scholarly journals Reflections on the EU Third Country Regime for Capital Markets in the Shadow of Brexit

2020 ◽  
Vol 17 (1) ◽  
pp. 35-71
Author(s):  
Niamh Moloney
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Financial Services ◽  
Market Access ◽  
European Parliament ◽  
Direct Application ◽  
The Political ◽  
Economic Context ◽  
Legislative Reforms ◽  
The Eu

This article considers the recent evolution of the EU’s third country regime for capital market access in light of Brexit, the important series of legislative reforms adopted in March 2019 as the 2014-2019 European Parliament/Commission term closed, and the emergence of the European Securities and Markets Authority (ESMA) as a material technocratic influence. The article suggests that while the capital market third country regime is changing (with Brexit a key but not exclusive driver of change), it is not being radically recast, although it is tightening. The regime remains broadly based on the more-or-less liberal ‘deference’ model which has long characterised EU third-country financial services policy. But it is becoming increasingly ‘on-shored’ by means of the direct application of EU rules and by ESMA’s oversight/supervision of certain third country actors. The significantly more restrictive approach being taken to third country central clearing counterparties is a marked development, but here the political and economic context is distinct. The implications of the overall shift towards a more ‘on-shore’, centralised, and potentially restrictive access regime are considered, and a modest reform prescription is offered.

scholarly journals Budget of the EU and Common Agricultural Policy for 2014-2020 in the light of the polish interests

Management ◽  
2014 ◽  
Vol 18 (1) ◽  
pp. 473-487
Author(s):  
Andrzej Czyżewski ◽  
Sebastian Stępień
Keyword(s):  
European Commission ◽  
Agricultural Policy ◽  
Common Agricultural Policy ◽  
European Parliament ◽  
Point Of View ◽  
European Council ◽  
The Political ◽  
The Common ◽  
Polish Economy ◽  
The Eu

Summary The objective of the paper is to present the results of negotiations on the EU budget for 2014-2020, with particular emphasis on the Common Agricultural Policy. Authors indicate the steps for establishing the budget, from the proposal of the European Commission presented in 2011, ending with the draft of UE budget agreed at the meeting of the European Council on February 2013 and the meeting of the AGRIFISH on March 2013 and then approved by the political agreement of the European Commission, European Parliament and European Council on June 2013. In this context, there will be an assessment of the new budget from the point of view of Polish economy and agriculture.

scholarly journals The EU after Brexit: Key Geopolitical and Geo-Economic Challenges

2020 ◽  
pp. 30-44 ◽  
Author(s):  
Petr YAKOVLEV
Keyword(s):  
European Union ◽  
European Commission ◽  
European Parliament ◽  
European Council ◽  
The Political ◽  
The European Union ◽  
Member States ◽  
Before And After ◽  
Union History ◽  
The Eu

The decision on Britain’s secession from the European Union, taken by the British Parliament and agreed by London and Brussels, divided the Union history into “before” and “after”. Not only will the remaining member states have to “digest” the political, commercial, economic and mental consequences of parting with one of the largest partners. They will also have to create a substantially new algorithm for the functioning of United Europe. On this path, the EU is confronted with many geopolitical and geo-economic challenges, which should be answered by the new leaders of the European Commission, European Council, and European Parliament.

The European Dimension of Minority Political Representation

2012 ◽  
Vol 26 (1) ◽  
pp. 75-92 ◽  
Author(s):  
Maria Spirova ◽  
Boyka Stefanova
Keyword(s):  
Political Parties ◽  
Political Representation ◽  
Political Process ◽  
European Parliament ◽  
The Political ◽  
East European ◽  
European Dimension ◽  
Challenging Tasks ◽  
The Eu

The political integration of ethnic minorities is one of the most challenging tasks facing the countries of post-communist Europe. The roads to their political representation in the mainstream political process are numerous and diverse. The EU accession of the Central and East European countries has expanded the scope of the political participation of minorities by adding an electoral process at the regional level: the elections for members of the European Parliament. This article presents a comparative study of the ways in which EU-level electoral processes affect the scope and quality of minority representation on the example of the participation of ethnic political parties in Bulgaria and Romania in the 2007 and 2009 electoral cycles of the European Parliament.

