This book provides an extensive and critical assessment of the EC's system of securities and investment-services market regulation or EC securities regulation. With the introduction of the Euro, the rapid evolution of EC securities markets and the adoption of the 1999 Financial Services Action Plan, completion of the single market in securities and investment services has emerged as a high profile priority at EC level. While the main planks of the legal framework of the single market in securities and investment services are now in place, the strains which the rapidly developing EC securities market is placing on this regime are also becoming apparent as EC capital markets deepen, stock exchanges link up, trading platforms develop, and retail investors, through the internet, are exposed to the wider EC marketplace.
The object of this book is to consolidate and provide a critical assessment of this important body of law and its underlying policies and themes at a critical point in its development. While the book assesses how EC securities regulation has sought to construct a single market in securities and investment services, it also evaluates the substantive rules of the regime, including the EC issuer-disclosure regime, the prudential and protective rules applicable to investment-services providers and the securities-trading markets regime, as well as the relevant Treaty provisions and the case law of the Court of Justice. The text also deals with the most recent developments in the area, including the progress towards completion of the Financial Services Action Plan, the implications of the Lamfalussy law-making model and the review currently underway of the pivotal Investment Services Directive.
- Provides a clear and consolidated account of the substantive rules of EC securities regulation
- Examines the policies, economic rationale and market context underlying the regulatory regime
- Includes an assessment of the most recent developments in the area, such as the work of the Committee of Wise Men on European Securities Markets and the impact of e-commerce, at a time when EC securities regulation is under intense scrutiny at EC level
- Examines securities regulation as a discrete branch of EC law in its own right. Its closest relation, EC banking law, has, by contrast, been treated as a significant body if law in its own right for some time.
Readership:
Advanced and postgraduate students and academics and practitioners in EC law, company law, securities regulation, and financial regulation.
Contents
1. Introduction
1 Overview of the EC Securities Regulation Regime: The Historical, Market, and Legal Context
2. The Regulation of Securities Offerings and Investment Products
2 The Securities Directives: Background, the Treaty Free Movement Context and Themes
3 Admission of Securities to Listing
4 The Disclosure Regime
5 The Regulation of Collective Investment Schemes
3. The Regulation of Investment Services
6 The Investment Services Regime: Background, the Treaty Free Movement Context and Themes
7 Single Market Making and the Investment Services Passport
8 Prudential Regulation of Investment Services Providers
9 Conduct of Business Regulation of Investment Services Providers and Investor Protection
10 The Investor Compensation Regime
11 Stock Exchange Regulation
12 Clearing and Settlement
4. The Control of Securities Markets Abuses
13 Insider Dealing
14 Market Manipulation
5. The Regulation of Takeovers
15 Takeover Regulation and the Takeovers Directive
6. The Institutional Structure
16 The Institutional Structure of EC Securities Regulation and Supervision
Index
About the Author
Niamh Moloney is Lecturer in Law at Queen's University, Belfast
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