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E-grāmata: Capital Markets Union in Europe

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Edited by (Professor of Business Law, University of Genoa), Edited by (Chair in International Banking Law and Finance, University of Edinburgh), Edited by (Professor of Financial Law, Radboud University, Nijmegen)
  • Formāts: 623 pages
  • Sērija : Oxford EU Financial Regulation
  • Izdošanas datums: 01-Mar-2018
  • Izdevniecība: Oxford University Press
  • Valoda: eng
  • ISBN-13: 9780192543318
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Capital Markets Union in EuropePalielināt
  • Formāts: 623 pages
  • Sērija : Oxford EU Financial Regulation
  • Izdošanas datums: 01-Mar-2018
  • Izdevniecība: Oxford University Press
  • Valoda: eng
  • ISBN-13: 9780192543318
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Capital Markets Union in Europe analyses the legal and economic implications of the European Commission's plans to form a Capital Markets Union (CMU) in Europe, which will have a major impact on financial markets and institutions both in the region and beyond.

A detailed introductory chapter provides a broad overview of the various aspects and challenges of the CMU proposals, whilst thematically grouped chapters cover the following areas: (i) general aspects, (ii) Brexit, (iii) financing innovation, (iv) raising capital on the capital markets, (v) fostering retail and institutional investment, (vi) leveraging banking capacity to support the wider economy, (vii) facilitating cross-border investing, and (viii) comparative aspects of capital market integration.

Written by world renowned experts in the fields of banking and capital markets, including respected academics, with broad practical experience, and leading practitioners, Capital Markets Union in Europe provides high-quality analysis of the legal and economic issues in a practical context.

Recenzijas

Overall, this collection of essays proves to be an incredibly useful reference ... The different authors of these chapters represent a good combination of backgrounds (academics, practitioners, regulators) and expertise (law, economics, finance), which is useful when dealing with an area of law and regulation that is intrinsically multidisciplinary. ... It is of course an essential reference for researchers at all levels engaged with this area of law, regulation and policy. I believe some chapters of this book will also be useful to practitioners and regulators. * Vincenzo Bavoso, Journal of International Banking Law and Regulation *

