EU securities and financial markets regulation:
Gespeichert in:
| Vorheriger Titel: | Moloney, Niamh EC securities regulation |
|---|---|
| 1. Verfasser: | |
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford
Oxford Univ. Press
2014
|
| Ausgabe: | 3. ed. |
| Schriftenreihe: | Oxford European Union law library
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | Bis 2. Aufl. u.d.T.: Moloney, Niamh: EC securities regulation. - Hier auch später erschienene, unveränderte Nachdrucke |
| Beschreibung: | LXVI, 1044 S. |
| ISBN: | 9780199664344 9780199664351 |
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Datensatz im Suchindex
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DETAILED TABLE OF CONTENTS
TABLE OF CASES XXII
TABLE OF LEGISLATION XXV
LIST OF ABBREVIATIONS LXI
I. INTRODUCTION 1
1.1 EU SECURITIES AND MARKETS REGULATION 1
1.2 SECURITIES AND MARKETS REGULATION AND THE FINANCIAL CRISIS 2
1.3 SECURITIES AND MARKETS REGULATION AND DIE EU: BUILDING AN INTEGRATED
EU FINANCIAL MARKET 8
1.3.1 THE TREATY AND THE SINGLE MARKET: THE ROLE OF LAW 8
1.3.2 MARKET FINANCE AND FINANCIAL MARKET INTEGRATION 13
1.3.3 HARMONIZATION: FROM LIBERALIZATION TO REGULATION 19
1.4 THE EVOLUTION OF EU SECURITIES AND MARKETS REGULATION 22
1.4.1 PRIOR TO THE FSAP 22
1.4.2 THE FSAP AND POST-FSAP ERAS 24
1.4.3 THE CRISIS ERA 30
1.5 EU SECURITIES AND MARKETS REGULATION AFTER THE FINANCIAL CRISIS 36
1.5.1 THE SINGLE MARKET 36
1.5.2 HARMONIZATION AND AN EVER EXPANDING REGULATORY PERIMETER 39
1.5.3 MARKET FINANCE AND MARKET INTEGRATION 42
II. CAPITAL-RAISING 48
II. 1 INTRODUCTION 48
II. 1.1 INTRODUCTION 48
II. 1.2 THE EU REGIME 49
II.2 THE CAPITAL-RAISING PROCESS, REGULATION, AND THE EU 51
11.2.1 REGULATING CAPITAL-RAISING AND ISSUER DISCLOSURE 51
11.2.2 THE EU, MARKET FINANCE, AND THE INTEGRATION OF CAPITAL MARKETS 59
II. 3 THE EVOLUTION OF THE HARMONIZATION PROGRAMME 64
11.3.1 THE INITIAL APPROACH TO HARMONIZATION 64
11.3.2 THE FSAP AND REFORM 65
11.3.3 THE CRISIS ERA AND THE GROWTH AGENDA 66
II.4 THE PROSPECTUS DIRECTIVE 71
11.4.1 THE EVOLUTION OF THE PROSPECTUS DIRECTIVE REGIME 71
11.4.2 THE PROSPECTUS REGIME, HARMONIZATION, AND ESMA 78
11.4.3 SETTING THE PERIMETER: PUBLIC AND PRIVATE MARKETS 82
11.4.4 CALIBRATION AND DIFFERENTIATION 89
11.4.5 THE PROSPECTUS: STRUCTURE AND VALIDITY 96
11.4.6 THE PROSPECTUS: DISCLOSURE 105
11.4.7 MARKET INTEGRATION: PROSPECTUS APPROVAL AND THE
PASSPORT MECHANISM 108
11.4.8 PUBLICATION AND DISSEMINATION 114
11.4.9 ADVERTISING 116
H.4.10 SUPERVISION AND ENFORCEMENT 116
DETAILED TABLE OF CONTENTS
11.4.11 THIRD COUNTRY ISSUERS 122
11.4.12 IMPACT 124
II. 5 ONGOING AND PERIODIC DISCLOSURE: THE TRANSPARENCY DIRECTIVE AND
THE MARKET ABUSE REGIME 127
11.5.1 TRANSPARENCY DIRECTIVE: EVOLUTION 127
11.5.2 TRANSPARENCY DIRECTIVE: HARMONIZATION AND ESMA 131
