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Oxford Law Citator
Contents
Expand All
Collapse All
Preliminary Material
Preface to the second edition
Consultant Editor’s Note
Contents
Abbreviations
Table of Cases
Table of Legislation
Australian legislation
Bahrain legislation
Canada
Chinese legislation
Dubai legislation
European Union legislation
Directive
Regulation
French legislation
German legislation
Hong Kong legislation
Indonesia
Malaysia
New Zealand legislation
Pakistan
Singaporean legislation
United Kingdom legislation
United States legislation
Main Text
Part I International Capital Markets in Context
1 Introduction
1.01
1.02
1 Regulatory Models for the World
1.1 ‘Securities Regulation’: Whatever that Means
1.03
1.04
1.05
1.2 Alternative models of Capital Market Regulation—Keeping the Alligators in the Swamp and the Legacy of the South Sea Bubble
1.06
1.07
1.08
1.09
1.3 ‘Securities Regulation’ Prevails
1.10
1.11
1.12
1.13
1.14
2 Cracks in the Foundations: Information, Disclosure, and Self-Regulation
2.1 Disclosure and the Information Explosion
1.15
1.16
1.17
1.18
1.19
1.20
1.21
1.22
2.2 Self-Regulation: Setting the Fox to Guard the Henhouse
1.23
1.24
1.25
1.26
1.27
1.28
1.29
3 The Trajectory of International Capital Markets Regulation
1.30
3.1 New Forces at Work Along the Transatlantic Corridor
1.31
1.32
1.33
1.34
3.2 In the Larger World: Politics, Macroeconomics, and Internationalization
1.35
1.36
1.37
3.3 The Disruptors of the New Economy and the Challenges of Financial Technology
1.38
4 Conclusion
1.39
2 Making International Markets Work—Regulatory Techniques
1 Introduction
2.01
2 Geopolitical Forces as Determinant of Regulatory Techniques
2.02
2.1 Empire
2.03
2.04
2.05
2.06
2.2 The supra-national state—the European Union
2.07
2.08
2.09
2.10
2.11
2.12
2.3 Hegemony
2.13
2.14
2.15
2.16
3 Regulatory Techniques in the International Capital Markets
3.1 Inaction
2.17
2.18
2.19
2.20
2.21
2.22
2.23
2.24
2.25
2.26
2.27
2.28
2.29
2.30
2.31
2.32
2.33
3.2 Unilateralism
2.34
2.35
3.2.1 Isolationism and exclusionary regulation
2.36
2.37
2.38
2.39
2.40
3.2.2 Extraterritoriality
2.41
2.42
2.43
2.44
2.45
2.46
2.47
2.48
2.49
3.2.3 Domestic regulation and international capital markets
2.50
2.51
2.52
2.53
2.54
2.55
2.56
2.57
2.58
2.59
2.60
2.61
2.62
3.2.4 Free-riding as a regulatory technique
2.63
2.64
3.3 Formal and informal cooperative efforts
2.65
2.66
2.67
3.4 International and supra-national initiatives
2.68
2.69
3 International Organizations and the Capital Markets
1 Introduction
3.01
3.02
3.03
3.04
2 The Changing Role of IOSCO
2.1 The background of IOSCO
3.05
3.06
3.07
3.08
3.09
2.2 New roles for IOSCO
3.10
2.2.1 Membership composition and the rise of emerging markets
3.11
3.12
3.13
3.14
2.2.2 IOSCO as standard setter
3.15
3.16
3.17
3.18
3.19
3.20
3.21
3.22
3.23
3.24
3.25
2.2.3 Interaction of IOSCO and International Financial Institutions (IFIs)
3.26
3.27
3.28
3 International Financial Institutions and the Capital Markets
3.29
3.30
3.1 International Financial Institutions (IFIs) as Banks
3.31
3.32
3.33
3.34
3.2 IFIs as knowledge banks
3.35
3.36
3.3 IFIs as international financial assessors
3.37
3.3.1 The role of the FSF and the FSAP
3.38
The FSF and soft law
3.39
3.40
3.41
3.42
The FSAP experience.