Table of Cases xv
Table of Legislation xix
List of Contributors xxxv
List of Abbreviations xli
Part I: General Aspects
1 Capital Markets Union after Brexit
3(6)
Danny Busch
Emilios Avgouleas
Guido Ferrarini
I Introduction
II CMU Objectives
III EBU-CMU Relationship
IV Regulatory Burden
V Better Regulation and Call for Evidence
VI Final Remarks
2 CMU and the Deepening of Financial Integration
9(19)
Diego Valiante
I Introduction
II Brief History of EU Financial Integration Policies
III CMU as a Risk Absorber
IV The Greatest Capital Market Integration: A Glimpse into the Economic History of the United States
V Conclusions
3 A Stronger Role for the European Supervisory Authorities in the EU27
28(27)
Danny Busch
I Introduction
II Pan-European Governance of the ESAs
III Direct ESA Supervision
IV Direct ESMA Supervision of CCPs
V Concluding Remarks
4 A Single Listing Authority and Securities Regulator for the CMU and the Future of ESMA: Costs, Benefits, and Legal Impediments
55(26)
Emilios Avgouleas
Guido Ferrarini
I Introduction
II Nature and Reach of ESMA Powers
III The Proposed EULA System
IV A Possible CMU-SEC and Configuration of Powers
V The Constitutionality of a Euro-SEC and EULA
VI Conclusion
Part II: Brexit
5 Some Aspects of the Impact of Brexit in the Field of Financial Services
81(16)
Eddy Wymeersch
I Introduction
II Access
III The Equivalence of Third Country Regulations or Standards
IV Euro Derivatives Clearing
V Brexit and the EBA
6 Capital Markets Union, Third Countries, and Equivalence: Law, Markets, and Brexit
97(43)
Niamh Moloney
I Capital Markets Union, Regulation, and Equivalence
II CMU and its Investment Banker
III Third Country Rules, the UK, and CMU: Access and Export Implications
IV Managing Access and Export: The International Context
V Building a New Model: The EU Perspective and a Proposal
VI Conclusion
7 OTC Derivatives Clearing, Brexit, and the CMU
140(31)
Guido Ferrarini
Davide Trasciatti
I Introduction
II Central Clearing of OTC Derivatives
III Brexit, EMIR, and Equivalence
IV Speculating on the Worst-case Scenario
V Network Strategies as an Alternative Solution
VI Concluding Remarks
Part III: Financing Innovation, Start-Ups, Non-Listed Companies, And Infrastructure Projects
8 The Role of Financial Innovation in EU Market Integration and the Capital Markets Union: A Reconceptualization of Policy Objectives
171(22)
Emilios Avgouleas
I Introduction
II Financial Innovation: A Principled Cost-Benefit Analysis
III EU Market Integration and Financial Law Harmonization
IV FinTech and the CMU
V Conclusion
9 Capital Markets Union: Why 'Venture Capital' is not the Answer to Europe's Innovation Challenge
193(15)
Erik P.M. Vermeulen
I Introduction
II Innovation Ecosystems
III Stimulating Venture Capital
IV But ... Entrepreneurs Don't Always Benefit
V A Different Approach for Europe?
VI Both Cultures Need to Adapt
10 FinTech and Alternative Finance in the CMU: The Regulation of Marketplace Investing
208(29)
Guido Ferrarini
Eugenia Macchiavello
I Introduction
II Economics and Technology of Alternative Finance
III Loan-based and Investment-based Crowdfunding: Characteristics and Comparison
IV Regulation of Crowdfunding Platforms: EU and Member States
V Policy Proposals and Conclusions
VI Conclusions
Part IV: Raising Capital On The Capital Markets
11 Modernizing the Prospectus Directive
237(16)
Bas de Jong
Tomas Arons
I Introduction
II Background and Purposes of the Reformed Prospectus Rules
III Most Important Modifications
IV General Comments on the Prospectus Regulation: The Problem of the Information Paradigm
V Final Remarks
12 Small and Medium Enterprises Growth Markets
253(15)
Andrea Perrone
I Introduction
II The SME GM Regime
III A Critical Evaluation
IV An Alternative Proposal
V Conclusions
13 Initial Public Offerings in the CMU: A US Perspective
268(32)
Merritt B. Fox
I Introduction
II The Information-Asymmetry Problem
III Market-Based Solutions to Adverse-Selection Problems
IV Affirmative-Disclosure Regimes
V Mandated Liability Terms
VI Application to the CMU
VII Conclusion
14 Private Placements in the Capital Markets Union: A Priority Moving in Reverse?
300(18)
Frank G.B. Graaf
I Introduction
II What is a Private Placement?
III A Closer Look at US Private Placements and European Market Initiatives
IV Private Placements in the CMU Agenda: Gradual De-prioritization
V Private Placements and the PD3 Regime
VI An Interim Scorecard on PEPPs in the CMU
VII Conclusions
15 Damages Actions by Investors on the Back of Market Disclosure Requirements
318(23)
Paul Davies
I Introduction
II Investor Actions and the Promotion of Disclosure
III Investor Litigation in the Context of Public Offerings
IV Investor Litigation in the Context of Continuing Disclosures
V Conclusion
Part V: Fostering Retail And Institutional Investment
16 Investor Protection in the Capital Markets Union
341(31)
Veerle Colaert
I Introduction
II Product Information
III Service Quality Requirements (Conduct of Business Rules)
IV Product Regulation
V Conclusion
17 A Policy Framework for European Personal Pensions?
372(23)
Mark Heemskerk, Rene Maatman, Bas Werker
I Introduction
II Background: The Dutch Pensions System
