Investor Protection In Europe

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Regulating Investor Protection under EU Law

Antonio Marcacci
Regulating Investor Protection under EU Law Book PDF

Author : Antonio Marcacci
Publisher : Springer
Page : 394 pages
File Size : 44,5 Mb
Release : 2018-06-27
Category : Business & Economics
ISBN : 9783319902975

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Regulating Investor Protection under EU Law by Antonio Marcacci Pdf

This book analyzes the legal system for the protection of retail investors under the European Union law of investment services. It identifies the regulatory leitmotiv driving the EU lawmaker and ascertains whether and to what extent such a system is self-sufficient, using a set of EU-made and EU-enforced rules that is essentially different and autonomous from the domestic legal orders. In this regard, the book takes a double perspective: comparative and intra-firm. Given the federal dimension of the US legal system and, thus, the “role-model” it plays vis-à-vis the EU, the book compares the two systems. To fully highlight the existing gaps and measure how self-sufficient the EU system is against its American counterpart, the Union/Federal level as such is analyzed – i.e., detached from the national (in EU terms) and State (in US terms) level. Regulating Investor Protection under EU Law also showcases the unique intra-firm perspective from a European investment firm and analyzes how EU-produced public-law rules become a set of compliance requirements for investment services providers. This “within-the-firm” angle gauges the self-sufficiency of the EU system of retail investor protection from the standpoint of an EU-regulated entity. The book is intended for both compliance professionals and academic scholars interested in this topic while also including illustrative sections intended to provide a broader regulatory view for less-experienced readers.

Investor Protection in Europe

Guido Ferrarini,E. Wymeersch
Investor Protection in Europe Book PDF

Author : Guido Ferrarini,E. Wymeersch
Publisher : Oxford University Press on Demand
Page : 509 pages
File Size : 52,7 Mb
Release : 2006
Category : Law
ISBN : 0199202915

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Investor Protection in Europe by Guido Ferrarini,E. Wymeersch Pdf

This collection examines investor protection in Europe, offering a broad and coherent examination of the effects of regulatory competition versus harmonisation. It covers both capital market and company law perspectives and explores clearing, settlement, prospectuses and transparency regulation.

EU Investor Protection Regulation and Liability for Investment Losses

Marnix Wallinga
EU Investor Protection Regulation and Liability for Investment Losses Book PDF

Author : Marnix Wallinga
Publisher : Springer Nature
Page : 440 pages
File Size : 51,9 Mb
Release : 2020-10-30
Category : Law
ISBN : 9783030540012

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EU Investor Protection Regulation and Liability for Investment Losses by Marnix Wallinga Pdf

This book examines the relationship between the EU investor protection regulations enshrined in MiFID and MiFID II and national contract and torts law. It describes how the effect of the conduct of business rules as implemented in national financial supervision legislation in private law extends to the issue of enforcement, and critically assesses this interaction from the perspective of EU law. In particular, the conclusions identified in the book will deepen readers’ understanding of the interplay between the conduct of business rules and private law norms governing a firm’s liability to pay damages, such as duty of care, attributability of damage, causation, contributory negligence and limitation. In turn, the book identifies the subordination and the complementarity model to conceptualise the interaction between the conduct of business rules and private law norms. Moreover, the book challenges the view that civil courts are – or should be – forced to give private law effects to violation of the MiFID and MiFID II conduct of business rules in line with the subordination model. Instead, the complementarity model is advanced as the preferred approach to this interaction in view of what MiFID and MiFID II require from Member States in terms of their implementation, as well as the desirability of each model. This model presupposes that courts should consider the conduct of business rules when adjudicating individual disputes, while preserving the autonomy of private law norms governing liability of investment firms towards clients. Based on analysis of case law of courts in Germany, the Netherlands and England & Wales, as well as scholarly literature, the book also compares the available causes of action, the conditions of liability and the obstacles investors face when claiming damages, as well as how and the extent to which investors can benefit from the conduct of business rules in clearing these obstacles. In so doing, under the approach adopted by national courts to the interplay between the conduct of business rules of EU origin and private law, the book shows how investors can benefit from the influence of these rules on private law norms. In closing, it demonstrates a hybridisation of private law remedies resulting from the accommodation of the conduct of business rules into the private law discourse according to the complementarity model, illustrating how judicial enforcement through private law means may contribute to investor protection.

