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Contents
- Preliminary Material
- Main Text
- I Introduction
- I.1 EU Securities and Markets Regulation
- I.2 Securities and Markets Regulation and the Financial Crisis
- I.3 Securities and Markets Regulation and the EU: Building an Integrated EU Financial Market
- I.4 The Evolution of EU Securities and Markets Regulation
- I.5 EU Securities and Markets Regulation After the Financial Crisis
- II Capital-Raising
- II.1 Introduction
- II.2 The Capital-raising Process, Regulation, and the EU
- II.3 The Evolution of the Harmonization Programme
- II.4 The Prospectus Directive
- II.4.1 The Evolution of the Prospectus Directive Regime
- II.4.2 The Prospectus Regime, Harmonization, and ESMA
- II.4.3 Setting the Perimeter: Public and Private Markets
- II.4.4 Calibration and Differentiation
- II.4.5 The Prospectus: Structure and Validity
- II.4.6 The Prospectus: Disclosure
- II.4.7 Market Integration: Prospectus Approval and the Passport Mechanism
- II.4.8 Publication and Dissemination
- II.4.9 Advertising
- II.4.10 Supervision and Enforcement
- II.4.11 Third Country Issuers
- II.4.12 Impact
- II.5 Ongoing and Periodic Disclosure: The Transparency Directive and the Market Abuse Regime
- II.5.1 Transparency Directive: Evolution
- II.5.2 Transparency Directive: Harmonization and ESMA
- II.5.3 Transparency Directive: An Integrated Regime?
- II.5.4 Transparency Directive: Scope
- II.5.5 Transparency Directive: Differentiation, Exemptions, and SMEs
- II.5.6 Transparency Directive: the Issuer-disclosure Regime
- II.5.6.1 Periodic Annual Financial Reports
- II.5.6.2 Periodic Half-yearly Financial Reports
- II.5.6.3 Quarterly Reporting and the Interim Management Statement
- II.5.6.4 Ongoing Disclosure on Rights Attached to Securities
- II.5.6.5 Access to Information for Holders of Securities Admitted to Trading on a Regulated Market
- II.5.6.6 Payments to Governments
- II.5.7 Transparency Directive: Ongoing Disclosure on Major Holdings
- II.5.8 Transparency Directive: Market Integration and Home Member State Control
- II.5.9 Transparency Directive: Supervision and Enforcement
- II.5.10 Transparency Directive: Third Country Regime and Equivalence
- II.5.11 Transparency Directive: Impact
- II.5.12 Ad Hoc Disclosure and the Market Abuse Regime
- II.6 Financial Reporting and International Financial Reporting Standards
- II.7 Admission to Trading and to Official Listing
- II.8 Filing and Dissemination of Issuer Disclosures
- II.9 Market Impact of the Issuer-disclosure Regime
- III Asset Management
- III.1 Introduction
- III.2 Discretionary Asset Management: The 2014 MiFID II Regime
- III.3 Collective Asset Management: the UCITS Regime
- III.3.1 Introduction
- III.3.2 Rationale for and Forms of Retail Market CIS Regulation
- III.3.3 The Evolution of the UCITS Regime
- III.3.4 Harmonization and ESMA
- III.3.5 Setting the Perimeter: Scope of the UCITS Regime
- III.3.6 Differentiation and Calibration
- III.3.7 Market Integration: the Passport and UCITS Mergers
- III.3.8 Asset Allocation and Investment Limits
- III.3.8.1 An Evolving Regime
- III.3.8.2 Strand (1): Eligible Assets
- III.3.8.3 Strand (2): Investment Limits—Risk-spreading Rules
- III.3.8.4 Strand (2): Investment Limits–Particular Investment Policies and UCITS Structures
- III.3.8.5 Strand (2): Investment Limits–Disclosure of Investment Policies
- III.3.8.6 Strand (3): Efficient Portfolio Management Techniques, Managing Derivatives Exposure, and Risk Management
