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.

Part III Financial Sectors and Activities, 18 Wholesale Investment Firms

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
European Union ◽  
Financial Services ◽  
Conflicts Of Interest ◽  
Historical Overview ◽  
Financial Instruments ◽  
The European Union ◽  
Current State ◽  
Financial Services Regulation ◽  
The Uk ◽  
European Markets

This chapter examines the UK regulatory framework governing wholesale investment firms. It first provides a brief historical overview of the evolution of regulation with respect to investment firms, from the Anderson Report to the Bodkin Report, the Prevention of Fraud (Investments) Acts 1939/1958, and the Gower Report. The chapter proceeds by discussing the Investment Services Directive 1993, the Financial Services and Markets Act 2000 (FMSA), and the Financial Services Act 2012. It also considers the current state of financial services regulation in the European Union by focusing on the Markets in Financial Instruments Directive and the European Markets Infrastructure Regulation. Finally, it analyses the Prudential Regulation Authority's (PRA) Fundamental Rules and the Financial Conduct Authority's (FCA) Principles for Businesses, financial promotions and client communications under FMSA, and rules on dealing in securities and conflicts of interest.

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.

The Law & Politics of Brexit: Volume II

2020 ◽  
Keyword(s):  
Decision Making ◽  
European Union ◽  
Legal Framework ◽  
Comprehensive Analysis ◽  
The European Union ◽  
Trade Relations ◽  
The United Kingdom ◽  
The Uk ◽  
Financial Settlement ◽  
The Eu

This book provides the first comprehensive analysis of the withdrawal agreement concluded between the United Kingdom and the European Union to create the legal framework for Brexit. Building on a prior volume, it overviews the process of Brexit negotiations that took place between the UK and the EU from 2017 to 2019. It also examines the key provisions of the Brexit deal, including the protection of citizens’ rights, the Irish border, and the financial settlement. Moreover, the book assesses the governance provisions on transition, decision-making and adjudication, and the prospects for future EU–UK trade relations. Finally, it reflects on the longer-term challenges that the implementation of the 2016 Brexit referendum poses for the UK territorial system, for British–Irish relations, as well as for the future of the EU beyond Brexit.

scholarly journals Evolution: Police Cooperation in the EU

2021 ◽  
Vol 8 (4) ◽  
pp. 396-428
Author(s):  
Sarah Jane Fox
Keyword(s):  
European Union ◽  
Evolutionary Process ◽  
Essential Element ◽  
Terrorist Attacks ◽  
The European Union ◽  
Police Cooperation ◽  
Related Research ◽  
Cooperative Community ◽  
The Uk ◽  
The Eu

Abstract Cooperation is key to policing and keeping mankind safe and secure; this includes protecting citizens from various crimes, including terrorist attacks. However, it is not an easy feat to always achieve – as is explained within this paper. The related research considers the complexities and challenges of sharing and coordinating across divides – or, in other words, cooperating across borders (be they open or closed). Specifically, it discusses the advancements made between one bloc of countries – the European Union; and, how the evolutionary process has aided to expand cooperative community practices via various means between the police and other lea’s. As part of this, transport and movement are viewed as an essential element to be discussed and factored in. Finally, the paper considers the, arguably, devolutionary position of the UK and the implications – post 2020, in terms of marking a ‘potentially’ regressive position, one that stands to compromise safety and security.

scholarly journals Wpływ wyjścia Zjednoczonego Królestwa z Unii Europejskiej na wspólną politykę bezpieczeństwa i obrony UE

2018 ◽  
Vol 1 (1) ◽  
pp. 103-122 ◽  
Author(s):  
Tomasz Kubin
Keyword(s):  
European Union ◽  
United Kingdom ◽  
European Integration ◽  
Research Question ◽  
The European Union ◽  
The United Kingdom ◽  
Defence Policy ◽  
The Uk ◽  
The Eu ◽  
Common Security

The exit of the United Kingdom from the European Union (so-called Brexit) is one of the most important events in the process of European integration. It has a lot of extremely remarkable implications – both for the EU and for the United Kingdom. Among other, Brexit will affect the security of the United Kingdom and the EU. The aim of the study is to answer the research question: how will Britain’s exit from the EU influence the EU common security and defence policy? In order to answer this question, the factors that are most relevant to the United Kingdom’s significance for the EU’s security and defence policy will be identified. This will show how the EU’s potential of the security and defence policy will change, when the UK leaves this organisation. The most important conclusions are included in the summary.

9. European Union law and institutions

2021 ◽  
pp. 124-141
Author(s):  
Colin Faragher
Keyword(s):  
European Union ◽  
Fundamental Rights ◽  
Eu Law ◽  
The European Union ◽  
European Union Law ◽  
Cooperation Agreement ◽  
The Status ◽  
Fundamental Rights And Freedoms ◽  
The Uk ◽  
The Eu

Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter discusses the Treaty framework and sources of EU law as well as the institutions of the EU. It covers the legal background to the UK’s departure from the EU, the legal process through which the UK left the EU, the key provisions of the EU–UK Trade and Cooperation Agreement (2020), and the European Union (Future Relationship) Act 2020. This chapter also discusses the effect of the UK’s departure from the EU on the status of the sources of EU law and the effect of leaving the EU on the Charter of Fundamental Rights and Freedoms as well as failure to transpose a Directive into national law and the effect of leaving the EU on the Francovich principle.

