Legal regulation of new types of financial instruments on financial markets of Ukraine and the EU: new approaches and trending aspects

The work is dedicated to the legal regulation of the European Securities and Markets Authority (ESMA) and its activities in the field of derivatives regulation. Purpose of the research is to analyze the ESMA’s structure and its legal practice. The article describes the reasons of the World financial crisis of 2007-2009 and its impact on the EU economy. One of the issues that presumably provoked the crisis was abusive derivatives contracts concluded in the West. The Commission proposed a new financial markets regulation in the EU which suggested creation of a supervisory authority. The proposal was followed by setting up of ESMA in 2011. The Authority specializes in drafting of the EU legislation in the field of its competence, supervises financial markets, inspects the operation of counterparties and post-trading activities such as central clearing, reporting to trade repositories etc. Furthermore ESMA ensures financial markets stability and transparency, as well as unhampered economic relations and protection from economic downturns. The author relies on comparative, historical and analytical methods. The work was carried out on the basis of legislative sources (the EU regulations and directives) and academic writings of Russian and Western scholars. ESMA has significantly contributed to the implementation of the OTC derivatives reform in the EU. The Authority has to a high degree impacted elaboration of the European legislation dedicated to the successful operation of the financial markets. The research covers the OTC derivatives regulation in the EU and ESMA activities. This theme hasn’t been properly examined in Russian academic writings and therefore draws certain scientific attention.

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ОСОБЛИВОСТІ І ТЕНДЕНЦІЇ РОЗВИТКУ РЕГУЛЮВАННЯ ТРАНСКОРДОННИХ ОПЕРАЦІЙ З ФІНАНСОВИМИ ІНСТРУМЕНТАМИ В ПРАВІ ЄС

Наукові праці Національного університету “Одеська юридична академія” ◽

10.32837/npnuola.v13i0.270 ◽

2019 ◽

Vol 13 ◽

pp. 228-237

Author(s):

І. П. Яновська

Keyword(s):

Legal Regulation ◽

Free Movement ◽

Financial Instruments ◽

Technical Standards ◽

Eu Legislation ◽

Current Trends ◽

Free Movement Of Capital ◽

The Eu

Стаття присвячена аналізу сучасних тенденцій розвитку правового регулювання депозитарної системи в ЄС, зокрема збільшенню технічних норм в нормативних актах ЄС. Ідентифіковано проблемні питання, через які ринки постторгових послуг залишаються національно-орієнтованими, а через те недостатньо сприяють вільному руху капіталу у формі фінансових інструментів, в т. ч. цінних паперів, в масштабі ЄС. The article deals with the analysis of current trends in the legal regulation of depository system in the EU, in particular the increase in technical standards in EU legislation. It also identifies problematic issues due to which markets of post-trading services are nationally-oriented, and therefore contribute little to the free movement of capital in the form of financial instruments, including securities, within the EU.

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Struktūrinių finansinių produktų teisinė prigimtis ir jų apyvartos teisinis reguliavimas

Teisė ◽

10.15388/teise.2010.0.230 ◽

2010 ◽

Vol 75 ◽

pp. 159-175

Author(s):

Mindaugas Gedeikis

Keyword(s):

Financial Markets ◽

Legal Regulation ◽

Financial Instruments ◽

Market Participants ◽

Financial Products ◽

Adequate Understanding ◽

Structured Financial Products

Investuotojams ir kitiems rinkos dalyviams yra aktualu tinkamai suvokti teises ir pareigas, atsirandančias investuojant į struktūrinius finansinius produktus, ir jas įgyvendinti. Straipsnyje analizuojama struktūrinių finansinių produktų samprata, Lietuvos finansų rinkose egzistuojantys struktūriniai finansiniai produktai, jų grupės, santykis su išvestinėmis ir kitomis finansinėmis priemonėmis, taip pat šių produktų apyvartos teisinis reguliavimas. Investors and other market participants are interested in adequate understanding and implementation rights and obligations arising from investments in structured financial products. The author analyses the concept of structured financial products, structured financial products existing in Lithuanian financial markets, their groups, their relations with derivatives and other financial instruments, as well as the legal regulation of structured financial products market.

