The politics of financial services regulation and supervision reform in the European Union

2007 ◽  
Vol 46 (2) ◽  
pp. 269-290 ◽  
Author(s):  
LUCIA QUAGLIA
Keyword(s):  
European Union ◽  
Financial Services ◽  
The European Union ◽  
Regulation And Supervision ◽  
Financial Services Regulation

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.

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 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.

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.

Financial Services Input as a Source of Economic Growth in the European Union Countries

2016 ◽  
Vol 63 (3) ◽  
pp. 289-308
Author(s):  
Joanna Wyszkowska-Kuna
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Financial Services ◽  
The European Union ◽  
Business Services ◽  
Intermediate Inputs ◽  
European Union Countries ◽  
Production Growth ◽  
Knowledge Intensive ◽  
Factor Inputs

The aim of this paper is to study and compare the importance of intermediate demand for financial services for the growth of production in the European Union countries. In the study the methodology introduced by Jorgenson et al. (1987) is used. This assumes that changes in the production (in real terms) result from changes in intermediate inputs of raw and manufacturing materials and services, as well as in factor inputs (labour and capital) and in total factor productivity. The advantage of this method is the ability to calculate the contributions of different components of intermediate inputs (including service inputs – total or with respect to particular service categories) to production growth in the whole economy and in individual industries. The study is carried out with respect to financial services, but their contribution to economic growth is compared with the contribution of knowledge--intensive business services that have been already recognized as affecting economic and productivity growth. The data used in the study come from the World Input-Output Database. The analysed period covers the years 1995–2009, owing to the availability of relevant data.

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