EC securities regulation:
Gespeichert in:
| Späterer Titel: | Moloney, Niamh EU securities and financial markets regulation |
|---|---|
| 1. Verfasser: | |
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford [u.a.]
Oxford Univ. Press
2008
|
| Ausgabe: | 2. ed. |
| Schriftenreihe: | Oxford EC law library
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 3. Aufl. u.d.T.: Moloney, Niamh: EU securities and financial markets regulation |
| Beschreibung: | LVIII, 1231 S. |
| ISBN: | 9780199202744 |
Internformat
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Datensatz im Suchindex
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CONTENTS TABLE OF ABBREVIATIONS XXIX TABLE OF CASES XXXIII TABLE OF
LEGISLATION XXXVII I INTRODUCTION 1 I INTRODUCTION 3 1.1 INTRODUCTION 3
1.2 MARKET INTEGRATION AND HARMONIZATION 6 1.2.1 MARKET INTEGRATION,
HARMONIZATION, AND THE TREATY 6 1.2.2 A WORTHWHILE GOAL? 10 1.3 HISTORY
11 1.4 THE FSAP AND THE LAMFALUSSY REPORT 16 1.4.1 THE FSAP 16 1.4.2
DELIVERING THE FSAP 19 1.4.3 POST-FSAP 22 1.5 PROGRESS TOWARDS
INTEGRATION 24 1.6 THE ROLE OF LAW IN EC SECURITIES REGULATION 27 1.6.1
HARMONIZATION AND REGULATORY COMPETITION 27 1.6.2 FROM HARMONIZATION TO
REGULATION: THE RISKS 31 1.6.3 BETTER REGULATION AND THE POST-FSAP
AGENDA 4 7 II CAPITAL-RAISING 51 II CAPITAL-RAISING 53 11.1 THE
RATIONALE FOR REGULATING THE CAPITAL-RAISING PROCESS 53 11.2 THE TREATY
AND MARKET FINANCE 5 5 11.2.1 THE INTEGRATION OF CAPITAL MARKETS AND THE
TREATY 55 11.2.2 MARKET FINANCE AND INTEGRATION 56 11.2.3 MARKET
CONDITIONS 62 II. 3 OFFICIAL LISTING, ADMISSION TO TRADING ON REGULATED
MARKETS, AND COMPETITIVE ORDER EXECUTION 67 II. 3.1 FROM OFFICIAL
LISTING TO REGULATED MARKETS TO EXCHANGE-REGULATED MARKETS 67 11.3.2 THE
OFFICIAL LISTING REGIME 72 11.3.3 THE TRADING ENVIRONMENT AND CAPITAL
MARKET INTEGRATION 78 XVI CONTENTS 11.4 THE HARMONIZATION PROGRAMME 79
11.4.1 THE EVOLUTION OF THE REGIME 79 11.4.2 THE REGULATORY STRATEGY:
HARMONIZATION AND TRANSFORMATIVE EFFECTS 86 11.5 MANDATORY ISSUER
DISCLOSURE 91 11.5.1 SCOPE 91 11.5.2 THE RATIONALE FOR MANDATORY
DISCLOSURE 93 11.6 THE PROSPECTUS DIRECTIVE 103 11.6.1 THE ROAD TO THE
DIRECTIVE 103 11.6.2 THE PROSPECTUS DIRECTIVE: CONTEXT AND KEY FEATURES
114 11.6.3 SCOPE 132 11.6.4 THE PROSPECTUS OBLIGATION AND ISSUER CHOICE
135 11.6.5 EXEMPTIONS (1): THE PRIVATE PLACEMENT REGIME 139 11.6.6
EXEMPTIONS (2): THE ARTICLE 4 REGIME FOR PARTICULAR SECURITIES AND
CORPORATE TRANSACTIONS 143 11.6.7 THE PROSPECTUS: STRUCTURE AND VALIDITY
144 11.6.8 THE PROSPECTUS: DISCLOSURE 149 11.6.9 MARKET INTEGRATION:
PROSPECTUS APPROVAL AND THE PASSPORT MECHANISM 155 11.6.10 PUBLICATION
AND DISSEMINATION 160 11.6.11 ADVERTISING 162 11.6.12 ONGOING DISCLOSURE
AND SECURITIES ADMITTED TO TRADING ON A REGULATED MARKET 163 11.6.13 THE
LIABILITY REGIME: SANCTIONS AND CIVIL LIABILITY 163 11.6.14 SUPERVISION
166 11.6.15 THIRD-COUNTRY ISSUERS AND EQUIVALENCE 170 II. 7 THE
TRANSPARENCY DIRECTIVE: PERIODIC AND AD HOC DISCLOSURE 170 II.7.1 THE
ROAD TO THE TRANSPARENCY DIRECTIVE 170 II. 7.2 LEVEL 2 AND LEVEL 3 182
11.7.3 AN INTEGRATED REGIME? 183 11.7.4 SCOPE 184 II. 7.5 MARKET
INTEGRATION AND HOME MEMBER STATE CONTROL 185 11.7.6 PERIODIC DISCLOSURE
188 11.7.7 DISCLOSURE ON MAJOR HOLDINGS 194 11.7.8 AD HOC DISCLOSURE 199
11.7.9 DISCLOSURE ON RIGHTS ATTACHED TO SECURITIES 199 II. 7.10 ACCESS
TO INFORMATION FOR HOLDERS OF SECURITIES ADMITTED TO TRADING ON A
REGULATED MARKET 200 II. 7.11 FILING AND ACCESS TO REGULATED INFORMATION
201 II. 7.12 SUPERVISION AND COMPETENT AUTHORITIES 210 CONTENTS XVII II.
7.13 SANCTIONS 211 II. 7.14 THIRD-COUNTRY REGIME 211 II.8 FINANCIAL
REPORTING 212 11.8.1 ADOPTION OFTHELFRS STANDARD 212 11.8.2 THE IAS
REGULATION 215 11.8.3 THIRD-COUNTRY ISSUERS AND EQUIVALENCE 223 III
COLLECTIVE-INVESTMENT SCHEMES 229 HI COLLECTIVE-INVESTMENT SCHEMES 231
111.1 COLLECTIVE-INVESTMENT SCHEMES 231 111.2 RATIONALE FOR AND FORMS OF
REGULATION 234 111.3 SCOPE AND FEATURES OF THE EC REGIME 236 111.3.1 THE
UCITS DIRECTIVE 236 111.3.2 THE EVOLUTION OF THE UCITS REGIME:
REGULATORY DESIGN AND INSTITUTIONAL DYNAMICS 237 111.4 THE ROOTS OF THE
REGIME 244 III. 5 EARLY DEVELOPMENTS 245 111.6 THE UCITS DIRECTIVE 247
111.6.1 OBJECTIVES AND TREATY BASIS 247 111.6.2 SCOPE*CLOSED-END FUNDS
AND OPEN- ENDED FUNDS 248 111.6.3 THE UCITS PASSPORT 251 111.6.4 THE
AUTHORIZATION PROCESS 253 111.6.5 STRUCTURAL REQUIREMENTS 254 111.6.6
INVESTMENT POLICIES 257 111.6.7 GENERAL OBLIGATIONS 257 111.6.8
DISCLOSURE 259 111.6.9 MARKETING RULES AND HOST STATE CONTROL 262
111.6.10 SUPERVISION AND THE COMPETENT AUTHORITIES 264 111.7 THE UCITS
III REFORMS 265 111.7.1 THE PUSH FOR REFORM 265 111.7.2 THE 2001 UCITS
PRODUCT DIRECTIVE: ASSET ALLOCATION AND THE UCITS III PRODUCT 267 III.