3.43
3.44
Inadequacies of the FSAP experience
3.45
Problems with execution of the FSAP exercises
3.46
3.47
3.48
3.49
3.50
3.51
3.52
3.53
3.54
3.55
3.56
3.57
3.58
3.59
Problems with the substance of the FSAP exercise
3.60
3.61
3.62
3.63
3.64
3.65
3.66
3.67
3.68
3.69
3.70
3.71
3.3.2 Prospects for the FSAP and the FSB
Prospects for the FSAP
3.72
3.73
Prospects for the FSB
3.74
3.75
3.76
3.77
3.78
3.79
3.80
3.81
3.82
4 A Natural Experiment: Assessing the Model against the Standards—The US FSAP
3.83
3.84
3.85
3.86
3.87
3.88
3.89
3.90
5 Conclusion
3.91
3.92
3.93
3.94
3.95
3.96
3.97
Part II The Transatlantic Dialogue
4 The Parallel System—The United States
1 Introduction
4.01
4.02
4.03
4.04
4.05
4.06
4.07
4.08
2 Some Basic Concepts in US Securities Regulation
4.09
2.1 The Keystone Statutes and their Regulations
4.10
4.11
4.12
4.13
4.14
4.15
4.16
4.17
4.18
4.19
4.20
4.21
4.22
2.2 The Keystone Statutes in the Contemporary US Market: Propping Up the Public Markets in the New Economy
4.23
4.24
4.25
4.26
4.27
4.28
4.29
4.30
3 The Parallel System
3.1 Background to the parallel system
4.31
4.32
4.33
4.34
3.2 The Foreign Private Issuer (FPI) and the parallel system
4.35
4.36
4.37
4.38
4.39
4.40
4.41
4.42
4.43
4.44
4.45
4.46
4.47
4.48
3.3 The Curious Case of Rule 12g3-2(b)
4.49
4.50
4.51
4.52
4.53
4.54
4.55
4.56
4.57
4.58
4.59
4.60
4.61
4.62
3.4 The Parallel System in a Complex World
4.63
4.64
5 Cultivating the US Overseas Market
1 Introduction
5.01
1.1 The 1987 Report on Internationalization
5.02
5.03
5.04
5.05
5.06
1.2 Comparing Apples and Oranges: Regulation S and Rule 144A
5.07
5.08
5.09
5.10
5.11
5.12
5.13
5.14
5.15
5.16
5.17
5.18
5.19
5.20
5.21
2 The Euromarket, Release 4708, and Regulation S
5.22
2.1 The traditional Euromarket
5.23
5.24
5.25
2.2 Release 4708
5.26
5.27
5.28
5.29
5.30
5.31
5.32
5.33
2.3 The Euromarket changes
5.34
5.35
5.36
5.37
5.38
5.39
5.40
2.4 Regulation S—how it works
5.41
5.42
2.4.1 The general conditions of Regulation S
5.43
5.44
5.45
5.46
5.47
2.4.2 Compliance beyond the general conditions: the four factors
5.48
5.49
5.50
5.51
5.52
5.53
2.4.3 The three categories determining compliance level
5.54
Category 1—the Status Quo
5.55
5.56
5.57
5.58
5.59
5.60
5.61
5.62
5.63
Category 2—the New Euromarket and beyond
5.64
5.65
5.66
5.67
Category 3—the catch all and the catch
5.68
5.69
5.70
5.71
5.72
2.4.4 The resale rules
5.73
5.74
2.4.5 The legacy of Regulation S
5.75
3 Rule 144A—Linking US Markets to World Markets
5.76
3.1 US Private Placements
5.77
5.78
5.79
5.80
5.81
5.82
3.2 Background to Rule 144A
5.83
5.84
5.85
3.3 How Rule 144A works
5.86
5.87
3.3.1 Who can issue under Rule 144A?
5.88
3.3.2 What can be sold under Rule 144A?
5.89
5.90
3.3.3 Who can buy Rule 144A securities?
5.91
5.92
