Part I Regulatory Structure, 3 European Financial Services

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Primary Sources ◽  
Banking Union ◽  
The European Union ◽  
Regulatory Structure ◽  
European Court ◽  
Treaty Of Rome ◽  
The Uk ◽  
Council Of Ministers ◽  
The Eu

This chapter examines the evolution of the European Union' financial services law and its impact on the development of financial services law in the UK, as it stands at the end of 2016, six months after the EU referendum. It first describes the evolving role and functions of the EU institutions, namely: the Council of Ministers, the European Commission, the European Court of Justice, and the European Parliament. It then considers the primary sources of EU law, including treaties, and the effects of the various changes in the Treaty of Rome. It also discusses the establishment of the single market in financial services and the moves to establish a banking union. Finally, it analyses the substantive financial services measures that have been adopted in the EU since the 1970s.

4. International Sources of Law

2017 ◽  
Author(s):  
Alisdair Gillespie ◽  
Siobhan Weare
Keyword(s):  
European Union ◽  
United Kingdom ◽  
International Law ◽  
Primary Sources ◽  
Eu Law ◽  
The European Union ◽  
The United Kingdom ◽  
The Uk ◽  
International Conventions ◽  
The Eu

This chapter discusses international sources of law. Conventions and treaties are the primary sources of international law. International law also relies on custom, that is to say informal rules that have been commonly agreed over a period of time. The United Kingdom joined the (then) European Economic Community (EEC) in 1972. As part of the conditions for joining the UK agreed that EEC (now EU) law would become automatically part of the law of the United Kingdom. The principal treaties governing the EU are the Treaty on the European Union and the Treaty on the Functioning of the European Union. Disputes are adjudicated by the Court of Justice of the European Union. Whilst the UK has recently voted to leave the EU, it will not do so for at least two years, meaning EU law will remain part of UK law. The United Kingdom is also a member of the Council of Europe, which has issued a number of international Conventions that impact the English Legal System.

scholarly journals Diplomatic and Consular Protection with Special Reference to Article 46 of the EU Charter of Fundamental Rights

Laws ◽  
2020 ◽  
Vol 9 (4) ◽  
pp. 32
Author(s):  
Riaan Eksteen
Keyword(s):  
Human Rights ◽  
Fundamental Rights ◽  
Full Potential ◽  
Eu Law ◽  
The European Union ◽  
European Court ◽  
The Status ◽  
Protection Of Human Rights ◽  
The Uk ◽  
The Eu

Central to EU law and policies is the protection of human rights. For the European Union (EU), these rights are sacrosanct. Over the years, more substance to the protection of fundamental rights emerged. The European Court of Justice (ECJ) is notably entrusted with the protection of human rights and has always deemed it imperative that fundamental rights must be protected within the scope of EU law. The Court has always relied on strong European traditions and values and is guided by the inalienable principle of the rule of law. In the human rights record of the EU, the Kadi cases occupy a special place. The scope of the application of Article 46 is limited, and the application of the Charter is still not used to its full potential, and too few citizens are even aware of it. The Commission intends to present a strategy that would improve the use and awareness of the Charter. By the middle of 2020, the UK’s withdrawal from the EU had become acrimonious. One issue that still begs the conclusion is the status of and protection available to EU citizens living in the UK beyond 31 December 2020. These basic rights of its citizens are not negotiable for the EU.

Brexit and the Crisis of European Integration

2021 ◽  
pp. 99-125
Author(s):  
Kent Jones
Keyword(s):  
European Union ◽  
Right Wing ◽  
The European Union ◽  
Left Wing ◽  
Regulatory Issues ◽  
The United Kingdom ◽  
History Of ◽  
The Uk ◽  
Council Of Ministers ◽  
The Eu

This chapter discusses the role Europe’s long history of conflict over geography, religion, and national identity, as well as its aristocratic traditions, on modern European populism. The Brexit referendum gave direct electoral voice to the accumulated resentments of populist forces in the United Kingdom against EU rules administered by what its supporters regarded as an elite bureaucracy in Brussels. Their concerns, mainly over budgetary and regulatory issues, overrode the prospect of losing trade benefits from the EU single market. Elsewhere in the European Union populist parties continue to be active, and many of them are Euroskeptic, based largely on immigration and monetary issues. Many right-wing and left-wing populist parties in particular tend to favor protectionism, but will not be in a position to challenge centralized EU trade policy until they gain power in large EU countries. The UK exit from the European Union will weaken a prominent pro-trade voice in the EU Council of Ministers.