7.3 THE MANAGEMENT COMPANY AND PROSPECTUS DIRECTIVE 279 111.8 THE IMPACT
OF MIFID 285 111.9 UCITS III: TRANSITIONING DIFFICULTIES AND CESR 285
111.10 UCITS III: REFINING THE UCITS HI PRODUCT 286 III. 10.1 UCITS HI
286 III. 10.2 RISK MANAGEMENT PROCEDURES: THE 2004 COMMISSION
RECOMMENDATION 287 XVIII CONTENTS III.10.3 ASSET ALLOCATION AND ELIGIBLE
ASSETS*LEVEL 2 288 111.11 INITIAL STEPS TO REFINING THE DISCLOSURE
REGIME 298 111.12 POST UCITS III: THE INVESTMENT FUND ENVIRONMENT 300
111.12.1 MARKET DEVELOPMENTS 300 111.12.2 THE RETAIL MARKET POST-UCITS
III: INVESTOR PROTECTION RISKS 303 111.13 POST UCITS III: REVIEW AND
REFORM 308 111.13.1 THE REFORM PROCESS 308 111.13.2 MARKET WEAKNESSES
310 III. 13.3 THE POLICY RESPONSE: GRAND DESIGN OR REPAIR? 312 111.14
POST UCITS III: UCITS IV REFORM 315 III.14.1 REFINING THE UCITS REGIME:
OPERATIONAL EFFICIENCIES 315 III. 14.2 INVESTOR PROTECTION: DISCLOSURE
AND DISTRIBUTION 320 111.14.3 ALTERNATIVE INVESTMENTS: RETAIL AND
INSTITUTIONAL MARKETS 329 IV THE EC INVESTMENT-SERVICES REGIME 337 IV
THE REGULATION OF INVESTMENT-SERVICES PROVIDERS: THE EC REGIME 339 IV. 1
INVESTMENT INTERMEDIARIES AND TRADING MARKETS 339 IV. 2 THE RATIONALE
FOR REGULATION 340 IV.2.1 INVESTMENT INTERMEDIARIES 340 IV.2.2 INVESTOR
PROTECTION AND SYSTEMIC STABILITY 340 IV.2.3 REGULATORY TECHNIQUES 343
IV.2.4 MORAL HAZARD AND EFFICIENT REGULATION 344 IV. 3 THE DEVELOPMENT
OF AN EC SYSTEM OF INVESTMENT- INTERMEDIARY REGULATION 345 IV.3.1 THE
TREATY 345 IV.3.2 THE ROOTS OF THE REGIME 346 IV. 3.3 INVESTMENT
INTERMEDIARIES AND REGULATORY OBSTACLES 347 IV.4 THE EVOLUTION OF THE
HARMONIZED REGIME PRIOR TO MIFID 350 IV.4.1 THE APPROACH TO
HARMONIZATION EMERGES 350 I V.4.2 THE MAIN PLANKS OF THE PRE-MIFID
REGIME ARE SET IN PLACE: MUTUAL RECOGNITION AND MINIMUM HARMONIZATION
352 IV.4.3 THE ROAD TO MIFID 355 IV. 5 THE MARKETS IN FINANCIAL
INSTRUMENTS DIRECTIVE AND INVESTMENT SERVICES: THE CONTEXT 356 CONTENTS
XIX IV. 5.1 THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE 356 IV.5.2
THE EVOLUTION OF THE REGIME 359 IV. 5.3 MARKET INTEGRATION AND MARKET
REGULATION: HARMONIZATION UNDER MIFID 365 IV. 5.4 HARMONIZATION: A
CERTAIN REGULATORY REGIME? 372 IV.5.5 ONGOING REVIEW 377 IV.5.6 CESR AND
MIFID 378 V THE INVESTMENT-SERVICES PASSPORT 379 V.I MIFID AND THE ISD
379 V.2 WEAKNESSES IN THE ISD PASSPORT AND THE BEGINNINGS OF THE REFORM
MOVEMENT 380 V.2.1 WEAKNESSES IN THE ISD PASSPORT: THE V.3 V.4 V.5 V.6
V.2.2 V.2.3 DILUTION OF HOME MEMBER STATE CONTROL THE 2000 ARTICLE 11
COMMUNICATION HOME, HOST OR STATE OF ORIGIN: THE E COMMERCE DIRECTIVE
REFORM OF THE ISD'S MARKET INTEGRATION MECHANISM V.3.1 V.3.2 V.3.3
RELIANCE ON THE ISD PASSPORT IMPLEMENTATION PROBLEMS THE REFORM PROCESS
THE MIFID PASSPORT: KEY FEATURES V.4.1 V.4.2 V.4.3 SCOPE V.5.1 V.5.2
V.5.3 V.5.4 THE PASSPORT THE PASSPORT AND CESR TRANSITION, TRANSPOSITION
RISKS, AND THE PASSPORT A FUNCTIONAL APPROACH INVESTMENT FIRMS
INVESTMENT SERVICES EXCLUSIONS THE AUTHORIZATION PROCESS V.6.1 V.6.2
V.6.3 V.6.4 INTRODUCTION JURISDICTION TO AUTHORIZE AND THE HOME MEMBER
STATE SCOPE OF AUTHORIZATION AND THE REGULATORY PASSPORT AUTHORIZATION
CONDITIONS: MINIMUM INITIAL CAPITAL 380 382 383 386 386 387 387 392 392
393 395 396 396 397 399 406 410 410 411 413 414 XX CONTENTS V.6.5
AUTHORIZATION CONDITIONS: MANAGEMENT REQUIREMENTS 416 V.6.6
AUTHORIZATION CONDITIONS: ORGANIZATIONAL STRUCTURE AND SHAREHOLDERS 418
V.6.7 AUTHORIZATION: INVESTOR COMPENSATION SCHEMES 420 V.6.8
AUTHORIZATION CONDITIONS: PRUDENTIAL ORGANIZATIONAL REQUIREMENTS 420
V.6.9 AUTHORIZATION: PROCESS AND PROTECTIONS 420 V.6.10 AUTHORIZATION:
RELATIONS WITH THIRD COUNTRIES 422 V.7 SINGLE-MARKET MAKING AND THE
MIFID PASSPORT 423 V.7.1 THE PASSPORT 423 V. 7.2 RESTRICTIONS ON THE
HOME MEMBER STATE PASSPORT 427 V.7.3 RELYING ON THE PASSPORT: THE
PROCEDURES 437 V.8 SUPERVISION OF THE LIBERALIZED MARKET-PLACE 443 V.8.1
THE MIFID SUPERVISORY FRAMEWORK 443 V.8.2 COMPETENT AUTHORITIES 444
V.8.3 CO-OPERATION BETWEEN COMPETENT AUTHORITIES 448 V.8.4 INFORMATION
EXCHANGE 450 V.9 COLLECTIVE INVESTMENT AND INVESTMENT SERVICES: THE
MANAGEMENT-COMPANY PASSPORT 451 V.9.1 INTRODUCTION 451 V.9.2 SCOPE 452
V.9.3 THE AUTHORIZATION PROCESS 454 V.9.4 THE MANAGEMENT-COMPANY
PASSPORT 457 V.9.5 REPORTING, HOME/HOST ENFORCEMENT, AND SUPERVISORY
CO-OPERATION 458 VI THE PRUDENTIAL REGULATION OF INVESTMENT-SERVICES
PROVIDERS AND CONFLICT-OF-INTEREST REGULATION 460 VI.L THE RATIONALE FOR
PRUDENTIAL REGULATION 460 VI.2 THE SCOPE OF PRUDENTIAL REGULATION 461
VI. 2.1 MACRO AND MICRO PREVENTIVE AND PROTECTIVE REGULATION 461 VI.2.2
FORMS OF PRUDENTIAL REGULATION 462 VI.3 THE EC AND PRUDENTIAL
SUPERVISION 463 VI.3.1 THE EVOLUTION OF THE REGIME 463 VI. 3.2 BEYOND
MIFID: A MULTILAYERED REGIME 472 VI.4 PRUDENTIAL REGULATION AND
AUTHORIZATION 473 VI.4.1 THE MIFID REGIME 473 VI.4.2 THE
MANAGEMENT-COMPANY REGIME 474 CONTENTS XXI VI. 5 PRUDENTIAL REGULATION
AND ORGANIZATIONAL PRUDENTIAL RULES 474 VI.5.1 ORGANIZATIONAL PRUDENTIAL
RULES 474 VI.5.2 MIFID AND ORGANIZATIONAL PRUDENTIAL RULES 474 VI.5.3
THE MANAGEMENT COMPANY DIRECTIVE AND OPERATIONAL PRUDENTIAL CONTROLS 493
VI.6 PRUDENTIAL REGULATION AND OWNERSHIP CONTROLS 495 VI.6.1
INTRODUCTION 495 VI.6.2 OWNERSHIP CONTROLS AND MIFID 495 VI.6.3 THE
MANAGEMENT-COMPANY REGIME AND OWNERSHIP CONTROLS 499 VI.7 CONFLICT OF
INTEREST MANAGEMENT 499 VI. 7.1 CONFLICT OF INTEREST MANAGEMENT: THE
CONTEXT 499 VI.7.2 CONFLICT OF INTEREST MANAGEMENT: ARTICLE 13(3) AND
ARTICLE 18 509 VI.7.3 CONFLICT OF INTEREST MANAGEMENT: ASSET MANAGEMENT
516 VI. 7.4 CONFLICTS OF INTEREST: PERSONAL TRANSACTIONS 522 VI.8
INVESTOR-COMPENSATION SCHEMES 522 VI.9 PRUDENTIAL SUPERVISION AND
