European Capital Markets Law: Second Edition

ISBN-13: 9781782256526 / Angielski / Miękka / 2017 / 848 str.

Rudiger Veil

Opis

European capital markets law has developed rapidly in recent years. The former directives have been replaced by regulations and numerous implementing legal acts aimed at ensuring a level playing field across the EU. The financial crisis has given further impetus to the development of a European supervisory structure. This book systematizes the European law and examines the underlying concepts from a broadly interdisciplinary perspective. National experiences in selected Member States-Austria, France, Germany, Italy, Spain, Sweden, and the United Kingdom-are also explored. The first chapter deals with the foundations of capital markets law in Europe, the second explains the basics, and the third examines the rules ensuring market integrity. Chapter four explores the disclosure system and chapter five the roles of intermediaries, such as financial analysts, rating agencies, and proxy advisers. Short selling and high frequency trading is described in chapter six. Chapter seven deals with financial services and chapter eight explains compliance and corporate governance in investment firms. Chapter nine illustrates the regulation of benchmarks. Finally, chapter ten deals with public takeovers. Throughout the book, emphasis is placed on legal practice and frequent reference is made to the key decisions of supervisory authorities and courts. Subject: European Law, Financial Law]

Spis treści

SUMMARY CONTENTS 1 Foundations of Capital Markets Legislature in Europe § 1. History § 2. Concept and Aims of Capital Markets Regulation § 3. Legislative Powers for Regulating Capital Markets in Europe § 4. Process and Strategies of Capital Markets Regulation in Europe § 5. Sources of Law and Principles of Interpretation § 6. Dogmatics and Interdisciplinarity 2 Basics of Capital Markets Law § 7. Capital Markets § 8. Financial Instruments § 9. Market Participants § 10. Access to the Markets and Market Exit § 11. Capital Markets Supervision in Europe § 12. Sanctions 3 Market Integrity § 13. Foundations § 14. Insider Dealing § 15. Market Manipulation 4 Disclosure System § 16. Foundations § 17. Prospectus Disclosure § 18. Periodic Disclosure § 19. Disclosure of Inside Information viii Summary Contents § 20. Disclosure of Major Holdings § 21. Directors’ Dealings § 22. Access to Information § 23. Disclosure of Corporate Governance Issues 5 Trading Activities § 24. Short Sales and Credit Default Swaps § 25. Algorithmic Trading and High-Frequency Trading 6 Intermediaries § 26. Financial Analysts § 27. Rating Agencies § 28. Proxy Advisors 7 Financial Services § 29. Foundations § 30. Product Governance and Product Intervention § 31. Investment Advisory Services 8 Organisational Requirements for Investment Firms § 32. Compliance (Foundations) § 33. Compliance (Organisational Requirements) § 34. Corporate Governance 9 Regulation of Benchmarks § 35. Foundations § 36. Market Supervision and Organisational Requirements 10 Takeover Law § 37. Foundations § 38. Public Takeovers § 39. Disclosure of Defensive Structures and Mechanisms § 40. Mandatory Bid 11 Conclusion § 41. Review and Outlook