European capital markets law
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| Sprache: | English |
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Oxford and Portland, Oregon
Hart Publishing
2017
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| Ausgabe: | Second edition |
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| 130 | 0 | |a Europäisches Kapitalmarktrecht | |
| 245 | 1 | 0 | |a European capital markets law |c edited by Rüdiger Veil. With translations by Rebecca Schweiger |
| 250 | |a Second edition | ||
| 264 | 1 | |a Oxford and Portland, Oregon |b Hart Publishing |c 2017 | |
| 300 | |a lv, 791 Seiten | ||
| 336 | |b txt |2 rdacontent | ||
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| 610 | 2 | 7 | |a Europäische Union |0 (DE-588)5098525-5 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Kapitalmarktrecht |0 (DE-588)7573652-4 |2 gnd |9 rswk-swf |
| 689 | 0 | 0 | |a Europäische Union |0 (DE-588)5098525-5 |D b |
| 689 | 0 | 1 | |a Kapitalmarktrecht |0 (DE-588)7573652-4 |D s |
| 689 | 0 | |5 DE-604 | |
| 700 | 1 | |a Veil, Rüdiger |d 1966- |0 (DE-588)114398895 |4 edt | |
| 700 | 1 | |a Schweiger, Rebecca |d 1984- |0 (DE-588)1026094410 |4 trl | |
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Datensatz im Suchindex
| _version_ | 1820152638084218880 |
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DETAILED CONTENTS
PREFACE V
LIST OF CONTRIBUTORS XXXV
LIST OF ABBREVIATIONS XXXVII
1
FOUNDATIONS OF CAPITAL MARKETS LEGISLATURE IN EUROPE
§1. HISTORY 3
I. INTRODUCTION 3
II. SEGRE REPORT (1966) 4
III. PHASE 1: COORDINATION OF STOCK EXCHANGE AND PROSPECTUS
LAWS (1979-1982) 5
IV. WHITE PAPER ON COMPLETING THE INTERNAL MARKET (1985) 6
V. PHASE 2: HARMONISATION OF THE LAWS ON SECURITIES
MARKETS (1988-1993) 6
VI. FINANCIAL SERVICES ACTION PLAN (1999) 8
VII. LAMFALUSSY REPORT (2000) 8
VIII. PHASE 3: REORGANISATION OF THE LAWS ON PROSPECTUSES
AND SECURITIES (2003-2007) 10
IX. CONTINUATION OF PHASE 3: HARMONISATION OF TAKEOVER
LAW (2004) 13
X. WHITE PAPER ON FINANCIAL SERVICES POLICY (2005) 14
XI. THE DELAROSIERE REPORT (2009) 15
XII. PHASE 4: TOWARDS A EUROPEAN SUPERVISION AND A SINGLE
RULEBOOK ON CAPITAL MARKETS LAW (SINCE 2009) 15
XIII. FIRST STEP OF PHASE 4: REGULATION OF CREDIT RATING
AGENCIES (2009) 16
XIV. CONTINUATION OF PHASE 4: REVISION OF THE FRAMEWORK DIRECTIVES
AND ESTABLISHMENT OF A SINGLE RULEBOOK (2009-2014) 17
XV. CONTINUATION OF PHASE 4: REGULATION ON SHORT SALES (2012) 19
XVI. CONTINUATION OF PHASE 4: REGULATION ON OTC
DERIVATIVES (2012) 20
XVII. END OF PHASE 4: REGULATION OF BENCHMARKS (2016) 20
XVIII. PHASE 5: CAPITAL MARKETS UNION (SINCE 2015) 20
XIX. CONCLUSION 21
X
II DETAILED CONTENTS
§2. CONCEPT AND AIMS OF CAPITAL MARKETS REGULATION 23
I. CONCEPT
23
II. REGULATORY AIMS 24
1. EFFICIENCY OF CAPITAL MARKETS AND INVESTOR PROTECTION 24
2. FINANCIAL STABILITY 26
III. REGULATORY STRATEGIES AND INSTRUMENTS 28
1. DISCLOSURE AND PROHIBITION 28
2. ENFORCEMENT 29
§ 3. LEGISLATIVE POWERS FOR REGULATING CAPITAL MARKETS IN EUROPE 31
I. LEGAL FOUNDATIONS OF THE EUROPEAN UNION 31
II. RULES ON COMPETENCE 32
1. COORDINATION OF PROVISIONS ON THE PROTECTION OF
SHAREHOLDERS AND CREDITORS 32
2. COORDINATION OF START-UP AND PURSUIT OF SELF-EMPLOYMENT 33
3. ESTABLISHING AN INTERNAL MARKET 33
4. CROSS-BORDER CRIMES 34
III. LEGISLATIVE INSTRUMENTS 35
1. OVERVIEW 35
2. REGULATION 35
3. DIRECTIVE 36
§ 4. PROCESS AND STRATEGIES OF CAPITAL MARKETS REGULATION IN EUROPE 39
I. THE TERM CAPITAL MARKETS REGULATION 42
1. MARKET REGULATION VERSUS MARKET SUPERVISION 42
2. CAPITAL MARKETS REGULATION VERSUS FINANCIAL MARKETS
REGULATION 42
II. THE REGULATORY PROCESS 43
1. THE EUROPEAN LEVEL 43
(A) HISTORICAL DEVELOPMENT 44
(B) THE LAMFALUSSY II PROCESS 45
(AA) LEVEL 1: FRAMEWORK ACTS 45
(BB) LEVEL 2: DELEGATED ACTS AND IMPLEMENTING
MEASURES 46
(CC) LEVEL 3: GUIDELINES AND RECOMMENDATIONS 49
(DD) LEVEL 4: SUPERVISION OF THE ENFORCEMENT
BY MEMBER STATES 50
(EE) INVOLVEMENT OF STAKEHOLDERS 51
(FF) GRAPH: LAMFALUSSY II PROCESS 51
2. EVALUATION 52
HI. STRATEGIES OF CAPITAL MARKETS REGULATION 53
1. REGULATIONS AND DIRECTIVES 53
2. MINIMUM AND MAXIMUM HARMONISATION 54
(A) DEFINITIONS 54
(B) ADVANTAGES AND DISADVANTAGES 56
(C) TENDENCY TOWARDS MAXIMUM HARMONISATION 56
DETAILED CONTENTS XIII
3. THE NATIONAL LEVEL 57
(A) METHODS FOR A TRANSFORMATION OF EUROPEAN
DIRECTIVES 57
(B) ACCOMPANYING NATIONAL LAW 58
(C) EXCURSE: THE PRINCIPLES-BASED APPROACH TO
REGULATION IN THE UNITED KINGDOM 59
(AA) FOUNDATIONS OF PRINCIPLES-BASED REGULATION 59
(BB) EFFECTS OF PRINCIPLES-BASED REGULATION ON
ENFORCEMENT 60
(CC) EVALUATION 61