11.5.3 TRANSPARENCY DIRECTIVE: AN INTEGRATED REGIME? 133
11.5.4 TRANSPARENCY DIRECTIVE: SCOPE 133
11.5.5 TRANSPARENCY DIRECTIVE: DIFFERENTIATION, EXEMPTIONS, AND SMES 134
11.5.6 TRANSPARENCY DIRECTIVE: THE ISSUER-DISCLOSURE REGIME 135
11.5.7 TRANSPARENCY DIRECTIVE: ONGOING DISCLOSURE ON MAJOR HOLDINGS 140
11.5.8 TRANSPARENCY DIRECTIVE: MARKET INTEGRATION AND HOME
MEMBER STATE CONTROL 146
11.5.9 TRANSPARENCY DIRECTIVE: SUPERVISION AND ENFORCEMENT 148
11.5.10 TRANSPARENCY DIRECTIVE: THIRD COUNTIY REGIME AND EQUIVALENCE 150
11.5.11 TRANSPARENCY DIRECTIVE: IMPACT 151
11.5.12 AD HOC DISCLOSURE AND THE MARKET ABUSE REGIME 151
11.6 FINANCIAL REPORTING AND INTERNATIONAL FINANCIAL REPORTING STANDARDS
151
11.6.1 THE EU FINANCIAL REPORTING FRAMEWORK: MAIN FEATURES 151
11.6.2 IFRS AND THE IAS REGULATION 153
11.6.3 INCORPORATING IFRS IN THE EU: RISKS AND CHALLENGES 155
11.6.4 CESR/ESMA AND THE FINANCIAL REPORTING REGIME 161
11.6.5 THIRD COUNTRY ISSUERS AND EQUIVALENCE 165
11.7 ADMISSION TO TRADING AND TO OFFICIAL LISTING 169
11.7.1 REGULATED MARKETS AND CAPITAL-RAISING 169
11.7.2 THE ADMISSION OF SECURITIES TO TRADING 176
11.8 FILING AND DISSEMINATION OF ISSUER DISCLOSURES 182
11.8.1 SUBSTANTIVE AND OPERATIONAL HARMONIZATION 182
11.8.2 FILING ISSUER DISCLOSURES 183
11.8.3 DISSEMINATION OF DISCLOSURE 183
11.9 MARKET IMPACT OF THE ISSUER-DISCLOSURE REGIME 185
11.9.1 ISSUERS AND MARKET FINANCE 185
11.9.2 INTEGRATION TRENDS 192
III. ASSET MANAGEMENT 194
III. 1 INTRODUCTION 194
III. 1.1 COLLECTIVE AND DISCRETIONARY ASSET MANAGEMENT IN THE EU 194
III. 1.2 THE REGULATION OF COLLECTIVE ASSET MANAGEMENT 196
III. 1.3 THE REGULATION OF DISCRETIONARY ASSET MANAGEMENT 198
111.2 DISCRETIONARY ASSET MANAGEMENT: THE 2014 MIFID II REGIME 198
111.3 COLLECTIVE ASSET MANAGEMENT: THE UCITS REGIME 200
111.3.1 INTRODUCTION 200
111.3.2 RATIONALE FOR AND FORMS OF RETAIL MARKET CIS REGULATION 201
111.3.3 THE EVOLUTION OF THE UCITS REGIME 204
111.3.4 HARMONIZATION AND ESMA 212
111.3.5 SETTING THE PERIMETER: SCOPE OF THE UCITS REGIME 215
111.3.6 DIFFERENTIATION AND CALIBRATION 217
111.3.7 MARKET INTEGRATION: THE PASSPORT AND UCITS MERGERS 217
111.3.8 ASSET ALLOCATION AND INVESTMENT LIMITS 224
111.3.9 THE MANAGEMENT COMPANY: ONGOING REGULATION 239
DETAILED TABLE OF CONTENTS
111.3.10 THE DEPOSITARY 242
111.3.11 UCITS DISCLOSURE 247
IH.3.12 GENERAL OBLIGATIONS 255
111.3.13 SUPERVISION AND ENFORCEMENT 257
111.3.14 THE CRISIS-ERA FINANCIAL STABILITY AGENDA, SHADOW BANKING,
AND UCITS REGULATION 260
111.3.15 IMPACT 268
111.4 COLLECTIVE ASSET MANAGEMENT: THE 2011 AIFMD 269
111.4.1 INTRODUCTION 269
IIL4.2 THE RATIONALE FOR REGULATING CIS MANAGEMENT IN THE
ALTERNATIVE INVESTMENT SEGMENT 270
111.4.3 THE EU AND THE AIF SECTOR: THE EVOLUTION OF THE AIFMD 274
111.4.4 THE UCITS DIRECTIVE AND THE AIFMD 283
111.4.5 HARMONIZATION AND ESMA 284