3.3.4 Conditions associated with a Rule 144A placement
5.93
5.94
5.95
3.4 The significance of Rule 144A
5.96
4 Multijurisdictional Disclosure System between the United States and Canada
5.97
5.98
5.99
5.100
4.1 How does the MJDS work
5.101
5.102
5.103
5.104
5.105
5.106
5.107
5.108
5.109
5.110
5.111
5.112
5 The US Extraterritoriality Principle and Securities Law
5.113
5.114
5.115
5.116
5.117
5.118
5.119
6 Conclusion
5.120
5.121
5.122
5.123
5.124
5.125
6 The United Kingdom—Gentlemanly Capitalism and the International Markets
1 Introduction
6.01
6.02
6.03
2 Formative Elements of UK Capital Markets Regulation
6.04
2.1 Historical and geopolitical factors
6.05
6.06
6.07
2.2 The power of the common law
6.08
6.09
6.10
6.11
6.12
6.13
2.3 The company law characterization of investor protection
6.14
6.15
6.16
6.17
6.18
6.19
6.20
2.4 The role of the Bank of England
6.21
6.22
6.23
6.24
2.5 Importance of the exchange
6.25
6.26
6.27
6.28
6.29
6.30
6.31
6.32
6.33
2.6 Importance of the professional market
6.34
6.35
6.36
6.37
3 Autonomy of the City and the Tradition of Self-Regulation
6.38
6.39
3.1 Autonomy of the City
6.40
6.41
6.42
3.1.1 Customary law of finance—the case of oral contracts
6.43
6.44
6.45
6.46
6.47
6.48
6.49
6.50
6.51
6.52
6.53
6.54
6.55
6.56
6.57
6.58
3.2 Self-regulation: Success and Failure
6.59
6.60
6.61
6.62
6.63
6.64
6.65
4 Milestones Along the Regulatory Road
6.66
4.1 The Prevention of Fraud (Investments) Acts 1939 and 1958
6.67
6.68
6.69
4.2 The European Union—1972
6.70
6.71
6.72
6.73
6.74
6.75
6.76
6.77
4.3 Financial Services Act 1986 (FSA 1986) and the Big Bang
6.78
6.79
6.80
6.81
4.4 The Financial Services and Markets Act 2000
6.82
6.83
6.84
6.85
6.86
6.87
6.88
4.5 The Financial Services Act 2012 (FSA 2012)
6.89
6.90
6.91
6.92
6.93
6.94
5 The New City—The Age of Regulation
6.95
6.96
6.97
6.98
6.99
6.100
6.101
6.102
6.103
5.1 The Legacy of the FSA 2012—The Twin Peaks
6.104
6.105
6.106
6.107
5.2 ESMA and the FCA—Duelling Partners no More
6.108
6.109
6.110
6.111
6.112
6.113
6.114
6 Brexit
6.115
6.116
6.117
6.1 The future of the City
6.118
6.119
6.120
6.121
6.122
6.123
6.124
6.125
6.126
6.2 The London Stock Exchange
6.127
6.128
6.129
7 Conclusion
6.130
6.131
6.132
6.133
6.134
6.135
7 The New European Capital Markets
1 Introduction
7.01
7.02
7.03
2 Characteristics of European Capital Markets
2.1 Difference and similarity
7.04
2.2 The case of Eastern Europe
7.05
7.06
7.07
2.3 Factors shaping European capital markets
2.3.1 Investment patterns
7.08
7.09
7.10
7.11
7.12
7.13
2.3.2 The Stock Exchanges
7.14
7.15
7.16
7.17
7.18
7.19
7.20
7.21
7.22
7.23
7.24
7.25
7.26
7.27
3 The European Union
7.28
7.29
7.30
7.31
7.32
7.33
7.34
3.1 From Lamfalussy to de Larosière
7.35
7.36
7.37
3.2 Procedural and substantive reforms
7.38
3.2.1 Substantive reforms
7.39