(DD) OUTLOOK 62
(D) SELF-REGULATION 62
§ 5. SOURCES OF LAW AND PRINCIPLES OF INTERPRETATION 65
I. SOURCES OF LAW 65
1. EUROPEAN LAW 66
(A) MARKET ABUSE REGULATION AND DIRECTIVE ON CRIMINAL
SANCTIONS FOR MARKET ABUSE 66
(B) PROSPECTUS DIRECTIVE 68
(C) MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE (MIFID) 69
(D) TRANSPARENCY DIRECTIVE 70
(E) TAKEOVER DIRECTIVE 70
(F) REGULATION ON CREDIT RATING AGENCIES 70
(G) REGULATION ON SHORT SELLING 71
(H) BENCHMARK REGULATION 72
(I) REGULATIONS ON THE EUROPEAN SUPERVISORY AUTHORITIES 72
(J) SHAREHOLDER RIGHTS DIRECTIVE 73
(K) FURTHER DIRECTIVES 73
2. NATIONAL LAWS OF THE MEMBER STATES 74
(A) AUSTRIA 74
(B) FRANCE 75
(C) GERMANY 75
(D) ITALY 77
(E) SPAIN 77
(F) SWEDEN 78
(G) UNITED KINGDOM 79
II. INTERPRETATION 80
1. IMPORTANCE OF INTERPRETATION 80
2. PRINCIPLES OF STATUTORY INTERPRETATION 81
(A) TEXTUAL INTERPRETATION 82
(B) CONTEXTUAL INTERPRETATION 82
(C) HISTORICAL INTERPRETATION 84
(D) TELEOLOGICAL INTERPRETATION 84
XIV DETAILED CONTENTS
§ 6. DOGMATICS AND INTERDISCIPLINARITY 87
I. OVERVIEW 88
II. LEGAL NATURE 89
1. FOUNDATIONS 89
2. INTERPRETATION 90
III. RELATIONS WITH OTHER FIELDS OF LAW 92
1. ACCOUNTING LAW 92
2. COMPANY LAW 93
IV. INTERDISCIPLINARITY 94
1. HOMO OECONOMICUS OR IRRATIONAL INVESTOR? 94
(A) BASIC ASSUMPTION: RATIONALITY 94
(B) BEHAVIOURAL FINANCE 95
(AA) BOUNDED RATIONALITY 95
(BB) OVERCONFIDENCE 95
(CC) FAIRNESS 96
(DD) PROSPECT THEORY/FRAMING/RISK AVERSITY 96
(EE) HINDSIGHT BIAS 96
(FF) REPRESENTATIVENESS/AVAILABILITY/SALIENCE 97
2. RELEVANCE OF THE RESULTS OF BEHAVIOURAL FINANCE
FOR CAPITAL MARKETS LAW 97
(A) INTERPRETATION OF THE LAW 97
(B) LEGISLATION 98
(AA) CHALLENGES 98
(BB) RECENT DEVELOPMENTS IN THE FINANCIAL SERVICES
LEGISLATION 99
2
BASICS OF CAPITAL MARKETS LAW
§7. CAPITAL MARKETS 103
I. OVERVIEW 103
1- TRADING VENUE 103
2- FACTS 105
3. PRIMARY AND SECONDARY MARKETS 106
4. STOCK EXCHANGES 107
II. REGULATED CAPITAL MARKETS 109
1- SCOPE OF APPLICATION OF EUROPEAN CAPITAL MARKETS LAW 109
2- DEFINITION 110
3- MARKET SEGMENTS ILL
III. SME GROWTH MARKETS 112
§8. FINANCIAL INSTRUMENTS 115
I. INTRODUCTION 115
II. SECURITIES 116
1- DEFINITIONS IN MIFID II 116
2- SHARES 117
DETAILED CONTENTS XV
3. BONDS 118
4. DERIVATIVES 119
§9. MARKET PARTICIPANTS 121
I. INTRODUCTION 121
II. ISSUERS 123
III. INVESTORS 124
IV. OTHER MARKET PARTICIPANTS 126
§ 10. ACCESS TO THE MARKETS AND MARKET EXIT 129
I. ISSUANCE OF SHARES 129
II. ADMISSION TO TRADING OF SHARES 130
III. MARKET EXIT 131
§11. CAPITAL MARKETS SUPERVISION IN EUROPE 133
I. INTRODUCTION 135
II. EUROPEAN REQUIREMENTS 136
1. INSTITUTIONAL ORGANISATION 136
2. POWERS 137
(A) ADMINISTRATIVE AND INVESTIGATION POWERS 137
(B) ADMINISTRATIVE FINES 138
(C) OTHER ADMINISTRATIVE SANCTIONS 138
(D) CHOICE OF SANCTIONS/ADMINISTRATIVE MEASURES 139
III. CAPITAL MARKETS SUPERVISION BY THE MEMBER STATES 139
1. INSTITUTIONAL CONCEPTS 140
(A) MODEL OF INTEGRATED SUPERVISION 140
(B) MODEL OF SECTORAL SUPERVISION 141
(C) HYBRID MODELS 142
(D) TWIN PEAKS MODEL 142
(E) DIRECT BANKING SUPERVISION BY THE
EUROPEAN CENTRAL BANK (ECB) 143
(F) GENERALLY PREFERABLE SUPERVISORY MODEL? 143
2. INTERNAL ORGANISATION 144
3. ADMINISTRATIVE AND CRIMINAL POWERS 144
4. LIABILITY OF SUPERVISORY AUTHORITIES 145
5. USE OF RESOURCES AND SANCTIONING ACTIVITY 145
IV. COOPERATION BETWEEN THE NCAS 146
1. COOPERATION WITHIN THE EUROPEAN UNION 146
2. COOPERATION WITH THIRD COUNTRIES' AUTHORITIES 148
V. COMPETITION BETWEEN THE NATIONAL SUPERVISORY INSTITUTIONS 149
VI. THE EUROPEAN FINANCIAL SUPERVISORY SCHEME 149
1. THE EUROPEAN FINANCIAL MARKETS SUPERVISORY SYSTEM
(ESFS) 150
(A) MACRO-PRUDENTIAL LEVEL 150
(B) MICRO-PRUDENTIAL LEVEL 151
XVI DETAILED CONTENTS
(C) SINGLE SUPERVISORY MECHANISM (SSM) AND SINGLE
RESOLUTION MECHANISM (SRM) 151
2. THE EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) 153
(A) INTERNAL ORGANISATION 153
(B) INDEPENDENCE AND BUDGET AUTONOMY 155
(C) POWERS OF INTERVENTION VIS-A-VIS NCAS 155
(AA) BREACHES OF EU LAW BY THE NATIONAL
SUPERVISORY AUTHORITIES 156
(BB) DECISIONS ON EMERGENCY SITUATIONS AND
DISAGREEMENTS BETWEEN NCAS 156
(1) EMERGENCY SITUATIONS 157
(2) DISAGREEMENTS BETWEEN COMPETENT
AUTHORITIES IN CROSS-BORDER SITUATIONS 157
(3) NATIONAL FISCAL RESPONSIBILITIES LIMIT
ESMA POWERS 157
(D) DIRECT SUPERVISION OF MARKET PARTICIPANTS 158
(AA) WARNINGS AND PROHIBITION OF FINANCIAL
ACTIVITIES 158
(BB) SUPERVISION OF CREDIT RATING AGENCIES
(CRA) AND TRADE REPOSITORIES (TR) 159
(E) SINGLE RULEBOOK AND SUPERVISORY CONVERGENCE 160
(AA) SUPERVISORY CONVERGENCE 160
(BB) GUIDELINES AND RECOMMENDATIONS 161
(CC) REGULATORY AND IMPLEMENTING TECHNICAL
