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The European Union is moving towards the full implementation of the Investment Services Directive (ISD). Indeed, in some Member States, further changes to the domestic legal framework to increase competition among financial institutions and markets will complete or complement its implementation.
This book includes updated papers written by academics and practitioners from Europe and the United States and presented at the Genoa Seminar on European Investment Markets, held in November 1996.
Several papers examine critical aspects of the ISD from a comparative viewpoint, in particular considering the appropriateness of further harmonisation. The regulation of financial exchanges in the new competitive arena and the need for cooperation between supervisors receive special attention.
Its evaluation of the economic impact of ISD implementation and consideration of further perspectives makes European Securities Markets one of the first and most comprehensive publications on the ISD implementation.
The volume will interest and educate all those involved in European securities and derivatives markets in either a legal or economic capacity, including banking and financial lawyers, financial economists, regulators, exchanges and intermediaries.
|List of Contributors|
|List of Abbreviations|
|1||The Implementation of the ISD and CAD in National Legal Systems||3|
|2||Banking and Investment Services: Implications of the New Financial Landscape||45|
|3||Economics of Securities Markets Regulation: Some Current Issues||65|
|4||Cross-border Compliance: Organisational Duties Imposed on National and International Investment Firms||73|
|5||Practising Safer Lex: The Proper Domain of Property, Secured Transactions and Insolvency Laws in the Regulation of Intermediaries||85|
|6||Segregation of Securities and Insolvency under German Law||95|
|7||Segregation of Assets and Insolvency under Italian Law||105|
|8||Rules of Conduct: Further Harmonisation?||115|
|9||Is there a Need to Harmonise Conduct of Business Rules?||131|
|10||Derivatives Sales: Private Law and the Impact of Regulatory Standards||135|
|11||Conflicts of Interest: An English Problem?||149|
|12||Conflicts of Interest: The Spanish Experience||165|
|13||The Changing Microstructure of European Equity Markets||177|
|14||Competition between Regulated Markets in London||205|
|15||Competition among European Exchanges: Recent Developments||213|
|16||Competition among Exchanges or Financial Systems?||225|
|17||Exchange Governance and Regulation: An Overview||245|
|18||A European Directive for Regulated Markets? Some Personal Views||269|
|19||A European Directive for Regulated Markets? A French Reaction||275|
|20||Regulation of the Relationship between European Union Stock Exchanges: Lessons from the United States||283|
|21||Derivatives Clearing Houses: The Regulatory Challenge||295|
|22||The Enforcement of the European Regime for Investment Services in the Member States and its Impact on National Conflict of Laws||317|
|23||Cooperation among Supervisory Authorities under the ISD||363|
|24||Cooperation between Supervisors||373|
|25||International Tax Aspects of Portfolio Investment||383|