7.40
7.41
7.42
7.43
7.44
7.45
7.46
7.47
7.48
7.49
3.2.2 Procedural reforms—all hail CESR
7.50
7.51
7.52
7.53
7.54
7.55
3.3 De Larosière and crisis driven change
7.56
7.57
7.58
4 The New European Supervisory Authorities
7.59
7.60
7.61
7.62
7.63
7.64
5 ESMA and the New European Market
7.65
7.66
7.67
7.68
7.69
7.70
7.71
7.72
7.73
7.74
7.75
7.76
5.1 Post-Crisis Financial Regulation: From Supervisory Convergence to Single Rulebook and the Capital Markets Union
7.77
7.78
7.79
7.80
7.81
7.82
7.83
7.84
7.85
5.2 A New Regulatory Paradigm in Europe
7.86
7.87
7.88
7.89
6 Conclusion
7.90
7.91
7.92
7.93
7.94
Part III Beyond the Transatlantic Corridor
8 China and Hong Kong—Competition and Symbiosis
1 Introduction
8.01
8.02
8.03
8.04
2 Chinese Capital Markets
2.1 Overview
8.05
8.06
8.07
8.08
8.09
8.10
8.11
8.12
8.13
8.14
8.15
8.16
8.17
8.18
3 Essential Characteristics of Chinese Capital Markets and Their Regulation
3.1 Legal system and regulatory framework
8.19
8.20
8.21
8.22
3.1.1 The Company Law 1994—the basic building block of corporate finance
8.23
8.24
8.25
8.26
8.27
8.28
8.29
3.1.2 The Securities Law 1998—Into the breach of the spontaneous markets
8.30
8.31
8.32
3.1.3 Rethinking corporate and securities law
8.33
8.34
8.35
8.36
8.37
8.38
8.39
8.40
8.41
8.42
3.1.4 The New Waves of Reforms to the Securities Law and Company Law
8.43
8.44
8.45
8.46
8.47
8.48
8.49
4 Capital Markets with Chinese Characteristics—Defining Features of the Chinese Markets
4.1 State control
8.50
8.51
8.52
8.53
8.54
8.55
8.56
4.2 Volatility, fraud, and market manipulation
8.57
8.58
4.3 Products and investors: fragmentation and differentiation
8.59
8.60
8.61
8.62
8.63
4.4 The Future is Now—FinTech in China
8.64
8.65
8.66
8.67
8.68
5 Hong Kong—The China Portal
5.1 Hong Kong—colonial backwater to commercial powerhouse
8.69
8.70
5.1.1 Legislative framework
8.71
8.72
8.73
5.2 Hong Kong markets and the exchange
8.74
8.75
8.76
8.77
8.78
8.79
8.80
8.81
8.82
8.83
8.84
8.85
8.86
6 Prospects for the Future—Integration and Internationalization
8.87
8.88
8.89
8.90
8.91
8.92
8.93
8.94
8.95
8.96
8.97
8.98
8.99
8.100
9 Niche Markets and their Lessons
1 Introduction
9.01
9.02
9.03
2 Characteristics of Niche Markets
9.04
2.1 Advantages in diversity
9.05
9.06
9.07
9.08
9.09
2.2 Niche markets and state capitalism
9.10
9.11
9.12
2.3 Niche markets and exchanges
9.13
9.14
9.15
9.16
9.17
9.18
2.4 Problems associated with niche markets
9.19
9.20
3 Distinctive Features of the Niche Markets
3.1 European niche markets—Luxembourg, Switzerland, and Ireland
9.21
9.22
9.23
9.24
3.1.1 Switzerland
9.25
3.1.2 Luxembourg and Ireland—the great rivalry
9.26
9.27
9.28
9.29
9.30
9.31
9.32
9.33
3.2 Singapore
9.34
9.35
9.36
9.37
9.38
3.2.1 Development of Singapore’s capital market
9.39
9.40
9.41
9.42