CAPITAL ADEQUACY 523 VI.9.1 RATIONALE 523 VI.9.2 PRIOR TO THE CAPITAL
REQUIREMENTS DIRECTIVE: THE 1993 CAPITAL ADEQUACY DIRECTIVE AND A
FUNCTIONAL APPROACH 525 VI.9.3 THE CAPITAL REQUIREMENTS DIRECTIVE AND
MORE FLEXIBLE RISK AND CAPITAL ASSESSMENT 528 VII PROTECTIVE REGULATION
536 VII. 1 THE RATIONALE FOR PROTECTIVE REGULATION 536 VII.2 THE SCOPE
OF PROTECTIVE REGULATION 539 VII.2.1 PRUDENTIAL AND PROTECTIVE RULES 539
VII.2.2 PRUDENTIAL REGULATION 539 VII.2.3 PROTECTIVE REGULATION 540
VII.3 THE EC AND PROTECTIVE REGULATION 541 VII. 3.1 MIFID, THE FSAP, AND
RETAIL INVESTOR POLICY 541 VII.3.2 PROMOTING RETAIL ACTIVITY 543 VII.3.3
SCOPE 552 VII. 3.4 HARMONIZATION AND REGULATION: HARMONIZATION AS A
REGULATORY STRATEGY 553 VII.4 THE EVOLUTION OF THE INVESTOR-PROTECTION
REGIME 566 VII.4.1 THE ROOTS OF THE PROTECTIVE REGIME 566 XXII CONTENTS
VII.4.2 PROTECTIVE REGULATION AND THE ISD 567 VII.4.3 KEY MILESTONES 568
VII.5 THE DISTANCE MARKETING OF FINANCIAL SERVICES DIRECTIVE 571 VII.5.1
BACKGROUND 571 VH.5.2 THE INVESTOR-PROTECTION OBJECTIVE 574 VII.5.3
SCOPE 575 VII.5.4 DISCLOSURE 576 VII.5.5 WITHDRAWAL RIGHTS 581 VII. 5.6
INTRUSIVE MARKETING TECHNIQUES AND COLD-CALLING 583 VII.5.7 ENFORCEMENT
AND DISPUTE RESOLUTION 584 VII.5.8 REVIEW 585 VII.5.9 MAXIMUM
HARMONIZATION 585 VII.6 PROTECTIVE REGULATION AND THE INTERNET: THE
E-COMMERCE DIRECTIVE 586 VII.6.1 THE INTERNET AND INVESTOR PROTECTION
586 VII.6.2 THE E COMMERCE DIRECTIVE 587 VII.7 MIFID AND THE
CONDUCT-OF-BUSINESS REGIME 591 VII.7.1 THE CONTEXT 591 VII.7.2 RETAIL
AND PROFESSIONAL INVESTORS 595 VII.7.3 ARTICLE 19: SCOPE*INVESTMENT
ADVICE 599 VII. 7.4 ARTICLE 19(1) 600 VII.7.5 DISCLOSURE 601 VII. 7.6
SUITABILITY 614 VII.7.7 BESTEXECUTION 621 VII.7.8 ORDER HANDLING 635
VII.8 BEYOND REGULATION: SUPERVISION, ENFORCEMENT, AND INVESTOR
EDUCATION 637 VII.8.1 WILL IT WORK? 637 VII.8.2 SUPERVISION AND
ENFORCEMENT 639 VII.8.3 EDUCATION AND INVESTOR CAPABILITY 642 VIII
GATEKEEPERS 646 VIII.L GATEKEEPERS 646 VIII.2 INVESTMENT ANALYSTS AND
REGULATION 648 VIII. 3 THE EC INVESTMENT ANALYSTS REGIME 652 VIII.3.1
THE DEVELOPMENT OF THE REGIME 652 VIII.3.2 THE INVESTMENT ANALYSTS
REGIME AND REGULATORY DESIGN 654 VIII.3.3 MIFID: INVESTMENT RESEARCH,
INVESTOR PROTECTION, AND THE INVESTMENT FIRM 666 VIII. 3.4 THE MARKET
ABUSE DIRECTIVE ARTICLE 6(5) 677 CONTENTS XXIII VIII. 3.5 THE INVESTMENT
RECOMMENDATIONS DIRECTIVE 680 VIII.3.6 INDEPENDENT RESEARCH 686 VIII.4
CREDIT-RATING AGENCIES: CONTEXT AND THE EC REGIME 687 VIII.4.1 FUNCTIONS
AND RISKS 687 VIII.4.2 INTERVENTION: THE IOSCO CODE AND MARKET
MONITORING 694 VIII.4.3 THE EC RESPONSE 700 INVESTOR-COMPENSATION
SCHEMES IX. 1 THE RATIONALE FOR COMPENSATION SCHEMES IX.1.1 IX.1.2 THE
CASE FOR THE CASE AGAINST IX.2 SCOPE AND FEATURES OF THE REGIME IX.3 THE
ROOTS OF THE REGIME IX.3.1 IX.3.2 EARLY DEVELOPMENTS FURTHER DELAYS AND
THE DGD IX.4 THELCSD IX.4.1 IX.4.2 IX.4.3 IX.4.4 IX.4.5 IX.4.6 IX.4.7
IX.4.8 IX.4.9 IX.4.10 IX.4.11 IX.4.12 IX.4.13 IX.4.14 TREATY BASIS AND
OBJECTIVES THELCSD FRAMEWORK SCOPE OF THE SCHEME THE COMPENSATION
TRIGGER CLAIMS COVERED PAYMENT OF COMPENSATION AND PROCEDURES TOPPING-UP
DISCLOSURE AND ADVERTISING MANAGEMENT AND STRUCTURE COMPETENT
AUTHORITIES AND SUPERVISION CO-OPERATION AND COMMUNICATION: CROSS-BORDER
CLAIMS RELATIONSHIP WITH THE DGD RELATIONSHIP WITH MIFID REVIEW OF THE
ICSD TRADING MARKETS X ORDER EXECUTION X.I THE REGULATION OF MARKETS AND
TRADING SYSTEMS X.1.1 X.1.2 X.1.3 X.1.4 X.I.5 SECURITIES-TRADING MARKETS
THE RATIONALE FOR REGULATION THE SCOPE OF REGULATION ALTERNATIVE TRADING
SYSTEMS THE COMMUNITY REGIME 726 726 726 729 731 733 733 734 735 735 738
740 742 743 745 747 749 751 755 756 756 756 757 761 763 763 763 765 765
766 768 XXIV CONTENTS X.2 COMPETITIVE ORDER EXECUTION: THE EC CONTEXT
769 X.2.1 COMPETITIVE ORDER EXECUTION 769 X.2.2 THE RISKS AND THE POLICY
DEBATE 772 X.2.3 THE EVOLUTION OF THE REGIME 778 X.3 SCOPE OF THE
EXECUTION REGIME 797 X.3.1 CLASSIFICATION 797 X.3.2 DESIGN 799 X.3.3
LEVEL 2 AND 3 AND CESR 800 X.4 REGULATED MARKETS 801 X.4.1 A LIGHT TOUCH
REGIME 801 X.4.2 AUTHORIZATION 803 X.4.3 ACCESS AND REMOTE ACCESS 805
X.4.4 MONITORING AND MARKET ABUSE 807 X.4.5 ADMISSION OF FINANCIAL
INSTRUMENTS TO TRADING AND SUSPENSION AND REMOVAL OF INSTRUMENTS 807 X.5
MULTI-LATERAL TRADING SYSTEMS 811 X.6 SYSTEMATIC INTERNALIZERS 813 X. 7
TRANSPARENCY AND THE EQUITY MARKETS 815 X.7.1 THE CONTEXT 815 X.7.2
LEVEL 2 AND CESR 817 X.7.3 SCOPE, PUBLICATION, AND DATABASES 819 X. 7.4
REGULATED MARKETS AND MULTI-LATERAL TRADING FACILITIES 824 X. 7.5
INVESTMENT FIRMS: SYSTEMATIC INTERNALIZERS AND OFF EXCHANGE ORDER
EXECUTION 829 X.8 REPORTING OBLIGATIONS 837 X.8.1 TRANSACTION REPORTING
AND ARTICLE 25 837 X.8.2 LEVEL 2 839 X.8.3 LEVEL 3 842 X.9 THE DEBT
MARKETS 844 X.9.1 DEBT MARKET TRANSPARENCY 844 X.9.2 DEVELOPING A
RESPONSE 847 X.10 COMPETITIVE ORDER EXECUTION: THE MARKET RESPONSE 851
XI THE SETTLEMENT OF SECURITIES TRANSACTIONS 858 XI.L
SECURITIES-SETTLEMENT SYSTEMS 858 XI.2 SETTLEMENT RISKS*THE NEED FOR
SUPERVISION 861 XI. 3 SECURITIES SETTLEMENT, SETTLEMENT SYSTEMS, AND THE
EC 863 XI.3.1 THE CONTEXT 863 XI.3.2 THE EC REGIME 868 XI.3.3 POLICY
DEVELOPMENT: INITIAL ORIENTATIONS 876 CONTENTS XXV XI.3.4 POLICY
DEVELOPMENT: EXAMINING THE COSTS AND THE GIOVANNINI BARRIERS 878 XI.3.5
POLICY DEVELOPMENT: THE COMMISSION COMMUNICATION AND THE FSAP REVIEW 8
79 XI.3.6 THE 2006 INDUSTRY CODE OF CONDUCT 883 XI.3.7 THE 2004
ESCB-CESR STANDARDS 888 XI.3.8 FUTURE DEVELOPMENTS 895 XI.4 LEGAL
CERTAINTY RISKS 896 XI.4.1 LEGAL CERTAINTY RISKS 896 XI.4.2 THE
SETTLEMENT FINALITY DIRECTIVE 897 XI.4.3 THE FINANCIAL COLLATERAL
ARRANGEMENTS DIRECTIVE 910 VI MARKET ABUSE 913 XII MARKET ABUSE 915 XII.