- III.3.8.7 Asset Allocation and UCITS VI
- III.3.8.8 The Risks Associated with Asset-allocation Regulation
- III.3.9 The Management Company: Ongoing Regulation
- III.3.10 The Depositary
- III.3.11 UCITS Disclosure
- III.3.12 General Obligations
- III.3.13 Supervision and Enforcement
- III.3.14 The Crisis-era Financial Stability Agenda, Shadow Banking, and UCITS Regulation
- III.3.15 Impact
- III.4 Collective Asset Management: the 2011 AIFMD
- III.4.1 Introduction
- III.4.2 The Rationale for Regulating CIS Management in the Alternative Investment Segment
- III.4.3 The EU and the AIF Sector: the Evolution of the AIFMD
- III.4.4 The UCITS Directive and the AIFMD
- III.4.5 Harmonization and ESMA
- III.4.6 Calibration and Differentiation
- III.4.7 Setting the Perimeter: Scope
- III.4.8 Authorization and the AIFM Passport
- III.4.9 Operational and Organizational Requirements
- III.4.10 The Depositary
- III.4.11 Leverage
- III.4.12 Disclosure and Transparency
- III.4.13 Private Equity Funds
- III.4.14 The Retail Markets
- III.4.15 Supervision and Enforcement
- III.4.16 The Third Country Regime
- III.5 Venture Capital Funds, Social Entrepreneurship Funds, and Long-term Investments
- IV Investment Firms and Investment Services
- IV.1 Intermediaries, Regulation, and the EU
- IV.2 The Evolution of the EU Regime
- IV.3 Harmonization and ESMA
- IV.4 Setting the Perimeter: Scope
- IV.5 Calibration and Differentiation
- IV.6 The Authorization Process
- IV.6.1 Jurisdiction to Authorize and the Home Member State
- IV.6.2 Scope of Authorization and the Regulatory Passport
- IV.6.3 Authorization Conditions: Minimum Initial Capital
- IV.6.4 Authorization Conditions: Governance Requirements
- IV.6.5 Authorization Conditions: Organizational Structure and Shareholders
- IV.6.6 Authorization: Notification of Proposed Acquisitions
- IV.6.7 Authorization: Investor Compensation Schemes
- IV.6.8 Authorization: Organizational Requirements
- IV.6.9 Authorization: Process and Protections
- IV.6.10 ESMA and the Authorization Process
- IV.7 Operating Conditions: 2014 MiFID II Prudential and Conduct Requirements
- IV.8 Operating Conditions: the 2013 CRD IV/CRR Prudential Regime
- IV.8.1 Capital, Investment Firms, and Basel III
- IV.8.2 2013 CRD IV/CRR
- IV.8.3 2013 CRD IV/CRR: Scope
- IV.8.4 2013 CRD IV/CRR: Initial Capital
- IV.8.5 2013 CRD IV/CRR: Risk Management and Systems
- IV.8.6 2013 CRD IV/CRR: Firm Governance and Remuneration
- IV.8.7 2013 CRD IV/CRR: Own Funds, Liquidity, and Leverage
- IV.8.8 2013 CRD IV/CRR: Public Disclosure and Supervisory Reporting
- IV.9 The Passport
- IV.10 Third Countries
- IV.11 Supervision and Enforcement in the Investment Services Market: 2014 MiFID II
- IV.12 Supervision and Enforcement in the Investment Services Market: 2013 CRD IV/CRR
- IV.13 Resolution and Recovery
- V Trading Venues
- V.1 Trading Venues and Regulation
- V.2 The Evolution of the EU’s Trading Venue Regime
- V.3 The MiFID I Review and the 2014 MiFID II/MiFIR Negotiations
- V.4 2014 MiFID II/MiFIR: Harmonization and ESMA
- V.5 2014 MiFID II/MiFIR: Scope
- V.6 2014 MiFID II/MiFIR: Venue Classification
- V.7 Operational Regulation of Multilateral Trading: Regulated Markets
- V.8 Operational Regulation of Multilateral Trading: Multilateral Trading Facilities
- V.9 Operational Regulation of Multilateral Trading: Organized Trading Facilities
- V.10 Operational Regulation of the OTC Sector: Dealing on Own Account