3.2.2 The Singapore Exchange (SGX)
9.43
9.44
9.45
9.46
9.47
3.2.3 Becoming a global stock exchange
9.48
9.49
9.50
9.51
9.52
9.53
9.54
9.55
9.56
9.57
9.58
3.3 Bahrain and Dubai
9.59
9.60
3.3.1 Bahrain
9.61
9.62
9.63
Bahrain as a niche market
9.64
9.65
9.66
9.67
9.68
9.69
9.70
9.71
9.72
9.73
9.74
3.3.2 Dubai
9.75
9.76
9.77
9.78
9.79
9.80
9.81
Nasdaq, OMX, and Borse Dubai
9.82
9.83
NASDAQ Dubai—Yesterday and Today
9.84
9.85
9.86
9.87
9.88
4 Conclusion
9.89
10 The Paradoxes of Islamic Capital Markets
1 Introduction
10.01
1.1 The context: markets, markets, markets
10.02
10.03
10.04
10.05
10.06
10.07
10.08
10.09
1.2 Islamic law and the financial markets: a primer
10.10
10.11
1.2.1 The sources of law
10.12
10.13
10.14
10.15
10.16
10.17
1.2.2 Defining characteristics of islamic law
10.18
10.19
10.20
10.21
10.22
1.2.3 The legal elements of islamic finance: property, contract, partnership, and companies
10.23
10.24
10.25
10.26
10.27
10.28
2 The Islamic Capital Markets
2.1 Basics of islamic capital markets
10.29
10.30
2.1.1 Historical timeline of Islamic finance
10.31
10.32
2.1.2 Fundamental tenets of shari’a-compliant finance
Riba, materiality, and risk-sharing
10.33
10.34
10.35
10.36
Gharar, risk-sharing, and materiality
10.37
10.38
10.39
10.40
2.2 Conundrum of gharar and maysir in the capital markets
10.41
10.42
10.43
10.44
10.45
10.46
10.47
10.48
10.49
10.50
2.3 Supranational norms: international organizations and islamic capital markets
10.51
10.52
10.53
10.54
10.55
10.56
10.57
2.4 Shari’a-compliant financial instruments and the capital markets
10.58
10.59
10.60
2.4.1 Equity
10.61
10.62
10.63
10.64
2.4.2 Sukuk—‘islamic bonds’ in the capital markets
10.65
10.66
10.67
Ijara sukuk
10.68
10.69
Mudaraba and musharaka sukuk
10.70
10.71
10.72
Murabaha sukuk
10.73
10.74
10.75
3 Islamic Capital Markets in Action: Malaysia and Indonesia
10.76
3.1 Malaysia: the world leader in Islamic finance—for now
10.77
10.78
3.1.1 Malaysian capital markets and islamic finance
10.79
10.80
10.81
10.82
10.83
10.84
10.85
10.86
10.87
10.88
10.89
10.90
10.91
10.92
10.93
3.2 Indonesia: Malaysia’s competition
10.94
10.95
10.96
10.97
10.98
10.99
10.100
10.101
10.102
4 Conclusion
10.103
10.104
10.105
10.106
Part IV Market Institutions And International Capital Markets
11 Stock Exchanges—An Endangered Species
1 Introduction
11.01
11.02
11.03
11.04
11.05
11.06
11.07
11.08
11.09
11.10
11.11
11.12
11.13
11.14
11.15
11.16
11.17
2 Foundations of the Modern Exchange
2.1 Early beginnings: Amsterdam, Paris, and Frankfurt
11.18
11.19
11.20
11.21
11.22
11.23
11.24
11.25
11.26
11.27
11.28
11.29
11.30
11.31
11.32
2.2 Basics of an exchange
11.33
11.34
11.35
3 Formative Forces and the Modern Exchange
3.1 Demutualization
11.36
11.37
3.1.1 The exchange as corporation
11.38
11.39
