Part II The New EU Prospectus Rules, 17 The Prospectus Regime and Brexit

2020 ◽  
Author(s):  
Gleeson Simon
Keyword(s):  
Incremental Cost ◽  
International Standards ◽  
Securities Markets ◽  
The Third ◽  
International Securities ◽  
The Uk ◽  
The Eu ◽  
International Offering

This chapter discusses the third country regime against the backdrop of Brexit. It explains that, post-Brexit, it will no longer be possible to use a UK prospectus for distribution of securities in the EU. However, since the majorities of securities offered on the UK markets are in fact sold to UK or international (non-EU) investors, it is difficult to know whether the consequence of this will be an increase in EU prospectus offerings or a decrease. The chapter notes that in reality the point is that there is a relatively well-established prospectus orthodoxy in the international securities markets, and as long as the EU regime remains closely aligned with that international orthodoxy, it is likely that the incremental cost of adding an EU limb to a global offering will remain acceptable. However if EU disclosure standards diverge from international standards, the issue will become more acute, and issuers may find themselves having to choose between a domestic EU offering and an international offering.

scholarly journals CONCEPTUAL APPROACHES TO CLASSIFICATION OF NATIONAL ACCOUNTING SYSTEMS

2020 ◽  
Vol 384 (2) ◽  
pp. 111-118
Author(s):  
Y. E. Putihin ◽  
Y. N. Akimova ◽  
N. V. Ostrovskaya ◽  
I. A. Manvelova ◽  
E. V. Negashev
Keyword(s):  
Accounting Standards ◽  
International Standards ◽  
International Accounting ◽  
Accounting System ◽  
International Accounting Standards ◽  
Accounting Systems ◽  
National Accounting ◽  
The Uk ◽  
The Eu

International Accounting Practice Accounting is multifaceted and heterogeneous. First distinguish between international standards and national standards. National accounting standards for each country is being developed independently. The leading countries in the field of national accounting standards are the United Kingdom and the United States, which is determined by the role of these countries in international financial markets. In different countries, national accounting standards are called differently; in addition, various bodies are involved in their development: in some these are state bodies, in other countries professional organizations. International accounting standards are implemented and developed at 2 levels: international, global and regional. In the regional aspect, the main role belongs to the EU Accounting Commission, which regulates these matters in the EU countries. World standards are developed by several organizations: International Federation of Accountants, Committee on International Accounting Standards, Intergovernmental Group of Experts on International Standards Reporting and Accounting Center for Transnational United Nations Corporation, Economic development and cooperation. There is a great variety of accounting systems around the world. The differences between them are explained mainly by the different business environments in which they operate. Among many classifications, which are based on various principles, two main classifications can be distinguished. The first one is based on the “geographical” principle, i.e.: the UK-US system, the Continental system, the Latin American system. In the second classification, systems are clustered based on their typical properties and hierarchy. The upper level defines the objectives that the accounting system focuses on. Next, systems are rated based on whether the state insists on applying the theoretical approach or the actual legislative requirements and business needs. It might be difficult to classify a system as belonging to a specific group if the country’s accounting system is unstable. Thus, in the 60s of the 20th century, New Zealand started to separate from the UK, although many provisions of its accounting system were taken directly from the standards developed by the English Institute of Financial Accountants. In view of the existing challenges and various approaches to the classification of national accounting systems, the importance of such classification can hardly be overestimated. The proximity of national accounting systems in countries that belong to the same model suggests the possibility of harmonization of accounting principles at the international level. Based on the above: - the possibility of grouping national accounting systems into clusters makes it possible to level out the differences between them during standardization; - the convergence of economies of different countries due to the globalization of the world economy contributes to the unification of accounting principles at the global level.

People-Trafficking: Some Reflections on the EU Legislation, and its Implementation in the UK

2009 ◽  
Vol 11 ◽  
pp. 189-210
Author(s):  
John R Spencer
Keyword(s):  
Criminal Law ◽  
Final Section ◽  
Framework Decision ◽  
Eu Legislation ◽  
The Third ◽  
History Of ◽  
Academic Network ◽  
The Uk ◽  
European Criminal Law ◽  
The Eu