- V.11 Transparency Regulation and the 2014 MiFIR
- V.11.1 Regulated Markets, MTFs, and OTFs: Equity Market Transparency
- V.11.2 Regulated Markets, MTFs, and OTFs: Non-equity Market Transparency
- V.11.3 The Bilateral/OTC Segment: Equity Market Transparency
- V.11.4 The Bilateral/OTC Segment: Non-equity Market Transparency
- V.11.5 Liquid Markets
- V.11.6 Publication Requirements and Data Distribution and Consolidation
- V.11.7 An Ambitious Reform
- V.12 Supervision and Enforcement
- V.13 2014 MiFID II/MiFIR and Post-trading in the EU
- VI Trading
- VI.1 Introduction
- VI.2 2014 MiFID II/MiFIR: The Regulation of Trading
- VI.2.1 2014 MiFID II/MiFIR: Setting the Regulatory Perimeter—Scope and Dealing
- VI.2.2 Regulating the Order-execution Process: the General Framework
- VI.2.3 Algorithmic Trading and High Frequency Trading
- VI.2.4 Market-making
- VI.2.5 Position Management and Trading in Commodity Derivatives
- VI.2.6 General Position Management
- VI.3 The Regulation of Short Selling
- VI.3.1 The EU Regime
- VI.3.2 Regulating Short Sales and the Financial Crisis
- VI.3.3 The Evolution of the EU’s Response
- VI.3.4 Harmonization and ESMA
- VI.3.5 Setting the Perimeter: Scope and Exemptions
- VI.3.6 Calibration and Differentiation
- VI.3.7 Restricting Short Sales: the Uncovered Short Sales Prohibition
- VI.3.8 Transparency of Net Short Positions
- VI.3.9 Intervention in Exceptional Circumstances
- VI.3.10 Supervision and Enforcement
- VI.3.11 Third Countries
- VI.3.12 ESMA and the Short Selling Regime
- VI.3.13 Impact
- VI.4 Trading in the OTC Derivatives Markets
- VI.4.1 The Reform Agenda
- VI.4.2 2012 EMIR
- VI.4.2.1 Introduction: the 2012 EMIR Regime
- VI.4.2.2 The Evolution of the 2012 EMIR and the Crisis Context
- VI.4.2.3 Harmonization and ESMA
- VI.4.2.4 Setting the Perimeter: Scope
- VI.4.2.5 Calibration and non-Financial Counterparties
- VI.4.2.6 The Clearing Obligation
- VI.4.2.7 The Risk Mitigation Obligation for non-CCP-cleared Derivatives
- VI.4.2.8 The Reporting Obligation
- VI.4.2.9 The CCP Regime: Authorization and the CCP College
- VI.4.2.10 CCP Regulation
- VI.4.2.11 CCP Supervision and Cross-border Co-ordination
- VI.4.2.12 The Trade Repository Regime
- VI.4.2.13 Third Countries
- VI.4.2.14 ESMA and the 2012 EMIR
- VI.4.3 Derivatives Trading on Organized Venues: 2014 MiFIR
- VI.5 The Financial Transaction Tax
- VII Gatekeepers
- VII.1 Gatekeeper Regulation and the EU
- VII.2 Rating Agencies
- VII.2.1 Regulating Rating Agencies and the Financial Crisis
- VII.2.2 The Evolution of the EU Regime
- VII.2.3 Harmonization and ESMA
- VII.2.4 Setting the Regulatory Perimeter
- VII.2.5 Differentiation and Calibration
- VII.2.6 The Registration Process
- VII.2.7 Regulating Rating Agencies
- VII.2.8 Addressing Market Structure and Reliance on Ratings
- VII.2.9 Ratings and the Sovereign Debt Market
- VII.2.10 Supervision and Enforcement: ESMA
- VII.2.11 Third Countries
- VII.2.12 ESMA and the CRA Regime
- VII.3 Investment Analyst Regulation
- VII.3.1 The Rationale for Intervention
- VII.3.2 The Evolution of the EU Regime
- VII.3.3 Investment Analysts and Conflicts of Interest: The MiFID I/II and 2006 Commission MiFID I Directive Regime
- VII.3.4 The 2003 MAD/2014 MAR and Investment Recommendations
- VIII Market Abuse
- VIII.1 Introduction
- VIII.2 The Rationale for Prohibiting Insider Dealing and Market Manipulation and the EU
- VIII.3 The Evolution of the Regime
- VIII.4 Harmonization and ESMA
- VIII.5 Setting the Perimeter: Scope
