European Capital Markets Law PDF Download

Author: Rüdiger Veil
Publisher: Bloomsbury Publishing
ISBN: 1509942130
Category : Law
Languages : en
Pages : 787

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Book Description
“The richness, clarity and nuances of the structure and methodology followed by the contributors make the book a very valuable tool for students... seeking to obtain a general understanding of the market and how it is regulated.” – Ligia Catherine Arias Barrera, Banking & Finance Law Review The fully updated edition of this user-friendly textbook continues to systematise the European law governing capital markets and examines the underlying concepts from a broadly interdisciplinary perspective. The 3rd edition deals with 3 central developments: the project of the capital markets union; sustainable finance; and the further digitalisation of financial instruments and securities markets. The 1st chapter deals with the foundations of capital markets law in Europe, the 2nd explains the basics, and the 3rd examines the regime on market abuse. Chapter 4 explores the disclosure system and chapter 5 short-selling and high-frequency trading. The role of intermediaries, such as financial analysts, rating agencies, and proxy advisers, is described in chapter 6. Chapter 7 explains compliance and corporate governance in investment firms and chapter 8 illustrates the regulation of benchmarks. Finally, chapter 9 deals with public takeovers. Throughout the book emphasis is placed on legal practice, and frequent reference is made to the key decisions of supervisory authorities and courts. This is essential reading for students involved in the study of capital markets law and financial law.

Author: Ester Herlin-Karnell
Publisher: Bloomsbury Publishing
ISBN: 1509903097
Category : Law
Languages : en
Pages : 209

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Book Description
The European Union regime for fighting market manipulation and insider trading – commonly referred to as market abuse – was significantly reshuffled in the wake of the financial crisis of 2007/2008 and new legal instruments to fight market abuse were eventually adopted in 2014. In this monograph the authors identify the association between the financial crisis and market abuse, critically consider the legislative, policy and enforcement responses in the European Union, and contrast them with the approaches adopted by the United States of America and the United Kingdom respectively. The aftermath of the financial crisis, ongoing security concerns and increased legislation and policy responses to the fight against irregularities and market failures demonstrate that we need to understand, in context, the regulatory responses taken in this area. Specifically, the book investigates how the regulatory responses have changed over time since the start of the financial crisis. Market Manipulation and Insider Trading places the fight against market abuse in the broader framework of the fight against white collar crime and also considers some associated questions in order to better understand the contemporary market abuse regime.

Author: Kalss, Susanne
Publisher: Edward Elgar Publishing
ISBN: 1800882246
Category : Law
Languages : en
Pages : 544

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Book Description
This comprehensive Commentary examines the implications of the EU’s Market Abuse Regulation, introduced following the 2008 financial crisis after gaps were identified in the existing regulatory framework. It explores whether and how the Regulation achieves its aims of preserving the integrity of financial markets by preventing insider dealing and market manipulation, providing a harmonised legal framework, and increasing legal certainty for all market participants.

Author: Helene Andersson
Publisher: Bloomsbury Publishing
ISBN: 1509942491
Category : Law
Languages : en
Pages : 305

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Book Description
This book examines the legislative patchwork surrounding access to the European Commission's cartel case files. Recent legislative changes have increased the value of the files and have also highlighted the inherent tension between a number of competing interests affecting their accessibility. The Commission is undoubtedly caught between a rock and a hard place, charged with the task to ensure due process, transparency and effectiveness while at the same time promoting both public and private enforcement of the EU competition rules. The author considers how best to ensure a proper balance between the legitimate, but often diverging interests of parties, third parties and national competition authorities in these cases. The book provides a unique and comprehensive presentation of the EU legislation and case law surrounding access to the Commission's cartel case files. The author examines the question of accessibility from three different perspectives: that of the parties under investigation, cartel victims, and national competition authorities. The author also considers the EU leniency system and whether any legislative changes could make the attractiveness of the system less dependent on the possibilities of cartel victims to access the evidence contained in the Commission's case files.

Author: Stephen M. Bainbridge
Publisher: Edward Elgar Publishing
ISBN: 0857931857
Category : Business & Economics
Languages : en
Pages : 498

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Book Description
In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The Handbook begins with a section devoted to legal issues surrounding the USÕs ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.