Abstract This chapter examines the efforts in Europe and and the UK to deal with the problem of people-trafficking. As readers will see, it is in five Sections. The first sets the scene by explaining what ‘people-trafficking’ is, and outlining the history of international attempts to repress it and to relieve its human consequences. The second describes the recent legislative attempts to deal with it in Europe, and in particular, the EU Framework Decision of 2002. The third examines the UK legislation enacted with the aim—not entirely accurate, as we shall see—of implementing it. The fourth looks at the way the UK legislation is working. And the final section concludes with two general reflections. It is based on a study carried out in 2007 for ECLAN, the European Criminal Law Academic Network. Any reader who reaches the end with a thirst for further knowledge will find further refreshment in the book that resulted from the ECLAN study, which was published earlier this year.

scholarly journals Konsekwencje brexitu dla finansów Unii Europejskiej

Studia BAS ◽  
2021 ◽  
Vol 3 (67) ◽  
pp. 133-152
Author(s):  
Kamil Kotliński
Keyword(s):  
Point Of View ◽  
Additional Contribution ◽  
The European Union ◽  
Investment Bank ◽  
European Central ◽  
The Third ◽  
The Uk ◽  
European Investment ◽  
The Eu ◽  
Budget Revenue

The aim of the article is to identify the consequences of Brexit from the point of view of the EU finances. The first section focuses on the share of member states in the EU budget revenue. The author attempted to estimate the additional contribution of each member state. The second section briefly shows in which EU programmes the UK still takes part. The third section concentrates on the adjustment of the shares in the capital of the European Investment Bank and the European Central Bank to the reduced number of shareholders. The next part discusses the budgetary correction mechanisms as a historical remnant of the British rebate. In the last section the author describes the Brexit Adjustment Reserve, which supports regions and sectors most affected by the United Kingdom’s withdrawal from the European Union.

Exclusionary Abuses

2021 ◽  
pp. 79-112
Author(s):  
Renato Nazzini
Keyword(s):  
Competition Policy ◽  
Competition Law ◽  
Private Enforcement ◽  
Pharmaceutical Sector ◽  
Public And Private ◽  
The Third ◽  
Public And Private Enforcement ◽  
The Uk ◽  
Abuse Of Dominance ◽  
The Eu

Chapter 4 deals with exclusionary abuses under the Competition Act 1998, covering both public and private enforcement cases. The analysis concerns the approach to dominance as well as tests for abuse, focusing on retroactive rebates and bundled discounts, exclusion in multi-market settings, exclusivity, most favoured nation and equivalent clauses, discrimination, and exclusionary abuses in the pharmaceutical sector. This chapter argues that, in its second decade, modern UK competition law continued a trend that was already clear in the first decade: the prohibition of abuse of dominance is applied in a more economically robust and commercially reasonable way than it is by the EU institutions - the Commission and the EU courts - and in certain other Member States. The chapter notes that the third decade of the Competition Act 1998 will see the UK develop its competition policy free from the constraints of EU law and may allow for some divergence in the approach to exclusionary abuses in the future.

People-Trafficking: Some Reflections on the EU Legislation, and its Implementation in the UK

2009 ◽  
Vol 11 ◽  
pp. 189-210
Author(s):  
John R Spencer
Keyword(s):  
Criminal Law ◽  
Final Section ◽  
Framework Decision ◽  
Eu Legislation ◽  
The Third ◽  
History Of ◽  
Academic Network ◽  
The Uk ◽  
European Criminal Law ◽  
The Eu

AbstractThis chapter examines the efforts in Europe and and the UK to deal with the problem of people-trafficking. As readers will see, it is in five Sections. The first sets the scene by explaining what ‘people-trafficking’ is, and outlining the history of international attempts to repress it and to relieve its human consequences. The second describes the recent legislative attempts to deal with it in Europe, and in particular, the EU Framework Decision of 2002. The third examines the UK legislation enacted with the aim—not entirely accurate, as we shall see—of implementing it. The fourth looks at the way the UK legislation is working. And the final section concludes with two general reflections. It is based on a study carried out in 2007 for ECLAN, the European Criminal Law Academic Network. Any reader who reaches the end with a thirst for further knowledge will find further refreshment in the book that resulted from the ECLAN study, which was published earlier this year.

