European Securities Markets
The Investment Services Directive and Beyond
Published on 1. March 1998
428 pages
978-90-411-7947-0 (ISBN)
Description
The EU is moving towards full implementation of the Investment Services Directive (ISD). Indeed, in some Member States, implementation has been or will he complemented by further changes to the domestic legal framework in order to cater more effectively for increased competition among financial institutions and markets. This book analyses these developments from a legal and economic perspective and includes papers written by academics and practitioners from Europe and the USA. Some papers examine critical aspects of the ISD from a comparative viewpoint, in particular considering whether further harmonisation would be appropriate. Special attention is paid to the regulation of financial exchanges in the new competitive arena and to the need for cooperation between supervisors.
The volume is aimed at all those involved in European securities and derivatives markets in either a legal or economic capacity. It will be of prime interest to banking and financial lawyers, financial economists, regulators, exchanges and intermediaries. The book is one of the first and most comprehensive publications on the ISD implementation since it evaluates the economic impact of such implementation and considers further perspectives.
The volume is aimed at all those involved in European securities and derivatives markets in either a legal or economic capacity. It will be of prime interest to banking and financial lawyers, financial economists, regulators, exchanges and intermediaries. The book is one of the first and most comprehensive publications on the ISD implementation since it evaluates the economic impact of such implementation and considers further perspectives.
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Guido Ferrarini
European Securities Markets:The Investment Services Directive and Beyond
The Investment Services Directive and Beyond
Book
03/1998
1st Edition
Kluwer Law International
€155.15
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Content
- Cover
- Half Title Page
- Title Page
- Copyright Page
- Table of Contents
- Preface
- List of Contributors
- List of Abbreviations
- Part I GENERAL
- 1 The Implementation of the ISD and CAD in National Legal Systems
- 1.1 An Overview
- 1.2 The Inventory
- 1.3 Implementation Techniques
- 1.4 Prudential Regulation and Prudential Supervision
- 1.5 Transactional Regulation and Supervision
- 1.6 Comparative Developments: Prudential Regulation and Supervision
- 1.7 General Patterns of Transactional Supervision
- 1.8 Specific Fields of Transactional Supervision
- 1.9 Self-regulation versus Public Regulation
- 1.10 Functional Regulation
- 1.11 Conclusion
- Appendix A: Directive 93/22/EEC on Investment Services and Capital Adequacy Directives. Notifications to the European Commission of measures taken to bring the directive into effect
- 2 Banking and Investment Services: Implications of the New Financial Landscape
- 2.1 Introduction
- 2.2 Regulatory Implications
- 2.3 Facilitating Banking and Financial Developments
- 2.4 Private Law Implications
- 2.5 Conclusions
- 3 Economics of Securities Markets Regulation: Some Current Issues
- 3.1 General
- 3.2 The ISD and its Implementation in Italy
- 3.3 Concluding Remarks
- Part II PRUDENTIAL RULES AND INSOLVENCY
- 4 Cross-border Compliance: Organisational Duties Imposed on National and International Investment Firms
- 4.1 The Initial Legal Situation
- 4.2 The Target of Regulation by Organisational Rules in Corporation Law
- 4.3 Superimposing Administrative Law Structural Norms on Company Law
- 4.4 The Superimposing of Organisational Duties under Administrative Law on those Organisational Duties imposed by Corporation Law
- 4.5 Organisational Duties Imposed by the Investment Services Directive on International Investment Firms
- 5 Practising Safer Lex: The Proper Domain of Property, Secured Transactions and Insolvency Laws in the Regulation of Securities Intermediaries
- 5.1 Introduction
- 5.2 Laws Governing Transfer and Security Interests in Investment Property
- 5.3 Insolvency Laws
- 5.4 Conclusion
- 6 Segregation of Securities and Insolvency under German Law
- 6.1 General
- 6.2 Bona Fide Rights Protection and the Risk of Illegal Transactions
- 6.3 Problems of the 'Co-ownership Construction' in Private International Law and its Risk for Investors
- 6.4 Chances and Risks of the German Settlement System of Securities Traded and Deposited Abroad
- 7 Segregation of Assets and Insolvency under Italian Law
- 7.1 General
- 7.2 Legal Rules on Segregation
- 7.3 Judicial Rulings
- 7.4 Implementation of the ISD in Italy
- Part III CONDUCT OF BUSINESS
- 8 Rules of Conduct: Further Harmonisation?
- 8.1 Introduction
- 8.2 General Purpose, Scope and Classification of Conduct of Business Rules
- 8.3 Harmonisation of Conduct of Business Rules by the ISD: An Interim Judgment
- 8.4 The European Constitutional Framework for Further Harmonisation: After Maastricht
- 8.5 Is there a Need for Corrective Harmonisation?
- 8.6 Conclusion: The Intrinsic Dynamics of Minimum Harmonisation
- 9 Is there a Need to Harmonise Conduct of Business Rules?