111.4.6 CALIBRATION AND DIFFERENTIATION 287
111.4.7 SETTING THE PERIMETER: SCOPE 288
111.4.8 AUTHORIZATION AND THE AIFM PASSPORT 290
111.4.9 OPERATIONAL AND ORGANIZATIONAL REQUIREMENTS 294
111.4.10 THE DEPOSITARY 298
111.4.11 LEVERAGE 301
111.4.12 DISCLOSURE AND TRANSPARENCY 303
111.4.13 PRIVATE EQUITY FUNDS 304
111.4.14 THE RETAIL MARKETS 306
111.4.15 SUPERVISION AND ENFORCEMENT 306
111.4.16 THE THIRD COUNTRY REGIME 307
111.5 VENTURE CAPITAL FUNDS, SOCIAL ENTREPRENEURSHIP FUNDS, AND
LONG-TERM INVESTMENTS 311
III. 5.1 VENTURE CAPITAL FUNDS AND SOCIAL ENTREPRENEURSHIP FUNDS 311
111.5.2 LONG-TERM INVESTMENT VEHICLES 315
IV. INVESTMENT FIRMS AND INVESTMENT SERVICES 320
IV. 1 INTERMEDIARIES, REGULATION, AND THE EU 320
IV. 1.1 THE REGULATION OF INTERMEDIARIES 320
IV. 1.2 INTERMEDIARY REGULATION AND THE EU 325
IV.2 THE EVOLUTION OF THE EU REGIME 327
F/.2.1 INITIAL DEVELOPMENTS AND THE 1993 INVESTMENT SERVICES DIRECTIVE
327
IV.2.2 THE FINANCIAL SERVICES ACTION PLAN AND MIFID I 329
IV.2.3 THE CRISIS ERA AND THE MIFID I REVIEW 335
IV. 3 HARMONIZATION AND ESMA 339
FV.4 SETTING DIE PERIMETER: SCOPE 340
IV.4.1 A FUNCTIONAL APPROACH 340
IV.4.2 INVESTMENT SERVICES AND ACTIVITIES 343
IV.4.3 FINANCIAL INSTRUMENTS 344
IV. 5 CALIBRATION AND DIFFERENTIATION 347
IV.5.1 EXEMPTIONS 347
IV.5.2 CLIENT CLASSIFICATION 352
IV.6 THE AUTHORIZATION PROCESS 355
IV.6.1 JURISDICTION TO AUTHORIZE AND THE HOME MEMBER STATE 355
IV.6.2 SCOPE OF AUTHORIZATION AND THE REGULATORY PASSPORT 356
IV.6.3 AUTHORIZATION CONDITIONS: MINIMUM INITIAL CAPITAL 357
DETAILED TABLE OF CONTENTS
IV.6.4 AUTHORIZATION CONDITIONS: GOVERNANCE REQUIREMENTS 357
IV.6.5 AUTHORIZATION CONDITIONS: ORGANIZATIONAL STRUCTURE
AND SHAREHOLDERS 361
IV.6.6 AUTHORIZATION: NOTIFICATION OF PROPOSED ACQUISITIONS 362
IV.6.7 AUTHORIZATION: INVESTOR COMPENSATION SCHEMES 364
IV.6.8 AUTHORIZATION: ORGANIZATIONAL REQUIREMENTS 365
IV.6.9 AUTHORIZATION: PROCESS AND PROTECTIONS 365
IV.6.10 ESMA AND THE AUTHORIZATION PROCESS 366
IV.7 OPERATING CONDITIONS: 2014 MIFID II PRUDENTIAL AND
CONDUCT REQUIREMENTS 366
IV.7.1 OPERATING CONDITIONS: A MULTILAYERED REGIME 366
IV.7.2 ORGANIZATIONAL REQUIREMENTS 367
IV.7.3 CONFLICT-OF-INTEREST MANAGEMENT 371
IV.7.4 TRANSACTION REPORTING 375
IV.7.5 TRADING RULES AND TRADING VENUES 375
IV.7.6 CONDUCT REGULATION 375
IV.7.7 TIED AGENTS 377
TV.8 OPERATING CONDITIONS: THE 2013 CRDIV/CRR PRUDENTIAL REGIME 379
IV.8.1 CAPITAL, INVESTMENT FIRMS, AND BASEL III 379
IV.8.2 2013 CRD IV/CRR 381
IV.8.3 2013 CRDIV/CRR: SCOPE 384
IV.8.4 2013 CRD IV/CRR: INITIAL CAPITAL 384
IV.8.5 2013 CRD IV/CRR: RISK MANAGEMENT AND SYSTEMS 385
IV.8.6 2013 CRD IV/CRR: FIRM GOVERNANCE AND REMUNERATION 386
IV.8.7 2013 CRD IV/CRR: OWN FUNDS, LIQUIDITY, AND LEVERAGE 391
IV.8.8 2013 CRD IV/CRR: PUBLIC DISCLOSURE AND SUPERVISORY REPORTING 396
IV.9 THE PASSPORT 396
IV.9.1 PASSPORT RIGHTS 396
