The European Alternative Investment Fund Managers Directive (AIFMD): an appropriate approach to the global financial crisis?
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Lohmar [u.a.]
Eul
2013
|
| Edition: | 1. Aufl. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXII, 204 S. 210 mm x 148 mm, 336 g |
| ISBN: | 9783844102857 |
Staff View
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XI
TABLE OF CONTENTS
PREFACE VII
ABSTRACT IX
TABLE OF CONTENTS XII
TABLE OF ABBREVIATIONS XVIIII
INTRODUCTION 1
FIRST CHAPTER: ORIGINS OF THE RECENT FINANCIAL CRISIS 5
1. HISTORY 5
1.1. THE RISE OF THE "ORIGINATE-TO-DISTRIBUTE" MODEL 5
1.2. THE FALL OF THE ORIGINATE-TO-DISTRIBUTE MODEL 8
2. SYMPTOMS 9
2.1. SIGNIFICANT MARKET FAILURE 9
2.2. INABILITY OF CONSUMERS TO SHORT-TERM REDEMPTION OF LOANS 10
2.3. DRAMATIC DROP IN PRICES IN THE REAL ESTATE BUSINESS 10
2.4. CRISIS OF LIQUIDITY AND TRUST 10
2.5. BREAKDOWN OF INTER-BANK MARKETS 12
2.6. NATIONALISATION OF LOSSES 15
3. IMMEDIATE GOVERNMENTAL MEASURES 16
SECOND CHAPTER: CORE CAUSES OF THE RECENT FINANCIAL CRISIS 21
1. CORE CAUSES 21
1.1. OVERVIEW 21
1.2. LACK OF EQUITY POSITION/EXCESSIVE LEVERAGE POSITION 23
1.2.1. DEFINITION OF THE EQUITY POSITION 23
1.2.2. SYSTEMIC RISKS OF INSUFFICIENT EQUITY 23
1.2.3. HEDGE FUNDS AS AN OCCURRENCE OF LOW EQUITY 27
HTTP://D-NB.INFO/1043503447
XII
TABLE OF CONTENTS
1.3. SHORT-TERM INCENTIVES 28
1.3.1. CORPORATE CONDUCTING BY INCENTIVES 28
1.3.2. CONSEQUENCES OF THE BUSINESS JUDGMENT RULE 29
1.3.3. THE YIELD AS AN INVESTMENT PARAMETER 30
1.3.4. WIDESPREAD USE OF HIGHLY SPECULATIVE BUSINESS MODELS 30
1.3.5. ASYMMETRIC STRUCTURE OF INCENTIVES 31
1.4. FALSE STRUCTURE OF REMUNERATION 32
1.5. CONFLICTS OF INTEREST AT THE RATING AGENCIES 32
1.5.1. ASSESSMENT OF CREDITWORTHINESS AS THE PRINCIPAL FUNCTION 32
1.5.2. INTERFERENCE OF ASSESSING AND DISPOSING FINANCIAL PRODUCTS 34
1.5.3. INTERFERENCE BY SECURITISATION 37
1.5.5. FURTHER ANALYSIS AND CONCLUSIONS 41
1.6. INTERNATIONAL SEPARATION AND SECURITISATION OF RISKS 43
1.6.1. THE ORIGINATE-TO-HOLD MODEL AS THE INITIAL POINT 43
1.6.2. THE ORIGINATE-TO-DISTRIBUTE MODEL 44
1.7. SHADOW BANKING AS A CAUSE OF THE FINANCIAL CRISIS 2008/2009? 46
1.7.1. INTRODUCTION, OVERVIEW AND BACKGROUND 46
1.7.2. DEFINITION OF SHADOW BANKING 49
1.7.3. CONCEPTION OF SHADOW BANKING 52
1.7.4. ABCP-CONDUITS IN PARTICULAR 54
1.7.5. EFFECTS OF SHADOW BANKING 55
1.7.6. REGULATION OF SHADOW BANKING 58
1.7.7. CONSEQUENCES OF A SHADOW BANKING REGULATION 61
1.7.8. STATEMENT AND INTERIM RESULT 65
1.8. POLICY OF LOW INTERESTS 66
1.8.1. EXPANSIONARY MONETARY POLICY 66
1.8.2. LIAR LOANS 69
1.8.3. THE ASSET BUBBLE 71
1.9. FINANCIAL INCENTIVES FOR AN EXPANDING CONSUMPTION 72
1.10. LACK OF SELF-RESTRAINT 73
1.11. INSUFFICIENT TRANSPARENCY OF FINANCIAL PRODUCTS 74
2. PROVISIONAL COMMENTS 76
TABLE OF CONTENTS XIII
THIRD CHAPTER: REQUIREMENTS OF AN APPROPRIATE RESPONSE
TO THE RECENT FINANCIAL CRISIS 77
1. COMPULSORY INTERNATIONAL STANDARDS ON CAPITAL, SUPERVISION