1 THE MARKET ABUSE REGIME 915 XII.1.1 THE MARKET ABUSE DIRECTIVE 915
XII. 1.2 THE LAMFALUSSY MODEL, CESR, AND THE MAD 919 XII.1.3 A
MULTILAYERED REGIME 922 XII.2 THE RATIONALE FOR PROHIBITING INSIDER
DEALING AND MARKET MANIPULATION 923 XII.2.1 THE RATIONALE FOR
PROHIBITING INSIDER DEALING 923 XII.2.2 THE RATIONALE FOR PROHIBITING
MARKET MANIPULATION 928 XII.3 THE DEVELOPMENT OF THE MARKET ABUSE REGIME
931 XII.3.1 EARLY DEVELOPMENTS 931 XII.3.2 THE INSIDER DEALING DIRECTIVE
933 XII. 3.3 TOWARDS A PROHIBITION ON MARKET MANIPULATION AND THE
ADOPTION OF THE MARKET ABUSE DIRECTIVE 935 XII.4 THE MARKET ABUSE
DIRECTIVE: OBJECTIVES AND TREATY BASE 941 XII. 5 THE MARKET ABUSE
DIRECTIVE: SCOPE AND EXEMPTIONS 944 XII.5.1 SCOPE 944 XII.5.2 EXEMPTIONS
946 XII. 6 THE MARKET ABUSE DIRECTIVE: THE PROHIBITION ON INSIDER
DEALING 951 XII.6.1 INSIDE INFORMATION 951 XII.6.2 INSIDERS 961 XII.6.3
THE PROHIBITION: DEALING, DISCLOSING, AND RECOMMENDING 965 XII. 7 THE
MARKET ABUSE DIRECTIVE: DISCLOSURE OBLIGATIONS 967 XXVI CONTENTS XII.7.1
A NEW DISCLOSURE REGIME 967 XII.7.2 ONGOING DISCLOSURE OF MATERIAL
INFORMATION 969 XII.7.3 SELECTIVE DISCLOSURE 975 XII.7.4 INSIDER LISTS
976 XII. 7.5 DISCLOSURE OF INSIDER TRANSACTIONS 978 XII.7.6 INVESTMENT
RESEARCH 981 XII.7.7 PUBLIC STATISTICS 981 XII.8 THE MARKET ABUSE
DIRECTIVE: PROHIBITION ON MARKET MANIPULATION 981 XII. 8.1 THE
PROHIBITION ON MARKET MANIPULATION AND IDENTIFICATION OF MARKET
MANIPULATION 981 XII.8.2 ACCEPTED MARKET PRACTICES 986 XII.8.3 THE
JOURNALISTS'EXEMPTION 990 XII.9 INVESTIGATIONS, SUPERVISION, AND
ENFORCEMENT 991 XII.9.1 THE IMPORTANCE OF SUPERVISION AND ENFORCEMENT
991 XII.9.2 ENFORCEMENT AND SUPERVISION UNDER THE MAD 993 XII.9.3 CESR
AND OPERATIONAL CO-OPERATION 1000 XII.9.4 ENFORCEMENT STRAINS 1001 VII
THE INSTITUTIONAL STRUCTURE OF EC SECURITIES REGULATION 1007 XIII THE
RULE-MAKING STRUCTURE 1009 XIII.1 INTRODUCTION 1009 XIII.2 THE EVOLUTION
OF THE LAMFALUSSY MODEL FOR RULE-MAKING 1016 XIII.2.1 INTRODUCTION 1016
XIII.2.2 THE EVOLUTION OF THE LAMFALUSSY PROCESS 1016 XIII.2.3 THE
LAMFALUSSY REPORT 1020 XIII.3 ESTABLISHING THE MODEL 1023 XIII.3.1 THE
ESC AND CESR 1023 XIII.3.2 THE CESR CHARTER 1025 XIII.3.3 PROTECTING
PARLIAMENT'S POSITION AND THE SUNSET CLAUSES 102 8 XIII.4 EXTENDING THE
MODEL 1030 XIII. 5 LEVEL 1 1031 XIII. 5.1 LAW-MAKING BY THE COUNCIL, AND
THE COUNCIL AND PARLIAMENT ACTING TOGETHER 1031 XIII.5.2 THE IMPACT OF
THE LAMFALUSSY MODEL ON LEVEL 1 1033 CONTENTS XXVN XIII.5.3 A FRAGMENTED
LAW-MAKING XIV INDEX XIII.6 XIII. 7 XIII.8 XIII.9 XIII.5.4 LEVEL 2
XIII.6.1 XIII.6.2 XIII.6.3 XIII.6.4 XIII.6.5 XIII.6.6 LEVEL 3 LEVEL 4
LANDSCAPE POST-LAMFALUSSY CONSULTATION RISKS LEVEL 2: THE COMITOLOGY
PROCESS RANGE OF RULES THE MARKET ABUSE LEVEL 2 REGIME THE MIFID LEVEL 2
REGIME REVIEWING LEVEL 2 RISKS AT LEVEL 2 AN EFFECTIVE MODEL? XIII.9.1
XIII.9.2 XIII.9.3 SUPERVISION XIV. 1 XIV.2 XIV. 3 AN EFFECTIVE MODEL?