Investor Protection

Hanneke Wegman
Investor Protection Book PDF

Author : Hanneke Wegman
Publisher : Kluwer Law International B.V.
Page : 362 pages
File Size : 55,7 Mb
Release : 2015-11-24
Category : Law
ISBN : 9789041186119

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Investor Protection by Hanneke Wegman Pdf

The expansion of the fund industry has been one of the most notable trends in the financial markets of recent years. Not only has the demand for funds among EU investors grown, but both the number and types of investment funds also continue to increase. Since investment funds available in the EU can be established both inside and outside the EU, they may be subject to different investor protection regulations, depending on where the fund is located. Accordingly, different levels of investor protection may exist between investors investing in EU funds and investors investing in non-EU funds, including US funds. This book investigates whether there is a level playing field between EU investors investing in EU funds and EU investors investing in US funds and if not, if there is a legal basis in current EU law for the EU regulator to adopt additional investor protection rules applying to investment funds. The analysis considers the basic characteristics of investment funds, how they function in practice, and how they are regulated relating to investor protection issues. Factors examined in depth include the following: – features of funds most relevant to the protection of retail investors; – operational structure, investment strategies, fee structure, and legal structure of funds; – internal control systems; – transparency and disclosure rules; – conduct of business rules; and – depositary monitoring rules. The author examines relevant EU directives and rules and the particular remit of each, as well as US law applying to investment funds that are active in the EU. Case law and relevant literature in the field is also drawn on. As an assessment of the current degree of protection applying to funds that are available to EU retail investors – as well as an up-to-date overview of regulatory requirements and procedures concerning the protection of EU investors in investment funds – this book is unsurpassed. Especially valuable is the closing discussion about whether the EU regulatory system provides for a level playing field of protection for EU retail investors, and if not which additional rules can be adopted by the EU regulator in this area. Lawyers and other professionals in all areas of law and policy concerned with investment and finance will find this book of great value.

Investor Protection in Europe

Guido Ferrarini,E. Wymeersch
Investor Protection in Europe Book PDF

Author : Guido Ferrarini,E. Wymeersch
Publisher : Unknown
Page : 509 pages
File Size : 47,5 Mb
Release : 2006
Category : Financial instruments
ISBN : OCLC:804695625

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Investor Protection in Europe by Guido Ferrarini,E. Wymeersch Pdf

This collection examines investor protection in Europe, offering a broad and coherant examination of the effects of regulatory competition versus harmonisation. It covers both capital market and company law perspectives and explores clearing, settlement, prospectuses and transparency regulation.

Regulation of Issuers and Investor Protection in the US and EU

Pieter Alexander van der Schee
Regulation of Issuers and Investor Protection in the US and EU Book PDF

Author : Pieter Alexander van der Schee
Publisher : Eleven International Publishing
Page : 0 pages
File Size : 48,6 Mb
Release : 2011
Category : Securities
ISBN : 9089744568

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Regulation of Issuers and Investor Protection in the US and EU by Pieter Alexander van der Schee Pdf

Since the 17th century, when corporations started to finance their businesses by issuing securities to investors in the open market, the appearance of misleading prospectuses and/or intermediate information to the market has led regulators to promulgate preventive and repressive rules to mitigate such abuses. This occurred both during the South Sea Bubble (1719) and the Great Crash (1929). More recently, the series of corporate scandals (2002-2003) similarly resulted in pressure on regulators and gatekeepers to introduce enhanced investor protection and market regulation, coinciding with the already ongoing worldwide debate on corporate governance. This study focuses on a comparative analysis of the remarkably different regulatory responses that were established on both sides of the Atlantic Ocean. The book reveals the divergent regulatory policies that were followed to answer the question of whether investors should primarily be protected 'as shareholders' by corporate law or by securities law and market regulation. It offers a useful, analytical, comparative tool for evaluating current corporate and securities law, as well as for assessing the need for, and design of, new regulatory responses. The book will contribute to a better understanding of the key regulatory issues facing lawmakers today. History does not stop and a variety of new questions will ultimately emerge. It underscores that finding clear and efficient regulatory responses to new developments should start with a proper analysis of the aims and means of securities and corporate law.