- 9.1 Role of Article 11 ISD
- 9.2 The State in which a Service is Provided
- 9.3 The Case against Harmonisation
- 10 Derivatives Sales: Private Law and the Impact of Regulatory Standards
- 10.1 Introduction
- 10.2 The Nature of Derivatives
- 10.3 Derivatives and Risk
- 10.4 Regulatory Structures
- 10.5 Regulatory Rules
- 10.6 US Initiatives
- 10.7 Best Market Practice
- 10.8 The Nature of the Obligation Between Bank and End-User
- 10.9 The Principles in Action
- 10.10 Conclusion
- 11 Conflicts of Interest: An English Problem?
- 11.1 Introduction
- 11.2 Conflicts of Interest and Duty
- 11.3 Integration and Confrontation
- 11.4 Making the Fiduciary Pay
- 11.5 Attribution of Knowledge
- 11.6 Of Chinese Walls and Things ...
- 12 Conflicts of Interest: The Spanish Experience
- 12.1 Introduction
- 12.2 The Former Law
- 12.3 The New Securities Market Act
- 12.4 Conduct of Business Rules: The General Background
- 12.5 Nature of the Spanish Conduct Rules
- 12.6 New Perspectives: The Fall of Structural Barriers
- 12.7 Conclusions
- Part IV EXCHANGE COMPETITION
- 13 The Changing Microstructure of European Equity Markets
- 13.1 Introduction
- 13.2 The Background: A Decade of Competitive Reform
- 13.3 The Current Picture: Transaction Costs in the Competing Markets
- 13.4 Likely Future Developments
- 14 Competition between Regulated Markets in London
- 14.1 Introduction
- 14.2 Regulated Markets and the Principle of Harmonisation: The Case of the CAD
- 14.3 Transparency
- 14.4 Auction versus Dealership Markets
- 14.5 The ISD and Competition between Markets in London
- 15 Competition among European Exchanges: Recent Developments
- 15.1 Introduction
- 15.2 Effects of Recent Competitive Pressures on Stock Exchanges
- 15.3 Future Developments
- 15.4 Conclusions
- 16 Competition among Exchanges or Financial Systems?
- 16.1 Introduction
- 16.2 Nature and Strength of Competitive Forces in Banking and Investment Services
- 16.3 The Position of National Financial Systems
- 16.4 Implications for Financial Regulation
- Part V EXCHANGE REGULATION
- 17 Exchange Governance and Regulation: An Overview
- 17.1 Introduction
- 17.2 Exchanges as Firms
- 17.3 Recent Developments
- 17.4 Exchange Ownership
- 17.5 Regulation and Surveillance
- 17.6 Exchanges as Markets: The European Directives
- 17.7 Concentration and Access
- 17.8 Transparency
- 17.9 Conclusions
- 18 A European Law for Regulated Markets? Some Personal Views
- 18.1 Introduction
- 18.2 The ISD and Regulated Markets
- 18.3 Need for a New European Directive?
- 18.4 Conclusion
- 19 A European Directive for Regulated Markets? A French Reaction
- 19.1 Modernisation of Financial Activities Act of 2 July 1996
- 19.2 A European Directive for Regulated Markets?
- 20 Regulation of the Relationship between European Union Stock Exchanges: Lessons from the United States
- 20.1 Introduction
- 20.2 The US National Market System
- 20.3 Does the European Union Need NMS?
- 20.4 Conclusion
- 21 Derivatives Clearing Houses: The Regulatory Challenge
- 21.1 Introduction
- 21.2 Financial Safeguards in Derivatives Clearing Houses
- 21.3 The Regulatory Issues
- 21.4 The International Regulatory Response
- 21.5 Summary and Conclusions
- Part VI ENFORCEMENT AND TAXATION
- 22 The Enforcement of the European Regime for Investment Services in the Member States and its Impact on National Conflict of Laws
- 22.1 Introductory Remarks
- 22.2 Directive 93/22 and its Relevant Aspects for Conflict of Laws Issues
- 22.3 Choice of Law Implications of the Legal Framework Set out in the ISD
- 22.4 Conflict of Laws' Exceptions to the Broadest Possible Application of the Home Country Law
- 22.6 Some Consequences of the Favor Offerentis on the Implementation of the ISD
- 22.7 (Non)-Conclusions: Race to the Bottom versus Competition Merits among Legal Systems
- 23 Cooperation among Supervisory Authorities under the ISD
- 23.1 The Importance of Cooperation among Supervisory Authorities
- 23.2 Authorisation to Conduct Securities Business and Maintenance of the Conditions
- 23.3 Inspections
- 23.4 Information and Cooperation with other Persons
- 23.5 Information and Cooperation concerning Markets
- 23.6 Conclusion
- 24 Cooperation between Supervisors
- 24.1 General
- 24.2 IOSCO's Role
- 24.3 The European Directives
- 24.4 Memoranda of Understanding between Supervisors
- 24.5 MoUs and the European Directives
- 24.6 Other Documents on Cooperation
- 25 International Tax Aspects of Portfolio Investment
- 25.1 Introduction
- 25.2 The Issue
- 25.3 Domestic and International Tax Law
- 25.4 Tax Harmonisation
- 25.5 Concluding Remarks
- Index
- Back Cover
