4.4. THE DUTY OF DISCLOSURE 153
4.5. A COMPANY'S OWNERSHIP OF ITS OWN SHARES 154
5. MARKET ABUSE 155
5.1. PROVISIONS ON INSIDERS 155
5.2. SHARE PRICE MANIPULATION 156
6. TAKEOVERS 157
6.1. PUBLIC OFFERS TO ACQUIRE SHARES 157
6.2. BUY-OUT OF MINORITY SHAREHOLDERS (MANDATORY BIDS) 159
6.3. OFFICIAL SUPERVISION 161
CHAPTER 6. ICELAND
ADALSTEINN E. JONASSON
1. THE FINANCIAL MARKET AND ITS ACTORS 163
1.1. INTRODUCTION 163
1.2. SUPERVISION 166
1.3. REGULATED MARKETS 168
1.4. TRADERS 169
1.5. CENTRAL SECURITIES DEPOSITORIES 173
1.6. STATUTES AND OTHER REGULATIONS 173
2. STOCK EXCHANGE LISTING 174
2.1. INTRODUCTION 174
2.2. LISTING REQUIREMENTS 175
2.3. PROSPECTUS REQUIREMENTS 177
2.4. MUTUAL RECOGNITION 179
2.5. DE-LISTING 180
3. CORPORATE GOVERNANCE 181
3.1. INTRODUCTION 181
3.2. ALLOCATION OF POWERS 182
3.3. THE COMPANY GENERAL MEETING 183
3.4. THE MANAGEMENT 185
4. THE DUTY TO PROVIDE INFORMATION 188
4.1. INTRODUCTION 188
4.2. THE GENERAL DUTY TO PROVIDE INFORMATION 189
4.3. A COMPANY'S TRADING IN ITS OWN SHARES 191
4.4. SHAREHOLDERS 191
4.5. THE MANAGEMENT 192
5. MARKET ABUSE 193
5.1. INTRODUCTION 193
5.2. INSIDER DEALING 193
5.3. PROHIBITION OF PASSING ON INSIDE INFORMATION 196
5.4. REGISTRATION OF COMPANY INSIDERS 197
5.5. SPECULATION 197
5.6. INTERNAL RULES 198
5.7. MARKET MANIPULATION 198
5.8. SUPERVISION 200
5.9. COURT DECISIONS 201
6. TAKEOVERS 202
6.1. INTRODUCTION 202
6.2. MANDATORY BIDS 203
6.3. VOLUNTARY BIDS 204
6.4. THE OFFER PERIOD 204
6.5. THE OFFER DOCUMENT 204
6.6. COMPETING BIDS AND THE WITHDRAWAL OF BIDS 205
6.7. THE MANAGEMENT OF THE TARGET COMPANY 205
6.8. SUPERVISION 206
6.9. REDEMPTION 206
CHAPTER 7. NORWAY
KRISTIN NORMANN AARUM
1. THE FINANCIAL MARKET AND ITS ACTORS 207
1.1. INTRODUCTION 207
1.2. SUPERVISION 208
1.3. REGULATED MARKETS 211
1.4. INVESTMENT FIRMS AND FINANCIAL INSTITUTIONS 212
1.5. THE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE 214
1.6. LAWS, REGULATIONS ETC 215
2. STOCK EXCHANGE LISTING 218
2.1. INTRODUCTION 218
2.2. CONDITIONS FOR STOCK EXCHANGE LISTING 218
2.3. PROSPECTUS REQUIREMENTS 220
2.4. MUTUAL RECOGNITION 223
2.5. SUSPENSION AND DISCONTINUANCE OF LISTING 223
3. CORPORATE GOVERNANCE 226
3.1. INTRODUCTION 226
3.2. THE ALLOCATION OF POWERS 227
3.3. THE MANAGEMENT 229
3.4. THE GENERAL MEETING 234
4. THE DUTY TO PROVIDE INFORMATION 236
4.1. INTRODUCTION 236
4.2. THE DUTY OF LISTED COMPANIES TO PROVIDE INFORMATION 237
4.3. THE COMPANY'S OWN SHARES 241
4.4. SHAREHOLDERS 241
5. MARKET ABUSE 243
5.1. INTRODUCTION 243
5.2. CRIMINAL INSIDER DEALING 244
5.3. SHARE PRICE MANIPULATION 249
5.4. MARKET SUPERVISION 249
6. TAKEOVERS 250
6.1. MANDATORY BIDS 250
6.2. THE BASIS FOR MAKING PROVISIONS ON MANDATORY BIDS 251
6.3. THE SCOPE OF THE RULES ON MANDATORY BIDS 251
6.4. CONSOLIDATION 252
6.5. THE OFFER PERIOD AND THE OFFER DOCUMENT 252
6.6. THE DUTIES OF THE MANAGEMENT 253
10
6.7. SANCTIONS 254
6.8. REDEMPTION 254
CHAPTER 8. SWEDEN
LARS AJRELL, HAKON KLAHR & PER SAMUELSSON
1. THE FINANCIAL MARKET AND ITS ACTORS 257
1.1. INTRODUCTION 257
1.2. SUPERVISION 258
1.3. REGULATED MARKETS 260
1.4. INTERMEDIARIES 262
1.5. CENTRAL SECURITIES DEPOSITORIES 263
1.6. CLEARING CENTRES 263
1.7. LAWS AND REGULATIONS 264
2. STOCK EXCHANGE LISTING 269
2.1. INTRODUCTION 269
2.2. LISTING REQUIREMENTS 269
2.3. PROSPECTUS REQUIREMENTS 273
2.4. RECIPROCAL APPROVAL OF PROSPECTUSES 274
2.5. DE-LISTING ETC 274
3. CORPORATE GOVERNANCE 274
3.1. INTRODUCTION 274
3.2. ALLOCATION OF POWERS 275
3.3. THE COMPANY GENERAL MEETING 277
3.4. THE MANAGEMENT OF THE COMPANY 279
4. THE DUTY TO PROVIDE INFORMATION 283
4.1. INTRODUCTION 283
4.2. OWNERSHIP BY A COMPANY OF ITS OWN SHARES 285
4.3. THE SHAREHOLDERS 287
5. MARKET ABUSE 290
5.1. INTRODUCTION 290
5.2. INSIDER DEALING 291
5.3. GIVING AND RECEIVING INSIDE INFORMATION 292
5.4. REGISTER OF INSIDERS 292
5.5. PROHIBITION OF SHORT TERM TRADING 293
5.6. SHARE PRICE MANIPULATION 294
5.7. SUPERVISION 296
