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The aim of this edited volume is to bring together the views of
expert academics and practitioners on the latest regulatory
developments in sustainable finance in Europe. The volume includes
a wide range of cutting-edge issues, which relate to three main
themes along which the volume is structured: (1) corporate
governance; (2) financial stability; and (3) financial markets.
With individual contributions deploying different methods of
analysis, including theoretical contributions on the status quo of
macro-financial research as well as law and economics approaches,
the collection encourages interdisciplinary readership and will
appeal to those researching capital markets law, European financial
law, and sustainable finance, as well as practitioners within the
finance industry.
In recent years, an increasing number of clients and third parties
have filed claims against banks such as for mis-selling financial
products, poor financial advice, insufficient disclosure of and
warning about financial risks. The scope of a bank's duty of care
seems to expand, not only to include protection of consumers
against unclear risks of complicated products but also protection
of professional parties against more obvious risks of relatively
straightforward products. This topic raises many questions, both at
a theoretical and practical level. This book provides a rich source
of information about how various jurisdictions (Germany, Austria,
France, Italy, Spain, the Netherlands, England and Wales, Ireland,
and the United States of America) deal with these questions and how
answers are found or embedded in their national legal systems. The
book also contains a detailed chapter on the MiFID I and II
conduct-of-business provisions. Finally, the book provides a
thorough comparative analysis and perspective.
Mirroring the long-established structure of the financial industry,
EU financial regulation as we know it today approaches banking,
insurance and investment services separately and often divergently.
In recent decades however, the clear separation between financial
sectors has gradually evaporated, as business lines have converged
across sectors and FinTech solutions have emerged which do not fit
traditional sector boundaries. As the contours of the traditional
tripartition in the financial industry have faded, the diverging
regulatory and supervisory treatment of these sectors has become
increasingly at odds with economic reality. This book brings
together insights developed by distinguished researchers and
industry professionals in a series of articles analysing the main
areas of EU financial regulation from a cross-sectoral perspective.
For each specific research theme - including prudential regulation,
corporate governance and conduct of business rules - the
similarities, as well as gaps, overlaps and unjustifiable
differences between banking, securities and insurance regulation,
are clearly presented and discussed. This innovative research
approach is aimed at informing lawmakers and policymakers on
potential improvements to EU financial regulation whilst also
supporting legal and compliance professionals applying the current
framework or looking to streamline compliance processes.
The focus of this 2009 book, the legal situation created when an
agent acts without authority, is one of the most important issues
in agency law. The analysis is divided into three sections:
apparent authority, ratification and the liability of the falsus
procurator. Adopting a unique comparative perspective, the
contributions are drawn from many different legal systems,
providing the opportunity for analysis of the European common
law/civil law divide. The analysis extends beyond Europe, however,
taking into account the mixed legal system of South Africa, as well
as the United States. Finally, there is a useful consideration of
the Principles of European Contract Law and the UNIDROIT Principles
of International Commercial Contracts 2004. This study will be an
invaluable guide for those interested in the study of comparative
law, international practitioners and those interested in the
harmonisation of European Private Law.
The focus of this book, the legal situation created when an agent
acts without authority, is one of the most important issues in
agency law. The analysis is divided into three sections: apparent
authority, ratification and the liability of the falsus procurator.
Adopting a unique comparative perspective, the contributions are
drawn from many different legal systems, providing the opportunity
for analysis of the European common law/civil law divide. The
analysis extends beyond Europe, however, taking into account the
mixed legal system of South Africa, as well as the United States.
Finally, there is a useful consideration of the Principles of
European Contract Law and the UNIDROIT Principles of International
Commercial Contracts 2004. This study will be an invaluable guide
for those interested in the study of comparative law, international
practitioners and those interested in the harmonisation of European
Private Law.
