Establishing an EU internal market for depositaries

2020 ◽  
Vol 28 (4) ◽  
pp. 587-603
Author(s):  
Christopher Buttigieg ◽  
Joseph Agius ◽  
Sandra Saliba
Keyword(s):  
Asset Management ◽  
Financial Stability ◽  
Mutual Recognition ◽  
Legal Framework ◽  
Internal Market ◽  
Financial Supervision ◽  
Investment Fund ◽  
The European Union ◽  
Content Type ◽  
Eu Member States

Purpose This paper aims to examine the rationale for the establishment of a depositary passport as the next logical step in building an internal market for investment funds in the European Union (EU). It makes the point that the de facto prohibition of depositary passporting poses risks to financial stability and has an adverse impact on investor protection in EU member states, which do not have a fully developed funds industry. Design/methodology/approach This paper analyses both the arguments in favour and against the adoption of a depositary passport. Moreover, it examines this proposal in the context of different approaches to fostering the internal market such as mutual recognition, harmonisation of regulation, reflexive governance of financial supervision and centralised supervision. Findings Based on the review of the current EU legal framework, this paper, subsequently, puts forward possible solutions for the establishment of an internal market for depositary business, which solutions have been discussed with various experts in the field to assess their feasibility in practice. Originality/value The paper contributes to the debate on the EU internal market in the field of asset management, which is topical in view of the upcoming review of the EU’s Alternative Investment Fund Managers Directive.

Front-of-pack nutrition labelling in the European Union: a behavioural, legal and political analysis

2021 ◽  
pp. 1-24
Author(s):  
Vincent DELHOMME
Keyword(s):  
European Union ◽  
Dietary Habits ◽  
Legal Framework ◽  
The European Union ◽  
Present Contribution ◽  
Eu Member States ◽  
Nutrition Labelling ◽  
Political Analysis ◽  
Legislative Proposal ◽  
The Eu

Amidst a growing interest from European Union (EU) Member States, the European Commission recently announced that it would put forward a legislative proposal for the adoption of a harmonised and mandatory front-of-pack nutrition labelling scheme at the EU level. The present contribution discusses the implications of such an adoption, taking a behavioural, legal and policy angle. It introduces first the concept of front-of-pack nutrition labelling and the existing evidence regarding its effects on consumer behaviour and dietary habits. It then presents the legal framework currently applicable to (front-of-pack) nutrition labelling in the EU and discusses some of the main political and practical aspects involved with the development of a common EU front-of-pack label.

In/acceptable marketing and consumers' privacy expectations: four tests from EU data protection law

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Gianclaudio Malgieri
Keyword(s):  
Data Protection ◽  
Legal Framework ◽  
Online Marketing ◽  
Step Test ◽  
The European Union ◽  
Content Type ◽  
General Data Protection Regulation ◽  
Managerial Implications ◽  
Data Protection Law ◽  
Legal Frameworks

Purpose This study aims to discover the legal borderline between licit online marketing and illicit privacy-intrusive and manipulative marketing, considering in particular consumers’ expectations of privacy. Design/methodology/approach A doctrinal legal research methodology is applied throughout with reference to the relevant legislative frameworks. In particular, this study analyzes the European Union (EU) data protection law [General Data Protection Regulation (GDPR)] framework (as it is one of the most advanced privacy laws in the world, with strong extra-territorial impact in other countries and consequent risks of high fines), as compared to privacy scholarship on the field and extract a compliance framework for marketers. Findings The GDPR is a solid compliance framework that can help to distinguish licit marketing from illicit one. It brings clarity through four legal tests: fairness test, lawfulness test, significant effect test and the high-risk test. The performance of these tests can be beneficial to consumers and marketers in particular considering that meeting consumers’ expectation of privacy can enhance their trust. A solution for marketers to respect and leverage consumers’ privacy expectations is twofold: enhancing critical transparency and avoiding the exploitation of individual vulnerabilities. Research limitations/implications This study is limited to the European legal framework scenario and to theoretical analysis. Further research is necessary to investigate other legal frameworks and to prove this model in practice, measuring not only the consumers’ expectation of privacy in different contexts but also the practical managerial implications of the four GDPR tests for marketers. Originality/value This study originally contextualizes the most recent privacy scholarship on online manipulation within the EU legal framework, proposing an easy and accessible four-step test and twofold solution for marketers. Such a test might be beneficial both for marketers and for consumers’ expectations of privacy.

