scholarly journals New prospectus regime: A critical analysis of chosen key changes

2019 ◽  
Vol 28 ◽  
pp. 11-35
Author(s):  
Łukasz Chyla
Keyword(s):  
Impact Assessment ◽  
Market Efficiency ◽  
Capital Markets ◽  
Critical Analysis ◽  
Investor Protection ◽  
Member States ◽  
Eu Member States ◽  
Goal Regulation ◽  
New Institutions ◽  
The Eu

The 2015 Impact Assessment Working Document evaluation has identified numerous issues which seemed to hinder the efficiency of the EU capital markets. To address those issues, the new prospectus regime was introduced by the Prospectus Regulation PR EU 2017/1129, which replaced the previous Prospectus Directive and will be directly binding and fully applicable in all EU Member States from 21 July 2019. The main aim of the PR is to ensure investor protection and market efficiency while enhancing the internal EU market for capital. In order to achieve this goal, Regulation 2017/1129 introduces a number of significant changes, in particular the form of regulation, the scope of the prospectus regime, and exemption thresholds from the prospectus obligation. It also introduces new institutions e.g. the universal registration document and completely new types of prospectuses EU growth prospectus, prospectus for secondary issuances under the proportionate disclosure regime. The aim of this article is to analyze and evaluate the chosen changes introduced by the new prospectus law. Nowe prawo prospektowe: analiza krytyczna wybranych istotnych zmianDokument roboczy Służb Komisji Europejskiej z 2015 roku wskazał wiele problemów utrudniających efektywność rynków kapitałowych UE. W celu poprawy sytuacji wprowadzono nowe prawo prospektowe, zastępując wcześniejszą dyrektywę prospektową rozporządzeniem prospektowym UE 2017/1129. Rozporządzenie będzie bezpośrednio wiążące we wszystkich państwach członkowskich UE od dnia 21 lipca 2019 roku. Jego zadaniem jest zapewnienie ochrony inwestorów i poprawa efektywności rynków a także wzmocnienie wewnętrznego rynku kapitałowego UE. W tym celu rozporządzenie wprowadza szereg istotnych zmian, w szczególności dotyczących formy regulacji, zakresu obowiązywania czy progów zwolnienia z obowiązku publikowania prospektu emisyjnego. Wprowadza również nowe instytucje np. uniwersalny dokument rejestracyjny i zupełnie nowe rodzaje prospektów emisyjnych prospekt emisyjny UE, prospekt emisyjny dla emisji wtórnych w ramach proporcjonalnego systemu obowiązków informacyjnych. Celem tego artykułu jest analiza i ocena wybranych zmian wprowadzonych przez nowe prawo prospektowe.

Political aspects of security of the European Union Member States

2020 ◽  
pp. 97-105
Author(s):  
Aleksandra Kusztykiewicz-Fedurek
Keyword(s):  
European Union ◽  
Negative Impact ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Political Security ◽  
New Institutions ◽  
The Stability ◽  
Key Aspects ◽  
The Eu

Political security is very often considered through the prism of individual states. In the scholar literature in-depth analyses of this kind of security are rarely encountered in the context of international entities that these countries integrate. The purpose of this article is to draw attention to key aspects of political security in the European Union (EU) Member States. The EU as a supranational organisation, gathering Member States first, ensures the stability of the EU as a whole, and secondly, it ensures that Member States respect common values and principles. Additionally, the EU institutions focus on ensuring the proper functioning of the Eurozone (also called officially “euro area” in EU regulations). Actions that may have a negative impact on the level of the EU’s political security include the boycott of establishing new institutions conducive to the peaceful coexistence and development of states. These threats seem to have a significant impact on the situation in the EU in the face of the proposed (and not accepted by Member States not belonging to the Eurogroup) Eurozone reforms concerning, inter alia, appointment of the Minister of Economy and Finance and the creation of a new institution - the European Monetary Fund.