22. Joining, Leaving, Transitioning: The UK’s Relationship With the European Union

Public Law ◽  
2019 ◽  
pp. 794-835
Author(s):  
Andrew Le Sueur ◽  
Maurice Sunkin ◽  
Jo Eric Khushal Murkens
Keyword(s):  
Transition Period ◽  
The European Union ◽  
Northern Irish ◽  
European Court ◽  
Stage Process ◽  
Irish Case ◽  
The 1960S ◽  
Article 50 ◽  
The Uk ◽  
The Eu

This chapter discusses the constitutionalization of EU law, which was led by the European Court of Justice from the 1960s using the twin principles of direct effect and supremacy. These principles were fully developed by the time the UK joined the European Community in 1973. The chapter will examine the UK’s accession process with particular reference to the European Communities Act 1972 before turning to the complex three-stage process of withdrawing from the EU. In that context, the 2016 referendum, Article 50 TEU, and the UK Supreme Court’s hearing of the English case of Miller and the Northern Irish case of McCord and Agnew, will be considered. In addition, the chapter will focus on the constitutional status of the Withdrawal Agreement, the transition period, and the constitutional importance of Northern Ireland for the current and future relationship between the UK and the EU.

2. The EU institutions

2020 ◽  
pp. 33-60
Author(s):  
Sylvia de Mars
Keyword(s):  
European Union ◽  
Member State ◽  
European Central Bank ◽  
Transition Period ◽  
The European Union ◽  
European Central ◽  
Article 50 ◽  
The Uk ◽  
Council Of Ministers ◽  
The Eu

This chapter discusses the different institutions that make up the ‘EU government’. It begins by explaining the Article 50 TEU (Treaty of European Union) process, which sets out how a Member State can leave the EU. The chapter then describes the European Council, the European Commission, the Council of Ministers, the European Parliament, and the Court of Justice of the European Union (CJEU). The two other EU institutions set out in Article 13 TEU include the European Central Bank and the Ombudsman. The chapter then considers how the roles of the EU institutions in the UK will change over the next few years following Brexit. It studies the Withdrawal Agreement and assesses what happens after the so-called transition period.

scholarly journals Umowa o handlu i współpracy między UE a Wielką Brytanią

2021 ◽  
pp. 107-126
Author(s):  
Jarosław Kundera
Keyword(s):  
Financial Services ◽  
Trade Agreement ◽  
Free Movement ◽  
The European Union ◽  
Costs And Benefits ◽  
Cooperation Agreement ◽  
Mutual Cooperation ◽  
The Uk ◽  
Common Trade ◽  
The Eu

The Trade and Cooperation Agreement between the European Union (EU) and the United Kingdom (UK) is a free trade agreement signed in accordance with WTO rules. It consists of 12 chapters and many annexes, which contain provisions on the free movement of goods, investments, payments, rules of origin, common institutions, dispute resolution procedure, cooperation in the field of transport, environmental protection, combating terrorism and crime. In view of the UK’s exit from the EU, it is important to analyse, what is most interesting in the Agreement and what it does not contain, e.g. provisions on the free movement of workers, students, financial services, the right of citizens to work, the common trade, agricultural policy, regional policy, financing of the EU budget. Because the Agreement limits the existing freedoms and scope of mutual cooperation, the aim of this Article is to analyse not only its provisions, but also the consequences that it will bring in terms of benefits and costs for the UK and the EU. The author uses a well-known non-Europe methodology in his research, taking into account the fact that things, which are now benefits of integration, could prove to be the costs of disintegration tomorrow. The costs and benefits of the Agreement should be assessed through the lens of the current costs and benefits of the UK’s membership of the EU. From this point of view, the implementation of the Agreement will bring higher alternative costs in the form of lower trade in goods and services, capital migration and workers in comparison with their volume, that can be achieved in the EU. The conducted analysis demonstrates that these costs will not be compensated by the savings from the UK contribution to the EU budget.

5. Bank Supervision in Practice: The Case of the UK and of the European Banking Union

2018 ◽  
Author(s):  
Ross Cranston ◽  
Emilios Avgouleas ◽  
Kristin van Zweiten ◽  
Theodor van Sante ◽  
Christoper Hare
Keyword(s):  
Financial Services ◽  
Financial Stability ◽  
Debt Crisis ◽  
Banking Union ◽  
Financial Policy ◽  
Regulatory Structure ◽  
Bank Supervision ◽  
European Banking Union ◽  
European Banking ◽  
The Uk

