EU capital markets union plan promises gradual results

2015 ◽  
Keyword(s):  
Capital Markets ◽  
Capital Movement ◽  
Policy Area ◽  
Content Type ◽  
Freedom Of Movement ◽  
Capital Markets Union ◽  
Accounting Rules ◽  
Eu Directives ◽  
The Uk ◽  
The Eu

Significance The Commission's plan aims to further the freedom of movement for capital within the EU single market, and so boost growth. Capital movement is hampered by different national regulations, tax and accounting rules, and national interpretations of EU directives. The Commission aims especially to facilitate financing for small and medium-sized enterprises (SMEs). Impacts The nature of the policy area and the Commission's plans mean SMEs' access to financing is unlikely to ease quickly. The UK government will use the CMU to say the EU is liberalising, but its end-2017 referendum deadline falls before results will be clear. Post-crash, renewed financial sector liberalisation carries risks and could excite political opposition, including on the UK left.

Prospectus Regulation and Prospectus Liability

2020 ◽  
Keyword(s):  
Capital Markets ◽  
Integrated Analysis ◽  
Securities Litigation ◽  
Depth Analysis ◽  
Prospectus Liability ◽  
Capital Markets Union ◽  
The Uk ◽  
Rome I ◽  
The Impact ◽  
The Eu

This book provides integrated analysis of and guidance on the Prospectus Regulation 2017, civil liability for a misleading prospectus, and securities litigation in a European context. The prospectus rules are one of the cornerstones of the EU Capital Markets Union and analysis of this aspect of harmonisation, the areas not covered by the rules, and the impact of Brexit, provides valuable reference for all advising and researching this field. The book discusses the subjects of Prospectus Regulation from both a legal and economic perspective. It focuses on key subjects of the new Prospectus Regulation, providing an in-depth analysis of each issue. The book then moves on to explain the domestic law on liability for a misleading prospectus, this issue being omitted from the Regulation. The law and practice in each of the key capital markets centres in Europe is analysed and compared, with the UK chapter covering the issues and possible solutions under Brexit. A chapter on securities litigation gives full consideration of conflicts of laws issues with reference to the Brussels I regulation, and the Rome I and II Regulations. The book concludes by looking to the future of disclosure practices in connection with securities offerings in the EU.

EU seeks overhaul of digital markets with new rules

2020 ◽  
Keyword(s):  
Social Media ◽  
Data Privacy ◽  
Digital Economy ◽  
State Aid ◽  
Bright Spot ◽  
Policy Area ◽  
Content Type ◽  
Core Elements ◽  
The Uk ◽  
The Eu

Significance The EU has exercised significant authority over the digital economy in areas ranging from data privacy and antitrust to illegal state aid and social media disinformation. Under President Ursula von der Leyen, the Commission is maintaining the pace of digital policy and regulation. Impacts The digital package will intensify the debate on where the balance should lie between national and EU regulatory responsibilities. EU willingness to apply core elements of the UK approach to digital competition is a bright spot in the otherwise fraught Brexit talks. Post-Brexit, UK and EU authorities are likely to cooperate on digital taxation at the OECD level. Online disinformation will remain an extremely difficult policy area.

Reforming EU securities laws: the new EU Prospectus Regulation

2017 ◽  
Vol 18 (4) ◽  
pp. 53-58
Author(s):  
Dorothee Fischer-Appelt
Keyword(s):  
Capital Markets ◽  
Securities Regulation ◽  
Member States ◽  
Content Type ◽  
Securities Law ◽  
Eu Member States ◽  
Capital Markets Union ◽  
Cost Efficient ◽  
Securities Laws ◽  
The Eu

Purpose To analyse the changes brought about by the new EU Prospectus Regulation, which replaced the EU Prospectus Directive, which has been the cornerstone of EU securities regulation for over a decade. The Regulation is part of the EU Commission’s plans for a Capital Markets Union launched in September 2015, which is intended to achieve a true single market for capital across the EU and allow companies to access the capital markets in a more cost efficient way. Design/methodology/approach This article discusses the key changes to the European prospectus regime included in the new EU Prospectus Regulation and highlights the changes compared to the old prospectus regime. Findings The new Prospectus Regulation will change current prospectus rules and practice for both equity and debt issuances in several areas and will contribute to a more uniform European prospectus regime. For EU Member States, the format of a regulation (rather than directive) that the new Prospectus Regulation has taken means that there will be much less room for divergence of prospectus rules across its member states. The Regulation’s success in making EU capital markets more uniform will depend to a great extent on whether the application of the new rules by member states’ regulators will be more consistent. Originality/value Key EU securities law changes are explained by an experienced EU and US securities lawyer practising in London.