11.40
11.41
11.42
11.43
11.44
11.45
3.1.2 Benefits of demutualization
11.46
11.47
11.48
11.49
11.50
11.51
3.1.3 Problems with demutualization
11.52
11.53
11.54
3.2 Technology and globalization
11.55
11.56
11.57
11.58
11.59
11.60
3.2.1 Alternative Trading Systems and their regulation
11.61
11.62
11.63
11.64
11.65
11.66
11.67
3.2.2 Dark pools
11.68
11.69
11.70
11.71
11.72
3.2.3 High frequency trading: speed demons hit the exchanges
11.73
11.74
11.75
11.76
11.77
11.78
11.79
11.80
11.81
3.3 The courting game: exchange consolidations
11.82
11.83
11.84
11.85
11.86
11.87
11.88
11.89
11.90
11.91
11.92
4 Changing Roles for Exchanges
4.1 The waning importance of exchanges as market regulators
11.93
11.94
11.95
11.96
11.97
11.98
11.99
11.100
4.2 Exchanges as market reformers
11.101
11.102
11.103
11.104
11.105
11.106
11.107
5 Will Exchanges Survive?
11.108
11.109
11.110
11.111
12 Intermediaries—From Handmaiden to New Market
1 The Triple I—Intermediary, Issuer, Investor
12.01
12.02
12.03
12.04
12.05
2 The New World of Intermediaries
2.1 Information as Commodity and New Roles for Old Systems
12.06
12.07
12.08
12.09
2.2 Retail and professional markets
12.10
12.11
12.12
12.13
12.14
12.15
12.16
12.17
12.18
12.19
2.3 Proprietary trading
12.20
12.21
12.22
12.23
12.24
12.25
12.26
12.27
12.28
12.29
3 The Business Model and Its Hazards
3.1 Mounting fees and a lack of transparency
12.30
12.31
12.32
12.33
12.34
12.35
12.36
12.37
12.38
3.2 Complexity pays
12.39
12.40
12.41
12.42
12.43
3.3 Grey and not so grey areas
12.44
12.45
12.46
12.47
12.48
3.4 Lack of regulation, fiduciary duties, or redress
12.49
12.50
4 Regulation of Intermediaries
4.1 ‘Blue sky’ and licensing
12.51
12.52
12.53
12.54
4.2 Self-regulation lingers on
12.55
12.56
12.57
12.58
12.59
4.3 Industry associations
12.60
12.61
4.4 Fiduciary duties . . . sometimes
12.62
12.63
12.64
12.65
12.66
12.67
12.68
12.69
12.70
4.5 Cross-border implications: the transatlantic dialogue
12.71
12.72
4.6 MiFID II: the European Union leading the charge
12.73
12.74
12.75
12.76
12.77
5 Future Prospects for the World of Intermediaries
12.78
12.79
12.80
12.81
12.82
12.83
13 Conclusion
1 New Markets, Old Rules
13.01
13.02
13.03
13.04
13.05
13.06
13.07
13.08
2 Topography of the New Regulatory Landscape
13.09
13.10
13.11
13.12
13.13
13.14
13.15
13.16
13.17
13.18
13.19
13.20
Further Material
Index
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Table of Legislation
Edited By: Jeffrey Golden
From:
International Capital Markets: Law and Institutions (2nd Edition)
Cally Jordan
Edited By: Jeffrey Golden (Consultant Editor)
Previous Edition (1 ed.)
Content type:
Book content
Product:
Financial Law [FBL]
Published in print:
13 May 2021
ISBN:
9780198849001
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