This timely new work provides a thorough overview, analysis, and
discussion of standard terms control for banking and financial
contracts in Europe. Unfair Terms in Banking and Financial
Contracts argues that this sector uniquely necessitates unfair
terms control, due to the asymmetrical relationship between lay
consumers and the financial industry and discusses the role of the
judiciary in addressing this imbalance. The rise of unfair terms
control as a remedy for consumers and businesses against financial
institutions with superior bargaining power has led to questions
about the Directive's threat to existing contracts. Disputes have
already arisen across Europe in several areas including foreign
currency housing loans, housing loans based on Euribor, and hidden
bank fees. These disputes and their outcomes are high stakes for
banks and their customers. The stakes of the outcomes of these
disputes for the customers as well as for the banks are very high.
The book focuses on the EU Unfair Terms Directive (UTD) but also
considers the law of non-EU jurisdictions. Beginning with an
overview of the UTD and the extensive case law of the CJEU, the
volume brings together leading authorities in the field of
financial law to provide analyses of the UTD's application in this
sector across 15 EU jurisdictions (Ireland, Germany, France, Italy,
Spain, Austria, The Netherlands, Belgium, Sweden, Greece, Poland,
Romania, Czech Republic, Hungary, and Estonia). It then goes on to
compare the legal situation in three non-EU jurisdictions (United
Kingdom, Switzerland, and Norway). Locating unfair terms control
within a broader European struggle to balance the power of market
forces and the requirements of social justice, the volume offers a
critique of the existing regime and concludes with a proposal for a
common legal framework to ensure a level playing field and greater
harmonisation across the EU.
Given the international nature of the asset management industry,
lawyers representing investors, asset managers, and regulators are
often confronted with asset management agreements governed by
foreign law. This book provides the necessary points of law and
practice in the leading jurisdictions allowing lawyers to identify
the main pitfalls concerning the foreign law in question. This book
is the only comparative analysis of the law of asset manager
liability in the major European jurisdictions, the United States,
and Canada, each written by specialists from the relevant
jurisdiction. This is a much-needed guide on the disparate
regulation of asset manager liability in these countries
highlighting the absence of uniformity in this area of law despite
the implementation of MiFID in Europe. The section on European law
provides an overview of the regulation in this field regionally and
provides the context in which the national chapters explore the
regulation at country level. The comparative evaluation at the end
of the book provides a thoughtful assessment of the impact of
regulatory frameworks on asset managers private law duties and
liabilities. The Introduction situates the country-by-country
material within the broader context of questions about regulatory
design and effectiveness.
The book provides a full and practical review of the impact of the
highly controversial European Directive on Alternative Investment
Fund Managers, which was adopted after much debate in October 2010
(AIFMD). The AIFMD is intended to be a regulatory response to
systematic risks that came to light in the financial crisis and
will have a broad and material impact on the manner in which
investment managers may operate and offer non-retail funds
(including hedge funds, private equity funds, real estate funds and
infrastructure funds), which were previously largely unregulated.
The AIFMD not only regulates fund managers based in the EU, but
also seeks to regulate non-EU managers who seek to offer non-EU
funds to EU investors. Accordingly, the AIFMD will impact all fund
offerings to professional investors based in the EU, potentially
severely limiting the range of investments available to EU pension
funds, insurance companies and other institutional investors. The
book begins with a detailed review of the AIFMD itself, including
the 'Level 2' rules. The bulk of the book consists of chapters that
analyse and explain the national implementation legislation of the
EU Member States. Through this structure, the work provides the
reader with fast-track access to the regulation at European and
national level of non-retail EU and non-EU funds and fund managers,
which are caught by the AIFMD.
This new work provides integrated analysis of and guidance on the
Prospectus Regulation 2017, civil liability for a misleading
prospectus, and securities litigation in a European context. The
prospectus rules are one of the cornerstones of the EU Capital
Markets Union and analysis of this aspect of harmonisation, the
areas not covered by the rules, and the impact of Brexit, provides
valuable reference for all advising and researching this field. The
first Part serves as an introduction to the volume with relevant
context. Part II discusses the subjects of Prospectus Regulation
from both a legal and economic perspective. Each chapter within
Part II focuses on a key subject of the new Prospectus Regulation,
providing an in-depth analysis of each issue. Part III of the work
explains the domestic law on liability for a misleading prospectus,
this issue being omitted from the Regulation. The law and practice
in each of the key capital markets centres in Europe is analysed,
with the UK chapter covering the issues and possible solutions
under Brexit. There is full consideration of conflicts of laws
issues with reference to the Brussels I regulation, and the Rome I
and II Regulations. The influence of the EU Prospectus rules on
private law is also addressed.