STANDARDS 162
(1) REGULATORY TECHNICAL STANDARDS (RTS) 162
(2) IMPLEMENTING TECHNICAL STANDARDS (ITS). 163
(3) ASSESSMENT 164
(F) COMPLIANCE OF ESMA'S POWERS WITH THE TFEU 164
(G) JUDICIAL REVIEW 165
(H) LIABILITY OF ESMA 166
(I) ACCESS TO INFORMATION 166
3. CONCLUSION 166
§12. SANCTIONS 169
I. INTRODUCTION 170
II. SANCTIONING SYSTEMS IN THE PRE-CRISIS ERA 171
1. CRIMINAL AND ADMINISTRATIVE SANCTIONS 171
2. CIVIL LAW SANCTIONS 172
III. REFORMS AFTER THE FINANCIAL CRISIS 173
1. NEED FOR REFORMS 173
2. PUBLIC ENFORCEMENT 174
(A) PROVISIONS ON THE DETECTION AND EXPOSURE
OF LEGAL INFRINGEMENTS 175
DETAILED CONTENTS XVII
(B) SUPERVISORY MEASURES 175
(C) SANCTIONS 175
3. DEVELOPMENT OF A PRIVATE ENFORCEMENT 178
IV. OUTLOOK 178
3
MARKET INTEGRITY
§13. FOUNDATIONS 183
I. INTRODUCTION 183
II. LEGAL FOUNDATIONS 184
1. MAR 184
2. CRIM-MAD 185
3. FURTHER MEASURES BY ESMA 185
4. OVERVIEW ON THE SINGLE RULEBOOK ON MARKET ABUSE 185
III. LEVEL OF HARMONISATION 186
1. MINIMUM VERSUS MAXIMUM HARMONISATION 186
2. EVALUATION 187
IV. PRESENTATION OF MARKET ABUSE LAW IN THIS BOOK 187
§14. INSIDER DEALING 189
I. INTRODUCTION 190
II. REGULATORY CONCEPTS 194
1. MARKET ABUSE REGIME 194
2. ACCOMPANYING RULES 194
III. CONCEPT OF INSIDE INFORMATION 195
1. RELEVANCE OF THE TERM 195
2. DEFINITION AND INTERPRETATION OF INSIDE INFORMATION
UNDER THE MAD 2003 REGIME 196
3. IMPLEMENTATION IN THE MAR 2016 200
(A) INFORMATION OF A PRECISE NATURE 200
(AA) EXISTING CIRCUMSTANCES 200
(BB) FUTURE CIRCUMSTANCES AND INTERMEDIATE
STEPS IN A PROTRACTED PROCESS 201
(CC) REFERENCE TO AN ISSUER OR TO FINANCIAL
INSTRUMENTS 201
(DD) RUMOURS 202
(B) INFORMATION WHICH HAS NOT BEEN MADE PUBLIC 203
(C) PRICE RELEVANCE 203
(AA) FOUNDATIONS 204
(BB) ASSESSMENT BY NCAS 205
(D) SPECIAL RULES FOR DERIVATIVES ON COMMODITIES
AND FRONT RUNNING 206
4. STRICTER RULES IN THE MEMBER STATES? 207
XVIII DETAILED CONTENTS
IV. PROHIBITIONS 209
1. OVERVIEW 209
2. PROHIBITION OF THE ACQUISITION OR DISPOSAL OF FINANCIAL
INSTRUMENTS 209
(A) FOUNDATIONS 209
(B) USE OF INSIDE INFORMATION AND LEGITIMATE
BEHAVIOURS 210
3. UNLAWFUL DISCLOSURE OF INSIDE INFORMATION 212
(A) FOUNDATIONS 212
(B) MARKET SOUNDING 214
4. RECOMMENDING OR INDUCING 215
5. EXEMPTIONS 215
V. SUPERVISION 216
1. EUROPEAN REQUIREMENTS 216
(A) POWERS OF NATIONAL AUTHORITIES 216
(B) INSIDER LISTS 217
(C) NOTIFICATION OBLIGATIONS AND WHISTLEBLOWING 218
2. NATIONAL PRACTICES AND SUPERVISORY CONVERGENCE 219
VI. SANCTIONS 220
1. OVERVIEW 220
2. ADMINISTRATIVE PECUNIARY SANCTIONS 220
3. CRIMINAL SANCTIONS 221
4. INVESTOR PROTECTION THROUGH CIVIL LIABILITY 221
VII. CONCLUSION 222
§ 15. MARKET MANIPULATION 225
I. INTRODUCTION 226
II. REGULATORY CONCEPTS 227
1. REQUIREMENTS UNDER EUROPEAN LAW 227
2. DIRECT EFFECT IN THE MEMBER STATES 228
III. SCOPE OF APPLICATION OF THE MAR 229
1. PERSONAL SCOPE 229
2. MATERIAL SCOPE 229
IV. PROHIBITIONS 230
1- REGULATORY SYSTEM 230
2. CORE DEFINITIONS OF MARKET MANIPULATION 232
(A) INFORMATION BASED MANIPULATION 232
(AA) THE CORE DEFINITION 232
(BB) DIGRESSION: BEHAVIOURAL FINANCE 234
(B) TRANSACTION-BASED MANIPULATION 235
(AA) CORE DEFINITION AND INDICATORS 235
(BB) EXCEPTIONS 238
(1) LEGITIMATE REASONS 238
(2) ACCEPTED MARKET PRACTICES (AMPS) 239
DETAILED CONTENTS XIX
(C) OTHER FORMS OF MARKET MANIPULATION 240
(D) BENCHMARK MANIPULATION 241
3. INSTANCES OF MARKET MANIPULATION 241
(A) DOMINANT MARKET POSITION 242
(B) TRANSACTIONS AT THE CLOSE OF THE MARKET 243
(C) CERTAIN MEANS OF ALGORITHMIC AND HIGH-FREQUENCY
TRADING (HFT) 243
(D) ABUSING ACCESS TO THE MEDIA 243
(E) EMISSION ALLOWANCES 245
V. SAFE-HARBOUR RULES 245
1. INTRODUCTION 245
2. BUY-BACK PROGRAMMES 245
(A) AIM OF THE PROGRAMME 246
(B) DISCLOSURE OBLIGATIONS 247
(C) TRADING CONDITIONS 247
(D) RESTRICTIONS 248
3. PRICE STABILISATION 248
(A) SCOPE OF APPLICATION 249
(B) PERIOD OF STABILISATION 250
(C) DISCLOSURE AND ORGANISATIONAL OBLIGATIONS 250
(D) ANCILLARY STABILISATION 251
VI. SUPERVISION 252
1. SUPERVISORY MECHANISMS 252
2. INVESTIGATORY POWERS 252
VII. SANCTIONS 253
1. REQUIREMENTS UNDER EUROPEAN LAW 253
(A) ADMINISTRATIVE SANCTIONS 253
(B) CRIMINAL SANCTIONS 254
(C) INVESTOR PROTECTION THROUGH CIVIL LIABILITY 256
2. TRANSPOSITION IN THE MEMBER STATES 256
(A) ADMINISTRATIVE SANCTIONS 256
(B) CRIMINAL SANCTIONS*PRACTICAL RELEVANCE
IN THE MEMBER STATES UNDER THE MAD 2003-REGIME 257
(C) INVESTOR PROTECTION THROUGH CIVIL LIABILITY 258
VIII. CONCLUSION 259
4
DISCLOSURE SYSTEM
§ 16. FOUNDATIONS 263
I. INTRODUCTION 264
II. TRANSPARENCY AND CAPITAL MARKET EFFICIENCY 265
1. ALLOCATIONAL EFFICIENCY 266
2. INSTITUTIONAL EFFICIENCY 268
3. OPERATIONAL EFFICIENCY 269
