Capital Markets Union in Europe

Name: Capital Markets Union in Europe
Brand: OUP Oxford
Price: 165.0 EUR
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Danny Busch Emilios Avgouleas Guido Ferrarini(Herausgeber*in)

OUP Oxford (Verlag)

1. Auflage

Erschienen am 9. März 2018

624 Seiten

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Inhalt

Cover
Half title
Series
Capital Markets Union in Europe
Copyright
Contents
Table of Cases
Table of Legislation
List of Contributors
List of Abbreviations
Part I General Aspects
1. Capital Markets Union after Brexit
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
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
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
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
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
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
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
I. Introduction
II. Financial Innovation: A Principled Cost-?Benefit Analysis
III. 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
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
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
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
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
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?
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
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
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?
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
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
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
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
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
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
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
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
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
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

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