Asset Management and Investor Protection

Julian Franks,Colin Mayer,Luis Correia da Silva
Asset Management and Investor Protection Book PDF

Author : Julian Franks,Colin Mayer,Luis Correia da Silva
Publisher : OUP Oxford
Page : 310 pages
File Size : 43,5 Mb
Release : 2003-01-16
Category : Business & Economics
ISBN : 9780191555206

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Asset Management and Investor Protection by Julian Franks,Colin Mayer,Luis Correia da Silva Pdf

Asset management is a major industry playing an increasingly important role in economic activity around the world. Asset managers provide services to individuals, governments, public agencies, banks, pension funds, insurance companies, and charities, to name a few. Traditionally, asset management has been primarily associated with the 'stock market' economies of the UK and the USA, but, as this book shows, some of the most spectacular growth in activity of recent years has occurred in Continental Europe. This has presented opportunities and challenges. New forms of financial instruments and institutions have emerged in countries that have traditionally relied on debt and non-market forms of intermediation. Competition has intensified, and entry has occurred both within and across national markets. However, this growth has been accompanied by potential problems: while investors enjoy a wider range of products and services, they face more complex instruments and transactions. Therefore, the potential for failures, such as misdealing and fraud, may have increased. The natural response is to strengthen regulation, but there is a fine balance to be struck between inadequate and excessive regulation of asset managers. This is particularly complicated in the context of European capital markets. European countries have traditionally had very different financial systems and asset management businesses, therefore it is no surprise to discover many different approaches to regulating asset managers. How should the European Commission respond to this diversity? Should it seek to create greater uniformity via common regulatory rules? The particular focus of this book is financial resource requirements. There is currently an active debate about the role capital requirements should play in asset management, particularly in the European context. In order to address this issue, the authors argue that it is necessary to understand the nature of the asset management business in different countries and the risks that it faces. They therefore discuss how the asset management business operates; how it is organized; the nature and size of risks in the business, who bears them, and how they are financed; and what the alternative forms of investor protection are, together with their associated costs and benefits.

Retail Depositor and Retail Investor Protection under EU Law

Constantinos Tokatlides
Retail Depositor and Retail Investor Protection under EU Law Book PDF

Author : Constantinos Tokatlides
Publisher : Taylor & Francis
Page : 222 pages
File Size : 43,7 Mb
Release : 2017-02-10
Category : Business & Economics
ISBN : 9781317224204

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Retail Depositor and Retail Investor Protection under EU Law by Constantinos Tokatlides Pdf

Retail Depositor and Retail Investor Protection under EU Law offers an original perspective on EU financial law in the area of retail investor protection, examining the status of protection awarded by EU law to retail depositors and retail investors in the event of financial institution failure. The analysis of relevant EU law is on the basis of effectiveness and has been elaborated in two levels of comparison. The first comparative approach examines relevant EU law both externally and internally: externally, vis-à-vis relevant international initiatives and developments in the area of financial law, as the latter affect the features and evolution of EU law, and internally by examining relevant instruments of EU law with regard to each other as to their normative structure and content. The second comparative approach also examines the status of retail depositors in relation to that of retail investors under EU law, in the event of financial institution failure, and the relevant legal consequences thereof.

International Investment Protection Within Europe

Julien Berger
International Investment Protection Within Europe Book PDF

Author : Julien Berger
Publisher : Routledge Research in International Economic Law
Page : 266 pages
File Size : 48,5 Mb
Release : 2020-11-25
Category : European Union countries
ISBN : 0367610639

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International Investment Protection Within Europe by Julien Berger Pdf

The steadily rising number of investor-State arbitration proceedings within the EU has triggered an extensive backlash and an increased questioning of the international investment law regime by different Member States as well as the EU Commission. This has resulted in the EU's assertion of control over the intra-EU investment regime by promoting the termination of bilateral intra-EU investment treaties (intra-EU BITs) and by opposing the jurisdiction of arbitral tribunals in intra-EU investor-State arbitration proceedings. Against the backdrop of the landmark Achmea decision of the European Court of Justice, the book offers an in depth analysis of the interplay of international investment law and the law of the European Union with regard to intra-EU investments, i.e. investments undertaken by an investor from one EU Member State within the territory of another EU Member State. It specifically analyses the conflict between the two investment protection regimes applicable within the EU with a particular emphasis on the compatibility of the international legal instruments with the law of the European Union. The book thereby addresses the more general question of the relationship between EU law and international law and offers a conceptual framework of intra-European investment protection based on the analysis of all intra-EU BITs, the Energy Charter Treaty and EU law, as well as the arbitral practice in over 180 intra-EU investor-State arbitration proceedings. Finally, the book develops possible solutions to reconcile the international legal standards of protection with the regionalized transnational law of the European Union.