Practice of the member states of the European Union in the field of anti-corruption regulation

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dmytro S. Melnyk ◽  
Oleg A. Parfylo ◽  
Oleksii V. Butenko ◽  
Olena V. Tykhonova ◽  
Volodymyr O. Zarosylo
Keyword(s):  
European Union ◽  
System Analysis ◽  
The European Union ◽  
Analysis Method ◽  
Member States ◽  
Content Type ◽  
Eu Member States ◽  
Legal Method ◽  
Content Analysis Method ◽  
The Eu

Purpose The experience of most European Union (EU) Member States has demonstrated effective anti-corruption practices, making the EU one of the leaders in this field, which can be used as an example to learn from in the field of anti-corruption. The purpose of this study is to analyze and identify the main features of anti-corruption legislation and strategies to prevent corruption at the national and supranational levels of the EU. Design/methodology/approach The following methods were used in the work: discourse and content analysis, method of system analysis, method of induction and deduction, historical-legal method, formal-legal method, comparative-legal method and others. Using the historical and legal method, the evolution of the formation of anti-corruption regulation at the supranational level was revealed. The comparative law method helped to compare the practices of the Member States of the EU in the field of anti-corruption regulation. The formal-legal method is used for generalization, classification and systematization of research results, as well as for the correct presentation of these results. Findings The main results, prospects for further research and the value of the material. The paper offers a critical review of key EU legal instruments on corruption, from the first initiatives taken in the mid-1990s to recent years. Originality/value In addition, the article analyzes the relevant anti-corruption legislation in the EU member states that are in the top 10 countries with the lowest level of corruption, namely: Denmark, Finland, Sweden, the Netherlands, Germany and Luxembourg.

Hong Kong Securities and Futures Commission (SFC) highlights operating, control and compliance deficiencies in asset management industry

2018 ◽  
Vol 19 (1) ◽  
pp. 63-68 ◽  
Author(s):  
Anne-Marie Godfrey
Keyword(s):  
Hong Kong ◽  
Asset Management ◽  
Service Providers ◽  
Governance Structures ◽  
Investment Fund ◽  
Extensive Experience ◽  
Investment Funds ◽  
Content Type ◽  
Best Execution ◽  
Asset Managers

Purpose To examine the nine common areas of non-compliance in managing investment funds and discretionary accounts, detailed in a Hong Kong Securities and Futures Commission (SFC) circular dated September 15, 2017, directed at SFC-licensed asset managers. Design/methodology/approach Discusses a July 2017 circular indicating the SFC’s general concerns and analyzing the following nine common areas of non-compliance cited in the September 15, 2017 circular: (1) inappropriate receipt of cash rebates giving rise to apparent conflicts of interests, (2) failure to follow investment-suitability and discretionary account mandates during solicitation, (3) failure to implement liquidity-risk management processes, (4) deficiencies in governance structures and fair-valuation procedures, (5) deficiencies in systems for ensuring best execution, (6) failure to safeguard fair order allocation, (7) inadequate controls for protection of client assets, (8) inadequate systems to comply with investment restrictions, and (9) inadequate safeguards to address market misconduct risk. Findings The nine examples of non-compliance provide a useful insight into key “problem areas” indicated to currently be of particular concern to the SFC. Practical implications All SFC-licensed asset managers would be well advised to revisit their internal governance structures and operational policies and procedures in order to ensure that they are compliant with applicable standards and requirements. Originality/value Practical guidance from a lawyer with extensive experience advising investment managers and advisers, fund administrators, trustees and other fund service providers on investment fund-related issues.

Portraits of five hedge fund fraud cases

2008 ◽  
Vol 15 (2) ◽  
pp. 179-213 ◽  
Author(s):  
Majed R. Muhtaseb ◽  
Chun Chun “Sylvia” Yang
Keyword(s):  
Asset Management ◽  
Hedge Funds ◽  
Hedge Fund ◽  
Investment Fund ◽  
Good Opportunity ◽  
Content Type ◽  
Fund Managers ◽  
Management Group ◽  
Fund Industry ◽  
Asset Managers

PurposeThe purpose of this paper is two fold: educate investors about hedge fund managers' activities prior to the fraud recognition by the authorities and to help investors and other stakeholders in the hedge fund industry identify red flags before fraud is actually committed.Design/methodology/approachThe paper investigates fraud committed by the Bayou Funds, Beacon Hill Asset Management, Lancer Management Group (LMG), Lipper & Company and Maricopa investment fund. The fraud activities took place during 2000 and 2005.FindingsThe five cases alone cost the hedge fund investors more than $1.5 billion. Investors may have had a good opportunity for avoiding the irrecoverable costs of the fraud had they carefully vetted the backgrounds of the hedge fund managers and/or continuously monitored the funds activities, especially during turbulent market environments.Originality/valueThis is the first research paper to identify and extensively investigate fraud committed by hedge funds. In spite of the size of the hedge fund industry and relatively substantial level and inevitably recurring fraud, academic journals are to yet address this issue. The paper is of great value to hedge funds and their individual and institutional investors, asset managers, financial advisers and regulators.

