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IV Investment Firms and Investment Services

From: EU Securities and Financial Markets Regulation (3rd Edition)

Niamh Moloney

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 01 February 2023

UK Financial Services Authority (FSA) — European Securities and Markets Authority (ESMA) — Collective investment scheme — Prudential regulation
The intermediation function of financial markets—in particular, the intermediation function (or investment services) provided by investment intermediaries—has long been recognized as an important means for addressing the ‘frictions’ which information and transaction costs generate for efficient capital allocation.1 Similarly, the financial innovation associated with intermediation has been characterized as a catalyst for welfare-enhancing growth in the financial system.2 Intermediation plays a critical role in the financial markets by providing market-access...
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