5.8. COURT DECISIONS 297
11
6. TAKEOVERS 299
6.1. INTRODUCTION 299
6.2. MANDATORY OFFERS 300
6.3. THE OFFER PERIOD 301
6.4. PROSPECTUSES 302
6.5. MEASURES TAKEN BY THE TARGET COMPANY 303
PART III
CHAPTER 9. SUPERVISION AND INTERNATIONAL CO-OPERATION
STIG NIELSEN
1. AREAS OF CO-OPERATION 307
2. IOSCO 308
2.1. IOSCO'S MEMBERS AND AIMS 308
2.2. THE IOSCO ORGANISATION 309
2.3. IOSCO'S STANDARDS AND THE SELF-ASSESSMENT PROCESSES 310
2.4. IMF'S FINANCIAL SECTOR ASSESSMENT PROGRAM 311
3. EU AND EEA 312
4. CESR 313
4.1. THE MEMBERSHIP AND AIMS OF CESR 313
4.2. STANDARDS 314
4.3. THE COMMITTEE 314
4.4. MARKET PARTICIPANTS CONSULTATIVE PANEL 315
4.5. CESR WORKING GROUPS 315
5. NORDIC CO-OPERATION 316
5.1. BACKGROUND 316
5.2. THE NORDIC STEERING GROUP 317
5.3. THE NORDIC SECURITIES GROUP 318
6. BILATERAL CO-OPERATION 318
7. MEMORANDA OF UNDERSTANDING 318
7.1. THE CONTENT OF MEMORANDA OF UNDERSTANDING 318
7.2. CO-OPERATION WITHIN THE FRAMEWORK OF AN MOU 319
8. PROBABLE DEVELOPMENTS IN CO-OPERATION 319
CHAPTER 10. NOREX
POUL ERIK SKAANNING-JERGENSEN
1. EUROPEAN DEVELOPMENTS 321
2. NORDIC STOCK EXCHANGE CO-OPERATION 324
12
3. NOREX 324
3.1. THE BACKGROUND 324
3.2. THE COMMON TRADING SYSTEM - SAXESS 328
3.3. NOREX MEMBER RULES 329
3.4. NOREX MEMBERSHIP 329
3.5. TRADING RULES 330
3.6. NOREX EXCHANGE TRADER TRAINING 331
3.7. COMMON MARKET SURVEILLANCE 331
3.8. COMMON CLASSIFICATIONS 332
3.9. DERIVATIVES TRADING 332
4. CLEARING AND SETTLEMENT 333
4.1. THE PRESENT SITUATION 333
4.2. CENTRAL COUNTERPARTY 334
5. THE STOCK EXCHANGES - THE MARKET AND THE ORGANISATIONS 336
5.1. STOCK EXCHANGES IN THE NORDIC REGION 336
5.2. INTERNATIONAL STOCK EXCHANGE ORGANISATIONS 340
AUTHORS'PROFILES 341
13 |
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| spelling | Nordic financial market law the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden Jesper Lau Hansen 1. ed. Copenhagen DJØF Publ. 2003 340 S. Ill. txt rdacontent n rdamedia nc rdacarrier Regulierung (DE-588)4201190-5 gnd rswk-swf Finanzdienstleistung (DE-588)4212226-0 gnd rswk-swf Nordische Staaten (DE-588)4042530-7 gnd rswk-swf Nordische Staaten (DE-588)4042530-7 g Finanzdienstleistung (DE-588)4212226-0 s Regulierung (DE-588)4201190-5 s 1\p DE-604 Hansen, Jesper Lau edt SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014676090&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Nordic financial market law the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden Regulierung (DE-588)4201190-5 gnd Finanzdienstleistung (DE-588)4212226-0 gnd |
| subject_GND | (DE-588)4201190-5 (DE-588)4212226-0 (DE-588)4042530-7 |
| title | Nordic financial market law the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden |
| title_auth | Nordic financial market law the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden |
| title_exact_search | Nordic financial market law the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden |
| title_exact_search_txtP | Nordic financial market law the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden |
| title_full | Nordic financial market law the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden Jesper Lau Hansen |
| title_fullStr | Nordic financial market law the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden Jesper Lau Hansen |
| title_full_unstemmed | Nordic financial market law the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden Jesper Lau Hansen |
| title_short | Nordic financial market law |
| title_sort | nordic financial market law the regulation of the financial services in denmark finland iceland norway and sweden |
| title_sub | the regulation of the financial services in Denmark, Finland, Iceland, Norway and Sweden |
| topic | Regulierung (DE-588)4201190-5 gnd Finanzdienstleistung (DE-588)4212226-0 gnd |
| topic_facet | Regulierung Finanzdienstleistung Nordische Staaten |
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