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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.
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.
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.
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