Part of the Oxford EU Financial Regulation Series, this work
analyses the implications of the Single Supervisory Mechanism (SSM)
and the Single Resolution Mechanism (SRM) for banks in Europe, and
the second edition reflects the experience in practice of this
regime both economically and legally. The new edition provides
reflection on the efficacy and problems with the central banking
regulatory regime. There are new chapters on fit and proper testing
under the SSM and deposit guarantee schemes. A further additional
chapter considers the impact of the Bank Resolution and Recovery
Directive (BRRD) and its interaction with the SRM by detailed
analysis of relevant case law. Whist offering insightful updates to
existing chapters on the Single Rulebook, CRD IV, the SSM and the
SRM, the second edition also includes brand new chapters covering a
range of subjects. Unique to the second edition, experienced
scholars and practitioners explore The Deposit Guarantee Scheme,
fit and proper testing within the SMM, BRRD and SRB in practice.
This book benefits from the contributions of a team of leading
scholars and practitioners who present a range of perspectives and
methodologies. Case studies and in depth-analysis is presented to
highlight topics such as supervised credit institutions,
implications for financial market governance, and risk management
and compliance. European Banking Union (second edition) is the
ultimate companion for academics, legal practitioners, financial
supervisors, and policy makers.
This book explores a range of problems in the application of agency
law in commercial practice. Moving beyond the limited introductory
resources currently available, it "tests" abstract agency law
concepts in specific commercial contexts, with reference to
jurisdictions around the world. There is an enduring commonality of
concepts and principles within agency law, both within the
Commonwealth and within the jurisdictions of the United States. The
book's comparative approach, drawing together analysis of national
and international jurisdictions, provides innovative perspectives
and insights, as well as practical guidance on solving commercial
problems. The book opens with a detailed introductory chapter which
provides a broad overview of the agency issues arising in specific
commercial contexts. The subsequent chapters are grouped
thematically: company law, financial transactions and services,
sale of goods; as well as agency in procedural contexts. Topics
covered include the role of the director and directorial board in
company law and agency law, agency in shipping law, undisclosed
principal in sale of goods cases, regulation of conflicts of
interest in securities transactions, poseur-agents and
transactional intermediation, the operation of agency in retail
financial services, the agent's warranty of authority, and power of
attorney. This book is an invaluable resource on both agency theory
and commercial practice.
Since the global financial crisis of 2008, claims by clients,
shareholders, depositors, and bondholders of financial firms have
increased against financial supervisors and resolution authorities
for inadequate supervision or resolution action. Liability of
Financial Supervisors and Resolution Authorities is the first book
to offer a thorough and systematic analysis of the liability
regimes which apply to financial supervisors and resolution
authorities at the EU level (particularly relevant since the
European Banking Union came into operation in 2014), at the level
of individual EU Member States, as well as in other major
jurisdictions worldwide. The jurisdiction-by-jurisdiction approach
provides a detailed analysis of the liability regimes as they apply
to local financial supervisors and resolution authorities in major
civil law, common law, and mixed legal system jurisdictions. This
global view of the primary financial jurisdictions as examples
provides a unique and comprehensive overview which is of great
practical and theoretical importance. The work concludes with a
comparative law evaluation that discusses to what extent
limitations of the liability of national financial supervisors and
resolution authorities are valid under the EU rules on Member State
liability. It also explores whether it would be preferable to adopt
a uniform liability standard for the European Central Bank (ECB),
the Single Resolution Board (SRB), and national financial
supervisors and resolution authorities. Furthermore, it addresses
whether it would be preferable to adopt a provision to the effect
that the Court of Justice of the European Union has exclusive
jurisdiction in relation to the ECB, SRB, and the national
financial supervisors and resolution authorities.
Mirroring the long-established structure of the financial industry,
EU financial regulation as we know it today approaches banking,
insurance and investment services separately and often divergently.