AND TRANSPARENCY 77
1.1. PRINCIPLE OF PROPORTIONALITY 77
1.2. PRINCIPLE OF SUSTAINABILITY 79
1.3. ECONOMIC GUARANTEES OF THE LISBON CONTRACT 83
1.4. DISCLOSURE AS A CORNERSTONE OF INVESTOR PROTECTION 84
1.5. COHERENCE OF CHANCES AND RISKS 87
2. CAPITAL REQUIREMENTS 88
2.1. MINIMUM CAPITAL LEVELS 88
2.2. ADEQUATE LIQUIDITY SUPPORT BY THE CENTRAL BANKS 89
2.3. IMPLEMENTATION OF A SYSTEMIC RISK BUFFER 90
3. MONITORING OF CREDIT ACCUMULATION 91
4. WELL-FUNCTIONING RISK MANAGEMENT 93
5. STRONGER ECONOMIC CONVERGENCE AMONG THE EUROPEAN MEMBER
STATES 94
5.1. STRONGER ECONOMIC CONVERGENCE BY A EUROPEAN TRANSFER UNION? 94
5.2. CONVERGENCE BY THE INTRODUCTION OF EUROBONDS 96
5.3. CONVERGENCE BY THE IMPLEMENTATION OF THE ESM 96
5.4. FURTHER ANALYSIS AND CONCLUSION 97
FOURTH CHAPTER: THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE
(AIFMD) AS AN RESPONSE TO THE RECENT FINANCIAL CRISIS 101
1. INTRODUCTION OF THE AIFMD 101
1.1. CHRONOLOGY, GENERAL CONCEPT AND OVERVIEW 101
1.1.1. CHRONOLOGY 101
1.1.2. OVERVIEW 102
1.2. OBJECTIVES OF THE AIFMD 103
1.2.1. OVERVIEW 103
1.2.2. REALISATION OF A HARMONISED REGULATION IN THE EU 104
XIV
TABLE OF CONTENTS
1.2.3. INVESTOR PROTECTION BY TRANSPARENCY AND DISCLOSURE 106
1.2.4. STRENGTHENING OF MARKET INTEGRITY AND MARKET EFFICIENCY 107
1.2.5. MONITORING OF CAPITAL ACCUMULATION 108
1.3. CONTENTS OF THE AIFMD 110
1.3.1. FUND MANAGERS FOCUSED APPROACH 110
1.3.2. REGIONAL SCOPE 111
1.3.3. ONE-SIZE-FITS-ALL 111
1.3.3.1. DEFINITION OF INVESTMENT FUND 111
1.3.3.2. THE APPROACH OF THE AIFMD 113
1.3.3.3. OPEN AND CLOSED INVESTMENT FUNDS 113
1.3.4. DE MINIMIS EXEMPTION (QUANTITATIVE SCOPE) 116
1.3.5. ADMINISTRATING ACTIVITIES REQUIREMENTS 118
1.3.6. EQUITY REQUIREMENTS 119
1.3.7. RISK MANAGEMENT REQUIREMENTS 120
1.3.8. SUPERVISORY REQUIREMENTS 122
1.3.9. TRANSPARENCY REQUIREMENTS 123
1.4. TRANSFORMATION INTO NATIONAL LAW 124
1.4.1. REGULATORY TECHNIQUE 124
1.4.2. TIME CORRIDOR 125
1.5. LEVEL 2-MEASURES (AIFMD-IRR) 126
1.5.1. TIMELINE AND INTRODUCTION 126
1.5.2. LEGAL OBJECTIVES 127
1.5.3. CONTENTS AT A GLANCE 128
1.5.4. CONTENTS IN DETAIL 129
1.6. REVIEW 133
2. EVALUATION OF THE AIFMD: THE AIFMD AS AN APPROPRIATE
REACTION TO THE RECENT FINANCIAL CRISIS 134
2.1. IS THE AIFMD A COMPLETE SOLUTION OR MERELY A SINGLE-FOCUSED
SOLUTION? 134
2.2. CRITICAL REFLECTION ON THE ALFM-FOCUSED APPROACH 135
2.3. EVALUATION OF SELECTED CONTENTS 136
2.3.1. CRITICAL REFLECTION ON THE ONE-SIZE-FITS-ALL APPROACH 136
2.3.2. CRITICAL REFLECTION OF THE QUANTITATIVE SCOPE/DE MINIMIS
EXEMPTION 139
2.3.3. CRITICAL REFLECTION OF THE EUROPEAN PASSPORT 140
3. INTERIM RESULT 141
TABLE OF CONTENTS
XV
FIFTH CHAPTER: ALTERNATIVES TO THE ALFMD/ALTERNATIVE APPROACHES
TO THE RECENT FINANCIAL CRISIS 143
1. LEGAL APPROACHES 143
1.1. GENERAL ANNOTATIONS 143
1.1.1. RISKS OF A ONE-SIDED FOCUS 143
1.1.2. REGULATION OF THE PRODUCT INSTEAD OF THE FUND MANAGER 144
1.1.3. NECESSITY OF AN INTERNATIONAL BENCHMARKING 146
1.2. INTERNATIONAL AND EUROPEAN LEVEL 147