IV.9.2 THE NOTIFICATION PROCESS 400
IV. 10 THIRD COUNTRIES 403
IV. 11 SUPERVISION AND ENFORCEMENT IN THE INVESTMENT SERVICES
MARKET: 2014 MIFID II 407
IV.11.1 2014 MIFID II AND 2013 CRD IV/CRR 407
IV. 11.2 THE 2014 MIFID II SUPERVISORY FRAMEWORK 407
IV. 11.3 NCAS 408
IV. 11.4 SUPERVISORY CO-OPERATION 411
IV. 11.5 SUPERVISORY CONVERGENCE AND ESMA 413
IV. 11.6 ENFORCEMENT AND SANCTIONS 413
IV. 12 SUPERVISION AND ENFORCEMENT IN THE INVESTMENT SERVICES
MARKET: 2013 CRD IV/CRR 415
IV. 12.1 NCAS AND THE ESFS 415
IV. 12.2 SUPERVISORY CO-OPERATION 417
IV. 13 RESOLUTION AND RECOVERY 419
V. TRADING VENUES 425
V. 1 TRADING VENUES AND REGULATION 425
V.I.I INTRODUCTION 425
V.I.2 REGULATING TRADING VENUES 426
V. 1.3 REGULATING TRADING VENUES AND THE EU 434
DETAILED TABLE OF CONTENTS
V.2 THE EVOLUTION OF THE EU'S TRADING VENUE REGIME 435
V.2.1 FROM CONCENTRATION TO COMPETITION: 2004 MIFID I 435
V.2.2 2004 MIFID I'S REGULATORY MODEL 438
V.2.3 THE IMPACT OF 2004 MIFID I 441
V.3 THE MIFID I REVIEW AND THE 2014 MIFID II/MIFIR NEGOTIATIONS 445
V.3.1 THE MIFID I REVIEW AND THE COMMISSION PROPOSALS 445
V.3.2 THE 2014 MIFID II/MIFIR NEGOTIATIONS 455
V.4 2014 MIFID II/MIFIR: HARMONIZATION AND ESMA 458
V.5 2014 MIFID II/MIFIR: SCOPE 460
V.6 2014 MIFID II/MIFIR: VENUE CLASSIFICATION 461
V.6.1 REGULATORY DESIGN 461
V.6.2 REGULATED MARKETS 463
V.6.3 MULTILATERAL TRADING FACILITIES 463
V.6.4 ORGANIZED TRADING FACILITIES 464
V.6.5 OWN-ACCOUNT DEALING: SIS AND INVESTMENT FIRMS 467
V.6.6 SHRINKING THE OTC SPACE 467
V.7 OPERATIONAL REGULATION OF MULTILATERAL TRADING: REGULATED MARKETS
469
V.7.1 A FLEXIBLE REGIME 469
V.7.2 AUTHORIZATION 469
V.7.3 OPERATING REQUIREMENTS 471
V.7.4 ADMISSION OF FINANCIAL INSTRUMENTS TO TRADING AND SUSPENSION
AND REMOVAL OF INSTRUMENTS 475
V.8 OPERATIONAL REGULATION OF MULTILATERAL TRADING: MULTILATERAL
TRADING FACILITIES 475
V.9 OPERATIONAL REGULATION OF MULTILATERAL TRADING: ORGANIZED
TRADING FACILITIES 478
V.10 OPERATIONAL REGULATION OF THE OTC SECTOR: DEALING ON OWN ACCOUNT
479
V.I0.1 SYSTEMATIC INTERNALIZERS 479
V. 10.2 DEALING ON OWN ACCOUNT 479
V. 11 TRANSPARENCY REGULATION AND THE 2014 MIFIR 480
V. 11.1 REGULATED MARKETS, MTFS, AND OTFS: EQUITY MARKET
TRANSPARENCY 480
V. 11.2 REGULATED MARKETS, MTFS, AND OTFS: NON-EQUITY MARKET
TRANSPARENCY 485
V.I 1.3 THE BILATERAL/OTC SEGMENT: EQUITY MARKET TRANSPARENCY 488
V.I 1.4 THE BILATERAL/OTC SEGMENT: NON-EQUITY MARKET TRANSPARENCY 491
V.I 1.5 LIQUID MARKETS 493
V.I 1.6 PUBLICATION REQUIREMENTS AND DATA DISTRIBUTION AND
CONSOLIDATION 494
V. 11.7 AN AMBITIOUS REFORM 498
V.I2 SUPERVISION AND ENFORCEMENT 499
V.I 2.1 NCAS 499
V.12.2 SUPERVISORY CO-ORDINATION AND CO-OPERATION 501
V. 13 2014 MIFID II/MIFIR AND POST-TRADING IN THE EU 502
V.13.1 POST-TRADING 502
V.13.2 2014 MIFID II/MIFIR AND POST-TRADING 505
DETAILED TABLE OF CONTENTS
VI. TRADING 511