International Standards for CCPs

2020 ◽  
pp. 94-125
Author(s):  
Lucia Quaglia
Keyword(s):  
Standard Setting ◽  
International Standards ◽  
Costs And Benefits ◽  
International Standard ◽  
The Us ◽  
Transgovernmental Networks ◽  
Financial Interests ◽  
The Uk ◽  
The Eu ◽  
Division Of Work

After the crisis, following the mandatory central clearing of derivatives, CCPs became crucial nodes of the financial system. Thus, new rules to improve their resilience, recovery, and resolution were issued. Initially, the division of work amongst international standard-setting bodies was unclear and international standards on CCPs lacked granularity. Subsequently, the division of work was clarified and relatively more precise, stringent, and consistent rules on CCPs were issued. The US and the UK were pace-setters internationally and partial first-movers domestically. The EU had preferences that were largely aligned with those of the US. Transgovernmental networks operating in international standard-setting bodies deployed formal and informal tools to promote regulatory consistency within the elemental regime on CCPs. Finally, financial interests mobilized in a variety of venues with a view towards shaping the content of the new standards on the basis of expected costs and benefits.

scholarly journals Neoliberal Approaches in the Model of European Economic Integration

2021 ◽  
Vol 105 (5) ◽  
pp. 126-136
Author(s):  
Natalia Kondratieva ◽  
Keyword(s):  
Market Model ◽  
Economic Regulation ◽  
Scientific Methods ◽  
The Third ◽  
European Model ◽  
General Scientific ◽  
Historical Comparative ◽  
The Uk ◽  
Model Formation ◽  
The Eu

A feature of the first decade of the XXI century was the shift of the EU from the second to the third position in the competition of global geographical centers of power; the beginning of the third decade was marked by the withdrawal of the UK from the EU. Despite many external and internal challenges, the EU remains committed to its chosen economic model and its unique asset, the Single internal market. The article focuses on the following questions. Why did the neoliberal ideas embodied in the creation of a model for the integration of national markets receive support in Europe in the middle of the XX century? How has neoliberalism strengthened over time? Does the process of developing a common economic policy and expanding the EU's powers run counter to the development of a neoliberal idea? What alternative models compete with the European neoliberal model? How stable is the neoliberal idea in the EU? The subject of the study is the growth of supranational economic regulation in the EU. Using general scientific methods, historical, comparative analysis and abstraction, a schematic representation of the classical market model and the EU model (European model) is given, with the designation of common and special reference elements that ensure economic efficiency. The author describes the three stages of the formation of the European model. It is concluded that the EU's regulatory activities are neoliberal in nature. It is aimed at using market leverage, and the model itself retains a margin of stability. The author argues that the current stage started in 2000 is a stage of a smart neoliberal model formation.

6. Procedure: penalties and leniency arrangements

2019 ◽  
pp. 135-155
Author(s):  
Sandra Marco Colino
Keyword(s):  
Hard Core ◽  
Competition Law ◽  
Third Party ◽  
The Third ◽  
The Us ◽  
The Uk ◽  
The Eu

This chapter explores the financial penalties imposed for breaches of competition law in the EU and the UK. Broadly speaking, enforcers have three kinds of ‘weapons’ in their arsenal to use against those who attack competition: remedies, imprisonment, and fines. The first of these weapons may be the most powerful, and includes conduct, structural, and third-party remedies. Incarceration — the second weapon — is a well-publicized feature of the US system, and has been an option in the UK in relation to hard-core cartel conduct since the entry into force of the Enterprise Act 2002 (EA). The argument in favour of the efficacy of fines, the third weapon, is a persuasive one: companies take part in anti-competitive conduct in order to boost profits; remove those profits and the incentive for illegal conduct vanishes.

Forced migration and psychosocial health: meaning-making through autobiographical narratives in the UK

2014 ◽  
Vol 7 (1) ◽  
pp. 79-90 ◽  
Author(s):  
Maria Psoinos
Keyword(s):  
Social Context ◽  
Meaning Making ◽  
Forced Migration ◽  
Psychosocial Health ◽  
Autobiographical Narratives ◽  
Narrative Interviews ◽  
Negative Stereotypes ◽  
The Third ◽  
The Uk ◽  
Autobiographical Narrative

This paper explores how refugees in the UK perceive the relation between their experience of migration and their psychosocial health. Autobiographical narrative interviews were carried out with fifteen refugees residing in the UK. The findings reveal a contrast between the negative stereotypes concerning refugees’ psychosocial health and the participants’ own perceptions. Two of the three emerging narratives suggest a more balanced view of refugees’ psychosocial health, since- in contrast to the stereotypes- most participants did not perceive this through the lens of ‘vulnerability’. The third narrative revealed that a hostile social context can negatively shape refugees’ perceptions of their psychosocial health. This runs counter to the stereotype of refugees as being exclusively responsible for their ‘passiveness’ and therefore for the problems they face. 

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