MANAGING THE RISKS OF LAW-MAKING: THE 2005 WHITE PAPER AND NEW POLICY
ENVIRONMENT A SINGLE REGULATOR? THE SUPERVISORY STRUCTURE: KEY FEATURES
WEAKNESSES XIV.2.1 XIV.2.2 XIV.2.3 XIV.2.4 XIV.2.5 DESIGNING AN
EFFECTIVE ENFORCEMENT MODEL CROSS-BORDER SUPERVISION SUPERVISORY POWERS
AND SUPERVISORY INTENSITY A MODEL FOR SUPERVISION: THE HIMALAYA REPORT
REACTION AND POST-FSAP REVIEWS SUPERVISORY CONVERGENCE AND CESR XIV.3.1
XIV.3.2 XIV. 3.3 XIV. 3.4 XIV.3.5 SUPERVISORY CONVERGENCE AND THE FRANCQ
REPORT CESR, LEVEL 3, AND SUPERVISORY CONVERGENCE THE EFFECTIVENESS OF
SUPERVISORY CONVERGENCE (1): ACCOUNTABILITY AND LEGITIMACY RISKS TO
LEVEL 3 THE EFFECTIVENESS OF SUPERVISORY CONVERGENCE (2): RISKS TO
CONVERGENCE THE 2007 REVIEW AND THE FUTURE FOR SUPERVISORY CONVERGENCE
1039 1042 1048 1048 1052 1053 1058 1064 1071 1080 1081 1086 1086 1087
1097 1102 1102 1107 1107 1112 1115 1117 1118 1119 1119 1121 1135 1146
1152 1169 |
| adam_txt |
CONTENTS TABLE OF ABBREVIATIONS XXIX TABLE OF CASES XXXIII TABLE OF
LEGISLATION XXXVII I INTRODUCTION 1 I INTRODUCTION 3 1.1 INTRODUCTION 3
1.2 MARKET INTEGRATION AND HARMONIZATION 6 1.2.1 MARKET INTEGRATION,
HARMONIZATION, AND THE TREATY 6 1.2.2 A WORTHWHILE GOAL? 10 1.3 HISTORY
11 1.4 THE FSAP AND THE LAMFALUSSY REPORT 16 1.4.1 THE FSAP 16 1.4.2
DELIVERING THE FSAP 19 1.4.3 POST-FSAP 22 1.5 PROGRESS TOWARDS
INTEGRATION 24 1.6 THE ROLE OF LAW IN EC SECURITIES REGULATION 27 1.6.1
HARMONIZATION AND REGULATORY COMPETITION 27 1.6.2 FROM HARMONIZATION TO
REGULATION: THE RISKS 31 1.6.3 BETTER REGULATION AND THE POST-FSAP
AGENDA 4 7 II CAPITAL-RAISING 51 II CAPITAL-RAISING 53 11.1 THE
RATIONALE FOR REGULATING THE CAPITAL-RAISING PROCESS 53 11.2 THE TREATY
AND MARKET FINANCE 5 5 11.2.1 THE INTEGRATION OF CAPITAL MARKETS AND THE
TREATY 55 11.2.2 MARKET FINANCE AND INTEGRATION 56 11.2.3 MARKET
CONDITIONS 62 II. 3 OFFICIAL LISTING, ADMISSION TO TRADING ON REGULATED
MARKETS, AND COMPETITIVE ORDER EXECUTION 67 II. 3.1 FROM OFFICIAL
LISTING TO REGULATED MARKETS TO EXCHANGE-REGULATED MARKETS 67 11.3.2 THE
OFFICIAL LISTING REGIME 72 11.3.3 THE TRADING ENVIRONMENT AND CAPITAL
MARKET INTEGRATION 78 XVI CONTENTS 11.4 THE HARMONIZATION PROGRAMME 79
11.4.1 THE EVOLUTION OF THE REGIME 79 11.4.2 THE REGULATORY STRATEGY:
HARMONIZATION AND TRANSFORMATIVE EFFECTS 86 11.5 MANDATORY ISSUER
DISCLOSURE 91 11.5.1 SCOPE 91 11.5.2 THE RATIONALE FOR MANDATORY
DISCLOSURE 93 11.6 THE PROSPECTUS DIRECTIVE 103 11.6.1 THE ROAD TO THE
DIRECTIVE 103 11.6.2 THE PROSPECTUS DIRECTIVE: CONTEXT AND KEY FEATURES
114 11.6.3 SCOPE 132 11.6.4 THE PROSPECTUS OBLIGATION AND ISSUER CHOICE
135 11.6.5 EXEMPTIONS (1): THE PRIVATE PLACEMENT REGIME 139 11.6.6
EXEMPTIONS (2): THE ARTICLE 4 REGIME FOR PARTICULAR SECURITIES AND
CORPORATE TRANSACTIONS 143 11.6.7 THE PROSPECTUS: STRUCTURE AND VALIDITY
144 11.6.8 THE PROSPECTUS: DISCLOSURE 149 11.6.9 MARKET INTEGRATION:
PROSPECTUS APPROVAL AND THE PASSPORT MECHANISM 155 11.6.10 PUBLICATION
AND DISSEMINATION 160 11.6.11 ADVERTISING 162 11.6.12 ONGOING DISCLOSURE
AND SECURITIES ADMITTED TO TRADING ON A REGULATED MARKET 163 11.6.13 THE
LIABILITY REGIME: SANCTIONS AND CIVIL LIABILITY 163 11.6.14 SUPERVISION
166 11.6.15 THIRD-COUNTRY ISSUERS AND EQUIVALENCE 170 II. 7 THE
TRANSPARENCY DIRECTIVE: PERIODIC AND AD HOC DISCLOSURE 170 II.7.1 THE
ROAD TO THE TRANSPARENCY DIRECTIVE 170 II. 7.2 LEVEL 2 AND LEVEL 3 182
11.7.3 AN INTEGRATED REGIME? 183 11.7.4 SCOPE 184 II. 7.5 MARKET
INTEGRATION AND HOME MEMBER STATE CONTROL 185 11.7.6 PERIODIC DISCLOSURE
188 11.7.7 DISCLOSURE ON MAJOR HOLDINGS 194 11.7.8 AD HOC DISCLOSURE 199
11.7.9 DISCLOSURE ON RIGHTS ATTACHED TO SECURITIES 199 II. 7.10 ACCESS
TO INFORMATION FOR HOLDERS OF SECURITIES ADMITTED TO TRADING ON A
REGULATED MARKET 200 II. 7.11 FILING AND ACCESS TO REGULATED INFORMATION
201 II. 7.12 SUPERVISION AND COMPETENT AUTHORITIES 210 CONTENTS XVII II.
7.13 SANCTIONS 211 II. 7.14 THIRD-COUNTRY REGIME 211 II.8 FINANCIAL
REPORTING 212 11.8.1 ADOPTION OFTHELFRS STANDARD 212 11.8.2 THE IAS
REGULATION 215 11.8.3 THIRD-COUNTRY ISSUERS AND EQUIVALENCE 223 III
COLLECTIVE-INVESTMENT SCHEMES 229 HI COLLECTIVE-INVESTMENT SCHEMES 231
111.1 COLLECTIVE-INVESTMENT SCHEMES 231 111.2 RATIONALE FOR AND FORMS OF
REGULATION 234 111.3 SCOPE AND FEATURES OF THE EC REGIME 236 111.3.1 THE
UCITS DIRECTIVE 236 111.3.2 THE EVOLUTION OF THE UCITS REGIME:
REGULATORY DESIGN AND INSTITUTIONAL DYNAMICS 237 111.4 THE ROOTS OF THE
REGIME 244 III. 5 EARLY DEVELOPMENTS 245 111.6 THE UCITS DIRECTIVE 247
111.6.1 OBJECTIVES AND TREATY BASIS 247 111.6.2 SCOPE*CLOSED-END FUNDS
AND OPEN- ENDED FUNDS 248 111.6.3 THE UCITS PASSPORT 251 111.6.4 THE
AUTHORIZATION PROCESS 253 111.6.5 STRUCTURAL REQUIREMENTS 254 111.6.6
INVESTMENT POLICIES 257 111.6.7 GENERAL OBLIGATIONS 257 111.6.8
DISCLOSURE 259 111.6.9 MARKETING RULES AND HOST STATE CONTROL 262
111.6.10 SUPERVISION AND THE COMPETENT AUTHORITIES 264 111.7 THE UCITS
III REFORMS 265 111.7.1 THE PUSH FOR REFORM 265 111.7.2 THE 2001 UCITS
PRODUCT DIRECTIVE: ASSET ALLOCATION AND THE UCITS III PRODUCT 267 III.