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.

scholarly journals Capital Market Union – Perspectives on Changes in the Financial System Model in the European Union

2018 ◽  
Vol 1 (333) ◽  
Author(s):  
Małgorzata Anna Janicka
Keyword(s):  
European Union ◽  
Capital Markets ◽  
Banking Sector ◽  
The European Union ◽  
Investment Funds ◽  
Member States ◽  
Euro Zone ◽  
Eu Member States ◽  
Financing Model ◽  
The Eu

Currently the EU is working on the building of the so‑called Capital Markets Union. The undertaken restructuring of the financing model is designed to make a shift in the main channel through which enterprises raise investment funds, from loans to capital, and – as a result – contribute to more dynamic growth in the EU Member States. So far, the key problem with insufficient dynamics of Economic growth in the EU seems to stem not so much from the structure of investment financing but from mechanisms of the euro zone, which economically polarise its members. The European Union should, first and foremost, thoroughly analyse and reformulate the constituting principles of the euro zone, instead of making another attempt to deepen capital markets integration and changing the financing model dominant in the EU Member States. The objective of the paper is to analyse conditions and rationale of the shift in the role which the banking sector plays in transferring investment resources for the benefit of the European Union capital markets (intensification of disintermediation). Conclusions from the analysis were formulated based on qualitative studies and analyses of source materials prepared by the EU, as well as research and financial institutions (surveys, reports, recommendations), and on the basis of available data.

scholarly journals Better regulation in the EU and its member states: experience for Ukraine

2019 ◽  
pp. 20-30
Author(s):  
Oleksandr Rudik
Keyword(s):  
European Union ◽  
Impact Assessment ◽  
Stakeholder Engagement ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Better Regulation ◽  
Regulatory Impact ◽  
The Eu ◽  
Regulatory Impact Assessment

The article examines the experience of better regulation in the EU and its member states. The European Union and the 28 EU member states show a strong political commitment towards regulatory reform. In the European Union, regulatory policy has progressed under the better regulation agenda and played a crucial role in shaping the current regulatory processes. At the same time, all EU member states have adopted an explicit policy to promote the quality of regulations. To this end, the author analyses the key findings of the Organization for Economic Cooperation and Development (OECD) 2019 report «Better Regulation Practices across the European Union». In the report the OECD has analysed the application of all 28 EU member states’ regulatory management tools to EU-made laws and regulations. The article also gives examples of the best regulatory practices of the EU member states such as Austria, Belgium, Croatia, Germany, Ireland, Italy, Malta, the Netherlands, Slovakia, Sweden, the United Kingdom. The article concludes that the experience of the EU and its member states in developing and implementing a better regulation policy, in particular the better regulation agenda, is beneficial for Ukraine. In this regard, the article highlights the following legislative and institutional components of this experience: stakeholder engagement in the process of policymaking and regulatory policy implementation by automatically publishing of draft regulatory acts and accompanying impact assessments on the specially designed interactive government portal; highlighting the preliminary and final stages of regulatory impact assessment of all regulations, except for deregulatory and low-cost measures, thereby taking into account stakeholder comments; regular and systematic conduct of ex ante and ex-post evaluation of laws and regulations on the basis of a specially developed sound evidence-based methodology; conducting of regulatory impact assessment and stakeholder engagement during the process of EU directives transposition into member states’ national legislation; introduction of systematic regulatory oversight and quality control of regulatory management tools, which should cover not only regulatory impact assessment practice but also stakeholder engagement.

scholarly journals Ocena zmienionego wniosku dotyczącego decyzji Rady w sprawie systemu zasobów własnych Unii Europejskiej

2020 ◽  
Vol 4 (68) ◽  
pp. 122-133
Author(s):  
Jacek Kulicki ◽  
Zofia Szpringer ◽  
Marek Jaśkowski
Keyword(s):  
Capital Markets ◽  
National Income ◽  
Internal Market ◽  
Member States ◽  
Eu Member States ◽  
The Eu

The purpose of the proposed decision is to raise the limit of the annual own resources in relation to the national income (GNI) of the EU Member States and to empower the Commission to borrow up to EUR 750 billion at 2018 prices on the capital markets on behalf of the EU. These borrowed funds would be dedicated solely to combating the consequences of the COVID-19 pandemic. According to the authors of the opinion, the proposal is valid and rational from the perspective of protection and development of the internal market as an important Community element and does not raise doubts as to its compliance with the principle of subsidiarity. Its compatibility with Article 310 TFEU may however be disputed.