1.2.1. SEPARATION OF COMMERCIAL BANKS AND INVESTMENT BANKS 147
1.2.2. GOOD CONDUCT OF RATING AGENCIES 148
1.2.3. PROPOSITIONS OF THE G20 149
1.2.4. SYSTEMIC RISK CONTAINMENT BY THE FINANCIAL TRANSACTION TAX 150
1.3. NATIONAL LEVEL 153
1.3.1. INTERDICTION OF SHORT SELLING 153
1.3.2. THE "INTEGRATED APPROACH" BY THE GERMAN INVESTMENTGESETZ 154
1.3.3. BANK LICENSES OF INDUSTRIAL COMPANIES 155
1.3.4. US PRIVATE FUND INVESTMENT ADVISORS REGISTRATION ACT OF 2009 156
1.4. HARMONISATION VERSUS REGULATORY COMPETITION 156
1.4.1. INTRODUCTION AND OVERVIEW 156
1.4.2. DEFINITION 157
1.4.3. LEGAL OBJECTIVES 158
1.4.4. HARMONISATION OF THE LICENSING AND CAPITAL REQUIREMENTS 160
1.4.5. POSITIVE EFFECTS OF HARMONISATION 161
1.4.6. NEGATIVE EFFECTS OF HARMONISATION 162
1.4.7 INTERIM RESULT 169
1.5. FURTHER DISCUSSION 169
2. VOLUNTARY APPROACHES 170
2.1. GENERAL ANNOTATIONS 170
2.1.1. MARKET-BASED INTERVENTION 170
2.1.2. FURTHER REQUIREMENTS 173
2.2. THE BASEL III CAPITAL ACCORD 175
2.3. DISCUSSION 176
SIXTH CHAPTER: CONCLUSIONS 179
1. OUTLOOK 179
XVI
TABLE OF CONTENTS
2. CLOSING COMMENTS 183
BIBLIOGRAPHY 185 |
| any_adam_object | 1 |
| author | Bernhardt, Thomas 1972- |
| author_GND | (DE-588)1045210315 |
| author_facet | Bernhardt, Thomas 1972- |
| author_role | aut |
| author_sort | Bernhardt, Thomas 1972- |
| author_variant | t b tb |
| building | Verbundindex |
| bvnumber | BV041579674 |
| classification_rvk | QK 640 |
| ctrlnum | (OCoLC)864646733 (DE-599)DNB1043503447 |
| dewey-full | 340 346.240922 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 340 - Law 346 - Private law |
| dewey-raw | 340 346.240922 |
| dewey-search | 340 346.240922 |
| dewey-sort | 3340 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Thesis Book |
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| owner | DE-945 |
| owner_facet | DE-945 |
| physical | XXII, 204 S. 210 mm x 148 mm, 336 g |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | Eul |
| record_format | marc |
| spelling | Bernhardt, Thomas 1972- Verfasser (DE-588)1045210315 aut The European Alternative Investment Fund Managers Directive (AIFMD) an appropriate approach to the global financial crisis? Thomas Bernhardt 1. Aufl. Lohmar [u.a.] Eul 2013 XXII, 204 S. 210 mm x 148 mm, 336 g txt rdacontent n rdamedia nc rdacarrier Zugl.: Glasgow, Univ., Master-Arbeit, 2013 Europäische Union (DE-588)5098525-5 gnd rswk-swf Europäische Union AIFM-Richtlinie (DE-588)1037375882 gnd rswk-swf Mitgliedsstaaten (DE-588)4170174-4 gnd rswk-swf Wirkungsanalyse (DE-588)4224214-9 gnd rswk-swf Private Equity (DE-588)7594875-8 gnd rswk-swf Hedge Fund (DE-588)4444016-9 gnd rswk-swf Finanzkrise (DE-588)7635855-0 gnd rswk-swf Investmentfonds (DE-588)4114047-3 gnd rswk-swf Kapitalmarktrecht (DE-588)7573652-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Europäische Union AIFM-Richtlinie (DE-588)1037375882 u Finanzkrise (DE-588)7635855-0 s DE-604 Europäische Union (DE-588)5098525-5 b Mitgliedsstaaten (DE-588)4170174-4 s Kapitalmarktrecht (DE-588)7573652-4 s Investmentfonds (DE-588)4114047-3 s Hedge Fund (DE-588)4444016-9 s Private Equity (DE-588)7594875-8 s Wirkungsanalyse (DE-588)4224214-9 s b DE-604 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027024956&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bernhardt, Thomas 1972- The European Alternative Investment Fund Managers Directive (AIFMD) an appropriate approach to the global financial crisis? Europäische Union (DE-588)5098525-5 gnd Europäische Union AIFM-Richtlinie (DE-588)1037375882 gnd Mitgliedsstaaten (DE-588)4170174-4 gnd Wirkungsanalyse (DE-588)4224214-9 gnd Private Equity (DE-588)7594875-8 gnd Hedge Fund (DE-588)4444016-9 gnd Finanzkrise (DE-588)7635855-0 gnd Investmentfonds (DE-588)4114047-3 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)1037375882 (DE-588)4170174-4 (DE-588)4224214-9 (DE-588)7594875-8 (DE-588)4444016-9 (DE-588)7635855-0 (DE-588)4114047-3 (DE-588)7573652-4 (DE-588)4113937-9 |
| title | The European Alternative Investment Fund Managers Directive (AIFMD) an appropriate approach to the global financial crisis? |
| title_auth | The European Alternative Investment Fund Managers Directive (AIFMD) an appropriate approach to the global financial crisis? |
| title_exact_search | The European Alternative Investment Fund Managers Directive (AIFMD) an appropriate approach to the global financial crisis? |
| title_full | The European Alternative Investment Fund Managers Directive (AIFMD) an appropriate approach to the global financial crisis? Thomas Bernhardt |
| title_fullStr | The European Alternative Investment Fund Managers Directive (AIFMD) an appropriate approach to the global financial crisis? Thomas Bernhardt |
| title_full_unstemmed | The European Alternative Investment Fund Managers Directive (AIFMD) an appropriate approach to the global financial crisis? Thomas Bernhardt |
| title_short | The European Alternative Investment Fund Managers Directive (AIFMD) |
| title_sort | the european alternative investment fund managers directive aifmd an appropriate approach to the global financial crisis |
| title_sub | an appropriate approach to the global financial crisis? |
| topic | Europäische Union (DE-588)5098525-5 gnd Europäische Union AIFM-Richtlinie (DE-588)1037375882 gnd Mitgliedsstaaten (DE-588)4170174-4 gnd Wirkungsanalyse (DE-588)4224214-9 gnd Private Equity (DE-588)7594875-8 gnd Hedge Fund (DE-588)4444016-9 gnd Finanzkrise (DE-588)7635855-0 gnd Investmentfonds (DE-588)4114047-3 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd |
| topic_facet | Europäische Union Europäische Union AIFM-Richtlinie Mitgliedsstaaten Wirkungsanalyse Private Equity Hedge Fund Finanzkrise Investmentfonds Kapitalmarktrecht Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027024956&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT bernhardtthomas theeuropeanalternativeinvestmentfundmanagersdirectiveaifmdanappropriateapproachtotheglobalfinancialcrisis |