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MiFID II and MiFIR: Stricter Rules for the EU Financial Markets

SSRN Electronic Journal ◽

10.2139/ssrn.3061732 ◽

2017 ◽

Cited By ~ 1

Author(s):

Danny Busch

Keyword(s):

Financial Markets ◽

Eu Financial Markets ◽

The Eu

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Real-Estate Derivatives

10.1093/oso/9780198742920.001.0001 ◽

2017 ◽

Author(s):

Radu S. Tunaru

Keyword(s):

Real Estate ◽

Financial Markets ◽

Investment Banks ◽

Financial Instruments ◽

Stress Tests ◽

Real World Data ◽

No Arbitrage ◽

New Frontier ◽

Property Price ◽

Comparative Description

This book brings together the latest concepts and models in real-estate derivatives, the new frontier in financial markets. The importance of real-estate derivatives in managing property price risk that has destabilized economies frequently in the last hundred years has been brought into the limelight by Robert Shiller over the last three decades. In spite of his masterful campaign for the introduction of real-estate derivatives, these financial instruments are still in a state of infancy. This book aims to provide a state-of-the-art overview of real-estate derivatives at this moment in time, covering the description of these financial products, their applications, and the most important models proposed in the literature in this area. In order to facilitate a better understanding of the situations when these products can be successfully used, ancillary topics such as real-estate indices, mortgages, securitization, and equity release mortgages are also discussed. The book is designed to pay attention to the econometric aspects of realestate index prices, time series, and also to financial engineering no-arbitrage principles governing pricing of derivatives. The emphasis is on understanding the financial instruments through their mechanics and comparative description. The examples are based on real-world data from exchanges or frommajor investment banks or financial houses in London. The numerical analysis is easily replicable with Excel and Matlab. This is the most advanced published book in this area, combining practical relevance with intellectual rigour. Real-estate derivatives will become important for managing macro risks in order to pass stress tests imposed by regulators.

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Excise Tax on Alcohol According to Legal Law of Slovak Republic In Terms Of Eu Secondary Law Transposition / Spotrebná Daň Z Liehu V Právnom Poriadku Slovenskej Republiky Z Hľadiska Transpozície Sekundárneho Práva Eú

EU agrarian Law ◽

10.1515/eual-2015-0007 ◽

2015 ◽

Vol 4 (2) ◽

pp. 1-6

Author(s):

Ondrej Beňuš

Keyword(s):

Food Industry ◽

Slovak Republic ◽

Legal Regulation ◽

Alcoholic Beverages ◽

Excise Tax ◽

Excise Taxes ◽

Stable Component ◽

Crucial Component ◽

Selection Of ◽

The Eu

Abstract Distilling industry is among the traditional sectors of the food industry. It is a significant producers of agricultural primary production and the most stable component of demand in the labour market. Among all the sectors of the food industry, however, it is subject to the greatest extent of the regulation of the business by state, when a crucial component of regulation is the legal regulation of the selection of the excise tax on alcohol. Given the considerable degree of regulation of excise taxes on alcoholic beverages by one of the secondary law of the EU, it is considered appropriate to assess the level of transposition of basic elements of excise tax on alcohol, as defined by literature, into the legal order of the Slovak Republic.

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The Architecture of Financial Networks and Models of Financial Instruments According to the “Just Transition Mechanism” at the European Level

Journal of Risk and Financial Management ◽

10.3390/jrfm13100235 ◽

2020 ◽

Vol 13 (10) ◽

pp. 235

Author(s):

Otilia Manta ◽

Kostas Gouliamos ◽

Jie Kong ◽

Zhou Li ◽

Nguyen Minh Ha ◽

...

Keyword(s):

Financial Markets ◽

Financial Market ◽

Research Priorities ◽

Financial Instruments ◽

Global Level ◽

European Level ◽

Support Tool ◽

Eu Directive ◽

Transition Mechanism ◽

European Investment

At the global level and in particular the European level, challenges related to climate change and the transition to green transactions have created an imperative where identifying or developing innovative financial instruments, appropriate for these priorities, have become our research priorities and objectives. Starting from the analysis of the European Investment Plan for green transactions, as well as the EU Directive 2018/410 of the European Parliament and of the Council, in conjunction with ongoing efforts to identify innovative financing tools, research is presented based on hypotheses using concepts and models of green financing. The paper aims to analyze the main concepts and phenomena that could be considered generative factors for current financial market trends, as well as the inventory of facts and acts that provide a picture of the financial market. Based on these investigations, this paper suggest how we can best analyze the economic environment, processes, and resources in terms of their predictions regarding the sustainability of financial markets in the context of current challenges. Moreover, our paper aims to highlight in our empirical research the above-mentioned aspects, including the analysis of the emergence of new financial instruments at the global level with a direct impact on financial sustainability at the European level, including reflecting certain particularities of financial markets Romania. This research will be both a scientific contribution to the specialized literature and a possible support tool for the practical activities of entrepreneurs in their economic endeavor of developing sustainable businesses.

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