EU prospectus law: new perspectives on regulatory competition in securities markets
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge [u.a.]
Cambridge Univ. Press
2011
|
| Ausgabe: | 1. publ. |
| Schriftenreihe: | International corporate law and financial market regulation
|
| Schlagworte: | |
| Online-Zugang: | http://assets.cambridge.org/97805215/17652/cover/9780521517652.jpg Inhaltsverzeichnis |
| Beschreibung: | XXVIII, 385 S. |
| ISBN: | 9780521517652 |
Internformat
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| 650 | 4 | |a Disclosure of information |x Law and legislation |z European Union countries | |
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Datensatz im Suchindex
| _version_ | 1804145735653916672 |
|---|---|
| adam_text | IMAGE 1
CONTENTS
PREFACE AND ACKNOWLEDGEMENTS XIII LIST OF ABBREVIATIONS XV TABLE OF
CASES XVI TABLE OF LEGISLATION XVIII
INTRODUCTION 1
P A R TI PROSPECTUS DISCLOSURE IN A WIDER INSTITUTIONAL CONTEXT 5
1 ACTORS AND INSTITUTIONS 7 I INTRODUCTION 7
II POLICY- AND RULE-MAKING ACTORS 8 A LEVEL 1 DECISION-MAKING 9 B LEVEL
2 DECISION-MAKING 12 1 COMITOLOGY PRIOR TO THE ENTRY INTO FORCE OF THE
LISBON TREATY 12 2 DELEGATED AND IMPLEMENTING ACTS UNDER THE LISBON
TREATY 14 III COLLECTIVE SECURITIES ACTORS 19 A CESR 20
1 THE NATURE AND ORGANISATION OF CESR 20 2 PROBLEMS WITH CESR 21 A THE
ABSENCE OF LEGALLY BINDING POWERS 22 B ADVERSE BEHAVIOUR 23 B ESMA 28
1 BEGINNINGS: THE DE LAROSIERE PROPOSALS 29 2 ESTABLISHING ESMA:
CONSTITUTIONAL LIMITS 30 3 THE NATURE AND ORGANISATION OF ESMA 36 4
TASKS AND FUNCTIONS 40
V IL
IMAGE 2
VIII CONTENTS
IV NATIONAL SECURITIES AUTHORITIES 54
V CONCLUSION: EVOLUTIONARY OR REVOLUTIONARY CHANGE? 57
PART II PROSPECTUS DISCLOSURE REGULATION 61
2 INTRODUCTION 63
3 (MAXIMUM) HARMONISATION 69 I INTRODUCTION 69
II HARMONISATION AND PROSPECTUS DISCLOSURE 70 III OBLIGATION TO DRAW UP
A PROSPECTUS 77 A SCOPE AND EXCEPTIONS 78 1 SCOPE 78
2 EXCEPTIONS 86 B CONTENT, FORMAT AND VALIDITY OF THE PROSPECTUS 90 1
CONTENT 90
A FACTORS AFFECTING THE DISCLOSURE CONTENT OF A PROSPECTUS 90 B HOW TO
DEAL WITH INCREASINGLY COMPLEX DISCLOSURE 93 2 FORMATS 95
A PROSPECTUS FORMATS 96 B SUMMARIES 99 C FORMATS FOR CORRECTING OR
UPDATING PROSPECTUS DISCLOSURE 102 3 VALIDITY OF THE PROSPECTUS 105 C
INCORPORATION BY REFERENCE 106 D OMISSION OF INFORMATION 108
1 MAIN ISSUES 108 2 GROUNDS FOR OMITTING INFORMATION 108 A OMISSION OF
INFORMATION UNDER THE PD 108 B OMISSION OF INFORMATION UNDER THE PR 110
C THE USE OF THE RULES GOVERNING DISCLOSURE OMISSIONS AS A SHORT-TERM
FIX 111 E LANGUAGE REQUIREMENTS 112 IV OBLIGATION TO SEEK PRIOR
APPROVAL WITH THE COMPETENT AUTHORITY OF THE
HOME MEMBER STATE 115 V OBLIGATION TO PUBLISH A PROSPECTUS AND COMPLY
WITH THE PD S PROVISIONS RELATING TO ADVERTISEMENT 119 A OBLIGATION TO
PUBLISH A PROSPECTUS 119
1 PUBLICATION ARRANGEMENTS 120
IMAGE 3
CONTENTS IX
2 ENSURING ACCESS TO THE PROSPECTUS AND THE INTEGRITY OF THE INFORMATION
122 3 EXEMPTIONS FROM THE OBLIGATION TO PUBLISH A PROSPECTUS 124 A
PRIVATE PLACEMENTS 124
B ARTICLE 4 130 B ADVERTISEMENT 134 1 BASIC PROVISIONS 134 2 EXEMPT
OFFERS: SELECTIVE DISCLOSURE 136 VI THE PASSPORT SYSTEM 137 VII
CONCLUSION: EVOLUTIONARY OR REVOLUTIONARY CHANGE? 139
4 EQUIVALENCE-BASED REGULATION 142 I INTRODUCTION 142
II EQUIVALENCE-BASED REGULATION AND PROSPECTUS DISCLOSURE 145 III THIRD
