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E-grāmata: European Banking Union

Edited by (Professor of Business Law, University of Genoa), Edited by (Professor of Financial Law, Radboud University, Nijmegen)
  • Formāts: 808 pages
  • Sērija : Oxford EU Financial Regulation
  • Izdošanas datums: 23-Jan-2020
  • Izdevniecība: Oxford University Press
  • Valoda: eng
  • ISBN-13: 9780192562524
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  • Formāts: 808 pages
  • Sērija : Oxford EU Financial Regulation
  • Izdošanas datums: 23-Jan-2020
  • Izdevniecība: Oxford University Press
  • Valoda: eng
  • ISBN-13: 9780192562524
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Part of the Oxford EU Financial Regulation Series, this work analyses the implications of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) for banks in Europe, and the second edition reflects the experience in practice of this regime both economically and legally.

The new edition provides reflection on the efficacy and problems with the central banking regulatory regime. There are new chapters on capital adequacy, fit and proper testing under the SSM, and deposit guarantee schemes. A further additional chapter considers the impact of the Bank Resolution and Recovery Directive (BRRD) and its interaction with the SRM by detailed analysis of relevant case law.

Whist offering insightful updates to existing chapters on the Single Rulebook, CRD IV, the SSM and the SRM, the second edition also includes brand new chapters covering a range of subjects. Unique to the second edition, experienced scholars and practitioners explore The Deposit Guarantee Scheme, fit and proper testing within the SMM, BRRD and SRB in practice.

This book benefits from the contributions of a team of leading scholars and practitioners who present a range of perspectives and methodologies. Case studies and in depth-analysis is presented to highlight topics such as supervised credit institutions, implications for financial market governance, and risk management and compliance. European Banking Union (second edition) is the ultimate companion for academics, legal practitioners, financial supervisors, and policy makers.

Recenzijas

[ T]he handbook in its revised second edition provides a detailed and comprehensive state-of-the-art overview of the institutional, legal and policy implications of the European Banking Union. It includes a tables of cases and of legislation as well as a very detailed index, all of which are extremely practical and helpful for any reader. This second-edition-handbook continues to be a piece of reference and is highly recommended to anybody working, researching or simply being interested in the remarkable development of European integration that is the 'European Banking Union'. * Dr Karl-Philipp Wojcik, EU Law Live *