Brexit and the EU Economic & Monetary Union

2017 ◽  
Author(s):  
Michele Chang
Keyword(s):  
Monetary Union ◽  
Capital Markets ◽  
Financial Services ◽  
Legal Framework ◽  
Fiscal Capacity ◽  
Opt Out ◽  
Capital Markets Union ◽  
Push Forward ◽  
The Uk ◽  
The Eu

Although the UK enjoyed an opt-out from EMU, Chang explains that it was influential in its development. The UK successfully defended its interests in financial services despite EMU. Moreover, it often acted as a shield for non-Eurozone countries. Therefore, the withdrawal of the UK from the EU is likely to have an impact within the EMU, altering interstate alliances, changing the balance between euro-ins and euro-outs, and reducing the need to act outside the legal framework of the EU. In addition, the shortfall in the EU budget resulting from the end of the UK financial contributions may change the stakes in fiscal negotiations, creating room for the establishment of a Eurozone fiscal capacity. Finally, it is uncertain to what extent post-Brexit the EU may be able to push forward with the Capital Markets Union and whether the UK may stay connected to it.

The Role of Financial Innovation in EU Market Integration and the Capital Markets Union

2018 ◽  
Author(s):  
Emilios Avgouleas
Keyword(s):  
Capital Markets ◽  
Risk Sharing ◽  
Market Integration ◽  
Financial Innovation ◽  
The European Union ◽  
Recent Developments ◽  
Capital Markets Union ◽  
Critical Overview ◽  
The Eu

This chapter offers a critical overview of the issues that the European Union 27 (EU-27) will face in the context of making proper use of financial innovation to further market integration and risk sharing in the internal financial market, both key objectives of the drive to build a Capital Markets Union. Among these is the paradigm shift signalled by a technological revolution in the realm of finance and payments, which combines advanced data analytics and cloud computing (so-called FinTech). The chapter begins with a critical analysis of financial innovation and FinTech. It then traces the EU market integration efforts and explains the restrictive path of recent developments. It considers FinTech's potential to aid EU market integration and debates the merits of regulation dealing with financial innovation in the context of building a capital markets union in EU-27.

scholarly journals Conditioning Family-life at the Intersection of Migration and Welfare: The Implications for ‘Brexit Families’

2017 ◽  
Vol 46 (4) ◽  
pp. 797-814 ◽  
Author(s):  
MAJELLA KILKEY
Keyword(s):  
Policy Analysis ◽  
Family Life ◽  
Freedom Of Movement ◽  
The Family ◽  
Welfare Systems ◽  
Gender Divisions ◽  
And Gender ◽  
The Uk ◽  
Over Time ◽  
The Eu

AbstractEuropean Freedom of Movement (EFM) was central to the referendum on the UK's membership of the EU. Under a ‘hard’ Brexit scenario, it is expected that EFM between the UK and the EU will cease, raising uncertainties about the rights of existing EU citizens in the UK and those of any future EU migrants. This article is concerned with the prospects for family rights linked to EFM which, I argue, impinge on a range of families – so-called ‘Brexit families’ (Kofman, 2017) – beyond those who are EU-national families living in the UK. The article draws on policy analysis of developments in the conditionality attached to the family rights of non-EU migrants, EU migrants and UK citizens at the intersection of migration and welfare systems since 2010, to identify the potential trajectory of rights post-Brexit. While the findings highlight stratification in family rights between and within those three groups, the pattern is one in which class and gender divisions are prominent and have become more so over time as a result of the particular types of conditionality introduced. I conclude by arguing that, with the cessation of EFM, those axes will also be central in the re-ordering of the rights of ‘Brexit families’.