Stricto Sensu Investor Protection under MiFID II

Christos Gortsos
Stricto Sensu Investor Protection under MiFID II Book PDF

Author : Christos Gortsos
Publisher : Cambridge Scholars Publishing
Page : 248 pages
File Size : 46,8 Mb
Release : 2018-07-27
Category : Law
ISBN : 9781527515680

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Stricto Sensu Investor Protection under MiFID II by Christos Gortsos Pdf

This study analyses Articles 24-30 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 “on markets in financial instruments” (MiFID II), which govern, as of January 2018, the most important aspects of investor protection of clients to whom credit institutions and investment firms provide investment services. These Articles contain code-of-conduct and product governance rules, which constitute cornerstones of contemporary EU capital markets law as shaped to address the weaknesses revealed in capital markets’ micro-prudential regulation and supervision after the recent international financial crisis of 2007-2009. The book concisely identifies the elements of continuity and change in relation to the repealed Directive 2004/39/EC (MiFID I), while also presenting the detailed delegated acts of the European Commission and Guidelines of the European Securities and Markets Authority (ESMA), which were adopted on the basis of Articles 24-30 MiFID II.

Regulating Hedge Funds in the EU

Alexandros Seretakis
Regulating Hedge Funds in the EU Book PDF

Author : Alexandros Seretakis
Publisher : Kluwer Law International B.V.
Page : 298 pages
File Size : 43,9 Mb
Release : 2022-01-13
Category : Law
ISBN : 9789403535135

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Regulating Hedge Funds in the EU by Alexandros Seretakis Pdf

Hedge funds remain the most controversial vehicles of the alternative investment funds universe. Their opaque nature, alleged role in major crises around the world and perceived lack of investor protection have repeatedly led to calls for greater regulation. Yet despite its tremendous growth, the hedge fund industry is still shrouded in a veil of mystery largely due to the highly complex and dynamic trading strategies employed by hedge funds and the scarcity of information about them. For the first time in one comprehensive volume, this concise but thorough guide explains how hedge funds work, analyses risk, compares the European Union (EU) and United States (US) systems and proposes reforms to the European framework in order to improve its resilience. Focusing on the contribution of the hedge fund industry to systemic risk, the author elucidates the complex world of hedge funds and the legal issues linked to it. The analysis proceeds as follows: introduction to the world of hedge funds – definition, main characteristics, organizational structure, investment strategies, and benefits; deeply informed exploration of the dangers posed by hedge funds; documentation and examination of the major incidents connecting hedge funds and financial crises; rationales for regulation of hedge funds; comparison of relevant legislative developments in the US and EU; and proposals for strengthening the current EU supervisory and regulatory framework. Guiding legislation, such as the EU Alternative Investment Fund Managers Directive and the US Dodd-Frank Act, is analysed, along with topical issues such as hedge fund activism. Because the direction that hedge fund regulation takes in the future has implications for the Eurozone and systemic risk in the wider financial system, this book will be of immeasurable value to professionals in both the legal and business communities. It will be welcomed by corporate lawyers, regulatory authorities, policymakers and academics in both business-related and finance-related disciplines.

Protection of Foreign Investments in an Intra-EU Context

Moskvan, Dominik
Protection of Foreign Investments in an Intra EU Context Book PDF

Author : Moskvan, Dominik
Publisher : Edward Elgar Publishing
Page : 288 pages
File Size : 41,5 Mb
Release : 2022-02-04
Category : Law
ISBN : 9781800880382

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Protection of Foreign Investments in an Intra-EU Context by Moskvan, Dominik Pdf

The Achmea judgment revolutionised intra-EU investment protection by declaring intra-EU bilateral investment treaties (intra-EU BITs) incompatible with EU law. This incisive book investigates whether intra-EU foreign investments benefit from this alteration, which discontinued the parallel applicability of intra-EU BITs and EU law in the EU internal market. In addition to comparative legal analysis from an investor perspective, Dominik Moskvan puts forward a proposal for a creation of a permanent intra-EU foreign investment court to ensure a balanced economic development of the EU internal market.

How to Protect Investors

Niamh Moloney
How to Protect Investors Book PDF

Author : Niamh Moloney
Publisher : Cambridge University Press
Page : 501 pages
File Size : 45,7 Mb
Release : 2010-01-21
Category : Business & Economics
ISBN : 9780521888707

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How to Protect Investors by Niamh Moloney Pdf

A critical, comparative and contextual examination of how to protect retail or household investors which considers the financial crisis's implications.