7.3 THE MANAGEMENT COMPANY AND PROSPECTUS DIRECTIVE 279 111.8 THE IMPACT
OF MIFID 285 111.9 UCITS III: TRANSITIONING DIFFICULTIES AND CESR 285
111.10 UCITS III: REFINING THE UCITS HI PRODUCT 286 III. 10.1 UCITS HI
286 III. 10.2 RISK MANAGEMENT PROCEDURES: THE 2004 COMMISSION
RECOMMENDATION 287 XVIII CONTENTS III.10.3 ASSET ALLOCATION AND ELIGIBLE
ASSETS*LEVEL 2 288 111.11 INITIAL STEPS TO REFINING THE DISCLOSURE
REGIME 298 111.12 POST UCITS III: THE INVESTMENT FUND ENVIRONMENT 300
111.12.1 MARKET DEVELOPMENTS 300 111.12.2 THE RETAIL MARKET POST-UCITS
III: INVESTOR PROTECTION RISKS 303 111.13 POST UCITS III: REVIEW AND
REFORM 308 111.13.1 THE REFORM PROCESS 308 111.13.2 MARKET WEAKNESSES
310 III. 13.3 THE POLICY RESPONSE: GRAND DESIGN OR REPAIR? 312 111.14
POST UCITS III: UCITS IV REFORM 315 III.14.1 REFINING THE UCITS REGIME:
OPERATIONAL EFFICIENCIES 315 III. 14.2 INVESTOR PROTECTION: DISCLOSURE
AND DISTRIBUTION 320 111.14.3 ALTERNATIVE INVESTMENTS: RETAIL AND
INSTITUTIONAL MARKETS 329 IV THE EC INVESTMENT-SERVICES REGIME 337 IV
THE REGULATION OF INVESTMENT-SERVICES PROVIDERS: THE EC REGIME 339 IV. 1
INVESTMENT INTERMEDIARIES AND TRADING MARKETS 339 IV. 2 THE RATIONALE
FOR REGULATION 340 IV.2.1 INVESTMENT INTERMEDIARIES 340 IV.2.2 INVESTOR
PROTECTION AND SYSTEMIC STABILITY 340 IV.2.3 REGULATORY TECHNIQUES 343
IV.2.4 MORAL HAZARD AND EFFICIENT REGULATION 344 IV. 3 THE DEVELOPMENT
OF AN EC SYSTEM OF INVESTMENT- INTERMEDIARY REGULATION 345 IV.3.1 THE
TREATY 345 IV.3.2 THE ROOTS OF THE REGIME 346 IV. 3.3 INVESTMENT
INTERMEDIARIES AND REGULATORY OBSTACLES 347 IV.4 THE EVOLUTION OF THE
HARMONIZED REGIME PRIOR TO MIFID 350 IV.4.1 THE APPROACH TO
HARMONIZATION EMERGES 350 I V.4.2 THE MAIN PLANKS OF THE PRE-MIFID
REGIME ARE SET IN PLACE: MUTUAL RECOGNITION AND MINIMUM HARMONIZATION
352 IV.4.3 THE ROAD TO MIFID 355 IV. 5 THE MARKETS IN FINANCIAL
INSTRUMENTS DIRECTIVE AND INVESTMENT SERVICES: THE CONTEXT 356 CONTENTS
XIX IV. 5.1 THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE 356 IV.5.2
THE EVOLUTION OF THE REGIME 359 IV. 5.3 MARKET INTEGRATION AND MARKET
REGULATION: HARMONIZATION UNDER MIFID 365 IV. 5.4 HARMONIZATION: A
CERTAIN REGULATORY REGIME? 372 IV.5.5 ONGOING REVIEW 377 IV.5.6 CESR AND
MIFID 378 V THE INVESTMENT-SERVICES PASSPORT 379 V.I MIFID AND THE ISD
379 V.2 WEAKNESSES IN THE ISD PASSPORT AND THE BEGINNINGS OF THE REFORM
MOVEMENT 380 V.2.1 WEAKNESSES IN THE ISD PASSPORT: THE V.3 V.4 V.5 V.6
V.2.2 V.2.3 DILUTION OF HOME MEMBER STATE CONTROL THE 2000 ARTICLE 11
COMMUNICATION HOME, HOST OR STATE OF ORIGIN: THE E COMMERCE DIRECTIVE
REFORM OF THE ISD'S MARKET INTEGRATION MECHANISM V.3.1 V.3.2 V.3.3
RELIANCE ON THE ISD PASSPORT IMPLEMENTATION PROBLEMS THE REFORM PROCESS
THE MIFID PASSPORT: KEY FEATURES V.4.1 V.4.2 V.4.3 SCOPE V.5.1 V.5.2
V.5.3 V.5.4 THE PASSPORT THE PASSPORT AND CESR TRANSITION, TRANSPOSITION
RISKS, AND THE PASSPORT A FUNCTIONAL APPROACH INVESTMENT FIRMS
INVESTMENT SERVICES EXCLUSIONS THE AUTHORIZATION PROCESS V.6.1 V.6.2
V.6.3 V.6.4 INTRODUCTION JURISDICTION TO AUTHORIZE AND THE HOME MEMBER
STATE SCOPE OF AUTHORIZATION AND THE REGULATORY PASSPORT AUTHORIZATION
CONDITIONS: MINIMUM INITIAL CAPITAL 380 382 383 386 386 387 387 392 392
393 395 396 396 397 399 406 410 410 411 413 414 XX CONTENTS V.6.5
AUTHORIZATION CONDITIONS: MANAGEMENT REQUIREMENTS 416 V.6.6
AUTHORIZATION CONDITIONS: ORGANIZATIONAL STRUCTURE AND SHAREHOLDERS 418
V.6.7 AUTHORIZATION: INVESTOR COMPENSATION SCHEMES 420 V.6.8
AUTHORIZATION CONDITIONS: PRUDENTIAL ORGANIZATIONAL REQUIREMENTS 420
V.6.9 AUTHORIZATION: PROCESS AND PROTECTIONS 420 V.6.10 AUTHORIZATION:
RELATIONS WITH THIRD COUNTRIES 422 V.7 SINGLE-MARKET MAKING AND THE
MIFID PASSPORT 423 V.7.1 THE PASSPORT 423 V. 7.2 RESTRICTIONS ON THE
HOME MEMBER STATE PASSPORT 427 V.7.3 RELYING ON THE PASSPORT: THE
PROCEDURES 437 V.8 SUPERVISION OF THE LIBERALIZED MARKET-PLACE 443 V.8.1
THE MIFID SUPERVISORY FRAMEWORK 443 V.8.2 COMPETENT AUTHORITIES 444
V.8.3 CO-OPERATION BETWEEN COMPETENT AUTHORITIES 448 V.8.4 INFORMATION
EXCHANGE 450 V.9 COLLECTIVE INVESTMENT AND INVESTMENT SERVICES: THE
MANAGEMENT-COMPANY PASSPORT 451 V.9.1 INTRODUCTION 451 V.9.2 SCOPE 452
V.9.3 THE AUTHORIZATION PROCESS 454 V.9.4 THE MANAGEMENT-COMPANY
PASSPORT 457 V.9.5 REPORTING, HOME/HOST ENFORCEMENT, AND SUPERVISORY
CO-OPERATION 458 VI THE PRUDENTIAL REGULATION OF INVESTMENT-SERVICES
PROVIDERS AND CONFLICT-OF-INTEREST REGULATION 460 VI.L THE RATIONALE FOR
PRUDENTIAL REGULATION 460 VI.2 THE SCOPE OF PRUDENTIAL REGULATION 461
VI. 2.1 MACRO AND MICRO PREVENTIVE AND PROTECTIVE REGULATION 461 VI.2.2
FORMS OF PRUDENTIAL REGULATION 462 VI.3 THE EC AND PRUDENTIAL
SUPERVISION 463 VI.3.1 THE EVOLUTION OF THE REGIME 463 VI. 3.2 BEYOND
MIFID: A MULTILAYERED REGIME 472 VI.4 PRUDENTIAL REGULATION AND
AUTHORIZATION 473 VI.4.1 THE MIFID REGIME 473 VI.4.2 THE
MANAGEMENT-COMPANY REGIME 474 CONTENTS XXI VI. 5 PRUDENTIAL REGULATION
AND ORGANIZATIONAL PRUDENTIAL RULES 474 VI.5.1 ORGANIZATIONAL PRUDENTIAL
RULES 474 VI.5.2 MIFID AND ORGANIZATIONAL PRUDENTIAL RULES 474 VI.5.3
THE MANAGEMENT COMPANY DIRECTIVE AND OPERATIONAL PRUDENTIAL CONTROLS 493
VI.6 PRUDENTIAL REGULATION AND OWNERSHIP CONTROLS 495 VI.6.1
INTRODUCTION 495 VI.6.2 OWNERSHIP CONTROLS AND MIFID 495 VI.6.3 THE
MANAGEMENT-COMPANY REGIME AND OWNERSHIP CONTROLS 499 VI.7 CONFLICT OF
INTEREST MANAGEMENT 499 VI. 7.1 CONFLICT OF INTEREST MANAGEMENT: THE
CONTEXT 499 VI.7.2 CONFLICT OF INTEREST MANAGEMENT: ARTICLE 13(3) AND
ARTICLE 18 509 VI.7.3 CONFLICT OF INTEREST MANAGEMENT: ASSET MANAGEMENT
516 VI. 7.4 CONFLICTS OF INTEREST: PERSONAL TRANSACTIONS 522 VI.8
INVESTOR-COMPENSATION SCHEMES 522 VI.9 PRUDENTIAL SUPERVISION AND