BIOECONOMY DEVELOPMENT POTENTIAL BASED ON MORE EFFICIENT LAND USE IN THE EU

2015 ◽  
Author(s):  
Irina PILVERE ◽  
Aleksejs NIPERS ◽  
Bartosz MICKIEWICZ
Keyword(s):  
Green Growth ◽  
Member States ◽  
Eu Member States ◽  
Growing Stock ◽  
Europe 2020 ◽  
Europe 2020 Strategy ◽  
Analysis And Synthesis ◽  
Key Industries ◽  
The Eu ◽  
Production Resource

Europe 2020 Strategy highlights bioeconomy as a key element for smart and green growth in Europe. Bioeconomy in this case includes agriculture, forestry, fisheries, food and pulp and paper production, parts of chemical, biotechnological and energy industries and plays an important role in the EU’s economy. The growth of key industries of bioeconomy – agriculture and forestry – highly depends on an efficient and productive use of land as a production resource. The overall aim of this paper is to evaluate opportunities for development of the main sectors of bioeconomy (agriculture and forestry) in the EU based on the available resources of land. To achieve this aim, several methods were used – monographic, analysis and synthesis, induction and deduction, statistical analysis methods. The findings show that it is possible to improve the use of land in the EU Member States. If all the Member States reached the average EU level, agricultural products worth EUR 77 bln would be annually additionally produced, which is 19 % more than in 2014, and an extra 5 billion m3 volume of forest growing stock would be gained, which is 20 % more than in 2010.

THE STANDARD OF LIVING OF HOUSEHOLDS IN POLAND COMPARED TO OTHER EU MEMBER STATES

2015 ◽  
Vol 5 (2) ◽  
pp. 634-638
Author(s):  
Joanna Szwacka Mokrzycka
Keyword(s):  
Economic Development ◽  
Economic Condition ◽  
Standard Of Living ◽  
Consumption Expenditure ◽  
Member States ◽  
Eu Member States ◽  
Financial Condition ◽  
Starting Point ◽  
Structure Of Consumption ◽  
The Eu

The objective of this article is to present the standard of living of households in Poland in comparison with other EU member states. The starting point for analysis was the economic condition of Poland against the background of other EU member states. The next step consisted of assessment of the standard of living of inhabitants of individual EU member states on the basis of financial condition of households and the structure of consumption expenditure. It was found that the differences within the EU in terms of economic development and the standard of living of households still remain substantial.

Determinants of socio-economic transformations of technological systems: theoretical and methodical aspects

2020 ◽  
pp. 102-111
Author(s):  
Svitlana Shults ◽  
Olena Lutskiv
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Structural Changes ◽  
Member States ◽  
Social Transformations ◽  
Technological Basis ◽  
Eu Member States ◽  
Technological Paradigm ◽  
Technological Paradigms ◽  
The Eu

Technological development of society is of unequal cyclic nature and is characterized by changing periods of economic growth, stagnation phases, and technological crises. The new wave of technological changes and new technological basis corresponding to the technological paradigm boost the role of innovations and displace the traditional factors of economic growth. Currently, intellectual and scientific-technical capacity are the main economic development resources. The use of innovation and new knowledge change the technological structure of the economy, increase the elements of the innovative economy, knowledge economy, and digital economy, i.e. the new technological paradigm is formed. The paper aims to research the basic determinants of technological paradigms’ forming and development, and determining their key features, as well as to analyze social transformations of the EU Member States and Ukraine. The paper focuses attention on the research of the features of social transformations. The structural transformations are analyzed based on the Bertelsmann Transformation Index that estimates the quality of democracy, market economy, and political governance. The transformation processes are assessed on the example of the EU Member States and Ukraine. The authors argue that social transformations and structural changes in the economy are related to the change of technological paradigms that boost the economic modernization and gradual progressive development of humanity in general. The nature and main determinants of 5 industrial and 2 post-industrial technological paradigms are outlined. Their general features and main areas of basic technologies implementation emerging in the realization of a certain technological paradigm are explained. The conclusions regarding the fact that innovative technologies and available scientific-technological resources define the main vector of economic development are made. The new emerging technological paradigm is of strategic importance for society development.

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