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Contents
- Preliminary Material
- Main Text
- Part I General Aspects
- 1 Capital Markets Union after Brexit
- 2 CMU and the Deepening of Financial Integration
- 3 A Stronger Role for the European Supervisory Authorities in the EU27
- I Introduction
- II Pan-European Governance of the ESAs
- III Direct ESA Supervision
- IV Direct ESMA Supervision of CCPs
- 1 Background
- 2 Supervision of EU CCPs—current shortcomings
- 3 Supervision of third-country CCPs—current shortcomings
- 4 The creation of ESMA’s CCP Executive Session
- 5 A stronger role for ESMA with regard to EU CCPs
- 6 A stronger role for ESMA with regard to third-country CCPs
- V Concluding Remarks
- 4 A Single Listing Authority and Securities Regulator for the CMU and the Future of ESMA: Costs, Benefits, and Legal Impediments
- Part II Brexit
- 5 Some Aspects of the Impact of Brexit in the Field of Financial Services
- 6 Capital Markets Union, Third Countries, and Equivalence: Law, Markets, and Brexit
- 7 OTC Derivatives Clearing, Brexit, and the CMU
- Part III Financing Innovation, Start-Ups, Non-Listed Companies, and Infrastructure Projects
- 8 The Role of Financial Innovation in EU Market Integration and the Capital Markets Union: A Reconceptualization of Policy Objectives
- I Introduction
- II Financial Innovation: A Principled Cost-Benefit Analysis
- III Market Integration and Financial Law Harmonization
- IV FinTech and the CMU
- V Conclusion
- 9 Capital Markets Union: Why ‘Venture Capital’ is not the Answer to Europe’s Innovation Challenge
- 10 FinTech and Alternative Finance in the CMU: The Regulation of Marketplace Investing
- I Introduction
- II Economics and Technology of Alternative Finance
- III Loan-based and Investment-based Crowdfunding: Characteristics and Comparison
- IV Regulation of Crowdfunding Platforms: EU and Member States
- V Policy Proposals and Conclusions
- VI Conclusions
- 8 The Role of Financial Innovation in EU Market Integration and the Capital Markets Union: A Reconceptualization of Policy Objectives
- Part IV Raising Capital on the Capital Markets
- 11 Modernizing the Prospectus Directive
- I Introduction
- II Background and Purposes of the Reformed Prospectus Rules
- III Most Important Modifications
- 1 Modifications of the exemptions to the duty to publish a prospectus
- 2 Special regime for small and medium-sized companies
- 3 Simplified disclosure regime for secondary issuances
- 4 Special regime for frequent issuers
- 5 Increasing the relevance of the prospectus for investors
- 6 Publication process and access point for EU prospectuses
- IV General Comments on the Prospectus Regulation: The Problem of the Information Paradigm
- V Final Remarks
- 12 Small and Medium Enterprises Growth Markets
- 13 Initial Public Offerings in the CMU: A US Perspective
- I Introduction
- II The Information-Asymmetry Problem
- III Market-Based Solutions to Adverse-Selection Problems
- IV Affirmative-Disclosure Regimes
- V Mandated Liability Terms
- 13.66
- 1 The rationale for imposing liability on operating corporate issuers
- 2 The choice of liability regime for the issuer
- 3 The rationale for underwriter liability
- 4 The choice of liability regime for underwriters
- 13.84
- A Scienter-based liability versus strict liability with or without a due-diligence defence
- B Strict liability with or without a due-diligence defence
- VI Application to the CMU
- VII Conclusion
- 14 Private Placements in the Capital Markets Union: A Priority Moving in Reverse?
- 15 Damages Actions by Investors on the Back of Market Disclosure Requirements
- 11 Modernizing the Prospectus Directive
- Part V Fostering Retail and Institutional Investment
- 16 Investor Protection in the Capital Markets Union
- I Introduction
- II Product Information
- III Service Quality Requirements (Conduct of Business Rules)
- IV Product Regulation
- V Conclusion
- 17 A Policy Framework for European Personal Pensions?
- I Introduction
- II Background: The Dutch Pensions System
- III Towards Personal Pension in the Netherlands: The PPR
- 1 Context: Dutch pension contract and system reform
- 2 Main features of the PPR: A DC scheme
- 3 The balance of the PPR
- 4 Numerical example of the build-up/accumulation phase
- 5 Explanation numerical example PPR build-up/accumulation phase
- 6 Numerical example of the distribution/decumulation phase
- 7 Explanation numerical example PPR distribution/decumulation phase
- 8 The PPR as a panacea?
- IV Obstacles to Realizing the PPR
- 1 Introduction
- 2 Variable pension benefits
- 3 Ring-fencing
- 4 The PPR and existing pension agreement types
- 5 Age differentiation in personal pension
- 6 The compulsory nature of the PPR in sector pension funds
- 7 PPR and accrued pension
- V A Model for a (European) PPP
- VI Conclusion
- 18 Institutional Investors and Development of Europe’s Capital Markets
- 19 Cross-border Distribution of Collective Investment Products in the EU
- I Introduction
- II The Regulatory Menu for Collective Investment Products: Taxonomy and Structural Implications
- III The Disclosure Regime
- IV Conduct of Business Rules
- V Supervision on Product Regulation
- VI Is the EU Passport Working?
- VII Rules and Practices on Marketing and Distribution of Funds: Host Member States
- VIII Rules and Practices on Marketing and Distribution of Funds: Home Member States
- IX How to Address the Barriers
- X Conclusion
- 16 Investor Protection in the Capital Markets Union
- Part VI Leveraging Banking Capacity to Support the Wider Economy
- 20 Relief from Prudential Requirements to Support the Capital Markets Union
- I Introduction
- II The Impact of Capital Requirements of Banks on their Lending Portfolio: Comments from a Level Playing Field Perspective
- III Capital Relief when Financing Small and Medium-sized Businesses
- IV Equity Investments by Banks and Insurers: An Alternative for Traditional Lending?
- V Relief for Banks Purchasing STS Securitization Positions
- VI Capital Relief Insurers when Investing in Infrastructure
- VII Conclusions
- 21 Securitization in the Capital Markets Union: One Step Forward, Two Steps Back
- I Introduction
- II How the Securitization Reform Fits in the Capital Markets Union
- III The Context: The European Securitization Market Pre and Post Crisis
- IV The Legislative Proposal and Process
- V The Securitization Regulation
- 21.17
- 1 The STS requirements
- 2 STS notification requirements
- 3 Liability risk for having it wrong
- 4 Provisions applicable to all securitizations
- 5 Administrative sanctions and remedial measures
- VI The Regulation Amending the CRR
- VII Conclusion
- 22 A Global Perspective on Securitized Debt
- I Introduction
- II US Regulatory Responses
- III European Regulatory Responses
- IV Critiquing the US and European Regulatory Responses
- V Rethinking the Regulatory Framework
- VI Conclusions
- 20 Relief from Prudential Requirements to Support the Capital Markets Union
- Part VII Facilitating Cross-Border Investing
- 23 Shareholder Activism in the CMU
- 24 Efforts to Strengthen the Clearing and Settlement Framework of the Capital Markets Union
- I Introduction
- II General Overview
- III The Transaction Chain
- IV EMIR
- V CCP Recovery and Resolution
- VI CSD Regulation
- VII Target2Securities
- VIII Segregation under EMIR and the CSDR
- IX Open Access and Competition between Market Infrastructures
- X Conclusion
- 25 Preventive Restructuring Frameworks
- 26 Removing Cross-border Tax Barriers
- Part I General Aspects
- Further Material