XX DETAILED CONTENTS
III. DISCLOSURE PROVISIONS AS PART OF THE REGULATION OF
CAPITAL MARKETS 270
1. THE IMPORTANCE OF LEGAL DISCLOSURE PROVISIONS FROM AN
ECONOMIC POINT OF VIEW 270
(A) REDUCTION OF INFORMATION ASYMMETRIES TO
PREVENT MARKET FAILURE 270
(AA) SOCIAL VALUE OF PUBLIC INFORMATION 270
(BB) REDUCTION OF AGENCY COSTS AND
SIGNAL THEORY 271
(B) INFORMATION AND THE PUBLIC GOOD PROBLEM 272
(C) MANDATORY DISCLOSURE AND THE THEORY OF
TRANSACTION COSTS 273
(D) CONCLUSION 274
2. DISCLOSURE PROVISIONS AS PART OF INVESTOR PROTECTION 274
(A) PRINCIPLE OF INVESTOR PROTECTION THROUGH
INFORMATION DISCLOSURE 274
(B) DISCUSSION ON THE SCOPE OF INVESTOR PROTECTION 275
(C) CRITICISM OF THE INFORMATION PARADIGM AND
COMPLEMENTING MEASURES FOR INVESTOR PROTECTION 276
IV. DEVELOPMENT OF A DISCLOSURE SYSTEM IN EUROPEAN
CAPITAL MARKETS LAW 277
§ 17. PROSPECTUS DISCLOSURE 281
I. INTRODUCTION 282
II. LEGAL SOURCES 283
1. EUROPEAN LAW 283
2. IMPLEMENTATION IN THE MEMBER STATES 285
3. REFORM 285
III. FOUNDATIONS OF THE PROSPECTUS REGIME 286
1. APPROVAL BY NCA 286
2. APPROVAL PROCEDURE 287
3. EUROPEAN PASSPORT 288
IV. OBLIGATION TO DRAW UP A PROSPECTUS 289
1. SCOPE OF APPLICATION 289
2. EXEMPTIONS FROM THE OBLIGATION TO PUBLISH
A PROSPECTUS 290
(A) EXCEPTIONS FOR CERTAIN ADDRESSEES, OFFERS
OR SECURITIES 290
(B) EXEMPTIONS FOR CERTAIN ISSUANCES IN CASES
OF PUBLIC OFFERS 291
(C) EXEMPTIONS FOR CERTAIN ISSUANCES FOR THE
ADMISSION TO THE REGULATED MARKET 292
(D) SUPPLEMENTS 292
DETAILED CONTENTS XXI
3. CONTENT, FORMAT AND STRUCTURE OF A PROSPECTUS 293
(A) GENERAL RULES 293
(B) FORMAT OF THE PROSPECTUS 293
(AA) SINGLE OR SEPARATE DOCUMENTS AND
BASE PROSPECTUS 293
(BB) SUMMARY 295
(CC) INCORPORATION BY REFERENCE 296
(C) SPECIFIC INFORMATION DEPENDING ON THE
TYPE OF SECURITY AND THE ISSUER 297
(D) LANGUAGE OF THE PROSPECTUS 298
(E) UPDATE 298
V. SUPERVISION AND SANCTIONS 299
1. REQUIREMENTS UNDER EUROPEAN LAW 299
2. SUPERVISORY MEASURES 300
(A) SUSPENSION OR PROHIBITION OF AN OFFER 300
(B) ADMINISTRATIVE SANCTIONS 300
3. SANCTIONS UNDER CRIMINAL LAW 301
4. PRIVATE ENFORCEMENT 301
(A) DEFICIENCIES OF THE PROSPECTUS 302
(B) CLAIMANT AND OPPOSING PARTY 304
(C) CAUSATION 305
(D) RESPONSIBILITY. 306
(E) LEGAL CONSEQUENCES 307
VI. CONCLUSION 309
§ 18. PERIODIC DISCLOSURE 311
I. INTRODUCTION 312
1. DEVELOPMENT OF A SYSTEM OF PERIODIC DISCLOSURE 312
2. FINANCIAL ACCOUNTING INFORMATION AS THE BASIS
OF FINANCIAL REPORTING 315
II. REGULATORY CONCEPTS 317
1. REQUIREMENTS UNDER EUROPEAN LAW 317
(A) THE FINANCIAL REPORT AS A UNIFIED REPORTING
STANDARD FOR PERIODIC DISCLOSURE 317
(B) CORRELATION WITH EUROPEAN ACCOUNTING LAW AS A
REFLECTION OF THE DUALISTIC REGULATORY CONCEPT 318
(C) ADDRESSEE OF THE DISCLOSURE OBLIGATION 319
2. IMPLEMENTATION IN THE MEMBER STATES 320
III. ANNUAL FINANCIAL REPORT 320
1. OVERVIEW 320
2. FINANCIAL ACCOUNTING INFORMATION 322
(A) CONSOLIDATED AND INDIVIDUAL ACCOUNTS 322
(B) MANAGEMENT REPORT 324
XXII DETAILED CONTENTS
(C) AUDITING OF THE ANNUAL FINANCIAL REPORT 324
(D) SINGLE ELECTRONIC REPORTING FORMAT (ESEF) 325
IV. HALF-YEARLY FINANCIAL REPORTS 325
1. OVERVIEW 325
2. FINANCIAL ACCOUNTING INFORMATION 326
(A) CONSOLIDATED AND INDIVIDUAL ACCOUNTS 326
(B) INTERIM MANAGEMENT REPORT 327
(C) AUDITING OF THE HALF-YEARLY FINANCIAL REPORT 327
V. QUARTERLY PERIODIC FINANCIAL REPORTS 328
1. THE QUESTION OF A SUFFICIENT SUPPLY OF CAPITAL
MARKETS WITH INFORMATION ON ISSUERS 328
(A) CONCEPT OF A QUARTERLY REPORTING OBLIGATION
IN THE TD 2004 328
(AA) CONTENT OF INTERIM MANAGEMENT
STATEMENTS 329
(BB) QUARTERLY FINANCIAL REPORTS UNDER
THE TD OF 2004 330
(B) CONCEPT OF ADDITIONAL PERIODIC DISCLOSURE
AFTER THE REFORM OF 2013 330
VI. DISCLOSURE PROCEDURES 332
1. REQUIREMENTS UNDER EUROPEAN LAW 332
2. TRANSPOSITION IN THE MEMBER STATES 333
3. EUROPEAN ELECTRONIC ACCESS POINT (EEAP) 334
VII. ENFORCEMENT OF FINANCIAL INFORMATION 334
1. DUAL-ENFORCEMENT IN GERMANY AND AUSTRIA 336
2. ENFORCEMENT IN THE UNITED KINGDOM BY THE
CONDUCT COMMITTEE 337
VIII. SANCTIONS 338
1. LIABILITY FOR INCORRECT FINANCIAL REPORTING 338
(A) SPECIFIC LIABILITY FOR INCORRECT FINANCIAL REPORTING 338
(B) LIABILITY UNDER THE GENERAL CIVIL LAW RULES 339
2. SANCTIONS UNDER CRIMINAL AND ADMINISTRATIVE LAW 341
(A) REQUIREMENTS OF THE TD 341
(B) LEGAL SITUATION IN DEN MEMBER STATES 341
IX. CONCLUSION 342
§ 19. DISCLOSURE OF INSIDE INFORMATION 345
I. INTRODUCTION 348
1. DUAL FUNCTION OF THE DISCLOSURE OBLIGATION 348
2. PRACTICAL RELEVANCE 350
II. REGULATORY CONCEPTS 351
1. REQUIREMENTS UNDER EUROPEAN LAW 351
2. NATIONAL REGULATION " 353
DETAILED CONTENTS XXIII
III. OBLIGATION TO DISCLOSE INSIDE INFORMATION 354
