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.

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.

3. Law-making: authority and process

2019 ◽  
pp. 27-72
Author(s):  
Martin Partington
Keyword(s):  
European Union ◽  
Detailed Account ◽  
The European Union ◽  
Council Of Europe ◽  
Legal Principle ◽  
Legislative Procedure ◽  
The Uk ◽  
The Impact ◽  
Law Making

This chapter considers how law is made in the UK, who makes it, and the constitutional principles which give them the authority for making it and imposing it on society. There is a detailed account of the legislative procedure of the UK Parliament, and the different types of legislation enacted by Parliament. The role of the senior courts in the development of legal principle is also considered. Finally, the law-making functions of key institutions of the European Union and the Council of Europe are considered. The impact of Brexit is also considered.

23. Freedom of Establishment and to Provide Services

EU Law ◽  
2020 ◽  
pp. 832-888
Author(s):  
Paul Craig ◽  
Gráinne de Búrca
Keyword(s):  
European Union ◽  
Electronic Commerce ◽  
Financial Services ◽  
Case Law ◽  
Economic Interest ◽  
The European Union ◽  
Freedom Of Establishment ◽  
Provision Of Services ◽  
General Economic Interest ◽  
The Uk

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing students with a stand-alone resource. The Treaty on the Functioning of the European Union (TFEU) has two separate chapters on self-employed persons who move on a permanent or temporary basis between Member States: the chapters on freedom of establishment and freedom to provide services. The central principles governing freedom of establishment and the free movement of services are laid down in the TFEU and have been developed through case law. Important developments have also been brought about through secondary legislation in sectors such as insurance, broadcasting, financial services, electronic commerce, telecommunications, and other ‘services of general economic interest’. This chapter focuses on the broad constitutional principles applicable to every sector. The UK version contains a further section analysing issues concerning freedom of establishment and the provision of services between the EU and the UK post-Brexit.

The Impact of Brexit on EU27 on Trade, Investments and Financial Services

2018 ◽  
Vol 18 (1) ◽  
pp. 20170097 ◽  
Author(s):  
Scheherazade S. Rehman ◽  
Pompeo Della Posta
Keyword(s):  
European Union ◽  
Financial Services ◽  
Trade Agreements ◽  
The European Union ◽  
Short Term ◽  
Legal Principles ◽  
Article 50 ◽  
The Uk ◽  
The Impact ◽  
Trade And Investment

On June 23, 2016, the UK decided to leave the European Union (EU), commonly known as “Brexit”. The UK has two years to conclude their new arrangement with the EU27 after evoking Article 50 Treaty of Lisbon officially, which it did on March 27, 2017. While there is a range of possible trade agreements most are unlikely as they would either imply repudiating firm EU legal principles or strong promises that the current UK government is committed to maintain. The article discusses these options. Moreover, the article focuses on the trade and investment flows between the UK and EU27 and discusses the possible short-term implications of Brexit with a specific attention to the most impacted sector, that of financial services.

Public Law Concentrate

2021 ◽  
Author(s):  
Colin Faragher
Keyword(s):  
European Union ◽  
Human Rights ◽  
Separation Of Powers ◽  
Public Law ◽  
The European Union ◽  
Essential Information ◽  
Parliamentary Sovereignty ◽  
The Status ◽  
The Uk

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. Public Law Concentrate looks at all aspects of constitutional law including sources, rule of law, separation of powers, role of the executive, constitutional monarchy, and the Royal Prerogative. It also discusses parliamentary sovereignty and the changing constitutional relationship between the UK and the EU together with the status of EU retained and converted law under the European Union (Withdrawal) Act 2018 as amended by the 2020 Act, the Agreement on Trade and Cooperation effective from 1 January 2021, and the European Union (Future Relationship) Act 2020. Also covered are: administrative law, judicial review, human rights, police powers, public order, terrorism, the constitutional status of the Sewel Convention, legislative consent motion procedure, use of secondary legislation by the executive to amend law and make regulations creating criminal offences, especially under the Coronavirus Act 2020 and the Public Health (Control of Disease) Act 1984, the separation of powers implications of Henry VIII Clauses, the constitutional role of the Horuse of Lords in scrutinizing and amending primary legislation, the Speakers’ Ruling in the House of Commons on Points of Order and the Contempt of Parliament Motion, whip system, back bench revolts, confidence and supply agreements in government formation, and current legislative and executive devolution in Northern Ireland. The book additionally examines the continuing impact of the HRA 1998 and the European Court of Human Rights on parliamentary sovereignty and the significance of the 2021 Independent Review of the HRA.