CAPITAL ADEQUACY 523 VI.9.1 RATIONALE 523 VI.9.2 PRIOR TO THE CAPITAL
REQUIREMENTS DIRECTIVE: THE 1993 CAPITAL ADEQUACY DIRECTIVE AND A
FUNCTIONAL APPROACH 525 VI.9.3 THE CAPITAL REQUIREMENTS DIRECTIVE AND
MORE FLEXIBLE RISK AND CAPITAL ASSESSMENT 528 VII PROTECTIVE REGULATION
536 VII. 1 THE RATIONALE FOR PROTECTIVE REGULATION 536 VII.2 THE SCOPE
OF PROTECTIVE REGULATION 539 VII.2.1 PRUDENTIAL AND PROTECTIVE RULES 539
VII.2.2 PRUDENTIAL REGULATION 539 VII.2.3 PROTECTIVE REGULATION 540
VII.3 THE EC AND PROTECTIVE REGULATION 541 VII. 3.1 MIFID, THE FSAP, AND
RETAIL INVESTOR POLICY 541 VII.3.2 PROMOTING RETAIL ACTIVITY 543 VII.3.3
SCOPE 552 VII. 3.4 HARMONIZATION AND REGULATION: HARMONIZATION AS A
REGULATORY STRATEGY 553 VII.4 THE EVOLUTION OF THE INVESTOR-PROTECTION
REGIME 566 VII.4.1 THE ROOTS OF THE PROTECTIVE REGIME 566 XXII CONTENTS
VII.4.2 PROTECTIVE REGULATION AND THE ISD 567 VII.4.3 KEY MILESTONES 568
VII.5 THE DISTANCE MARKETING OF FINANCIAL SERVICES DIRECTIVE 571 VII.5.1
BACKGROUND 571 VH.5.2 THE INVESTOR-PROTECTION OBJECTIVE 574 VII.5.3
SCOPE 575 VII.5.4 DISCLOSURE 576 VII.5.5 WITHDRAWAL RIGHTS 581 VII. 5.6
INTRUSIVE MARKETING TECHNIQUES AND COLD-CALLING 583 VII.5.7 ENFORCEMENT
AND DISPUTE RESOLUTION 584 VII.5.8 REVIEW 585 VII.5.9 MAXIMUM
HARMONIZATION 585 VII.6 PROTECTIVE REGULATION AND THE INTERNET: THE
E-COMMERCE DIRECTIVE 586 VII.6.1 THE INTERNET AND INVESTOR PROTECTION
586 VII.6.2 THE E COMMERCE DIRECTIVE 587 VII.7 MIFID AND THE
CONDUCT-OF-BUSINESS REGIME 591 VII.7.1 THE CONTEXT 591 VII.7.2 RETAIL
AND PROFESSIONAL INVESTORS 595 VII.7.3 ARTICLE 19: SCOPE*INVESTMENT
ADVICE 599 VII. 7.4 ARTICLE 19(1) 600 VII.7.5 DISCLOSURE 601 VII. 7.6
SUITABILITY 614 VII.7.7 BESTEXECUTION 621 VII.7.8 ORDER HANDLING 635
VII.8 BEYOND REGULATION: SUPERVISION, ENFORCEMENT, AND INVESTOR
EDUCATION 637 VII.8.1 WILL IT WORK? 637 VII.8.2 SUPERVISION AND
ENFORCEMENT 639 VII.8.3 EDUCATION AND INVESTOR CAPABILITY 642 VIII
GATEKEEPERS 646 VIII.L GATEKEEPERS 646 VIII.2 INVESTMENT ANALYSTS AND
REGULATION 648 VIII. 3 THE EC INVESTMENT ANALYSTS REGIME 652 VIII.3.1
THE DEVELOPMENT OF THE REGIME 652 VIII.3.2 THE INVESTMENT ANALYSTS
REGIME AND REGULATORY DESIGN 654 VIII.3.3 MIFID: INVESTMENT RESEARCH,
INVESTOR PROTECTION, AND THE INVESTMENT FIRM 666 VIII. 3.4 THE MARKET
ABUSE DIRECTIVE ARTICLE 6(5) 677 CONTENTS XXIII VIII. 3.5 THE INVESTMENT
RECOMMENDATIONS DIRECTIVE 680 VIII.3.6 INDEPENDENT RESEARCH 686 VIII.4
CREDIT-RATING AGENCIES: CONTEXT AND THE EC REGIME 687 VIII.4.1 FUNCTIONS
AND RISKS 687 VIII.4.2 INTERVENTION: THE IOSCO CODE AND MARKET
MONITORING 694 VIII.4.3 THE EC RESPONSE 700 INVESTOR-COMPENSATION
SCHEMES IX. 1 THE RATIONALE FOR COMPENSATION SCHEMES IX.1.1 IX.1.2 THE
CASE FOR THE CASE AGAINST IX.2 SCOPE AND FEATURES OF THE REGIME IX.3 THE
ROOTS OF THE REGIME IX.3.1 IX.3.2 EARLY DEVELOPMENTS FURTHER DELAYS AND
THE DGD IX.4 THELCSD IX.4.1 IX.4.2 IX.4.3 IX.4.4 IX.4.5 IX.4.6 IX.4.7
IX.4.8 IX.4.9 IX.4.10 IX.4.11 IX.4.12 IX.4.13 IX.4.14 TREATY BASIS AND
OBJECTIVES THELCSD FRAMEWORK SCOPE OF THE SCHEME THE COMPENSATION
TRIGGER CLAIMS COVERED PAYMENT OF COMPENSATION AND PROCEDURES TOPPING-UP
DISCLOSURE AND ADVERTISING MANAGEMENT AND STRUCTURE COMPETENT
AUTHORITIES AND SUPERVISION CO-OPERATION AND COMMUNICATION: CROSS-BORDER
CLAIMS RELATIONSHIP WITH THE DGD RELATIONSHIP WITH MIFID REVIEW OF THE
ICSD TRADING MARKETS X ORDER EXECUTION X.I THE REGULATION OF MARKETS AND
TRADING SYSTEMS X.1.1 X.1.2 X.1.3 X.1.4 X.I.5 SECURITIES-TRADING MARKETS
THE RATIONALE FOR REGULATION THE SCOPE OF REGULATION ALTERNATIVE TRADING
SYSTEMS THE COMMUNITY REGIME 726 726 726 729 731 733 733 734 735 735 738
740 742 743 745 747 749 751 755 756 756 756 757 761 763 763 763 765 765
766 768 XXIV CONTENTS X.2 COMPETITIVE ORDER EXECUTION: THE EC CONTEXT
769 X.2.1 COMPETITIVE ORDER EXECUTION 769 X.2.2 THE RISKS AND THE POLICY
DEBATE 772 X.2.3 THE EVOLUTION OF THE REGIME 778 X.3 SCOPE OF THE
EXECUTION REGIME 797 X.3.1 CLASSIFICATION 797 X.3.2 DESIGN 799 X.3.3
LEVEL 2 AND 3 AND CESR 800 X.4 REGULATED MARKETS 801 X.4.1 A LIGHT TOUCH
REGIME 801 X.4.2 AUTHORIZATION 803 X.4.3 ACCESS AND REMOTE ACCESS 805
X.4.4 MONITORING AND MARKET ABUSE 807 X.4.5 ADMISSION OF FINANCIAL
INSTRUMENTS TO TRADING AND SUSPENSION AND REMOVAL OF INSTRUMENTS 807 X.5
MULTI-LATERAL TRADING SYSTEMS 811 X.6 SYSTEMATIC INTERNALIZERS 813 X. 7
TRANSPARENCY AND THE EQUITY MARKETS 815 X.7.1 THE CONTEXT 815 X.7.2
LEVEL 2 AND CESR 817 X.7.3 SCOPE, PUBLICATION, AND DATABASES 819 X. 7.4
REGULATED MARKETS AND MULTI-LATERAL TRADING FACILITIES 824 X. 7.5
INVESTMENT FIRMS: SYSTEMATIC INTERNALIZERS AND OFF EXCHANGE ORDER
EXECUTION 829 X.8 REPORTING OBLIGATIONS 837 X.8.1 TRANSACTION REPORTING
AND ARTICLE 25 837 X.8.2 LEVEL 2 839 X.8.3 LEVEL 3 842 X.9 THE DEBT
MARKETS 844 X.9.1 DEBT MARKET TRANSPARENCY 844 X.9.2 DEVELOPING A
RESPONSE 847 X.10 COMPETITIVE ORDER EXECUTION: THE MARKET RESPONSE 851
XI THE SETTLEMENT OF SECURITIES TRANSACTIONS 858 XI.L
SECURITIES-SETTLEMENT SYSTEMS 858 XI.2 SETTLEMENT RISKS*THE NEED FOR
SUPERVISION 861 XI. 3 SECURITIES SETTLEMENT, SETTLEMENT SYSTEMS, AND THE
EC 863 XI.3.1 THE CONTEXT 863 XI.3.2 THE EC REGIME 868 XI.3.3 POLICY
DEVELOPMENT: INITIAL ORIENTATIONS 876 CONTENTS XXV XI.3.4 POLICY
DEVELOPMENT: EXAMINING THE COSTS AND THE GIOVANNINI BARRIERS 878 XI.3.5
POLICY DEVELOPMENT: THE COMMISSION COMMUNICATION AND THE FSAP REVIEW 8
79 XI.3.6 THE 2006 INDUSTRY CODE OF CONDUCT 883 XI.3.7 THE 2004
ESCB-CESR STANDARDS 888 XI.3.8 FUTURE DEVELOPMENTS 895 XI.4 LEGAL
CERTAINTY RISKS 896 XI.4.1 LEGAL CERTAINTY RISKS 896 XI.4.2 THE
SETTLEMENT FINALITY DIRECTIVE 897 XI.4.3 THE FINANCIAL COLLATERAL
ARRANGEMENTS DIRECTIVE 910 VI MARKET ABUSE 913 XII MARKET ABUSE 915 XII.