Author: Merritt B. Fox
Publisher: Columbia University Press
ISBN: 023154393X
Category : Business & Economics
Languages : en
Pages : 612

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Book Description
The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

Author: Emilios Avgouleas
Publisher: Oxford University Press on Demand
ISBN: 9780199244522
Category : Business & Economics
Languages : en
Pages : 517

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Book Description
Economic theory indicates that financial markets play a prominent role to the efficient allocation of resources in the modern world. Financial markets can fulfil this role if they enjoy the confidence of investors and are free of abuse. The financial frauds associated with the collapse of Enron and the major crises in world leading corporations such as WorldCom, Adelphia, Tyco, and the 'Wall Street financial scandals' have shown that fraud, manipulation, and insider dealing retain a catastrophic presence in modern financial markets. Proper deterrence of market abuse is necessary not only for the effective operation of modern financial markets, but also for regaining investor confidence. This book analyses the mechanics and regulation of two of the most harmful market practices in the modern financial world: insider dealing and market manipulation, which together comprise the offence of market abuse. Avgouleas examines the UK and EC regimes from an interdisciplinary perspective, also making extensive and critical use of US case law. He emphasizes the economic analysis of anti-fraud manipulation regulations and their effects upon market welfare and explores the possible deterrent benefits of civil law remedies.

Author: John Ratliff
Publisher:
ISBN: 9789077644218
Category :
Languages : en
Pages : 0

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Book Description
Regulation (EU) No 1227/2011 of the European Parliament and of the Council on Wholesale Energy Market Integrity and Transparency (REMIT) entered into force on 28 December 2011. The Regulation is the first attempt to regulate EU trading in energy products which is not purely financial. REMIT introduces two fundamental prohibitions, on insider trading and market manipulation, and a series of disclosure and other obligations on companies active in the wholesale markets for electricity and gas in the EEA, which the Agency for Cooperation of European Regulators (ACER) has been developing since, in consultation with various stakeholders. This book aims to offer a detailed yet clear guide for practitioners and in-house counsel faced with these issues, drawing on the available texts and experience so far. The book provides commentary on the Regulation, article by article and places it in the legal, economic and political context. In addition, the book describes the relationship between the REMIT and the European financial regulations, such as MAD, EMIR, MiFID II and MiFIR, which inspired its drafting. The book explains the interplay between the REMIT and EU Competition law with regard to the concept of market abuse and the obligation to disclose inside information. The book then provides an overview of the rules governing the trading on wholesale energy products in the United States, their scope, functioning, enforcement and a comparison with the corresponding provisions of the REMIT. A chapter is also dedicated to the economics behind the rules on market manipulation.

Author: Marco Ventoruzzo
Publisher: Oxford University Press, USA
ISBN: 9780198811756
Category : Antitrust law
Languages : en
Pages : 0

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Book Description
This book analyses the European market abuse regime contained in the Market Abuse Regulation (MAR) and related directives and regulations. Written by leading scholars in the field of capital market law from a number of European jurisdictions, the book is divided into two main parts. The first consists of chapters considering relevant issues by topic; whilst the second provides the first article-by-article commentary on the Regulation, with a detailed and technical analysis of its terms. In the first part guidance is arranged by topic and includes aspects not directly addressed by MAR such as enforcement, and the impact of US securities regulation. As well as considering the sources of market abuse regulation in general, this first part also examines its theoretical and economic framework in order to provide better understanding of the Regulation itself.

Author: Andri Fannar Bergþórsson
Publisher: BRILL
ISBN: 9004366652
Category : Business & Economics
Languages : en
Pages : 326

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Book Description
The Market Abuse Regulation (MAR) entered into force in 2016 within the European Union, which introduced a fully harmonized ban on market manipulation. Even though the regulation is quite detailed, the terms used to define market manipulation are relatively vague and open-ended. In What Is market manipulation? Dr. Andri Fannar Bergþórsson offers unique insight to and an interpretation of the concept of market manipulation, which includes an analysis of case law from the Nordic countries. The aim of the book is to clarify the concept as described in MAR and to provide readers some guidelines to distinguish between lawful behaviour and market manipulation (the unlawful behaviour). Bergþórsson convincingly argues that misinformation is an essential element of all forms of market manipulation.