- VIII.6 The Prohibition on Insider Dealing
- VIII.6.1 Inside Information
- VIII.6.1.1 The Core Definition: Inside Information and Financial Instruments
- VIII.6.1.2 Inside Information and Commodities
- VIII.6.1.3 Inside Information and Execution Information
- VIII.6.1.4 Inside Information: Of a Precise Nature, Relating to One or Several Issuers of Financial Instruments
- VIII.6.1.5 Inside Information: Information which Has Not Been Made Public
- VIII.6.1.6 Inside Information: Likely to have a Significant Effect on Prices
- VIII.6.2 Persons Subject to the Prohibition
- VIII.6.3 The Prohibition: Dealing, Recommending, and Disclosing
- VIII.6.1 Inside Information
- VIII.7 Disclosure Obligations
- VIII.8 Prohibition on Market Manipulation
- VIII.9 Supervision and Enforcement
- IX The Retail Markets
- IX.1 Investor Protection, Regulation, and the EU
- IX.2 The Evolution of EU Retail Market Law and Policy
- IX.3 Harmonization
- IX.4 Calibration and Segmentation: Classifying the Retail Investor
- IX.5 Distribution and Investment Advice
- IX.5.1 The EU Distribution Market and Distribution Risks
- IX.5.2 Distribution and the 2014 MiFID II
- IX.5.2.1 From the 1993 ISD to the 2014 MiFID II
- IX.5.2.2 2014 MiFID II: Scope
- IX.5.2.3 2014 MiFID II: Fair Treatment—Article 24(1)
- IX.5.2.4 2014 MiFID II: Marketing—Article 24(3)
- IX.5.2.5 2014 MiFID II: Quality of Advice—Articles 24 and 25
- IX.5.2.6 2014 MiFID II: Execution-Only Distribution and Trading—Article 25
- IX.5.2.7 2014 MiFID II: Disclosure and Record-keeping—Article 24(3) and (4) and 25(5) and (6)
- IX.5.3 Distribution and the 2002 IMD
- IX.5.4 Distribution and Horizontal Consumer Protection
- IX.6 Disclosure and the Retail Markets
- IX.7 Product Oversight and Product Intervention
- IX.8 The Investor Compensation Schemes Directive
- IX.9 Supporting the Rulebook: Education and Engagement
- IX.10 The Retail Markets and ESMA
- X Law-making
- X.1 Introduction
- X.2 The Evolution of the Law-making Process and Institutional Change
- X.3 The Legislative Process
- X.4 Administrative Rule-making
- X.5 ESMA and Administrative Rule-making
- X.5.1 Introduction
- X.5.2 ESMA Structure and Governance
- X.5.3 Objectives and Scope
- X.5.4 ESMA and Technical Advice
- X.5.5 Binding Technical Standards
- X.5.6 Guidelines and Recommendations
- X.5.7 Supervisory Convergence Measures: Article 29 and Beyond
- X.5.8 Shaping the Rulebook: Reviews
- X.5.9 The International Context and ESMA
- X.5.10 The ESFS Review, ESMA, and Rule-making
- XI Supervision and Enforcement
- XI.1 The European System of Financial Supervision
- XI.2 Achieving Outcomes: From Rules on the Books to Rules in Action
- XI.3 The Evolution of the EU’s Supervisory Model for Financial Markets
- XI.4 The ESFS: NCAs
- XI.5 The ESFS: ESMA
- XI.5.1 ESMA and Supervision: A New Model
- XI.5.2 ESMA Structure and Operation
- XI.5.3 Directing NCAs
- XI.5.4 Directing and Supervising Market Participants
- XI.5.5 Supervisory Co-ordination: Colleges of Supervisors, Cross-border Co-operation, and Cross-sector Co-operation
- XI.5.6 Supervisory Convergence and Co-ordination and an EU Supervisory ‘Approach’: the ‘Supervisory Handbook’
- XI.5.7 Supervision and the International Market
- XI.5.8 ESMA’s Operating Environment and Effectiveness
- XI.5.9 ESMA and the Removal of NCA Discretion
- XI.5.10 The ESFS Review and ESMA
- XI.6 The ESFS: the ESRB
- XI.7 Banking Union and Financial Market Supervision
- I Introduction
- Further Material