The integrated assessment of RES cooperation between the EU and its neighbours

2016 ◽  
Vol 10 (3) ◽  
pp. 427-447 ◽  
Author(s):  
Marijke Welisch ◽  
Gustav Resch ◽  
André Ortner
Keyword(s):  
Renewable Energy ◽  
North Africa ◽  
Renewable Energy Sources ◽  
The European Union ◽  
Western Balkans ◽  
Member States ◽  
Content Type ◽  
Eu Member States ◽  
Good Resource ◽  
The Eu

Purpose The purpose of the paper is to provide estimation results for feasibility of renewable energy source (RES) deployment in Turkey, the Western Balkans and North Africa. From these results, the potential for cooperation in renewables production between the countries and the European Union (EU) is assessed and evaluated, in a mid- (2030) and long-term (up to 2040) perspective. Design/methodology/approach The authors focus on the quantitative assessments undertaken on the extent to which RES cooperation can create mutual benefits, identifying costs and benefits for both sides, but in particular with respect to RES target achievement (2020 and 2030) at EU level. The potentials for RES generation in Turkey, North Africa and the Western Balkans are calculated under different policy pathways, taking into account different levels of economic and non-economic barriers that could occur. Findings Overall, the authors found that increasing RES deployment in the three analysed regions and initiating or intensifying cooperation with EU28 Member States leads to mutual benefits. Concretely, these benefits become apparent in terms of the EU Member States importing renewable energy sources for electricity with a good resource quality and adding on to their targets for RES deployment. At the same time, substantial savings occur for the EU, in turn leading to income and investments in the cooperating regions. Originality/value The assessment underlying this paper is the first of its kind to the authors’ knowledge that opens up the geographical spread in comparison to merely assessing cooperation between Europe and the Middle East and North Africa. Furthermore, the multitude of policy parameters analysed provides detailed and robust insights concerning a broad variety of different possible scenarios.

Telecommunications reform and the internal market in Europe

Info ◽  
2013 ◽  
Vol 15 (2) ◽  
pp. 73-90 ◽  
Author(s):  
Wolter Lemstra ◽  
Nicolai van Gorp
Keyword(s):  
Mobile Communications ◽  
Economies Of Scale ◽  
Historical Context ◽  
Internal Market ◽  
Qualitative Assessment ◽  
The European Union ◽  
Quarter Century ◽  
Content Type ◽  
Telecommunications Reform ◽  
Long Run

PurposeThis paper seeks to make an assessment of the progress towards a fully fledged internal market for e‐communications in the European Union. The assessment is placed in the context of a quarter century of telecommunications reform in Europe.Design/methodology/approachA combination of qualitative and quantitative assessments is applied with a focus on fixed and mobile communications. The qualitative assessment includes interviews and a questionnaire. The quantitative assessment is based on econometric analysis of panel data.FindingsRemoving the remaining barriers in the internal market may in the long run provide benefits of €27‐55bn or the equivalent of 0.2‐0.4 percent of GDP at the European level. Major barriers identified are related to the degree of openness of national markets and the ability of telecom firms to exploit EU‐level economies of scale.Research limitations/implicationsIn the econometric benefit analysis no secondary effects are included. Further research is recommended to assess the effects, costs and benefits of enforcing a higher degree of harmonisation.Practical implicationsThe paper provides insights and recommendations that are valuable for policy makers.Originality/valueThe paper places the research executed in support of a study for the European Commission in the historical context of the telecommunications reform.

