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: Market Conduct and Corporate Disclosure in a European Code is the second of a two-volume series proposing the codification of EU legislature as a way to establish this goal.
This volume focuses on a reform of market abuse, short selling, corporate disclosure and public takeovers. In doing so, it considers the fact that financial markets law is now characterized by the idea of promoting sustainable investments. In addition, the book proposes to introduce union wide civil liability and to harmonise administrative sanctions. A higher degree of harmonisation will foster greater market integration and remove barriers to cross-border activity.
A holistic codification follows the framework of Better Regulation, namely the principle of proportionality and of a comprehensive and coherent approach. The book proposes relief of regulatory burden for companies listed on regulated markets to incentivize growth companies to go public. Codification allows for a comprehensive approach, thus the consideration of all affected aspects. Furthermore, a codification fits into the objective of following a coherent approach- codification is consistent with the high-level and long-term policy objectives of the Capital Markets Union and the Savings and Investment Union.
Contents
1: Rüdiger Veil: The Systematic Structure of Market Abuse Law and Corporate Disclosure in the European Capital Markets Code
2: Jesper Lau Hansen: Reflections on the Difference Between Company Law and Capital Markets Law
3: Jennifer Payne: Protecting Legitimate Behaviour in the Market Abuse Regime
4: Morten Kinander: Codifying the Prohibition to Disclose Inside Information
5: Matteo Gargantini and Carmine Di Noia: Disclosure of Inside Information
6: Jacek Dybi'nski & Krzysztof Oplustil: The Legal Framework for Managers' Transactions in the European Capital Markets Code
7: Rüdiger Veil & Azur Coulmas: Transaction-based Market Manipulation: Essence, Basic Concepts and the Role of Private Enforcement
8: Vassilios D. Tountopoulos: Information-Based Manipulation by Action and by Omission
9: Carina Gabriella Schwarz: Principles-based Regulation in the United Kingdom - A Legal Transplant for the European Capital Markets Code?
10: Jörn Axel Kämmerer: Foundations of Supervision and ESMA/NCA Powers in an ECMC
11: Dörte Poelzig: Short Selling - Prohibition and Disclosure
12: Jacek Jastrzebski: Disclosure and Financial Stability
13: Claudia Sandei: Governance of Issuers
14: Sara Pietra Rossi & Giovanni Strampelli: Prospectus Disclosure - Core Principles at the Example of Equity Prospectuses
15: Mathias Habersack: Prospectus Liability Under Civil Law
16: Marc Wiesner: Continuous Disclosure in the U.S. and Europe
17: Jacek Jastrzebski: Current Event Reporting: Polish Experiences
18: Chiara Mosca: Integration in the European System of Secondary Market Disclosure
19: Alain Pietrancosta: EU Requirements for Disclosure of Major Holdings: Current State of Play and Possible Codification Improvements
20: Matthias Casper: Disclosure for Financial Instruments - Current Situation and Perspective for the ECMC
21: Andrés Recalde Castells & Martin Winner: Harmonization of Core Issues of Public Takeover Law in the ECMC