In recent decades however, the clear separation between financial
sectors has gradually evaporated, as business lines have converged
across sectors and FinTech solutions have emerged which do not fit
traditional sector boundaries. As the contours of the traditional
tripartition in the financial industry have faded, the diverging
regulatory and supervisory treatment of these sectors has become
increasingly at odds with economic reality. This book brings
together insights developed by distinguished researchers and
industry professionals in a series of articles analysing the main
areas of EU financial regulation from a cross-sectoral perspective.
For each specific research theme - including prudential regulation,
corporate governance and conduct of business rules - the
similarities, as well as gaps, overlaps and unjustifiable
differences between banking, securities and insurance regulation,
are clearly presented and discussed. This innovative research
approach is aimed at informing lawmakers and policymakers on
potential improvements to EU financial regulation whilst also
supporting legal and compliance professionals applying the current
framework or looking to streamline compliance processes.
In recent years, an increasing number of clients and third parties
have filed claims against banks such as for mis-selling financial
products, poor financial advice, insufficient disclosure of and
warning about financial risks. The scope of a bank's duty of care
seems to expand, not only to include protection of consumers
against unclear risks of complicated products but also protection
of professional parties against more obvious risks of relatively
straightforward products. This topic raises many questions, both at
a theoretical and practical level. This book provides a rich source
of information about how various jurisdictions (Germany, Austria,
France, Italy, Spain, the Netherlands, England and Wales, Ireland,
and the United States of America) deal with these questions and how
answers are found or embedded in their national legal systems. The
book also contains a detailed chapter on the MiFID I and II
conduct-of-business provisions. Finally, the book provides a
thorough comparative analysis and perspective.
This book examines the topical issue of governance of financial
institutions, covering banks, investment firms, asset management,
pension funds and insurance firms. It comprehensively analyses the
impact and practice of the new and more robust requirements for
management functions under MiFID II (Markets in Financial
Instruments Directive) and other regulation such as MAR (Market
Abuse Regulation). Thematically grouped chapters provide extensive
coverage of the main areas of change and interest in this field:
financial regulation, models, systemic risk, culture and ethics,
and conduct and culture. Each chapter employs an interdisciplinary
approach, providing high-quality analysis and discussion of the
governance of financial institutions of a practical, as well as
theoretical, nature. Written by a team of expert contributors,
comprised of leading scholars with broad practical experience, and
leading practitioners in the field of corporate governance, this
book provides much needed analysis of this important topic and the
new rules for those advising financial institutions.
Capital Markets Union in Europe analyses the legal and economic
implications of the European Commission's plans to form a Capital
Markets Union (CMU) in Europe, which will have a major impact on
financial markets and institutions both in the region and beyond. A
detailed introductory chapter provides a broad overview of the
various aspects and challenges of the CMU proposals, whilst
thematically grouped chapters cover the following areas: (i)
general aspects, (ii) Brexit, (iii) financing innovation, (iv)
raising capital on the capital markets, (v) fostering retail and
institutional investment, (vi) leveraging banking capacity to
support the wider economy, (vii) facilitating cross-border
investing, and (viii) comparative aspects of capital market
integration. Written by world renowned experts in the fields of
banking and capital markets, including respected academics, with
broad practical experience, and leading practitioners, Capital
Markets Union in Europe provides high-quality analysis of the legal
and economic issues in a practical context.
This book provides a comprehensive and expert examination of the
Markets in Financial Instruments Directive II, which comes into
force in January 2018 and will have a major impact on investment
firms and financial markets. It offers detailed guidance on
interpretation of MiFID II, its measure and aims which include: to
increase transparency; better protect investors; reinforce
confidence; address unregulated areas; and ensure that supervisors
are granted adequate powers to fulfil their tasks. After a thorough
overview of the various innovative features of the new legislative
framework in comparison with the former MiFID, the book's chapters
are grouped thematically to cover the following areas: general
aspects; investment firms and investment services; trading;
supervision and enforcement; and reform perspectives. Offering
high-quality analysis of both the theoretical and practical aspects
of MiFID II, this book is an essential guide to this major EU
legislation. It brings together the expert opinions of leading
practitioners and legal and economic scholars with access to
practice, providing a variety of perspectives on the new regime and
the likely effect of the increased regulation.
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