1. ADDRESSEES 354
(A) ISSUERS OF FINANCIAL INSTRUMENTS 354
(B) PERSONS ACTING ON BEHALF OR ON ACCOUNT
OF THE ISSUER 354
(C) COMPANIES CONTROLLED BY THE ISSUER 355
(D) EMISSION ALLOWANCE MARKET PARTICIPANT 355
2. RELEVANT INFORMATION 355
(A) FOUNDATIONS 355
(B) INFORMATION DIRECTLY CONCERNING THE ISSUER 356
(C) FUTURE CIRCUMSTANCES 358
(D) CORPORATE GROUP CONSTELLATIONS 359
(E) RELATIONSHIP TO OTHER DISCLOSURE RULES 360
3. NO OFFSETTING OF INFORMATION 362
4. NO COMBINATION OF DISCLOSURE WITH MARKETING ACTIVITIES 362
5. PUBLICATION PROCEDURE 363
IV. DELAY IN DISCLOSURE 363
1. FOUNDATIONS 363
2. LEGITIMATE INTERESTS 367
(A) REQUIREMENTS UNDER EUROPEAN LAW 367
(B) DIVERGENT LEGAL TRADITIONS IN THE MEMBER STATES 368
(AA) ATTEMPTS AT A DOGMATIC APPROACH 369
(BB) FURTHER CONSTELLATIONS 371
(C) IN PARTICULAR: MULTI-STAGE DECISION-MAKING
PROCESSES 372
3. NO MISLEADING THE PUBLIC 374
4. ENSURING CONFIDENTIALITY 375
5. CONSCIOUS DECISION BY THE ISSUER 377
V. SUPERVISION 379
VI. SANCTIONS 379
1. IMPORTANCE OF NATIONAL LEGAL TRADITIONS 379
2. CIVIL LIABILITY 380
(A) GERMANY 380
(B) AUSTRIA 385
(C) UNITED KINGDOM 386
(D) OTHER MEMBER STATES 386
3. ADMINISTRATIVE SANCTIONS 387
(A) FINES 387
(AA) GERMANY 388
(BB) FRANCE 389
(B) FURTHER ADMINISTRATIVE SANCTIONS 390
(C) NAMING AND SHAMING 390
4. CRIMINAL LAW 392
VII. CONCLUSION 392
DETAILED CONTENTS
20. DISCLOSURE OF MAJOR HOLDINGS 393
I. INTRODUCTION 395
1. REGULATORY AIMS 395
2. DEGREE OF HARMONISATION 397
3. PRACTICAL RELEVANCE 398
II. EUROPEAN CONCEPTS OF REGULATION 399
1. LEGAL SOURCES 399
2. SCOPE OF APPLICATION 400
3. DISCLOSURE OBLIGATIONS UNDER THE TD 401
4. FURTHER DISCLOSURE OBLIGATIONS 401
III. NOTIFICATION OBLIGATIONS ON CHANGES IN VOTING RIGHTS 402
1. PREREQUISITES 402
(A) PROCEDURES SUBJECT TO NOTIFICATION 403
(B) THRESHOLDS 403
(C) EXEMPTIONS FROM THE NOTIFICATION OBLIGATION 405
2. LEGAL CONSEQUENCES 406
(A) NOTIFICATION 406
(B) PUBLICATION 407
3. ATTRIBUTION OF VOTING RIGHTS 407
(A) REGULATORY CONCEPTS 407
(B) CASES OF AN ATTRIBUTION OF VOTING RIGHTS 408
(AA) ACTING IN CONCERT 409
(1) LEGAL PRACTICE IN FRANCE 410
(2) LEGAL PRACTICE IN GERMANY 411
(3) LEGAL PRACTICE IN ITALY 413
(4) LEGAL PRACTICE IN SPAIN 414
(BB) TEMPORARY TRANSFER OF VOTING RIGHTS 414
(CC) NOTIFICATION OBLIGATIONS OF THE SECURED
PARTY 415
(DD) LIFE INTEREST 415
(EE) VOTING RIGHTS HELD OR EXERCISED BY
A CONTROLLED UNDERTAKING 415
(FF) DEPOSITED SHARES 417
(GG) SHARES HELD ON BEHALF OF ANOTHER PERSON 418
(HH) VOTING RIGHTS EXERCISED BY PROXY 419
IV. NOTIFICATION REQUIREMENTS WHEN HOLDING FINANCIAL
INSTRUMENTS 420
1- FOUNDATIONS 420
(A) REQUIREMENTS UNDER THE TD 2004 420
(B) DEFICITS 420
2. REFORM OF THE TRANSPARENCY DIRECTIVE 2013 422
(A) PREREQUISITES 422
(B) ATTRIBUTION OF VOTING RIGHTS 423
3- LEGAL CONSEQUENCES 423
DETAILED CONTENTS XXV
V. NOTIFICATION OF INTENT 424
1. FRANCE 424
2. GERMANY 425
3. REFORMS AT EUROPEAN LEVEL 427
VI. SUPERVISION 427
1. REQUIREMENTS UNDER EUROPEAN LAW 427
2. SUPERVISORY PRACTICES IN THE MEMBER STATES 427
VII. SANCTIONS 428
1. REQUIREMENTS UNDER EUROPEAN LAW 428
2. INVESTOR PROTECTION BY MEANS OF CIVIL LIABILITY 429
VIII. CONCLUSION 430
§21. DIRECTORS'DEALINGS 433
I. INTRODUCTION 434
II. REGULATORY CONCEPTS 435
1. LEGAL FOUNDATION 435
2. ADDITIONAL DISCLOSURE RULES 436
3. PRACTICAL RELEVANCE 436
III. DISCLOSURE OBLIGATIONS 437
1. NOTIFICATION REQUIREMENTS 437
(A) PERSONS SUBJECT TO THE NOTIFICATION OBLIGATION 437
(B) TRANSACTIONS SUBJECT TO THE NOTIFICATION
REQUIREMENTS 438
2. PUBLICATION 439
IV. CLOSED PERIOD 439
V. SUPERVISION AND SANCTIONS 440
1. REQUIREMENTS UNDER EUROPEAN LAW 440
2. DISGORGEMENT OF PROFITS 440
3. CIVIL LIABILITY 441
VI. CONCLUSION 442
§ 22. ACCESS TO INFORMATION 443
I. REQUIREMENTS UNDER EUROPEAN LAW 443
II. IMPLEMENTATION IN THE MEMBER STATES 445
1. GERMANY 445
2. UNITED KINGDOM 446
III. CONCLUSION 447
§ 23. DISCLOSURE OF CORPORATE GOVERNANCE ISSUES 449
I. INTRODUCTION 449
II. CORPORATE GOVERNANCE STATEMENT 450
III. DISCLOSURE OF INFORMATION NECESSARY FOR SHAREHOLDERS
TO EXERCISE THEIR RIGHTS 452
1. INTRODUCTION 452
2. REGULATORY CONCEPTS 452
3. DISCLOSURE OF CHANGES IN THE RIGHTS ATTACHED TO SHARES 453
DETAILED CONTENTS
4. DISCLOSURE OF INFORMATION NECESSARY FOR EXERCISING
RIGHTS
454
(A) INFORMATION NECESSARY FOR SHAREHOLDERS 454
(B) INFORMATION NECESSARY FOR THE HOLDERS OF DEBT
SECURITIES 454
IV. CONCLUSION 455
5
TRADING ACTIVITIES
§ 24. SHORT SALES AND CREDIT DEFAULT SWAPS 459
I. INTRODUCTION 460
II. NEED FOR REGULATION 462
1. SHORT SALES AS A MEANS FOR MARKET MANIPULATION 463
2. SHORT SALES AS A MEANS FOR DESTABILISING
THE FINANCIAL SYSTEM 463