The Shanghai-Hong Kong Stock Market

2015 ◽  
Vol 07 (03) ◽  
pp. 36-45
Author(s):  
Jing WAN
Keyword(s):  
Hong Kong ◽  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Markets ◽  
Market Access ◽  
Mainland China ◽  
Opening Up ◽  
Hong Kong Stock Market ◽  
The Capital Market

The Stock Connect scheme launched on 17 November 2014 was the first mutual market access between mainland China and Hong Kong stock markets. It is the biggest move ever in the opening up of the capital market. Experiences accumulated will be of great value to mainland regulators who will decide on how these experiences could be utilised for China’s future opening up of its capital markets and for accelerating renminbi internationalisation.

scholarly journals Perlindungan Hukum Bagi Investor Dalam Pasar Modal

2014 ◽  
Vol 2 (2) ◽  
Author(s):  
Hilda Hilmiah Dimyati
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Financial Services ◽  
Legal Protection ◽  
Financial Services Industry ◽  
Crucial Aspect ◽  
The Public ◽  
Maximum Protection ◽  
Ministry Of Finance ◽  
The Capital Market

Abstract: Legal Protection for Investors in the Capital Market. Supervision in the financial services industry capital markets experienced a change of control by Bapepam-LK be supervised by the Financial Services Authority. Institutionally, Bapepam-LK is responsible to the Minister of Finance, as Bapepam-LK is under the auspices of the Ministry of Finance, while the Financial Services Authority is responsible to Parliament or the public. Crucial aspect on which the formation of the FSA is not maximum protection of the interests of consumers of financial services. In accordance with the problems that occur as above, the authors feel the need to examine the legal protection in the capital market. This writing will also examine the parties are entitled to legal protection based on Law No. 8 of 1995 and the Capital Market Law No. 21 of 2011 on the Financial Services Authority. Abstrak: Perlindungan Hukum Bagi Investor Dalam Pasar Modal. Pengawasan di bidang industri jasa keuangan pasar modal mengalami perubahan dari pengawasan yang dilakukan oleh Bapepam-LK menjadi diawasi oleh Otoritas Jasa Keuangan. Secara kelembagaan, Bapepam-LK bertanggung jawab kepada Menteri Keuangan, karena Bapepam-LK berada di bawah naungan Kementrian Keuangan, sedangkan Otoritas Jasa Keuangan bertanggung jawab kepada Dewan Perwakilan Rakyat atau masyarakat. Aspek krusial yang menjadi dasar pembentukan OJK adalah tidak maksimalnya perlindungan kepentingan konsumen jasa keuangan. Sesuai dengan permasalahan yang terjadi seperti diatas, maka penulis merasa perlu untuk meneliti tentang perlindungan hukum di pasar modal. Penulisan ini juga akan meneliti para pihak yang berhak atas perlindungan hukum berdasarkan pada Undang-Undang Nomor 8 Tahun 1995 Tentang Pasar Modal dan Undang-Undang Nomor 21 Tahun 2011 Tentang Otoritas Jasa Keuangan. DOI: 10.15408/jch.v1i2.1473

scholarly journals The political system of European Union after European Parliament Election of 2019

2019 ◽  
pp. 15-30
Author(s):  
Andrii Martynov
Keyword(s):  
European Union ◽  
European Integration ◽  
Political System ◽  
European Parliament ◽  
The Political ◽  
The European Union ◽  
National Parliaments ◽  
Member States ◽  
Eu Member States ◽  
The Eu

The politics of the European Union are different from other organizations and states due to the unique nature of the EU. The common institutions mix the intergovernmental and supranational aspects of the EU. The EU treaties declare the EU to be based on representative democracy and direct elections take place to the European Parliament. The Parliament, together with the European Council, works for the legislative arm of the EU. The Council is composed of national governments thus representing the intergovernmental nature of the European Union. The central theme of this research is the influence of the European Union Political system the Results of May 2019 European Parliament Election. The EU supranational legislature plays an important role as a producer of legal norms in the process of European integration and parliamentary scrutiny of the activities of the EU executive. The European Parliament, as a representative institution of the European Union, helps to overcome the stereotypical notions of a “Brussels bureaucracy” that limits the sovereignty of EU member states. The European Parliament is a political field of interaction between European optimists and European skeptics. The new composition of the European Parliament presents political forces focused on a different vision of the strategy and tactics of the European integration process. European federalists in the “European People’s Party” and “European Socialists and Democrats” consider the strategic prospect of creating a confederate “United States of Europe”. The Brexit withdrawal from the EU could help the federalists win over European skeptics. Critics of the supranational project of European integration do not have a majority in the new composition of the European Parliament. But they are widely represented in many national parliaments of EU Member States. The conflicting interaction between European liberals and far-right populists is the political backdrop for much debate in the European Parliament. The result of this process is the medium term development vector of the European Union.

scholarly journals Managing Disintegration: How the European Parliament Responded and Adapted to Brexit

2021 ◽  
Vol 9 (1) ◽  
pp. 16-26
Author(s):  
Edoardo Bressanelli ◽  
Nicola Chelotti ◽  
Wilhelm Lehmann
Keyword(s):  
Member State ◽  
Direct Consequence ◽  
European Parliament ◽  
The Political ◽  
Active Involvement ◽  
Indirect Impact ◽  
The Uk ◽  
The Impact ◽  
Political Groups ◽  
The Eu

