Capital Markets Union in Europe

by Danny Busch, Guido Ferrarini, Emilios Avgouleas

Overview

Capital Markets Union in Europe analyses the legal and economic implications of the European Commission's plans to form a Capital Markets Union (CMU) in Europe, which will have a major impact on financial markets and institutions both in the region and beyond.

A detailed introductory chapter provides a broad overview of the various aspects and challenges of the CMU proposals, whilst thematically grouped chapters cover the following areas: (i) general aspects, (ii) Brexit, (iii) financing innovation, (iv) raising capital on the capital markets, (v) fostering retail and institutional investment, (vi) leveraging banking capacity to support the wider economy, (vii) facilitating cross-border investing, and (viii) comparative aspects of capital market integration.

Written by world renowned experts in the fields of banking and capital markets, including respected academics, with broad practical experience, and leading practitioners, Capital Markets Union in Europe provides high-quality analysis of the legal and economic issues in a practical context.

Product Details

ISBN-13:	9780198813392
Publisher:	Oxford University Press
Publication date:	05/01/2018
Series:	Oxford EU Financial Regulation
Pages:	662
Product dimensions:	9.80(w) x 6.90(h) x 1.60(d)

About the Author

Danny Busch, Professor of Financial Law, Radboud University, Nijmegen,Guido Ferrarini, Professor of Business Law, University of Genoa,Emilios Avgouleas, Chair in International Banking Law and Finance, University of Edinburgh

Professor Danny Busch holds the Chair for Financial Law and is Director of the Institute for Financial Law (IFL), University of Nijmegen, the Netherlands. He is also a Visiting Professor at Universita degli Studi di Genova, Visiting Professor at Universita Cattolica del Sacro Cuore di Milano, and a Member of the Dutch Banking Disciplinary Committee (Tuchtcommissie Banken). Professor Busch has written extensively for OUP, most recently Busch and Ferrarini: Regulation of the EU Financial Markets - MiFID II and MiFIR (OUP, 2017), Busch and Ferrarini: European Banking Union (OUP, 2015) and Van Setten and Busch: Alternative Investment Funds in Europe - Law and Practice (OUP, 2014).

Professor Emilios Avgouleas holds the Chair in International Banking Law and Finance at the University of Edinburgh and is Director of the Edinburgh Commercial Law Centre. He has served as a visiting professor in leading universities and is a Member the Stakeholder Group of the European Banking Authority. His recent publications include Principles of Banking Law (OUP, 2018), Reconceptualising Global Finance (CUP, 2016) and Governance of Global Financial Markets: The Law, the Economics, the Politics (CUP, 2012).

Guido Ferrarini is Professor of Business Law and Capital Markets Law at the University of Genoa, and Director of the Centre for Law and Finance. Professor Ferrarini's most recent publications include Wymeersch, Hopt, and Ferrarini: Financial Regulation and Supervision - A Post-crisis Analysis (OUP, 2012) and Belcredi and Ferrarini: Boards and Shareholders in European Listed Companies (CUP, 2013).

Table of Contents

General Aspects1. Capital Markets Union after Brexit, Danny Busch, Emilios Avgouleas & Guido Ferrarini2. CMU and the Deepening of Financial Integration, Diego Valiente3. A Stronger Role for the European Supervisory Authorities in the EU27, Danny Busch4. The Future of ESMA and a Single Listing Authority and Securities Regulator for the CMU: Costs, Benefits and Legal Impediments, Emilios Avgouleas & Guido FerrariniBrexit5. Some Apects of the Impact of Brexit in the Field of Financial Services, Eddy Wymeersch6. Capital Markets Union, Third Countries and Equivalence: Law, Markets and Brexit, Niamh Moloney7. OTC Derivatives Clearing, Brexit and the CMU, Guido Ferrarini & Davide TrasciattiFinancing Innovation, Start-Ups, Non-Listed Companies and Infrastructure Projects8. The Role of Financial Innovation in EU Market Integration and the Capital Markets Union: A Re-conceptualisation of Policy Objectives, Emilios Avgouleas9. Capital Markets Union: Why 'Venture Capital' is not the Answer to Europe's Innovation Challenge, Erik Vermeulen10. FinTech and Alternative Finance in the CMU: The Regulation of Marketplace Investing, Guido Ferrarini & Eugenia MacchiavelloRaising Capital on the Capital Markets11. Modernising the Prospectus Directive, Bas de Jong & Thomas Arons12. Small and Medium Enterprises Growth Markets, Andrea Perrone13. Initial Public Offerings in the CMU: A U.S. Perspective, Merritt Fox14. Private Placements in the Capital Markets Union: A Priority Moving in Reverse?, Frank Graaf15. Damages Actions by Investors on the Back of Market Disclosure Requirements, Paul DaviesFostering Retail and Institutional Investment16. Building Blocks of Investor Protection: All-Embracing Regulation Tightens its Grip, Veerle Colaert17. A Policy Framework for European Personal Pensions, Mark Heemskerk, Rene Maatman & Bas Werker18. Institutional Investors and Development of Europe's Capital Markets, Zsolt Darvas & Dirk Schoenmaker19. Cross-border Distribution of Collective Investment Products in the EU, Matteo Gargantini, Carmine di Noia & Georgios DimitropoulosLeveraging Banking Capacity to Support the Wider Economy20. Relief from Prudential Requirements to Support the Capital Markets Union, Bart Joosen & Kitty Lieverse21. Securitisation in the Capital Markets Union: One Step Forward, Two Steps Back, Gerard Kastelein22. A Global Perspective on Securitised Debt, Steven SchwarzFacilitatiting Cross-Border Investing23. Shareholder Activism in the CMU, Alessio Pacces24. Efforts to Strengthen the Clearing and Settlement Framework of the Capital Markets Union, Bas Zebregs & Victore de Seriere25. Preventive Restructuring Frameworks, Michael Veder & Anne Mennens26. Removing Cross-Border Tax Barriers, Loredana Carpentieri & Stefano Micossi

Editorial Reviews

"Overall, this collection of essays proves to be an incredibly useful reference ... The different authors of these chapters represent a good combination of backgrounds (academics, practitioners, regulators) and expertise (law, economics, finance), which is useful when dealing with an area of law and regulation that is intrinsically multidisciplinary. ... It is of course an essential reference for researchers at all levels engaged with this area of law, regulation and policy. I believe some chapters of this book will also be useful to practitioners and regulators." — Vincenzo Bavoso, Journal of International Banking Law and Regulation

From the Publisher