Table of Cases
xiii
Table of Legislation
xvi
List of Abbreviations
xli
Author Biographies xlv
List of Contributors
xlvii
I GENERAL ASPECTS
1 The Economic Consequences of Europe's Banking Union
Nicolas Veron
I The Impact so Far: A Shift of Expectations
3(17)
II Six Developments to Watch
20(44)
III Conclusion
64
2 European Banking Union: Effectiveness, Impact, and Future Challenges
Kern Alexander
I Introduction
1(4)
II Single Supervisory Mechanism---Setting the Context
5(26)
III SSM and EU Agencies and Institutions
31(18)
IV Bank Resolution, the SSM, and the Single Resolution Board (SRB)
49(18)
V SSM, Macroprudential Tools, and National Competent Authorities
67(47)
VI Member State Perspectives on the SSM
114(7)
VII Banking Union and the Banking Industry
121(15)
VIII Conclusion
136
3 Judicial Protection of Supervised Credit Institutions in the European Banking Union
Tomas M. C. Arons
I Introduction
II Judicial Protection for Credit Institutions under the SSM
7(1)
III Judicial Protection for Credit Institutions under the SRM
7(59)
IV Substantive Review by the CJEU
66(20)
V Liability of the ECB and the SRB
86(8)
VI Conclusion
94
II SINGLE SUPERVISION AND CRD IV
4 The Single Supervisory Mechanism for Banking Supervision: Institutional Aspects
Eddy Wymeersch
I Historical Introduction
1(8)
II The New Regulatory Framework: The Banking Union
9(6)
III Applicable Bodies of Law in Banking Supervision
15(16)
IV The Choice of the ECB as the Prudential Supervisor
31(7)
V Application to the Euro Area or Beyond?
38(8)
VI The Single Supervisory Mechanism
46(58)
VII Legal Position of the Supervisory Board in the ECB
104(10)
VIII Independence and Accountability
114(22)
IX Review of SSM Decisions
136(7)
X Conclusion
143
5 The Single Rulebook and the SSM: Regulatory Polycentrism vs. Supervisory Centralization
Guido Ferrarini
Fabio Recine
I Introduction
1(3)
II A Short History of the EU Regulatory Framework
4(13)
III The Allocation of Regulatory and Supervisory Powers
17(11)
IV The Decoupling of Regulatory and Supervisory Powers in the SSM
28(25)
V Evolutionary Dynamics of the EU Institutional Regulatory Framework
53(15)
VI Conclusion
68
6 CRD IV Framework for Banks' Corporate Governance
Peter O. Mulbert
Alexander Wilhelm
I Introduction
1(2)
II Banking Structures in the European Union
3(2)
III Historical Development
5(5)
IV CRD IV Corporate Governance Standards
10(36)
V Conceptual Concerns
46(41)
VI Functional Concerns
87(19)
VII Conclusion and Outlook
106
7 Fit and Proper Assessments within the Single Supervisory Mechanism
Danny Hutch
Amuck Teubner
I Introduction
1(1)
II Key Terms and Definitions
2(4)
III Fit and Proper Assessments as an Element of Corporate Governance
6(5)
IV Division of Responsibilities Between the Banks, the ECB, and the NCAs
11(12)
V Relevant Sources of Substantive Requirements
23(5)
VI Convergence
28(50)
VII National Variations and Limits
78(18)
VIII Concluding Observations
96
8 The EU Framework Dealing with Non-Performing Exposures: Legal and Economic Analysis
Emilios Avgouleas
I Introduction
1(13)
II Causes and Consequences of NPL Accumulations
14(7)
III Structural Measures
21(10)
IV Market-based Solutions: Asset Management Companies and NPL Platforms
31(7)
V Prudential and Supervisory Policies for Tackling NPLs
38(19)
VI Conclusion
57
III SINGLE RESOLUTION AND THE BRRD
9 Governance of the Single Resolution Mechanism
Danny Busch
I Introduction
1(3)
II General Aspects
4(42)
III Financing of the Fund
46(29)
IV Resolution
75(46)
V Conclusion
121
10 Recovery and Resolution Plans of Banks in the Context of the BRRD and the SRM: Fundamental Issues
Victor de Seriere
I Introduction
II The Making of Recovery and Resolution Plans: A Theoretical Exercise?
3(14)
III Experience with Some Bank Failures
17(10)
IV Some Intermediate Conclusions
27(2)
V The Authority to Impose Ex Ante Measures
29(6)
VI Remedies Against Imposed Ex Ante Measures
35(4)
VII A Difficult Debate on the Need for Ex Ante Measures
39(10)
VIII The Wider Context in which Ex Ante Measures Are Imposed
49(16)
IX Bottlenecks
65(33)
X Some Concluding Comments
98
11 Bail-in: Preparedness and Execution
Anna Gardella
I Introduction
1(5)
II Bail-in: Main Features
6(6)
III Building-up Bail-in Preparedness: TLAC/MREL
12(37)
IV Bail-in Execution
49
12 Bank Resolution in Practice: Analysis of Early European Cases
Guido Ferrarini
Alberto Musso Piantelli
I Introduction
1(12)
II Crisis Management Pre-BRRD
13(7)
III Crisis Management in the Transition to the New EU Regime
20(10)
IV The New Regime: Crisis Management in Italy
30(10)
V The New Regime: The Resolution-like Liquidation of Venetian Banks
40(24)
VI The New Regime: Crisis Management in Spain
64(17)
VII Conclusions
81
13 The Architecture of die BRRD---A UK Perspective
Simon Gleeson
I Introduction
1(3)
II Scope of the Legislation
4(11)
III Approach
15(9)
IV Tools
24(13)
V Other Powers
37(35)
VI MREL & TLAC
72(5)
VII Brexit and Bank Resolution
77(5)
VIII Conclusion
82
IV THE EUROPEAN DEPOSIT INSURANCE SYSTEM AND POLICY PERSPECTIVES
14 European Deposit Insurance System (EDIS): Cornerstone of the Banking Union or Dead End?
Veerle Colaert
Gilian Bens
I Introduction
1(3)
II Why Is There a Need for a Fully-fledged Third Pillar in the Banking Union?
4(16)
III Legislative Proposals for EDIS
20(13)
IV Main Features of the EDIS Proposals
33(36)
V Conclusion
69
15 Doom Loop or Incomplete Union? Sovereign and Banking Risk
Giorgio Barba Navaretti
Giacomo Calzolari
Jose Manuel Mansilla-Fernandez
Alberto Franco Pozzolo
I Introduction
1(12)
II Are Sovereigns Risky?
13(9)
III What Was Done and Should Have Been Done? Banks and Sovereigns during the Crisis and the Specificities of a Monetary Union
22(24)
IV The Long Run Equilibrium: Sovereign Exposures under `Normal Conditions'
46(31)
V Summing-up, Transition, and Notes of Caution
77
16 Bank Resolution in Europe: The Unfinished Agenda of Structural Reform
Jeffrey N. Gordon
Wolf-Georg Ringe
I Introduction
1(7)
II The Regulatory Aftermath of 2007--2008 and the Emergence of EU Bank Resolution
8(17)
III The Path to Single Point of Entry Resolution in the US
25(10)
IV The US Path to Holding Companies
35(3)
V SPE for Europe: The Structural Reform Project
38(11)
VI Conclusion
49
17 Financial Conglomerates in the European Banking Union
Arthur van den Hurk
Michele Siri
I Introduction
1(4)
II Consolidated Supervision in the Banking Sector
5(4)
III Group Supervision in the Insurance Sector
9(6)
IV Consolidated Supervision vs Group Supervision
15(9)
V Background of Financial Conglomerate Supervision
24(5)
VI Institutional Framework for Conglomerate Supervision
29(5)
VII Purpose, Content, and Design of Conglomerate Supervision
34(29)
VIII Evolution of Financial Conglomerate Supervision
63(11)
IX Recovery and Resolution of Financial Conglomerates
74(15)
X Conclusion
89(576)
Index 665
Professor Danny Busch holds the Chair for Financial Law at Radboud University, Nijmegen, where he is also the Director of the Institute for Financial Law. He has published extensively, many of those publications written in English, including with OUP. He is a Research Fellow of Harris Manchester College and a Fellow of the Commercial Law Centre, University of Oxford.

Guido Ferrarini is Emeritus Professor of Business Law and Capital Markets Law at the University of Genoa, Department of Law, and Director of the Centre for Law and Finance. He holds a J. D. (University of Genoa, 1972), an LL.M. (Yale Law School, 1978) and a Dr. jur. (h.c., Ghent University, 2009). He is founder and fellow of the European Corporate Governance Institute (ECGI), Brussels.