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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.
EU policy in the area of corporate governance and capital markets
is being reoriented. Harmonization is less frequently seen as a
concept in company law; regulatory competition is on the rise; and
experiments in soft law are being carried out. Several Member
States have recently reformed their corporate laws, wither as a
reaction to financial scandals or in an effort to enhance
investment. Convergence has increased as a result, particularly
towards Anglo-American standards. Yet differences still exist,
profoundly rooted in national systems of corporate governance. By
contrast, capital markets law would seem to be an exception, having
undergone intense harmonization in the last few years through the
Lamfalussy regulatory architecture. Nonetheless, a European system
of securities regulation is not yet in place. Regulation is
predominantly domestic, while private laws affecting capital
markets are still divergent. This volume examines the ongoing
debate from an interdisciplinary perspective. Part 1 explores the
political determinants of corporate governance and evaluates likely
convergence and the role of regulatory competition. Part 2
considers the Markets in Financial Instruments Directive (MIFID)
and its central role in harmonizing EU securities trading. Part 3
analyzes the MiFID more deeply and explores other measures
including the Prospectus and Transparency Directives. Part 4 offers
future perspectives on the post-FSAP era.
The EU is moving towards the full implementation of the Investment
Services Directive (ISD). Indeed, in some Member States,
implementation has been or will be complemented by further changes
to the domestic legal framework in order to cater more effectively
for increased competition among financial institutions and markets.
This book analyzes these developments from a legal and economic
perspective and includes papers written by academics and
practitioners from Europe and the US. Some papers examine critical
aspects of the ISD from a comparative viewpoint, in particular
considering whether further harmonization would be appropriate.
Special attention is paid to the regulation of financial exchanges
in the new competitive arena and to the need for co-operation
between supervisors. The volume is aimed at all those involved in
European securities and derivatives markets in either a legal or
economic capacity. It will be of interest to banking and financial
lawyers, financial economists, regulators, exchanges and
intermediaries.
With contributions by distinguished scholars from legal and
financial backgrounds, this collection of essays analyses four main
topics in the corporate governance of European listed firms: (i)
board structure, composition and functioning and their interaction
with ownership structure; (ii) board remuneration; (iii)
shareholder activism and (iv) corporate governance disclosure based
on the 'comply or explain' approach. The authors provide new
comparative evidence and analyse its implications for the policy
debate. They challenge the conventional wisdom that corporate
governance in European firms was systematically dysfunctional.
While proposals aimed at increasing disclosure and accountability
are usually well-grounded, caution is suggested when bringing
forward regulatory changes with respect to proposals targeting
specific governance arrangements, especially in the fields of board
composition and shareholder activism. They argue that the 'comply
or explain' principle should be retained and further efforts should
be exercised to enhance disclosure.
The integration of European - indeed, global - capital markets has
been under way for quite some time. However, the adoption of the
single European currency crystallises the process, solving many old
problems at the same time as it creates new challenges. In this
wide-ranging book, 28 practitioners and academics - including
economists, regulators, and lawyers - pool their resources to
analyse issues affecting investment, conduct of business rules,
stock exchanges, trading, and company law. Originally designed as a
research project, this finished work was developed from individual
research and first drafts through group discussion to a final
interconnected achievement. Since the authors met at a conference
in Genoa in November 2000 on the initiative of four major European
law faculties, a number of pertinent regulatory developments have
taken place, notably the Lamfalussy Report and the adoption of
various proposals by the European Commission. Analysis of the
impact of such events has been incorporated into this final text.
Among other significant matters affecting capital markets, the
authors discuss the following: conflict of laws issues; on-line
trading; clearing and settlement systems; takeovers; and relevant
soft law.
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