III. EU REGULATION ON SHORT SELLING AND CREDIT
DEFAULT SWAPS (SSR) 463
1. SCOPE OF THE SSR 465
2. RULES ON SHORT SALES 466
(A) PROHIBITED TRANSACTIONS 466
(B) TRANSPARENCY OBLIGATIONS 467
(C) RULES FOR CENTRAL COUNTERPARTIES (CCP) 470
3. RULES ON SOVEREIGN CREDIT DEFAULT SWAP
AGREEMENTS (CDS) 470
4. POWERS OF THE NCAS AND ESMA 471
5. SANCTIONS 473
IV. CONCLUSION 474
§ 25. ALGORITHMIC TRADING AND HIGH-FREQUENCY TRADING 477
I. INTRODUCTION 478
II. DENNING AT AND HFT/TECHNICAL ASPECTS AND TRADING STRATEGIES 481
1. DEFINITIONS AND IMPORTANT TERMS 481
2. TRADING STRATEGIES 484
(A) AT/HFT AS TECHNICAL MEANS FOR IMPLEMENTING
TRADING STRATEGIES 484
(B) OVERVIEW OF CONCEPTS BEHIND PARTICULAR
AT AND HFT STRATEGIES 485
III. POTENTIAL RISKS AND BENEFITS OF AT AND HFT 490
1. POTENTIAL RISKS OF AT AND HFT 490
(A) SYSTEMIC RISK AND MARKET STABILITY 490
(B) MARKET QUALITY AND MARKET INTEGRITY 492
2. POTENTIAL BENEFITS OF AT AND HFT ""J"' "495
(A) INCREASED LIQUIDITY AND SUPERIOR INTERMEDIATION 495
(B) INCREASED MARKET EFFICIENCY AND MARKET QUALITY 496
3. RISK-BENEFIT-ASSESSMENT AND CONSEQUENCES 496
DETAILED CONTENTS XXVII
IV. REGULATORY MEASURES WITH REGARD TO AT/HFT 499
1. EUROPEAN APPROACH 499
(A) MIFID, MAD AND ESMA-GUIDELINES 500
(B) LEVEL 1 REGIME: MIFID II 501
(AA) PROVISIONS CONCERNING AT/HFT FIRMS AND
INVESTMENT FIRMS THAT PROVIDE DMA/SA 502
(BB) PROVISIONS CONCERNING TRADE VENUES
WITH PARTICULAR RELEVANCE FOR AT/HFT 504
(C) LEVEL 2: ESMA'S TECHNICAL ADVICE AND
REGULATORY TECHNICAL STANDARDS 506
(AA) TECHNICAL ADVICE 506
(BB) DRAFT REGULATORY TECHNICAL STANDARDS 508
(D) ACTION TAKEN BY SELECTED MEMBER STATES/GOLD PLATING 512
(E) ASSESSMENT OF THE EUROPEAN UNION REGIME 513
2. SOME THOUGHTS ON HFT REGULATION IN OTHER JURISDICTIONS 519
V. CONCLUSION 520
6
INTERMEDIARIES
§ 26. FINANCIAL ANALYSTS 523
I. INTRODUCTION 524
II. TYPES OF FINANCIAL ANALYSTS 526
III. REGULATORY CONCEPTS 527
1. REQUIREMENTS UNDER EUROPEAN LAW 528
2. DIRECT APPLICATION IN THE MEMBER STATES 528
IV. SPECIFIC REGULATION OF FINANCIAL ANALYSTS 529
1. SCOPE 529
(A) MATERIAL SCOPE 529
(B) PERSONAL SCOPE 530
2. PRODUCTION OF RESEARCH 532
(A) OBJECTIVE PRESENTATION OF INVESTMENT
RECOMMENDATIONS 532
(AA) GENERAL REQUIREMENTS 532
(BB) SPECIAL REQUIREMENTS FOR QUALIFIED
PERSONS AND EXPERTS 533
(B) DISCLOSURE OBLIGATIONS 534
(AA) IDENTITY OF THE PRODUCER OF INVESTMENT
RECOMMENDATIONS 534
(BB) ACTUAL AND POTENTIAL CONFLICTS OF INTEREST 535
(1) GENERAL PROVISIONS 535
(2) ADDITIONAL REQUIREMENTS FOR
QUALIFIED PERSONS AND EXPERTS 535
(3) ADDITIONAL REQUIREMENTS FOR INVESTMENT
FIRMS, CREDIT INSTITUTIONS OR PERSONS
WORKING FOR THEM 537
DETAILED CONTENTS
3. DISSEMINATION OF INVESTMENT RECOMMENDATIONS PRODUCED BY
THIRD PARTIES 538
4. PRINCIPLE OF PROPORTIONALITY*NON-WRITTEN
RECOMMENDATIONS 539
5. SANCTIONS 540
(A) REQUIREMENTS UNDER EUROPEAN LAW 540
(B) TRANSPOSITION IN THE MEMBER STATES*GERMANY
VSTHEUK 541
V. RELEVANCE OF THE GENERAL RULES OF CONDUCT FOR
FINANCIAL ANALYSTS 542
1. MARKET MANIPULATION 542
(A) INFORMATION-BASED MANIPULATION 542
(B) FICTITIOUS DEVICES OR ANY OTHER FORM OF DECEPTION OR
CONTRIVANCE 543
(C) SCALPING 544
(D) EFFECTS OF COMMISSION DELEGATED REGULATION (EU)
NO. 2016/958 ON THE DEFINITION OF MARKET MANIPULATION .545
2. PROHIBITION OF INSIDER DEALINGS 545
3. ORGANISATIONAL REQUIREMENTS 546
(A) GENERAL ORGANISATIONAL REQUIREMENTS 546
(B) SPECIAL ORGANISATIONAL REQUIREMENTS 548
4. OUTLOOK: RESEARCH AS AN INDUCEMENT UNDER MIFID II 549
VI. CONCLUSION 550
§27. RATING AGENCIES 551
I. FOUNDATIONS 552
1. THE ROLE OF CREDIT RATING AGENCIES 552
2. EFFECTS OF A RATING 553
3. MARKET STRUCTURE AND DEVELOPMENT OF REGULATION IN EUROPE 554
4. DEVELOPMENT OF REGULATION IN EUROPE 555
5. LEGAL SOURCES 555
II. SCOPE OF APPLICATION AND REGULATORY AIMS 556
1. FOUNDATIONS 556
2. AIMS 557
3. SCOPE OF APPLICATION 558
4. CONCEPTS AND DEFINITIONS 558
III. REGULATORY STRATEGIES 559
1. OVERVIEW 559
2. AVOIDANCE OF CONFLICTS OF INTEREST 560
(A) INDEPENDENCE OF CREDIT RATING AGENCIES 560
(B) PERSONS INVOLVED IN THE RATING PROCEDURE 562
3. IMPROVEMENT OF THE QUALITY OF RATINGS 563
4. TRANSPARENCY 554
(A) DISCLOSURE AND PRESENTATION OF CREDIT RATINGS 564
(B) TRANSPARENCY REPORT 564
DETAILED CONTENTS XXIX
5. REGISTRATION 565
6. THE PROBLEM OF OVER-RELIANCE 566
IV. SUPERVISION AND SANCTIONS 568
1. FOUNDATIONS 568
2. PROCEDURE 569
3. ADMINISTRATIVE MEASURES AND SANCTIONS 570
4. CRIMINAL MEASURES 571
5. CIVIL LAW LIABILITY 571
(A) NATIONAL LAWS OF THE MEMBER STATES 571
(B) LIABILITY UNDER EUROPEAN LAW 571
V. CONCLUSION 573
§ 28. PROXY ADVISORS 575
I. INTRODUCTION 576
1. OVERVIEW 576
2. RISKS 578
II. REGULATORY CONCEPTS 582