VI. 1 INTRODUCTION 511
VI. 1.1 REGULATING TRADING: FINANCIAL STABILITY AND ANTI-SPECULATION 511
VI. 1.2 THE EU TRADING REGIME 516
VI.2 2014 MIFID II/MIFIR: THE REGULATION OF TRADING 517
VI.2.1 2014 MIFID II/MIFIR: SETTING THE REGULATORY
PERIMETER*SCOPE AND DEALING 517
VI.2.2 REGULATING THE ORDER-EXECUTION PROCESS: THE GENERAL FRAMEWORK 518
VI.2.3 ALGORITHMIC TRADING AND HIGH FREQUENCY TRADING 525
VI.2.4 MARKET-MAKING 531
VI.2.5 POSITION MANAGEMENT AND TRADING IN COMMODITY DERIVATIVES 531
VI.2.6 GENERAL POSITION MANAGEMENT 538
VI.3 THE REGULATION OF SHORT SELLING 538
VI.3.1 THE EU REGIME 538
VI.3.2 REGULATING SHORT SALES AND THE FINANCIAL CRISIS 539
VI.3.3 THE EVOLUTION OF THE EU'S RESPONSE 543
VI.3.4 HARMONIZATION AND ESMA 549
VI.3.5 SETTING THE PERIMETER: SCOPE AND EXEMPTIONS 551
VI.3.6 CALIBRATION AND DIFFERENTIATION 554
VI.3.7 RESTRICTING SHORT SALES: THE UNCOVERED SHORT SALES PROHIBITION
555
VI.3.8 TRANSPARENCY OF NET SHORT POSITIONS 561
VI.3.9 INTERVENTION IN EXCEPTIONAL CIRCUMSTANCES 564
VI.3.10 SUPERVISION AND ENFORCEMENT 569
VI.3.11 THIRD COUNTRIES 570
VI.3.12 ESMA AND THE SHORT SELLING REGIME 571
VI.3.13 IMPACT 572
VI.4 TRADING IN THE OTC DERIVATIVES MARKETS 573
VI.4.1 THE REFORM AGENDA 573
VI.4.2 2012 EMIR 576
VI.4.3 DERIVATIVES TRADING ON ORGANIZED VENUES: 2014 MIFIR 622
VI. 5 THE FINANCIAL TRANSACTION TAX 627
VI.5.1 EVOLUTION OF THE EU FTT 627
VI.5.2 THE CLOSER CO-OPERATION MECHANISM AND THE FTT 628
VII. GATEKEEPERS 634
VII. 1 GATEKEEPER REGULATION AND THE EU 634
VII. 1.1 GATEKEEPERS AND REGULATION 634
VII. 1.2 GATEKEEPER REGULATION AND THE EU 636
VII.2 RATING AGENCIES 637
VII.2.1 REGULATING RATING AGENCIES AND THE FINANCIAL CRISIS 637
VII.2.2 THE EVOLUTION OFTHEEU REGIME 644
VII.2.3 HARMONIZATION AND ESMA 653
VII.2.4 SETTING THE REGULATORY PERIMETER 654
VII. 2.5 DIFFERENTIATION AND CALIBRATION 657
VTI.2.6 THE REGISTRATION PROCESS 657
VII.2.7 REGULATING RATING AGENCIES 658
VII.2.8 ADDRESSING MARKET STRUCTURE AND RELIANCE ON RATINGS 666
VII.2.9 RATINGS AND THE SOVEREIGN DEBT MARKET 668
DETAILED TABLE OF CONTENTS
VII.2.10 SUPERVISION AND ENFORCEMENT: ESMA 670
VII.2.11 THIRD COUNTRIES 677
VII.2.12 ESMA AND THE CRA REGIME 682
VII.3 INVESTMENT ANALYST REGULATION 682
VII.3.1 THE RATIONALE FOR INTERVENTION 682
VII.3.2 THE EVOLUTION OFTHEEU REGIME 685
VII.3.3 INVESTMENT ANALYSTS AND CONFLICTS OF INTEREST:
THE MIFID I/II AND 2006 COMMISSION MIFID I
DIRECTIVE REGIME 688
VII.3.4 THE 2003 MAD/2014 MAR AND INVESTMENT
RECOMMENDATIONS 694
VIII. MARKET ABUSE 699
VIII. 1 INTRODUCTION 699
VIII.2 THE RATIONALE FOR PROHIBITING INSIDER DEALING AND MARKET
MANIPULATION AND THE EU 700
VIII.2.1 THE RATIONALE FOR PROHIBITING INSIDER DEALING AND MARKET
MANIPULATION 700
VIII.2.2 THE EU AND THE PROHIBITION OF MARKET ABUSE 705
VIII.3 THE EVOLUTION OF THE REGIME 706
VIII.3.1 EARLY DEVELOPMENTS 706