THE PROTECTION OF EUROPEAN UNION CITIZENS VICTIMS OF HUMAN TRAFFICKING IN EUROPE

2016 ◽  
Vol 25 (1) ◽  
pp. 159-178
Author(s):  
Fulvia Staiano
Keyword(s):  
European Union ◽  
Human Trafficking ◽  
Legal Framework ◽  
Special Focus ◽  
The European Union ◽  
Refugee Status ◽  
International Protection ◽  
Eu Member States ◽  
European Court ◽  
Common European Asylum System

On February 2015, Eurostat issued a report highlighting that 65% of registered victims of human trafficking in Europe between 2010 and 2012 were citizens of the European Union (EU). Despite the seriousness of this phenomenon, EU citizens who are victims of trafficking are afforded little protection in the European legal space. First, the multi-level legal framework against trafficking applicable on the Union territory does not recognise clear residence rights to this group. Second, the general freedom of movement granted to all EU citizens under Directive 2004/38 might be precluded to victims of trafficking due to the economic prerequisites required by this instrument. It follows that the granting of refugee status to EU citizens who are victims of trafficking becomes a crucial source of protection. The safe country presumption in force between EU Member States under the so-called Aznar Protocol, however, precludes access to international protection for this group. This article critically reviews the Common European Asylum System, in search of normative and judicial interpretations capable of ensuring a stronger protection of EU citizens who are victims of trafficking. In this context, a special focus is devoted to the jurisprudence of the European Court of Human Rights and of the Court of Justice of the European Union.

Caught Between National and Supranational Values: Limitations to Judicial Cooperation in Criminal Matters as Part of the Area of Freedom, Security and Justice within the European Union

2008 ◽  
Vol 10 (1) ◽  
pp. 51-72
Author(s):  
Olivia den Hollander
Keyword(s):  
European Union ◽  
Legal Framework ◽  
The European Union ◽  
Judicial Cooperation ◽  
Member States ◽  
Eu Member States ◽  
The Third ◽  
The One ◽  
Criminal Matters ◽  
The Eu

AbstractCurrently, the European Union is based on both supranational (first pillar) and international (second and third pillar) law. The third pillar signifies police and judicial cooperation in criminal matters and although formally based on international law, it has been under increasing "supranational pressure" by the developments in the "Area of Freedom, Security and Justice". This Area is focused on a set of common values and principles closely tied to those of the single market and its four "freedoms". The main argument of this article is that the legal framework of the third pillar is an impediment to judicial cooperation in criminal matters in general, and to the coordination of conflicts of jurisdiction and the principle of ne bis in idem in particular. The legal framework of the third pillar finds itself in the middle of an identity crisis, since it can neither be identified as a traditional intergovernmental, nor as a supranational institutional framework. Criminal law is a politically sensitive matter, which on the one hand explains why the EU member states are reluctant to submit their powers over the issue to the European level and on the other hand, it implies that if the EU member states really want to cooperate on such an intensive level, they will have to submit some of their powers in order to strengthen EU constitutional law. The article suggests a reform of the third pillar through the method of "communitization", which is exactly what will happen in case the EU Reform Treaty will enter into force. This would offer the ingredients for a true international community in which the ambitious agenda of the Area of Freedom, Security and Justice can realise its aim of a common set of values and principles which supersedes those of each of the member states individually.

scholarly journals Jurisdiction Collisions In The Criminal Proceedings Of European Union Member States

2015 ◽  
Vol 8 (1) ◽  
pp. 82-105
Author(s):  
Raimundas Jurka ◽  
Jolanta Zajančkauskienė
Keyword(s):  
European Union ◽  
Criminal Justice ◽  
Mutual Recognition ◽  
The European Union ◽  
Criminal Proceedings ◽  
Member States ◽  
Effective Measure ◽  
Eu Member States ◽  
Positive Law ◽  
Ne Bis In Idem

Abstract Employing systematic document analysis and other methods, this article analyses a long-standing and still relevant issue related to the interpretation and application of the law regulating relationships in the field of European Union criminal justice within the framework of the national criminal proceedings that are taking place in EU member states. The article places special emphasis on the explanation and application of the principle of mutual recognition within the framework of one of the newest instruments of international cooperation in the European Union criminal proceedings meant to prevent conflicts of exercise of jurisdiction and to solve issues arising between two or more member states. The analysis of conflicts of exercise of jurisdiction provided in this paper is not limited to a mere explanation of the concept as such, but includes an essential analysis of other related issues, such as the principle of mutual recognition, its influence on the recognition of criminal proceedings as parallel proceedings, and including other aspects related to the matching of the form of national criminal proceedings with the criminal proceedings taking place in another member state. Finally, significant attention is given to one of the objectives in terms of prevention and solution of conflicts of exercise of jurisdiction, namely, the ne bis in idem principle and its application in case of parallel criminal proceedings taking place in two or more member states. One of the key conclusions offered here is that in order to eliminate conflicts of exercise of jurisdiction, positive law in the process of conflicts of jurisdiction must become an effective measure in criminal justice; however, only on the condition that at least a minimum likelihood in the form of criminal proceedings adopted by different EU members states is ensured as a precondition necessary to enable a smooth application of the principle of mutual recognition.

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