III Towards Personal Pension in the Netherlands: The PPR
IV Obstacles to Realizing the PPR
V A Model for (European) PPP
VI Conclusion
18 Institutional Investors and Development of Europe's Capital Markets
395(18)
Zsolt Darvas
Dirk Schoenmaker
I Introduction
II Home Bias in the Literature
III Evolution of Institutional Investment and the Supply of Securities
IV Empirical Results on Home Bias and Euro-Area Bias
V Policy Recommendations
19 Cross-border Distribution of Collective Investment Products in the EU
413(32)
Matteo Gargantini, Carmine Di Noia, Georgios Dimitropoulos
I Introduction
II The Regulatory Menu for Collective Investment Products: Taxonomy and Structural Implications
III The Disclosure Regime
IV Conduct of Business Rules
V Supervision on Product Regulation
VI Is the EU Passport Working?
VII Rules and Practices on Marketing and Distribution of Funds: Host Member States
VIII Rules and Practices on Marketing and Distribution of Funds: Home Member States
IX How to Address the Barriers
X Conclusion
Part VI: Leveraging Banking Capacity To Support The Wider Economy
20 Relief from Prudential Requirements to Support the Capital Markets Union
445(19)
Bart Joosen
Kitty Lieverse
I Introduction
II The Impact of Capital Requirements of Banks on their Lending Portfolio: Comments from a Level Playing Field Perspective
III Capital Relief when Financing Small and Medium-sized Businesses
IV Equity Investments by Banks and Insurers: An Alternative for Traditional Lending?
V Relief for Banks Purchasing STS Securitization Positions
VI Capital Relief Insurers when Investing in Infrastructure
VII Conclusions
21 Securitization in the Capital Markets Union: One Step Forward, Two Steps Back
464(20)
Gerard Kastelein
I Introduction
II How the Securitization Reform Fits in the Capital Markets Union
III The Context: The European Securitization Market Pre and Post Crisis
IV The Legislative Proposal and Process
V The Securitization Regulation
VI The Regulation Amending the CRR
VII Conclusion
22 A Global Perspective on Securitized Debt
484(23)
Steven L. Schwarcz
I Introduction
II US Regulatory Responses
III European Regulatory Responses
IV Critiquing the US and European Regulatory Responses
V Rethinking the Regulatory Framework
VI Conclusions
Part VII: Facilitating Cross-Border Investing
23 Shareholder Activism in the CMU
507(19)
Alessio M. Pacces
I Introduction
II Entrepreneurial Shareholder Activism
III Hedge Fund Activism as a Conflict of Entrepreneurship
IV The Shareholder Rights Directive: A Missed Opportunity
V Shareholder Rights Directive as Capital Market Regulation
VI Conclusion
24 Efforts to Strengthen the Clearing and Settlement Framework of the Capital Markets Union
526(30)
Bas Zebregs
Victor de Seriere
I Introduction
II General Overview
III The Transaction Chain
IV EMIR
V CCP Recovery and Resolution
VI CSD Regulation
VII Target2Securities
VIII Segregation under EMIR and the CSDR
IX Open Access and Competition between Market Infrastructures
X Conclusion
25 Preventive Restructuring Frameworks
556(28)
Michael Veder
Anne Mennen
I Introduction
II Background and Objectives of the Draft Directive
III Justification for Restructuring Plans
IV Preventive Restructuring Frameworks
V Conclusion
26 Removing Cross-border Tax Barriers
584(19)
Loredana Carpentieri
Stefano Micossi
I The Long Shadow of National Tax Sovereignty over the Free Circulation of Capital
II Freedom of Capital Movements from Article 67 EEC to Article 63 TFEU
III Tax Derogations
IV Tax Barriers in Cross-border Investments
V Conclusions
Index 603
Professor Danny Busch holds the Chair for Financial Law and is Director of the Institute for Financial Law (IFL), University of Nijmegen, the Netherlands. He is also a Visiting Professor at Universitą degli Studi di Genova, Visiting Professor at Universitą Cattolica del Sacro Cuore di Milano, and a Member of the Dutch Banking Disciplinary Committee (Tuchtcommissie Banken). Professor Busch has written extensively for OUP, most recently Busch and Ferrarini: Regulation of the EU Financial Markets - MiFID II and MiFIR (OUP, 2017), Busch and Ferrarini: European Banking Union (OUP, 2015) and Van Setten and Busch: Alternative Investment Funds in Europe - Law and Practice (OUP, 2014).

Professor Emilios Avgouleas holds the Chair in International Banking Law and Finance at the University of Edinburgh and is Director of the Edinburgh Commercial Law Centre. He has served as a visiting professor in leading universities and is a Member the Stakeholder Group of the European Banking Authority. His recent publications include Principles of Banking Law (OUP, 2018), Reconceptualising Global Finance (CUP, 2016) and Governance of Global Financial Markets: The Law, the Economics, the Politics (CUP, 2012).

Guido Ferrarini is Professor of Business Law and Capital Markets Law at the University of Genoa, and Director of the Centre for Law and Finance. Professor Ferrarini's most recent publications include Wymeersch, Hopt, and Ferrarini: Financial Regulation and Supervision - A Post-crisis Analysis (OUP, 2012) and Belcredi and Ferrarini: Boards and Shareholders in European Listed Companies (CUP, 2013).
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