Part II UK Securities Markets, 6 The Trading Architecture and Pre- and Post-Trade Transparency

2021 ◽  
Keyword(s):  
Securities Markets ◽  
Sufficient Information ◽  
Financial Instruments ◽  
The European Union ◽  
European Level ◽  
Time Data ◽  
Regulatory Requirements ◽  
Market Participants ◽  
The Uk ◽  
Distinguishing Features

This chapter provides an overview of the regulatory requirements that are intended to generate and maintain price transparency for publicly tradeable securities. It describes some of the key distinguishing features of the evolving trading architecture in Europe. It also explains how the regulatory requirements are organised at a European level through the Markets in Financial Instruments Regulation (MiFIR) and continue to apply in substance in the UK notwithstanding the its withdrawal from the European Union. This chapter draws attention to pre—trade transparency, which ensures that market participants can access and see sufficient information about the prevailing bid and offer prices for a given security. It “post—trade” transparency is about ensuring market participants have access to more or less real time data concerning competed transactions.

Part II UK Securities Markets, 7 Multilateral Trading Facilities (MTFs) and Organized Trading Facilities (OTFs)

2021 ◽  
Author(s):  
Penn Bob ◽  
Pascal Nadia
Keyword(s):  
Information Technology ◽  
Stock Exchange ◽  
Securities Markets ◽  
Financial Instruments ◽  
Infrastructure Provision ◽  
The Uk ◽  
Almost All ◽  
Infrastructure Services ◽  
Market Infrastructure ◽  
The Way

This chapter examines the recent growth in the volume and variety of market infrastructure provision. It sets out the legal and regulatory framework governing the operation of multilateral trading facilities (MTFs) and organised trading venues (OTFs) in Europe and the UK. It chapter highlights how information technology has fundamentally changed the way in which trading in financial instruments occurs in the UK. This chapter points out that almost all exchanges, clearers, and other providers of market infrastructure services have moved to an electronic basis for their activities since the introduction of electronic trading by the London Stock Exchange in 1986. It highlights the opportunities that have arisen for the commercial provision of niche infrastructure services to support trading as technology changed the way in which markets are organised and participants execute trades.

3. Law-making: authority and process

2018 ◽  
Author(s):  
Martin Partington
Keyword(s):  
European Union ◽  
Detailed Account ◽  
The European Union ◽  
Council Of Europe ◽  
Legal Principle ◽  
Legislative Procedure ◽  
The Uk ◽  
The Impact ◽  
Law Making

This chapter considers how law is made in the UK, who makes it, and the constitutional principles which give them the authority for making it and imposing it on society. There is a detailed account of the legislative procedure of the UK, and the different types of legislation that it enacts in Parliament. The role of the senior courts in the development of legal principle is also considered. Finally, the law-making functions of key institutions of the European Union are discussed, including the Council of Europe and the European courts. The impact of Brexit is also considered.

35. Trade mark registration

2018 ◽  
Author(s):  
L. Bently ◽  
B. Sherman ◽  
D. Gangjee ◽  
P. Johnson
Keyword(s):  
European Union ◽  
Intellectual Property ◽  
Trade Mark ◽  
The European Union ◽  
Trade Marks ◽  
The Uk ◽  
Trade Mark Registration ◽  
The Eu

This chapter focuses on the process of registration for trade marks in the UK, the European Union, and other countries. It begins by explaining the differences in procedures and documentation needed in filing trade mark applications at the national, regional, and international levels. The role of the European Union Intellectual Property Office (EUIPO) in processing applications in the EU is considered, along with the international filing systems established under the 1891 Madrid Agreement and the 1989 Madrid Protocol. The chapter concludes by presenting possible avenues through which to acquire trade mark protection. It briefly considers the possible impacts of Brexit.

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