1. POSSIBLE REGULATORY APPROACHES 582
2. NATIONAL REGULATORY CONCEPTS 583
(A) UNITED KINGDOM 583
(B) FRANCE 584
(C) GERMANY 585
3. EUROPEAN APPROACHES 586
(A) BACKGROUND 586
(B) BEST PRACTICE PRINCIPLES 587
(AA) ESTABLISHMENT 587
(BB) CONTENT 588
(CC) REVIEW 590
(C) SHAREHOLDER RIGHTS DIRECTIVE 591
III. CONCLUSION 592
7
FINANCIAL SERVICES
§29. FOUNDATIONS 599
I. INTRODUCTION 599
II. LEGAL SOURCES 600
1. FOUNDATIONS 600
2. THE MIFID II REGIME 600
(A) LEVEL 1 601
(B) LEVEL 2 601
§ 30. PRODUCT GOVERNANCE AND PRODUCT INTERVENTION 603
I. INTRODUCTION 603
II. PRODUCT GOVERNANCE 604
1. PRINCIPLES 604
XXX DETAILED CONTENTS
2. SCOPE OF APPLICATION 604
3. MANUFACTURER 605
4. DISTRIBUTOR 606
III. PRODUCT INTERVENTION 607
1. INTRODUCTION 607
2. REFORM UNDER THE MIFID II-REGIME 608
(A) POWERS OF ESMA AND THE NCAS 608
(B) CRITERIA AND FACTORS 609
IV. CONCLUSION 610
§ 31. INVESTMENT ADVISORY SERVICES 611
I. INTRODUCTION 611
II. DEFINITION 612
III. OBLIGATIONS OF INVESTMENT FIRMS 613
1. EXPLORATION AND ASSESSMENT OF THE SUITABILITY OF
AN INVESTMENT 613
2. INFORMATION OBLIGATIONS 614
3. SPECIFIC OBLIGATIONS IN CASE OF INDEPENDENT ADVICE 615
IV. SUPERVISION 616
V. SANCTIONS 616
VI. CONCLUSION 617
8
ORGANISATIONAL REQUIREMENTS FOR INVESTMENT FIRMS
§ 32. COMPLIANCE (FOUNDATIONS) 621
I. COMPLIANCE 622
II. RELATIONSHIP BETWEEN COMPLIANCE AND RISK MANAGEMENT 623
III. DEVELOPMENTS AND LEGAL FOUNDATIONS 625
§ 33. COMPLIANCE (ORGANISATIONAL REQUIREMENTS) 629
I. REGULATORY CONCEPTS IN EUROPEAN LAW 631
1. OVERVIEW 631
2. PRINCIPLES-BASED APPROACH TO REGULATION 633
3. REGULATORY AIM 637
II. IMPLEMENTATION IN THE MEMBER STATES 638
1. GERMANY 639
2. UNITED KINGDOM 640
III. REGULATORY OBJECTIVES AND SCOPE OF COMPLIANCE OBLIGATIONS 641
1. MITIGATION OF COMPLIANCE RISK 641
2. SCOPE OF THE COMPLIANCE OBLIGATION 644
IV. ELEMENTS OF A COMPLIANCE ORGANISATION 644
1. COMPLIANCE FUNCTION 645
(A) REQUIREMENTS 645
(AA) INDEPENDENCE 645
(1) OPERATIONAL AND FINANCIAL INDEPENDENCE .646
DETAILED CONTENTS XXXI
(2) ORGANISATIONAL INDEPENDENCE 647
(BB) PERMANENCE AND EFFECTIVENESS 649
(B) RESPONSIBILITIES 650
(AA) MONITORING AND ASSESSMENT 650
(BB) ADVICE AND ASSISTANCE 651
2. COMPLIANCE OFFICER 652
(A) APPOINTMENT 652
(AA) REGISTRATION AND QUALIFICATION REQUIREMENTS 652
(BB) APPOINTMENT OF MEMBERS OF SENIOR
MANAGEMENT AS COMPLIANCE OFFICERS 654
(B) LEGAL STATUS 654
(AA) INDEPENDENCE TOWARDS SENIOR MANAGEMENT 655
(BB) DISCIPLINARIAN INDEPENDENCE AND
PROTECTION AGAINST DISMISSAL 656
(C) RESPONSIBILITIES AND POWERS 657
(AA) INFORMATIONAL RIGHTS AND THE RIGHT TO ISSUE
INSTRUCTIONS 657
(BB) COMPLIANCE REPORTING 658
(1) INTERNAL REPORTING 658
(2) EXTERNAL REPORTS 660
3. INFORMATIONAL BARRIERS ('CHINESE WALLS') 661
(A) LEGAL FOUNDATIONS 662
(B) ELEMENTS 663
(AA) SEGREGATION OF CONFIDENTIAL AREAS 663
(BB) WATCH LISTS AND RESTRICTED LISTS 665
(C) LEGAL EFFECTS 666
V. SANCTIONS 668
1. SANCTIONS AGAINST INVESTMENT FIRMS 668
2. SANCTIONS AGAINST THE SENIOR MANAGEMENT AND
THE COMPLIANCE OFFICER 670
VI. CONCLUSION 671
§ 34. CORPORATE GOVERNANCE 673
I. INTRODUCTION 674
II. 'GOVERNANCE-BASED' REGULATION OF INVESTMENT FIRMS 675
III. REGULATORY FRAMEWORK 677
1. OVERVIEW 677
2. BOARD STRUCTURE AND COMPOSITION 677
(A) ONE TIER VS. TWO TIER BOARD STRUCTURES 677
(B) SEPARATION OF FUNCTIONS; ESTABLISHMENT OF BOARD
COMMITTEES FOR'SIGNIFICANT' FIRMS 679
(C) DIVERSITY REQUIREMENTS 680
3. PERSONAL REQUIREMENTS OF THE BOARD MEMBERS 681
(A) FIT AND PROPERNESS 681
XXXII DETAILED CONTENTS
(B) LIMITATION OF DIRECTORSHIPS 682
4. BOARD MEMBERS' DUTIES 683
IV. SANCTIONS 686
1. ADMINISTRATIVE SANCTIONS 686
2. CIVIL SANCTIONS 686
V. CONCLUSIONS 687
9
REGULATION OF BENCHMARKS
§35. FOUNDATIONS 691
I. INTRODUCTION 691
II. LEGAL BACKGROUND AND REGULATORY INITIATIVES 693
III. FUNCTIONS OF BENCHMARKS 695
§ 36. MARKET SUPERVISION AND ORGANISATIONAL REQUIREMENTS 697
I. REGULATORY CONCEPT OF THE BENCHMARK REGULATION 697
1. REGULATORY AIM AND STRUCTURE 697
2. SCOPE AND DEFINITIONS 698
3. REGULATORY CONCEPT 700
4. LEGAL REQUIREMENTS 703
(A) GOVERNANCE REQUIREMENTS RELATING TO THE
BENCHMARK ADMINISTRATOR 703
(B) INPUT DATA AND CALCULATION METHODOLOGY 704
(C) GOVERNANCE AND CONTROL REQUIREMENTS FOR
CONTRIBUTORS 706
(D) INVESTOR PROTECTION (ASSESSMENT OBLIGATIONS) 707
5. RESTRICTIONS ON USE AND THIRD-COUNTRY BENCHMARKS 707
6. AUTHORISATION, SUPERVISION AND SANCTIONS 708
(A) AUTHORISATION AND REGISTRATION 708
(B) SUPERVISORY POWERS AND SANCTIONS 709
(AA) SUPERVISORY POWERS OF THE NATIONAL
SUPERVISORY AUTHORITIES 709
(BB) ESMA'SROLE 710
(CC) CIVIL LAW LIABILITY 711
II. CONCLUSION 712
10
TAKEOVER LAW
§ 37. FOUNDATIONS 721
I. LEGAL SOURCES 721