This chapter discusses banking supervision in practice. It focuses on two jurisdictions: the UK and the European Banking Union (EBU), and considers in particular the type of powers enjoyed by the UK and EBU regulators, and the way they exercise them in their supervisory approaches. In the process the chapter highlights loopholes in the respective regimes and to some extent evaluates their effectiveness. On 1 April 2013 the Financial Services Act 2012 came into force, removing the Financial Services Authority and delivering a new regulatory structure for the UK, which comprises the Prudential Regulation Authority responsible for microprudential regulation and supervision of banks, building societies, and investment firms; and the Financial Conduct Authority, in addition to a financial stability (macroprudential) body within the Bank of England, the Financial Policy Committee. The EBU brought about the centralization of bank supervision and resolution within the Eurozone. The trigger for the establishment of the EBU was the Eurozone debt crisis.

The Marrakesh Copyright Treaty for those with visual disabilities and its implications in the European Union and in the United Kingdom

2017 ◽  
Vol 27 (1) ◽  
pp. 4-9 ◽  
Author(s):  
Charles Oppenheim
Keyword(s):  
European Union ◽  
The European Union ◽  
Visual Disabilities ◽  
Protection Measures ◽  
The United Kingdom ◽  
Current State ◽  
European Court ◽  
The Uk ◽  
Marrakesh Treaty ◽  
The Eu

A review is provided of the current state of play for the Marrakesh Treaty providing exceptions to copyright, allowing those with visual disabilities or organisations acting on their behalf to make accessible copies of works, in order to assist those with such visual disabilities. A key feature of this Treaty is the fact that it is the first international copyright treaty that gives users, as opposed to copyright holders, explicit rights that cannot be overridden by contract or by technical protection measures. Another key feature is that it provides users with the possibility of receiving ‘accessible copies’ of works from abroad. The current situation regarding implementation of the Treaty with 88 countries signing up to it, but only 25 so far having ratified it, is provided, together with an analysis of the position in the European Union (EU) and an analysis of the United Kingdom’s curiously inconsistent attitude towards the Treaty, when compared to its own even more generous provisions for those with all disabilities, not just visual ones. An explanation of this inconsistent approach – the intense euroscepticism of the UK Government leading to its unwillingness to let the EU pass directives, together with the manner in which the problem has been bypassed by the European Court of Justice – is given.

Part II Financial Services Regulation, 11 Listing and Public Offers

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
European Union ◽  
Financial Services ◽  
Information Disclosure ◽  
Stock Exchange ◽  
The European Union ◽  
London Stock Exchange ◽  
Financial Services Regulation ◽  
The Uk ◽  
Public Offer ◽  
The Eu

This chapter examines the regulatory framework for listing and public offers in the UK, with a particular focus on the Prospectus Directive regime that was first adopted by the European Union in November 2003 and implemented in the UK from 1 July 2005. The Prospectus Directive regime regulates information disclosure in connection with a public offer or admission to listing on a regulated market in the EU. The chapter first provides an overview of the evolution of the Prospectus Directive regime before discussing its implementation in the UK. It then considers when a prospectus is required and what it must contain and describes the listing regime in the UK, which combines admission to the ‘Official List’ with admission to trading on one of the markets of the London Stock Exchange. The chapter also explains the UK listing requirements and the ongoing obligations faced by issuers admitted to listing and trading.

The emerging geography of European financial centres: Fragmentation in the European Union and concentration in the UK?

2020 ◽  
pp. 096977642097581
Author(s):  
Martin Heneghan ◽  
Sarah Hall
Keyword(s):  
Social Sciences ◽  
European Union ◽  
Financial Services ◽  
The European Union ◽  
Services Sector ◽  
Financial Centre ◽  
Financial Services Sector ◽  
Cross Border ◽  
The Uk ◽  
The Eu

The United Kingdom’s (UK) withdrawal from the European Union (EU) will reshape the geography of European finance. From January 2021, the UK will no longer be able to sell financial services cross-border into the EU’s Single Market as it has done as a Member State. Through what are called passporting rights, these financial services exports from London to the EU have been central to London’s competitiveness as an international financial centre and the wider importance of financial services in the UK’s political economy. They have also provided a range of financial services to businesses and individuals in Europe. In this commentary, we examine the implications of Brexit for the financial services sector and for conceptual understandings of finance in economic geography and cognate social sciences. We argue that at the European scale, Brexit is giving rise to growing fragmentation of financial services to a range of European financial centres. Meanwhile, within the UK, finance is likely to become more concentrated in London as renewed processes of spatial concentration that have characterised previous economic shocks develop. Our analysis shows that that in order to understand these seemingly diverging geographies it is necessary to understand financial services as both economic and political practices.

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