VIII.3.2 THE 1989 INSIDER DEALING DIRECTIVE 707
VIII.3.3 THE FSAP 708
VIII.3.4 THE 2003 MAD NEGOTIATIONS 708
VIII.3.5 THE CRISIS ERA AND REFORM 709
VIII.4 HARMONIZATION AND ESMA 712
VIII. 5 SETTING THE PERIMETER: SCOPE 714
VIII.5.1 FINANCIAL INSTRUMENTS AND COMMODITIES 714
VIII.5.2 VENUES 716
VIII.5.3 TRANSACTIONS, ORDERS, AND BEHAVIOURS 717
VIII.5.4 JURISDICTIONAL SCOPE 717
VIII.6 THE PROHIBITION ON INSIDER DEALING 717
VIII.6.1 INSIDE INFORMATION 717
VIII.6.2 PERSONS SUBJECT TO THE PROHIBITION 723
VIII.6.3 THE PROHIBITION: DEALING, RECOMMENDING, AND DISCLOSING 724
VIII.7 DISCLOSURE OBLIGATIONS 730
VIII.7.1 ISSUER DISCLOSURE 730
VIII.7.2 INSIDER LISTS 736
VIII.7.3 DISCLOSURE OF INSIDER TRANSACTIONS: MANAGERS' TRANSACTIONS 738
VIII.7.4 INVESTMENT RESEARCH 739
VIII.7.5 PUBLIC STATISTICS 740
VTII.7.6 DISCLOSURE OR DISSEMINATION OF INFORMATION IN THE MEDIA 740
VIII.8 PROHIBITION ON MARKET MANIPULATION 740
VIII.8.1 THE PROHIBITION ON MARKET MANIPULATION AND
IDENTIFICATION OF MARKET MANIPULATION 740
VIII.8.2 EXTENDING THE PERIMETER: DERIVATIVES, ALGORITHMIC
TRADING, AND BENCHMARKS 743
VIII.8.3 CALIBRATION AND DIFFERENTIATION 750
DETAILED TABLE OF CONTENTS
VIII.9 SUPERVISION AND ENFORCEMENT 754
VIII.9.1 CONTEXT 754
VIII.9.2 SUPERVISION 755
VIII.9.3 ENFORCEMENT 762
DC. THE RETAIL MARKETS 770
IX. 1 INVESTOR PROTECTION, REGULATION, AND THE EU 770
IX. 1.1 REGULATION AND THE RETAIL MARKETS 770
IX. 1.2 INVESTOR PROTECTION, REGULATION, AND THE EU 71A
IX.2 THE EVOLUTION OF EU RETAIL MARKET LAW AND POLICY 782
1X2.1 INITIAL DEVELOPMENTS 782
1X2.2 THE FSAP, THE PRE-CRISIS PERIOD, AND THE RETAIL MARKETS 783
IX.2.3 THE FINANCIAL CRISIS 786
IX. 3 HARMONIZATION 790
IX.4 CALIBRATION AND SEGMENTATION: CLASSIFYING THE RETAIL INVESTOR 791
IX. 5 DISTRIBUTION AND INVESTMENT ADVICE 793
1X5.1 THE EU DISTRIBUTION MARKET AND DISTRIBUTION RISKS 793
IX.5.2 DISTRIBUTION AND THE 2014 MIFID II 796
1X5.3 DISTRIBUTION AND THE 2002 IMD 815
IX.5-4 DISTRIBUTION AND HORIZONTAL CONSUMER PROTECTION 816
IX. 6 DISCLOSURE AND THE RETAIL MARKETS 819
DC6.1 THE EU DISCLOSURE REGIME 819
1X6.2 SCOPE OF THE DISCLOSURE REGIME 820
1X6.3 DISCLOSURE FOR PACKAGED RETAIL INVESTMENT PRODUCTS 821
IX.7 PRODUCT OVERSIGHT AND PRODUCT INTERVENTION 825
1X7.1 A NEW PRODUCT INTERVENTION REGIME: 2014 MIFID II/MIFIR 825
IX.7.2 PRODUCT-SPECIFIC INITIATIVES 832
1X7.3 AN AMBITIOUS REFORM 833
DC8 THE INVESTOR COMPENSATION SCHEMES DIRECTIVE 835
1X8.1 COMPENSATION SCHEMES, RETAIL INVESTOR PROTECTION, AND THE EU 835
1X8.2 THE 1997 ICSD 837
1X8.3 REVIEWING THE 1997 ICSD 842
DC. 9 SUPPORTING THE RULEBOOK: EDUCATION AND ENGAGEMENT 847
DC 10 THE RETAIL MARKETS AND ESMA 849
X. LAW-MAKING 854
X.1 INTRODUCTION 854
X1.1 A COMPLEX AND EVOLVING PROCESS 854
XI.2 LEVELS AND FORMS OF INTERVENTION 856
X1.3 CHRONOLOGY OF DEVELOPMENTS 858
X.2 THE EVOLUTION OF THE LAW-MAKING PROCESS AND INSTITUTIONAL CHANGE 861