II. IMPLICATIONS OF TAKEOVER BIDS 723
III. ADMINISTRATION AND SUPERVISION 724
DETAILED CONTENTS XXXIII
§38. PUBLIC TAKEOVERS 725
I. TYPES OF BIDS 725
II. DECISION TO LAUNCH A BID 726
III. OFFER DOCUMENT 726
§ 39. DISCLOSURE OF DEFENSIVE STRUCTURES AND MECHANISMS 729
I. INTRODUCTION 729
II. STRUCTURE OF THE CAPITAL 730
III. RESTRICTIONS REGARDING THE TRANSFER OF SHARES 731
IV. SIGNIFICANT SHAREHOLDINGS 731
V. HOLDERS OF SPECIAL RIGHTS 732
VI. SYSTEM OF CONTROL FOR EMPLOYEE SHARE SCHEMES 733
VII. RESTRICTIONS ON VOTING RIGHTS 733
VIII. AGREEMENTS BETWEEN SHAREHOLDERS 733
IX. PROVISIONS ON THE APPOINTMENT AND REPLACEMENT OF BOARD
MEMBERS 734
X. POWERS OF BOARD MEMBERS TO ISSUE AND BUY BACK SHARES 735
XI. CHANGE OF CONTROL CLAUSES 735
XII. COMPENSATION AGREEMENTS 736
XIII. CONCLUSION 736
§ 40. MANDATORY BID 737
I. INTRODUCTION 737
II. PREREQUISITES 738
III. EXEMPTIONS FROM THE MANDATORY BID 739
IV. CREEPING-IN 741
V. GAINING CONTROL BY ACTING IN CONCERT 741
1. LEGAL FOUNDATIONS 741
2. LEGAL PRACTICE IN THE MEMBER STATES 742
(A) SACYR/EIFFAGE (FRANCE) 743
(B) WMF (GERMANY) 744
3. ATTEMPTS TO FURTHER HARMONISE THE CONCEPT 745
VI. CONCLUSION 746
11
CONCLUSION
§ 41. REVIEW AND OUTLOOK 751
I. ACHIEVEMENTS 751
1. SINGLE RULEBOOK AND CAPITAL MARKETS UNION 751
2. STRICTER AND MORE HARMONISED SANCTIONING REGIMES 752
II. CHALLENGES 752
1. SUPERVISORY CONVERGENCE 752
2. EFFECTIVE SANCTIONS 753
3. IMPROVING ACCESS TO CAPITAL MARKETS 754
XXXIV DETAILED CONTENTS
BIBLIOGRAPHY 755
SUBJECT INDEX 759
INDEX OF NATIONAL LAWS 775
INDEX OF NATIONAL LAWS BY COUNTRY 783
INDEX OF SUPERVISORY AND COURT RULINGS 789 |
| any_adam_object | 1 |
| author2 | Veil, Rüdiger 1966- Schweiger, Rebecca 1984- |
| author2_role | edt trl |
| author2_variant | r v rv r s rs |
| author_GND | (DE-588)114398895 (DE-588)1026094410 |
| author_facet | Veil, Rüdiger 1966- Schweiger, Rebecca 1984- |
| building | Verbundindex |
| bvnumber | BV043689195 |
| classification_rvk | PS 3760 |
| ctrlnum | (OCoLC)974540069 (DE-599)BVBBV043689195 |
| discipline | Rechtswissenschaft |
| edition | Second edition |
| format | Book |
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| id | DE-604.BV043689195 |
| illustrated | Not Illustrated |
| indexdate | 2025-01-02T15:47:01Z |
| institution | BVB |
| isbn | 9781782256526 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029101912 |
| oclc_num | 974540069 |
| open_access_boolean | |
| owner | DE-M382 DE-29 DE-703 DE-384 DE-19 DE-BY-UBM DE-523 |
| owner_facet | DE-M382 DE-29 DE-703 DE-384 DE-19 DE-BY-UBM DE-523 |
| physical | lv, 791 Seiten |
| publishDate | 2017 |
| publishDateSearch | 2017 |
| publishDateSort | 2017 |
| publisher | Hart Publishing |
| record_format | marc |
| spelling | Europäisches Kapitalmarktrecht European capital markets law edited by Rüdiger Veil. With translations by Rebecca Schweiger Second edition Oxford and Portland, Oregon Hart Publishing 2017 lv, 791 Seiten txt rdacontent n rdamedia nc rdacarrier Europäische Union (DE-588)5098525-5 gnd rswk-swf Kapitalmarktrecht (DE-588)7573652-4 gnd rswk-swf Europäische Union (DE-588)5098525-5 b Kapitalmarktrecht (DE-588)7573652-4 s DE-604 Veil, Rüdiger 1966- (DE-588)114398895 edt Schweiger, Rebecca 1984- (DE-588)1026094410 trl Erscheint auch als Online-Ausgabe, ePDF 978-1-78225-654-0 Erscheint auch als Online-Ausgabe, ePub 978-1-78225-653-3 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029101912&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | European capital markets law Europäische Union (DE-588)5098525-5 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)7573652-4 |
| title | European capital markets law |
| title_alt | Europäisches Kapitalmarktrecht |
| title_auth | European capital markets law |
| title_exact_search | European capital markets law |
| title_full | European capital markets law edited by Rüdiger Veil. With translations by Rebecca Schweiger |
| title_fullStr | European capital markets law edited by Rüdiger Veil. With translations by Rebecca Schweiger |
| title_full_unstemmed | European capital markets law edited by Rüdiger Veil. With translations by Rebecca Schweiger |
| title_short | European capital markets law |
| title_sort | european capital markets law |
| topic | Europäische Union (DE-588)5098525-5 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd |
| topic_facet | Europäische Union Kapitalmarktrecht |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029101912&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | UT europaischeskapitalmarktrecht AT veilrudiger europeancapitalmarketslaw AT schweigerrebecca europeancapitalmarketslaw |