Brexit makes both a direct and an indirect impact on the European Parliament (EP). The most direct consequence is the withdrawal of the 73-member strong UK contingent and the changing size of the political groups. Yet, the impact of Brexit is also felt in more oblique ways. Focussing on the role and influence of the EP in the EU–UK negotiations, and of the British delegation in the EP, this article shows that the process, and not just the outcome of Brexit, has significant organisational implications for the EP and its political groups. Moreover, it also showcases the importance of informal rules and norms of behaviour, which were affected by Brexit well ahead of any formal change to the UK status as a Member State. The EP and its leadership ensured the active involvement of the EP in the negotiating process—albeit in different ways for the withdrawal agreement and the future relationship—and sought to minimise the costs of Brexit, reducing the clout of British members particularly in the allocation of legislative reports.

Capital Markets Union, Third Countries, and Equivalence

2018 ◽  
Author(s):  
Niamh Moloney
Keyword(s):  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Free Trade Agreement ◽  
Trade Agreement ◽  
Regulatory Requirements ◽  
Governance Regime ◽  
Financial Governance ◽  
Capital Markets Union ◽  
The Eu

The EU currently manages access by non-EU/-EEA states to the EU financial market through its ‘third country’ rules, which typically require that the financial governance regime of the state in question is ‘equivalent’ to the EU regime. However, the UK's departure from the EU by 31 March 2019 has raised questions about how UK, as a ‘third country,’ ensures access to the EU financial market, and how a related Free Trade Agreement (FTA) might be configured. This chapter first considers the current regulatory requirements governing third country access to the EU capital market and their implications for the Capital Markets Union. It then examines the evolution of third country/equivalence-related techniques internationally for capital markets and how they might be relevant for the EU. It also speculates as to how the EU's equivalence arrangements for third countries are likely to develop, including in the context of an EU/UK FTA.

scholarly journals Capital Market Union and residential capitalism in Europe: Rescaling the housing-centred model of financialization

2017 ◽  
Vol 3 (1) ◽  
pp. 32-50 ◽  
Author(s):  
Rodrigo Fernandez ◽  
Manuel B. Aalbers
Keyword(s):  
European Commission ◽  
Capital Market ◽  
Global Financial Crisis ◽  
Housing Finance ◽  
The Political ◽  
Mortgage Debt ◽  
Mortgage Securitization ◽  
The Global Financial Crisis ◽  
The Uk ◽  
The Eu

This article examines the effects of implementing the proposals of the European Commission to institute a Capital Market Union (CMU) on the diverse landscape of residential capitalism in Europe. The CMU will bypass existing national institutional blockades that left core countries of the Eurozone, namely Germany, France and Italy, largely untouched by the housing-centred model of financialization that developed in countries like Spain, Ireland, the UK and the Netherlands. It is widely acknowledged that the rise in securitized mortgage debt contributed to the global financial crisis. As part of the CMU, the new European Commission is promoting mortgage securitization throughout the EU and thereby rescaling the political economy of housing finance that was hitherto rooted in national, institutional models. We argue that countries which ‘missed’ the previous housing boom will not be able to prevent future housing-centred financialization. CMU thus signifies a spatial expansion of the debt-led accumulation model.

scholarly journals Talkin’ ‘bout a Negotiation: (Un)Transparent Rapporteurs’ Speeches in the European Parliament

2021 ◽  
Vol 9 (1) ◽  
pp. 248-260 ◽  
Author(s):  
Damien Pennetreau ◽  
Thomas Laloux
Keyword(s):  
National Culture ◽  
Policy Process ◽  
European Parliament ◽  
Political Context ◽  
Public Access ◽  
The Political ◽  
Political Affiliation ◽  
The Public ◽  
Political Conflicts ◽  
The Eu

For policies to be legitimate, both the policy process and the underlying reasons must be transparent to the public. In the EU, the lion’s share of legislation is nowadays negotiated in informal secluded meeting called trilogues. Therefore, presentation of the trilogues compromise by the rapporteur to the European Parliament (EP) plenary is, arguably, one of the few formal occasions for ‘transparency in process,’ i.e., public access to the details of actual interactions between policymakers. The aim of this article is thus to examine the extent to which rapporteurs are transparent about trilogue negotiations when presenting legislative compromises to the EP during plenary sessions, and to assess whether the extent of transparency is linked to the extent of conflict between legislative actors and to elements of the political context related to rapporteurs. To this purpose, we coded 176 rapporteur speeches and, on this basis, concluded that these speeches poorly discuss the trilogue negotiations. Interinstitutional negotiations are discussed in only 64% of cases, and even when they are, the extent of information about trilogues is generally small. While we do not find support for an effect of political conflicts, some characteristics linked with rapporteurs are significantly related to transparency in process of their speeches. This is the case for their political affiliation and their national culture of transparence.

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