X.2.1 EARLY DEVELOPMENTS AND COMITOLOGY 861
X2.2 THE LAMFALUSSY MODEL 862
X2.3 LEARNING FROM LAMFALUSSY 866
X2.4 THE FINANCIAL CRISIS: RECALIBRATING THE LAW-MAKING PROCESS 880
X.3 THE LEGISLATIVE PROCESS 884
X3.1 LEGISLATION AND THE TREATY: COMPETENCE TO ACT 884
X3.2 THE LEGISLATIVE PROCESS: THE ORDINARY LEGISLATIVE PROCESS 888
X3.3 THE LEGISLATIVE PROCESS AND THE CRISIS-ERA REFORM AGENDA 891
DETAILED TABLE OF CONTENTS
X.4 ADMINISTRATIVE RULE-MAKING 898
X.4.1 ADMINISTRATIVE RULE-MAKING, SECURITIES AND MARKETS REGULATION,
AND THE EU 898
X.4.2 THE COMMISSION AND ADMINISTRATIVE RULE-MAKING 900
X.5 ESMA AND ADMINISTRATIVE RULE-MAKING 907
X.5.1 INTRODUCTION 907
X.5.2 ESMA STRUCTURE AND GOVERNANCE 909
X.5.3 OBJECTIVES AND SCOPE 919
X.5.4 ESMA AND TECHNICAL ADVICE 920
X.5.5 BINDING TECHNICAL STANDARDS 921
X.5.6 GUIDELINES AND RECOMMENDATIONS 929
X.5.7 SUPERVISORY CONVERGENCE MEASURES: ARTICLE 29 AND BEYOND 935
X.5.8 SHAPING THE RULEBOOK: REVIEWS 937
X.5.9 THE INTERNATIONAL CONTEXT AND ESMA 938
X.5.10 THE ESFS REVIEW, ESMA, AND RULE-MAKING 939
XI. SUPERVISION AND ENFORCEMENT 942
XI. 1 THE EUROPEAN SYSTEM OF FINANCIAL SUPERVISION 942
XI.2 ACHIEVING OUTCOMES: FROM RULES ON THE BOOKS TO RULES IN ACTION 944
XI.2.1 SUPERVISION AND ENFORCEMENT 944
XI.2.2 ACHIEVING OUTCOMES IN THE EU 948
XI.3 THE EVOLUTION OF THE EU'S SUPERVISORY MODEL FOR FINANCIAL MARKETS
951
XI.3.1 THEPRE-CESRERA 951
XI.3.2 THE FSAP, THE CESR ERA, AND SUPERVISORY CONVERGENCE 951
XI.3.3 THE FINANCIAL CRISIS 958
XI.4 THE ESFS: NCAS 965
XI.4.1 NCAS: SUPERVISION AND ENFORCEMENT 965
XI.4.2 NCAS AND THE HOME/HOST MODEL 970
XI.5 THE ESFS: ESMA 973
XI.5.1 ESMA AND SUPERVISION: A NEW MODEL 973
XI.5.2 ESMA STRUCTURE AND OPERATION 974
XI.5.3 DIRECTING NCAS 976
XI.5.4 DIRECTING AND SUPERVISING MARKET PARTICIPANTS 982
XI. 5.5 SUPERVISORY CO-ORDINATION: COLLEGES OF SUPERVISORS,
CROSS-BORDER CO-OPERATION, AND CROSS-SECTOR CO-OPERATION 986
XI.5.6 SUPERVISORY CONVERGENCE AND CO-ORDINATION AND AN
EU SUPERVISORY 'APPROACH': THE 'SUPERVISORY HANDBOOK' 989
XI.5.7 SUPERVISION AND THE INTERNATIONAL MARKET 992
XI.5.8 ESMA'S OPERATING ENVIRONMENT AND EFFECTIVENESS 993
XI.5.9 ESMA AND THE REMOVAL OF NCA DISCRETION 1004
XI.5.10 THE ESFS REVIEW AND ESMA 1007
XI.6 THE ESFS: THE ESRB 1009
XI.6.1 THE ESRB 1009
XI.6.2 ESRB FUNCTIONS, WARNINGS, AND RECOMMENDATIONS 1013
XI.6.3 FINANCIAL MARKETS, ESMA, AND THE ESRB 1015
XI.7 BANKING UNION AND FINANCIAL MARKET SUPERVISION 1019
INDEX 1025
The financial crisis has reordered how the
EU
intervenes in the financial markets, both
with respect to regulation and with respect to
supervision. After six years of a behemoth reform
agenda, the new regulatory landscape is now
clear. Rule-making power has decisively moved to
the
EU
and radical reforms have been made to the
organization of supervision.
