The European Union is moving towards the full implementation of the Investment Services Directive (ISD). Indeed, in some Member States, further changes to the domestic legal framework to increase competition among financial institutions and markets will complete or complement its implementation.
This book includes updated papers written by academics and practitioners from Europe and the United States and presented at the Genoa Seminar on European Investment Markets, held in November 1996.
Several papers examine critical aspects of the ISD from a comparative viewpoint, in particular considering the appropriateness of further harmonisation. The regulation of financial exchanges in the new competitive arena and the need for cooperation between supervisors receive special attention.
Its evaluation of the economic impact of ISD implementation and consideration of further perspectives makes European Securities Markets one of the first and most comprehensive publications on the ISD implementation.
The volume will interest and educate all those involved in European securities and derivatives markets in either a legal or economic capacity, including banking and financial lawyers, financial economists, regulators, exchanges and intermediaries.
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Preface, List of Contributors, List of Abbreviations PART I GENERAL 1
The Implementation of the ISD and CAD in National Legal Systems Eddy Wymeersch 2
Banking and Investment Services: Implications of the New Financial Landscape Ross Cranston 3
Economics of Securities Markets Regulation: Some Current Issues Francesco Cesarini PART II PRUDENTIAL RULES AND INSOLVENCY 4
Cross-border Compliance: Organisational Duties Imposed on National and International Investment Firms Uwe H. Schneider 5
Practicing Safer Lex: The Proper Domain of Property, Secured Transactions and Insolvency Laws in the Regulation of Intermediaries Charles W. Mooney Jr 6
Segregation of Securities and Insolvency under German Law Dorothee Einsele 7
Segregation of Assets and Insolvency under Italian Law Pier Giusto Jaeger PART III CONDUCT OF BUSINESS 8
Rules of Conduct: Further Harmonisation? Johannes Köndgen 9
Is there a Need to Harmonise Conduct of Business Rules? Cristopher Cruickshank 10
Derivatives Sales: Private Law and the Impact of Regulatory Standards William Blair 11
Conflicts of Interest: An English Problem? Barry A.K. Rider 12
Conflicts of Interest: The Spanish Experience Anibal Sanchez PART IV EXCHANGE COMPETITION 13
The Changing Microstructure of European Equity Markets Marco Pagano 14
Competition between Regulated Markets in London Stephen M. Schaefer 15
Competition among European Exchanges: Recent Developments Ailsa Roell 16
Competition among Exchanges or Financial Systems? Marco Onado PART V EXCHANGE REGULATION 17
Exchange Governance and Regulation: An Overview Guido Ferrarini 18
A European Directive for Regulated Markets? Some Personal Views Andrew Whittaker 19
A European Directive for Regulated Markets? A French Reaction Fabrice Demarigny 20
Regulation of the Relationship between European Union Stock Exchanges: Lessons from the United States Hal S. Scott 21
Derivatives Clearing Houses: The Regulatory Challenge Richard Dale PART VI ENFORCEMENT AND TAXATION 22
The Enforcement of the European Regime for Investment Services in the Member States and its Impact on National Conflict of Laws Sergio M. Carbone and Francesco Munari 23
Cooperation among Supervisory Authorities under the ISD Carlo Biancheri 24
Cooperation between Supervisors Susanne Bergstriisser 25
International Tax Aspects of Portfolio Investment Jaap van Hoorn Jr,