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Part IV The European Deposit Insurance System and Policy Perspectives, 14 European Deposit Insurance system (EDIS): Cornerstone of the Banking Union or Dead End? »

Veerle Colaert, Gilian Bens
From: European Banking Union (2nd Edition)
Edited By: Danny Busch, Guido Ferrarini
While the first two pillars of the banking union, a Single Supervisory Mechanism (SSM) and a European Resolution Mechanism (SRM), have been realized rather smoothly, the realization of the third pillar, a European Deposit Insurance System (EDIS), proves a bigger challenge. Already in November 2015 the European Commission issued its EDIS proposal. One year later, the European Parliament rapporteur proposed important amendments in her draft report. Since then, the legislative train has stopped, with the Council making the EDIS discussion dependent on additional risk reduction measures for the banking sector. This chapter examines the goals of creating EDIS, as well as the reasons and possible solutions for the long-lasting deadlock, and critically assesses the main features of the different versions of EDIS currently on the table. It concludes that the competing visions on EDIS equally further banking stability and allow efficient co-operation between the three pillars. From a banking stability perspective, more important than the exact version of EDIS would be other measures to complete the banking union, such as the realization of a common backstop for both the Single Resolution Fund and EDIS.

Part V Fostering Retail and Institutional Investment, 16 Investor Protection in the Capital Markets Union »

Veerle Colaert
From: Capital Markets Union in Europe
Edited By: Danny Busch, Emilios Avgouleas, Guido Ferrarini
Recent years have witnessed a tidal wave of new EU financial regulation in general and investor protection legislation in particular. The Capital Markets Union project has added a number of further initiatives. This chapter attempts to bring some order in the multitude of rules, by sorting them into three main building blocks: information, service quality requirements (conduct of business rules), and product regulation. A general trend among the three building blocks is a more cross-sectoral approach to investor protection, levelling the playing field between banking, investment, insurance, and personal pension products and services. This trend towards a more horizontal approach, although not perfect, is laudable. A challenge for EU financial regulation is to decide how far this trend should go.

Part V The Broader View and the Future of MiFID, 21 MiFID II In Relation to Other Investor Protection Regulation: Picking Up The Crumbs of a Piecemeal Approach »

Veerle Colaert
From: Regulation of the EU Financial Markets: MiFID II and MiFIR
Edited By: Danny Busch, Guido Ferrarini
The study of the interaction between different pieces of EU financial legislation becomes ever more important—and difficult. In this contribution the author clarifies the relationship between the MiFID II and several other closely related directives, such as the Insurance Distribution Directive, the PRIIPs Directive and the UCITS Directive. The analysis reveals numerous inconsistencies and interpretation difficulties. The author argues that while some of the shortcomings are inherent to the EU piecemeal approach, other problems should and could have been avoided, by adopting a holistic approach of financial regulation and supervision.

Preface »

Danny Busch, Veerle Colaert, Guido Ferrarini
From: Liability of Financial Supervisors and Resolution Authorities
Edited By: Danny Busch, Christos Gortsos, Gerard McMeel QC

Preface by the Series Editors »

Danny Busch, Veerle Colaert, Guido Ferrarini
From: Unfair Terms in Banking and Financial Contracts
Edited By: Danny Busch, Matthias Lehmann

Series Editors’ Preface »

Danny Busch, Veerle Colaert, Guido Ferrarini
From: Market Abuse Regulation: Commentary and Annotated Guide (2nd Edition)
Edited By: Marco Ventoruzzo, Sebastian Mock