Part II The New EU Prospectus Rules, 9 The Contents of the Prospectus: Non-Financial Information and Materiality

2020 ◽  
Author(s):  
de Serière Victor
Keyword(s):  
Capital Markets ◽  
Investor Protection ◽  
Tort Law ◽  
Financial Information ◽  
Good News ◽  
Level Playing Field ◽  
Playing Field ◽  
Prospectus Liability ◽  
Capital Markets Union ◽  
The Eu

This chapter addresses the non-financial information to be included in a prospectus, alongside an analysis of the fundamental concept of materiality. It examines some issues relating to non-financial information to be included in a prospectus under the new EU prospectus regime. A level playing field in terms of uniform investor protection within the EU accordingly has regrettably not been achieved. This chapter argues that the Prospectus Regulation could have achieved more by requiring Member States to impose certain uniform tort law requirements in their national prospectus liability regimes. Another topic addressed in this chapter relates to the possibility for offerors of securities to obtain liability protection by including exoneration clauses in prospectuses. The Prospectus Regulation does not regulate this topic, but the analysis in this chapter shows that the possibilities appear to be severely limited; practice in any event shows that exoneration is seldom (if ever) stipulated. The chapter concludes that all this appears to be relatively good news in terms of investor protection generally, but the lack of harmonisation stands in the way of a unified EU capital markets union.

scholarly journals What do students think of self-determined learning in entrepreneurship education?

2018 ◽  
Vol 60 (7/8) ◽  
pp. 841-856 ◽  
Author(s):  
Isla Kapasi ◽  
Galina Grekova
Keyword(s):  
Entrepreneurship Education ◽  
Practical Experience ◽  
Potential Contribution ◽  
Content Type ◽  
Approach To Learning ◽  
Mixed Methods Approach ◽  
Perceived Employability ◽  
The Uk ◽  
Uk Higher Education ◽  
The Eu

Purpose The purpose of this paper is to examine the perceptions and perspectives of students with regards to self-determined learning in an entrepreneurship education (EE) context and its potential contribution to employability. Design/methodology/approach This research used a mixed-methods approach with a sample of 25 students currently attending a UK higher education institute. The students had access to participation in EE modules but self-determined learning-informed modules or programmes were not currently offered. Students were invited to attend focus groups and as a result of emergent themes, a business school-wide survey was developed. Findings This research makes two tentative contributions to the EE field. First, the findings of this student cohort are similar to those found throughout the UK and the EU with regard to the perception of the value of a degree by students; its contribution to the hidden curriculum; and the importance of practical experience. The research also adds to the field by considering the value of a self-determined learning approach to developing the capabilities and competencies of graduates. This approach to learning in a context of EE was in general well received by potential students, particularly the applied aspect of the programme. However, there is a perception of risk about this approach to learning and students are concerned about the value of a programme like this to employers in general. Originality/value The study contributes to discussions on the value of EE on perceived employability and in particular self-determined learning through entrepreneurship activity.

Ceci n’est pas un Capital Markets Union: Re-establishing EU-led financialization

2020 ◽  
Vol 24 (3-4) ◽  
pp. 248-267
Author(s):  
Nina Haerter
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Market Integration ◽  
Policy Documents ◽  
Policy Initiatives ◽  
Financial Products ◽  
Capital Markets Union ◽  
The Many ◽  
Integration Project ◽  
The Eu

In the 11 years since the outbreak of the financial crisis, the EU has introduced many policy initiatives directed at the financial sector, the most recent one being the Capital Markets Union. The official aim is to integrate Europe’s financial markets, fulfilling decades-old wishes for a Single Market for capital. Some scholars have already voiced concerns about different elements of Capital Markets Union since its inception in 2015, but the extent to which this critique was generalizable remained unclear. Through an analysis of policy documents and interview data inspired by the ‘What’s the Problem Represented to be?’-approach, this paper reveals two common threads among the many Capital Markets Union proposals, which are not explicitly acknowledged: a reduction of prudential rules and various forms of incentivizing financial products with public funds. It is therefore argued that Capital Markets Union is not a market integration project (as its name and official narrative suggest), as much as it is the re-establishment of EU-led financialization, following a long tradition of asymmetrical integration in the Union.

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