The Scottish Conservatives and Europe: The Reluctant Brexit Party

2020 ◽  
pp. 169-181
Author(s):  
Anthony Salamone
Keyword(s):  
European Union ◽  
Conservative Party ◽  
Political Context ◽  
The European Union ◽  
House Of Commons ◽  
Future Prospects ◽  
Four Dimensions ◽  
The Uk ◽  
The Impact ◽  
The Eu

As Scottish Conservative leader, Ruth Davidson was a prominent campaigner for a ‘Remain’ vote in the European Union referendum of June 2016. Following the 2017 general election, meanwhile, Davidson repositioned herself as someone who could – aided by 13 Scottish Tory MPs in the House of Commons – influence the Brexit negotiations and nudge the UK Conservative Party towards a ‘soft’ rather than ‘hard’ deal with the EU. This chapter considers the impact of Brexit on the Scottish Conservatives during the leadership of Ruth Davidson in four dimensions: Brexit’s distinct Scottish political context, its electoral consequences, the conduct of Brexit within the UK, and the Brexit negotiations themselves. It concludes with reflections on the future prospects for the Scottish party in light of all four dimensions.

Part II UK Securities Markets, 4 Recognized Investment Exchanges (RIEs) and Recognized Clearing Houses (RCHs)

2021 ◽  
Author(s):  
Penn Bob ◽  
Forzani Alex ◽  
Allen & Overy LLP
Keyword(s):  
European Union ◽  
Financial Services ◽  
Securities Markets ◽  
Financial Instruments ◽  
The European Union ◽  
Financial Contracts ◽  
The Uk ◽  
Final Settlement ◽  
Market Infrastructure

This chapter summarizes and discusses the UK regulatory framework for recognized investment exchanges (RIEs) and recognized clearing houses (RCHs) under the Financial Services and Markets Act 2000 (FSMA). It considers the framework in light of the current and forthcoming European legislation. It also examines the applicability of the framework to RIEs and RCHs in the context of the recast Markets in Financial Instruments Directive II (MiFID II), European Market Infrastructure Regulation (EMIR) and the UK's departure from the European Union (Brexit). This chapter outlines the central role of exchanges and clearing houses in the operation of financial markets. It explains that the exchanges offer marketplaces for the trading of financial instruments, provide market data which facilitates trading, and establish standards for the offering of securities, while clearing houses manage the performance of financial contracts between the point of execution and final settlement and mitigating the risk and consequences of default.

Introduction

2020 ◽  
pp. 1-34
Author(s):  
Federico Fabbrini
Keyword(s):  
European Union ◽  
United Kingdom ◽  
European Parliament ◽  
The European Union ◽  
The United Kingdom ◽  
Uk Government ◽  
Article 50 ◽  
The Uk ◽  
The Eu

This introductory chapter provides an overview of the Withdrawal Agreement of the United Kingdom (UK) from the European Union (EU). The Withdrawal Agreement, adopted on the basis of Article 50 Treaty on European Union (TEU), spells out the terms and conditions of the UK departure from the EU, including ground-breaking solutions to deal with the thorniest issues which emerged in the context of the withdrawal negotiations. Admittedly, the Withdrawal Agreement is only a part of the Brexit deal. The Agreement, in fact, is accompanied by a connected political declaration, which outlines the framework of future EU–UK relations. The chapter then offers a chronological summary of the process that led to the adoption of the Withdrawal Agreement, describing the crucial stages in the Brexit process — from the negotiations to the conclusion of a draft agreement and its rejection, to the extension and the participation of the UK to European Parliament (EP) elections, to the change of UK government and the ensuing constitutional crisis, to the new negotiations with the conclusion of a revised agreement, new extension, and new UK elections eventually leading to the departure of the UK from the EU.

The EU during Brexit

2020 ◽  
pp. 9-34
Author(s):  
Federico Fabbrini
Keyword(s):  
European Union ◽  
The European Union ◽  
Military Cooperation ◽  
Member States ◽  
Decision To Leave ◽  
Policy Initiatives ◽  
Eu Membership ◽  
The Future ◽  
The Uk ◽  
The Eu

This chapter analyses the European Union during Brexit, explaining how the EU institutions and Member States reacted to the UK’s decision to leave the EU. It outlines how they went about this in the course of the withdrawal negotiations. The EU institutions and Member States managed to adopt a very united stance vis-à-vis a withdrawing state, establishing effective institutional mechanisms and succeeding in imposing their strategic preferences in the negotiations with the UK. Nevertheless, the EU was also absorbed during Brexit by internal preparations to face both the scenario of a ‘hard Brexit’—the UK leaving the EU with no deal—and of a ‘no Brexit’—with the UK subsequently delaying exit and extending its EU membership. Finally, during Brexit the EU increasingly started working as a union of 27 Member States—the EU27—which in this format opened a debate on the future of Europe and developed new policy initiatives, especially in the field of defence and military cooperation.

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