COUNTRY GAAP 150 A ASSESSMENT OF EQUIVALENCE 152 B RECOGNITION OF
EQUIVALENCE 158
IV EMPLOYEE SHARE SCHEMES 160 A ARTICLE 4(L)(E) AND EMPLOYEE SHARE
SCHEMES 160 B THE EQUIVALENCE CONDITION OF ARTICLE 4(L)(E) 163 V THIRD
COUNTRY PROSPECTUSES 165
A PRIOR APPROVAL AS A MEANS TO RECOGNISE EQUIVALENCE 166 B LIMITS TO
PRIOR APPROVAL 169 C EQUIVALENCE-BASED REGULATION IN MEMBER STATES 172 D
THE MERITS OF ARTICLE 20 PD: A SHADOW REGIME IN NEED OF
REFORM? 179 1 PATHOLOGY 179 A MUTUAL TRUST AND THE FUNCTIONING OF THE
INTERNAL MARKET 179
B TRANSPARENCY AND LEGAL CERTAINTY 180 C SAFEGUARDING THE EU S UNITY OF
ACTION 181 2 REMEDIES 182 A STRATEGIES 182
B ACTORS 183
VI CONCLUSION 189
PART IN PROSPECTUS DISCLOSURE ENFORCEMENT 191
5 INTRODUCTION 193
IMAGE 4
CONTENTS
PROSPECTUS DISCLOSURE ENFORCEMENT: STRATEGY AND
ARRANGEMENTS 200 I INTRODUCTION 200
II ENFORCEMENT AND PROSPECTUS DISCLOSURE 201 III ADMINISTRATIVE
ENFORCEMENT OF PROSPECTUS DISCLOSURE 208 A ACTORS 208
B INSTRUMENTS OF ENFORCEMENT 212 1 THE PROSPECTUS APPROVAL, AN EX ANTE
ENFORCEMENT INSTRUMENT 213 2 LIMITS OF A PRIOR APPROVAL SYSTEM 217 3 THE
MERITS OF A PRIOR APPROVAL SYSTEM 219
A PRIOR APPROVAL AND INVESTORS 220 B PRIOR APPROVAL AND ISSUERS 224 C
POWERS 225
IV PROSPECTUS DISCLOSURE ENFORCEMENT AND COLLECTIVE SECURITIES ACTORS
226 A CESR 226
1 CESR S TASKS 226 A COORDINATED ENFORCEMENT 227 B MEDIATION 229
2 THE MERITS OF CESR S LEVEL 3 TASKS 230 B ESMA 232
1 ESMA S TASKS 233 2 THE MERITS OF ESMA S TASKS 234 V PRIVATE
ENFORCEMENT AND PROSPECTUS LIABILITY 240 VI CONCLUSION: EVOLUTIONARY OR
REVOLUTIONARY CHANGE? 243
ENFORCEMENT: NATIONAL IMPLEMENTATION 245 I INTRODUCTION 245
II ADMINISTRATIVE ENFORCEMENT IN FRANCE AND THE UK 247 A EXISTENCE OF
POWERS 248 1 POWER TO APPROVE: EX ANTE ENFORCEMENT 248 A POWER TO
APPROVE IN FRANCE 248
B POWER TO APPROVE IN THE UK 253 2 POWER TO REQUEST INFORMATION,
INVESTIGATE AND SANCTION 257 3 POWER TO BRING CRIMINAL PROCEEDINGS 262 B
EXERCISE OF POWERS 263 III PRIVATE ENFORCEMENT IN FRANCE AND THE UK 268
A PERSONAL SCOPE 268
IMAGE 5
CONTENTS
B COMMON VS SPECIAL STATUTORY REGIMES 272 IV CONCLUSION: LESSONS FOR THE
LEGAL ORIGINS LITERATURE 275
PART IV PROSPECTUS DISCLOSURE AND REGULATORY COMPETITION 281
8 INTRODUCTION 283
9 REGULATORY COMPETITION AND EU DECISION-MAKING 288 I INTRODUCTION 288
II REGULATORY COMPETITION AS A REGULATORY PROBLEM IN THE SECURITIES
MARKETS FIELDS 289 A REGULATORY COMPETITION AND MARKET INTEGRATION 289 B
THE THREAT OF EXIT AND EU DECISION-MAKING 292 III ACTOR PREFERENCES AND
INSTITUTIONS 299
A ACTOR PREFERENCES 299 B INSTITUTIONS 302
10 REGULATORY COMPETITION AND THE PROSPECTUS DIRECTIVE: THE ISSUER
CHOICE POLICY DISPUTE 309 I INTRODUCTION 309
II INTRODUCING THE ISSUER CHOICE POLICY DISPUTE 311 A THE CONTEXT 312 B
POLICY FRAMES ON ISSUER CHOICE 314 1 THE COST FRAME 314
2 THE MERIT FRAME 316 III UNPACKING THE ISSUER CHOICE POLICY DISPUTE:
THE REGULATORY PROBLEM 318 A DIFFERING INTERESTS AND IDEAS? 319
B THE SUBSTANTIVE AND INSTITUTIONAL DIMENSION OF THE REGULATORY PROBLEM
321 1 THE SUBSTANTIVE DIMENSION OF THE REGULATORY PROBLEM 321 2 THE
INSTITUTIONAL DIMENSION OF THE REGULATORY PROBLEM 324 IV RECONSTRUCTING
THE POLICY OUTCOME 328
A THE DISTRIBUTION OF COMPETENCES BETWEEN MEMBER STATES: A STATUS QUO
DECISION? 328 B THE DISTRIBUTION OF COMPETENCES BETWEEN MEMBER STATES:
BARGAINING OR PROBLEM-SOLVING? 331 V THE 2010 REVISIONS OF THE DIRECTIVE
338
VI CONCLUSION 340
IMAGE 6
XII CONTENTS
PART V CONCLUSIONS AND SUGGESTIONS FOR THE FUTURE 343
11 CONCLUSIONS 345
SELECT BIBLIOGRAPHY 351 INDEX 372
|
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| geographic | Europäische Union. Mitgliedsstaaten |
| geographic_facet | Europäische Union. Mitgliedsstaaten |
| id | DE-604.BV037429687 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T23:24:11Z |
| institution | BVB |
| isbn | 9780521517652 |
| language | English |
| lccn | 2011008026 |
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| physical | XXVIII, 385 S. |
| publishDate | 2011 |
| publishDateSearch | 2011 |
| publishDateSort | 2011 |
| publisher | Cambridge Univ. Press |
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| series2 | International corporate law and financial market regulation |
| spelling | Schammo, Pierre 1976- Verfasser (DE-588)1012512452 aut EU prospectus law new perspectives on regulatory competition in securities markets Pierre Schammo 1. publ. Cambridge [u.a.] Cambridge Univ. Press 2011 XXVIII, 385 S. txt rdacontent n rdamedia nc rdacarrier International corporate law and financial market regulation Recht Securities European Union countries Disclosure of information Law and legislation European Union countries Prospectus writing Law and legislation European Union countries LAW / Corporate bisacsh Europäische Union. Mitgliedsstaaten http://assets.cambridge.org/97805215/17652/cover/9780521517652.jpg SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022581775&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schammo, Pierre 1976- EU prospectus law new perspectives on regulatory competition in securities markets Recht Securities European Union countries Disclosure of information Law and legislation European Union countries Prospectus writing Law and legislation European Union countries LAW / Corporate bisacsh |
| title | EU prospectus law new perspectives on regulatory competition in securities markets |
| title_auth | EU prospectus law new perspectives on regulatory competition in securities markets |
| title_exact_search | EU prospectus law new perspectives on regulatory competition in securities markets |
| title_full | EU prospectus law new perspectives on regulatory competition in securities markets Pierre Schammo |
| title_fullStr | EU prospectus law new perspectives on regulatory competition in securities markets Pierre Schammo |
| title_full_unstemmed | EU prospectus law new perspectives on regulatory competition in securities markets Pierre Schammo |
| title_short | EU prospectus law |
| title_sort | eu prospectus law new perspectives on regulatory competition in securities markets |
| title_sub | new perspectives on regulatory competition in securities markets |
| topic | Recht Securities European Union countries Disclosure of information Law and legislation European Union countries Prospectus writing Law and legislation European Union countries LAW / Corporate bisacsh |
| topic_facet | Recht Securities European Union countries Disclosure of information Law and legislation European Union countries Prospectus writing Law and legislation European Union countries LAW / Corporate Europäische Union. Mitgliedsstaaten |
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