Full Description
The current framework of EU regulation concerning capital markets is complex and partly inconsistent in the way that it is applied in the various Member States. Through the Capital Markets Union (CMU) project the European Union is pursuing the goal of establishing a true single market for capital in Europe. Regulating EU Capital Markets Union: Fundamentals of a European Code is the first of a two-volume series proposing the codification of EU legislature as a way to establish this goal.
This book analyses all existing capital markets regulation. It explains the idea of codification, looks at the added value of a European Capital Markets Code, discusses key concepts of the current regimes and elaborates on the goals of the future codification act. The work explores the idea that the provisions spread over numerous rulebooks should be brought together in a single legal act in the form of a regulation and organized in a systematic way to reduce complexity thereby facilitating accessibility of capital markets law.
Drawing on the experience of academics from various European countries, this volume discusses possible contents of a European Capital Markets Code, addresses approaches to regulatory reforms and explores the role of private enforcement.
Contents
Part 1: Idea of Codification, Legislative Competencies and Legislative Style
1: Rüdiger Veil: The Idea of Codification of European Capital Markets Law
2: Azur Coulmas: The Draft US Federal Securities Code - Lessons for Codifying EU Capital Markets Law
3: Jörn Axel Kämmerer: European Capital Markets Code: The Treaty Framework
4: Vassilios Tountopoulos: The Legislative Style of Codification: the example of compliance within investments firms
5: Hans Christoph Grigoleit: Sanctions and Degree of Harmonization
Part 2: General Part of a European Securities Code: Regulatory Objectives and Strategies
Section 1: Regulatory Objectives and Strategies
6: Rüdiger Veil: Efficient and Properly Functioning Capital Markets - Regulatory Objectives in a European Capital Markets Code
7: Mathias Habersack: Regulatory Objectives and Strategies: Investor Protection
8: Jesper Lau Hansen: Market Transactions and the Case of Insider Dealing - Drawing the Line between Legal and Illegal Behaviour
9: Jacek Jastrzrebski: Regulatory Objectives: Financial Stability
10: Birgit Spießhofer: Sustainability and ESG Aspects
11: Jennifer Payne: Managing the Conflicts Between Regulatory Goals
12: Marco Ventoruzzo: Regulatory Goals in Capital Markets Law - Reflections on the Value of Provisions on Goals in a Codification Act
13: Iris H-Y Chiu: Proportionality in a European Capital Markets Code
Section 2: Basic Concepts
14: Jacek Dybi'nski and Krzysztof Oplustil: Defining 'Securities' in the European Capital Markets Code
15: Matthias Casper and Patrick Leopold: DLT-based instruments in the context of securities definitions
Part 3: Content of Special Parts
16: Rüdiger Veil: Prospectuses: Primary Markets Law in a European Capital Markets Code
17: Morten Kinander: Market Abuse - Codifying the Core Elements of the Market Abuse Regime in the MAR and the CRIM-MAD
18: Giovanni Strampelli: The Limits of Including Financial Disclosure Rules in a European Capital Markets Code
19: Veerle Colaert: Investment Services
20: Andrés Recalde Castells and Martin Winner: Public Takeovers
Part 4: Conclusion
21: Rüdiger Veil: Conclusion