1 THE MARKET ABUSE REGIME 915 XII.1.1 THE MARKET ABUSE DIRECTIVE 915
XII. 1.2 THE LAMFALUSSY MODEL, CESR, AND THE MAD 919 XII.1.3 A
MULTILAYERED REGIME 922 XII.2 THE RATIONALE FOR PROHIBITING INSIDER
DEALING AND MARKET MANIPULATION 923 XII.2.1 THE RATIONALE FOR
PROHIBITING INSIDER DEALING 923 XII.2.2 THE RATIONALE FOR PROHIBITING
MARKET MANIPULATION 928 XII.3 THE DEVELOPMENT OF THE MARKET ABUSE REGIME
931 XII.3.1 EARLY DEVELOPMENTS 931 XII.3.2 THE INSIDER DEALING DIRECTIVE
933 XII. 3.3 TOWARDS A PROHIBITION ON MARKET MANIPULATION AND THE
ADOPTION OF THE MARKET ABUSE DIRECTIVE 935 XII.4 THE MARKET ABUSE
DIRECTIVE: OBJECTIVES AND TREATY BASE 941 XII. 5 THE MARKET ABUSE
DIRECTIVE: SCOPE AND EXEMPTIONS 944 XII.5.1 SCOPE 944 XII.5.2 EXEMPTIONS
946 XII. 6 THE MARKET ABUSE DIRECTIVE: THE PROHIBITION ON INSIDER
DEALING 951 XII.6.1 INSIDE INFORMATION 951 XII.6.2 INSIDERS 961 XII.6.3
THE PROHIBITION: DEALING, DISCLOSING, AND RECOMMENDING 965 XII. 7 THE
MARKET ABUSE DIRECTIVE: DISCLOSURE OBLIGATIONS 967 XXVI CONTENTS XII.7.1
A NEW DISCLOSURE REGIME 967 XII.7.2 ONGOING DISCLOSURE OF MATERIAL
INFORMATION 969 XII.7.3 SELECTIVE DISCLOSURE 975 XII.7.4 INSIDER LISTS
976 XII. 7.5 DISCLOSURE OF INSIDER TRANSACTIONS 978 XII.7.6 INVESTMENT
RESEARCH 981 XII.7.7 PUBLIC STATISTICS 981 XII.8 THE MARKET ABUSE
DIRECTIVE: PROHIBITION ON MARKET MANIPULATION 981 XII. 8.1 THE
PROHIBITION ON MARKET MANIPULATION AND IDENTIFICATION OF MARKET
MANIPULATION 981 XII.8.2 ACCEPTED MARKET PRACTICES 986 XII.8.3 THE
JOURNALISTS'EXEMPTION 990 XII.9 INVESTIGATIONS, SUPERVISION, AND
ENFORCEMENT 991 XII.9.1 THE IMPORTANCE OF SUPERVISION AND ENFORCEMENT
991 XII.9.2 ENFORCEMENT AND SUPERVISION UNDER THE MAD 993 XII.9.3 CESR
AND OPERATIONAL CO-OPERATION 1000 XII.9.4 ENFORCEMENT STRAINS 1001 VII
THE INSTITUTIONAL STRUCTURE OF EC SECURITIES REGULATION 1007 XIII THE
RULE-MAKING STRUCTURE 1009 XIII.1 INTRODUCTION 1009 XIII.2 THE EVOLUTION
OF THE LAMFALUSSY MODEL FOR RULE-MAKING 1016 XIII.2.1 INTRODUCTION 1016
XIII.2.2 THE EVOLUTION OF THE LAMFALUSSY PROCESS 1016 XIII.2.3 THE
LAMFALUSSY REPORT 1020 XIII.3 ESTABLISHING THE MODEL 1023 XIII.3.1 THE
ESC AND CESR 1023 XIII.3.2 THE CESR CHARTER 1025 XIII.3.3 PROTECTING
PARLIAMENT'S POSITION AND THE SUNSET CLAUSES 102 8 XIII.4 EXTENDING THE
MODEL 1030 XIII. 5 LEVEL 1 1031 XIII. 5.1 LAW-MAKING BY THE COUNCIL, AND
THE COUNCIL AND PARLIAMENT ACTING TOGETHER 1031 XIII.5.2 THE IMPACT OF
THE LAMFALUSSY MODEL ON LEVEL 1 1033 CONTENTS XXVN XIII.5.3 A FRAGMENTED
LAW-MAKING XIV INDEX XIII.6 XIII. 7 XIII.8 XIII.9 XIII.5.4 LEVEL 2
XIII.6.1 XIII.6.2 XIII.6.3 XIII.6.4 XIII.6.5 XIII.6.6 LEVEL 3 LEVEL 4
LANDSCAPE POST-LAMFALUSSY CONSULTATION RISKS LEVEL 2: THE COMITOLOGY
PROCESS RANGE OF RULES THE MARKET ABUSE LEVEL 2 REGIME THE MIFID LEVEL 2
REGIME REVIEWING LEVEL 2 RISKS AT LEVEL 2 AN EFFECTIVE MODEL? XIII.9.1
XIII.9.2 XIII.9.3 SUPERVISION XIV. 1 XIV.2 XIV. 3 AN EFFECTIVE MODEL?
MANAGING THE RISKS OF LAW-MAKING: THE 2005 WHITE PAPER AND NEW POLICY
ENVIRONMENT A SINGLE REGULATOR? THE SUPERVISORY STRUCTURE: KEY FEATURES
WEAKNESSES XIV.2.1 XIV.2.2 XIV.2.3 XIV.2.4 XIV.2.5 DESIGNING AN
EFFECTIVE ENFORCEMENT MODEL CROSS-BORDER SUPERVISION SUPERVISORY POWERS
AND SUPERVISORY INTENSITY A MODEL FOR SUPERVISION: THE HIMALAYA REPORT
REACTION AND POST-FSAP REVIEWS SUPERVISORY CONVERGENCE AND CESR XIV.3.1
XIV.3.2 XIV. 3.3 XIV. 3.4 XIV.3.5 SUPERVISORY CONVERGENCE AND THE FRANCQ
REPORT CESR, LEVEL 3, AND SUPERVISORY CONVERGENCE THE EFFECTIVENESS OF
SUPERVISORY CONVERGENCE (1): ACCOUNTABILITY AND LEGITIMACY RISKS TO
LEVEL 3 THE EFFECTIVENESS OF SUPERVISORY CONVERGENCE (2): RISKS TO
CONVERGENCE THE 2007 REVIEW AND THE FUTURE FOR SUPERVISORY CONVERGENCE
1039 1042 1048 1048 1052 1053 1058 1064 1071 1080 1081 1086 1086 1087
1097 1102 1102 1107 1107 1112 1115 1117 1118 1119 1119 1121 1135 1146
1152 1169 |
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| dewey-full | 346.24/0922 |
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| dewey-ones | 346 - Private law |
| dewey-raw | 346.24/0922 |
| dewey-search | 346.24/0922 |
| dewey-sort | 3346.24 3922 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| discipline_str_mv | Rechtswissenschaft |
| edition | 2. ed. |
| format | Book |
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| geographic | Europäische Union. Mitgliedsstaaten |
| geographic_facet | Europäische Union. Mitgliedsstaaten |
| id | DE-604.BV023293220 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T20:43:54Z |
| indexdate | 2025-01-02T11:21:37Z |
| institution | BVB |
| isbn | 9780199202744 |
| language | English |
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| physical | LVIII, 1231 S. |
| publishDate | 2008 |
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| publisher | Oxford Univ. Press |
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| series2 | Oxford EC law library |
| spelling | Moloney, Niamh Verfasser aut EC securities regulation Niamh Moloney 2. ed. Oxford [u.a.] Oxford Univ. Press 2008 LVIII, 1231 S. txt rdacontent n rdamedia nc rdacarrier Oxford EC law library 3. Aufl. u.d.T.: Moloney, Niamh: EU securities and financial markets regulation Europäische Union (DE-588)5098525-5 gnd rswk-swf Europees recht gtt 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 Ab 3. Aufl. u.d.T. Moloney, Niamh EU securities and financial markets regulation (DE-604)BV042186220 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016477795&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 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_exact_search_txtP | 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_new | Moloney, Niamh EU securities and financial markets regulation |
| title_short | EC securities regulation |
| title_sort | ec securities regulation |
| topic | Europäische Union (DE-588)5098525-5 gnd Europees recht gtt 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 Waardepapieren Europarecht Securities European Union countries Recht Wertpapierhandel Europäische Union. Mitgliedsstaaten |
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