Hedge Fund Regulation in the European Union

Phoebus Athanassiou
Hedge Fund Regulation in the European Union Book PDF

Author : Phoebus Athanassiou
Publisher : Kluwer Law International B.V.
Page : 384 pages
File Size : 40,6 Mb
Release : 2009-04-14
Category : Law
ISBN : 9789041144652

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Hedge Fund Regulation in the European Union by Phoebus Athanassiou Pdf

While hedge funds have been part and parcel of the global asset management landscape for well over fifty years, it is only relatively recently that they came to prominence as one of the fastest growing and most vigorous sub-sectors of the financial services industry. Despite their growing significance for global and European financial markets, hedge funds continue enjoying a sui generis regulatory status. The ongoing credit crisis and its lessons for the wisdom of unregulated or loosely regulated pockets of financial activity raise, with renewed urgency, the issue of deciding how long for the relative regulatory immunity of hedge funds is to be tolerated in the name of financial innovation. This well-thought-out book, the first of its kind in this particular field, examines the case for the European onshore hedge fund industry’s regulation, making concrete proposals for its normative future. Following a detailed account of the ‘established’ regulatory systems in Ireland and Luxembourg, as well as of the ‘emerging’ hedge fund jurisdictions in Italy, France, Spain and Germany, and of the regulatory treatment of hedge funds in the UK, this book examines to what extent the continuing exclusion of hedge funds from harmonized European regulation is defensible, whether their differences to traditional asset management products justify their distinct regulatory treatment and, ultimately, if their EU-wide regulation is possible and, if so, what form this should take. This book offers enormously valuable insights into all facets of the subject of the regulation of hedge funds, including: the legitimacy of the public policy interest in their activities; the conceptual underpinnings and systemic stability emphasis of a realistic hedge fund regulatory scheme; the main parameters of a workable onshore hedge fund regulatory framework; the role of investor protection and market integrity as part of a holistic hedge fund regulatory scheme; the possible use of the UCITS framework as a foundation for the EU-wide regulation of hedge funds; the MiFID’s impact on the regulatory future of the European hedge fund industry; existing cross-jurisdictional differences and similarities in the normative treatment of hedge funds within the EU; hitherto initiatives and recommendations of the Community institutions and bodies; and the need for more efficient co-operation and information-sharing arrangements amongst national supervisors for the monitoring of the cross-border risks inherent in the activities of hedge funds. As the first ever comprehensive account of the profile, main features and normative future of the contemporary global and European hedge fund markets – including a systematic inquiry into the conceptual underpinnings of hedge fund regulation and a detailed examination of the European hedge fund industry’s treatment under Community and domestic law – this book represents a major contribution to the literature on hedge funds and their regulation which, through its concrete proposals for the onshore industry’s regulation and its clear analysis of the conditions necessary for their implementation, should be of extraordinary value to policymakers, supervisors and academics alike.

A Capital Market Union for Europe

Mr.Ashok Vir Bhatia,Ms.Srobona Mitra,Anke Weber,Mr.Shekhar Aiyar,Luiza Antoun de Almeida,Cristina Cuervo,Mr.Andre O Santos,Tryggvi Gudmundsson
A Capital Market Union for Europe Book PDF

Author : Mr.Ashok Vir Bhatia,Ms.Srobona Mitra,Anke Weber,Mr.Shekhar Aiyar,Luiza Antoun de Almeida,Cristina Cuervo,Mr.Andre O Santos,Tryggvi Gudmundsson
Publisher : International Monetary Fund
Page : 30 pages
File Size : 51,6 Mb
Release : 2019-09-10
Category : Business & Economics
ISBN : 9781498313278

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A Capital Market Union for Europe by Mr.Ashok Vir Bhatia,Ms.Srobona Mitra,Anke Weber,Mr.Shekhar Aiyar,Luiza Antoun de Almeida,Cristina Cuervo,Mr.Andre O Santos,Tryggvi Gudmundsson Pdf

This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively small, resulting in strong bank-dependence, and are split sharply along national lines. Results include an uneven playing field in terms of corporate funding costs, the rationing out of collateral-constrained firms, and limited shock absorption. The benefits of integration center on expanding financial choice, ultimately to support capital formation and resilience. Capital market development and integration would support a healthy diversity in European finance. Proceeding methodically, the note identifies three key barriers to greater capital market integration in Europe: transparency, regulatory quality, and insolvency practices. Based on these findings, the note urges three policy priorities, focused on the three barriers. There is no roadblock—such steps should prove feasible without a new grand bargain.