EU
Securities and Financial Markets Regulation
provides the first comprehensive, critical, and
contextual account of the vast new rulebook
which now applies to the
EU
financial market in
the aftermath of the seismic reforms that have
followed the financial crisis. Topics covered
in-depth include the AIFMD, EMIR, the Short
Selling Regulation, the new market abuse and
transparency regimes, the rating agency regime,
the UCITS rV-VI reforms, and MiFID II/MiFIR; the
analysis is wide-reaching, extending to secondary
legislation and relevant soft law.
The book also examines the far-reaching
institutional changes which have followed and
considers in detail the role and impact of the
European Securities and Markets Authority and
the potential impact of the Single Supervisory
Mechanism for euro-area banks on the
supervision of the
EU
financial market.
EU
Securities and Financial
Äďarkets
Regulation
is the third edition of the highly successful and
authoritative monograph first published as EC
Securities Regulation, Almost entirely rewritten
from the
2OO8
edition to reflect the changes
wrought by the financial crisis, it adopts the
in-depth contextual and analytical approach
of earlier editions and so considers the market,
political, international, institutional, and
constitutional context of the new regulatory and
supervisory regime. |
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| author_GND | (DE-588)1021994111 |
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| author_role | aut |
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| author_variant | n m nm |
| building | Verbundindex |
| bvnumber | BV042186220 |
| classification_rvk | PS 3280 PS 3760 |
| ctrlnum | (OCoLC)894749395 (DE-599)BSZ41576176X |
| discipline | Rechtswissenschaft |
| edition | 3. ed. |
| format | Book |
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| id | DE-604.BV042186220 |
| illustrated | Not Illustrated |
| indexdate | 2025-01-02T11:48:09Z |
| institution | BVB |
| isbn | 9780199664344 9780199664351 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027625357 |
| oclc_num | 894749395 |
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| physical | LXVI, 1044 S. |
| publishDate | 2014 |
| publishDateSearch | 2014 |
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| publisher | Oxford Univ. Press |
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| series2 | Oxford European Union law library |
| spelling | Moloney, Niamh 1969- Verfasser (DE-588)1021994111 aut EU securities and financial markets regulation Niamh Moloney 3. ed. Oxford Oxford Univ. Press 2014 LXVI, 1044 S. txt rdacontent n rdamedia nc rdacarrier Oxford European Union law library Bis 2. Aufl. u.d.T.: Moloney, Niamh: EC securities regulation. - Hier auch später erschienene, unveränderte Nachdrucke Europäische Union (DE-588)5098525-5 gnd rswk-swf Kapitalmarktrecht (DE-588)7573652-4 gnd rswk-swf Europäische Union (DE-588)5098525-5 b Kapitalmarktrecht (DE-588)7573652-4 s DE-604 Früher u.d.T. Moloney, Niamh EC securities regulation (DE-604)BV023293220 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027625357&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027625357&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Moloney, Niamh 1969- EU securities and financial markets regulation Europäische Union (DE-588)5098525-5 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)7573652-4 |
| title | EU securities and financial markets regulation |
| title_auth | EU securities and financial markets regulation |
| title_exact_search | EU securities and financial markets regulation |
| title_full | EU securities and financial markets regulation Niamh Moloney |
| title_fullStr | EU securities and financial markets regulation Niamh Moloney |
| title_full_unstemmed | EU securities and financial markets regulation Niamh Moloney |
| title_old | Moloney, Niamh EC securities regulation |
| title_short | EU securities and financial markets regulation |
| title_sort | eu securities and financial markets regulation |
| topic | Europäische Union (DE-588)5098525-5 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd |
| topic_facet | Europäische Union Kapitalmarktrecht |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027625357&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027625357&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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