Capital Markets Union in Europe

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.

List of contents

• General Aspects


• 1: Danny Busch, Emilios Avgouleas and Guido Ferrarini: Capital Markets Union after Brexit


• 2: Diego Valiente: CMU and the Deepening of Financial Integration


• 3: Danny Busch: A Stronger Role for the European Supervisory Authorities in the EU27


• 4: Emilios Avgouleas and Guido Ferrarini: The Future of ESMA and a Single Listing Authority and Securities Regulator for the CMU: Costs, Benefits and Legal Impediments


• Brexit


• 5: Eddy Wymeersch: Some Apects of the Impact of Brexit in the Field of Financial Services


• 6: Niamh Moloney: Capital Markets Union, Third Countries and Equivalence: Law, Markets and Brexit


• 7: Guido Ferrarini and Davide Trasciatti: OTC Derivatives Clearing, Brexit and the CMU


• Financing Innovation, Start-Ups, Non-Listed Companies and Infrastructure Projects


• 8: Emilios Avgouleas: The Role of Financial Innovation in EU Market Integration and the Capital Markets Union: A Re-conceptualisation of Policy Objectives


• 9: Erik Vermeulen: Capital Markets Union: Why 'Venture Capital' is not the Answer to Europe's Innovation Challenge


• 10: Guido Ferrarini and Eugenia Macchiavello: FinTech and Alternative Finance in the CMU: The Regulation of Marketplace Investing


• Raising Capital on the Capital Markets


• 11: Bas de Jong and Thomas Arons: Modernising the Prospectus Directive


• 12: Andrea Perrone: Small and Medium Enterprises Growth Markets


• 13: Merritt Fox: Initial Public Offerings in the CMU: A U.S. Perspective


• 14: Frank Graaf: Private Placements in the Capital Markets Union: A Priority Moving in Reverse?


• 15: Paul Davies: Damages Actions by Investors on the Back of Market Disclosure Requirements


• Fostering Retail and Institutional Investment


• 16: Veerle Colaert: Building Blocks of Investor Protection: All-Embracing Regulation Tightens its Grip


• 17: Mark Heemskerk, René Maatman and Bas Werker: A Policy Framework for European Personal Pensions


• 18: Zsolt Darvas and Dirk Schoenmaker: Institutional Investors and Development of Europe's Capital Markets


• 19: Matteo Gargantini, Carmine di Noia and Georgios Dimitropoulos: Cross-border Distribution of Collective Investment Products in the EU


• Leveraging Banking Capacity to Support the Wider Economy


• 20: Bart Joosen and Kitty Lieverse: Relief from Prudential Requirements to Support the Capital Markets Union


• 21: Gerard Kastelein: Securitisation in the Capital Markets Union: One Step Forward, Two Steps Back


• 22: Steven Schwarz: A Global Perspective on Securitised Debt


• Facilitatiting Cross-Border Investing


• 23: Alessio Pacces: Shareholder Activism in the CMU


• 24: Bas Zebregs and Victore de Serière: Efforts to Strengthen the Clearing and Settlement Framework of the Capital Markets Union


• 25: Michael Veder and Anne Mennens: Preventive Restructuring Frameworks


• 26: Loredana Carpentieri and Stefano Micossi: Removing Cross-Border Tax Barriers<

  About the author

  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 Università degli Studi di Genova, Visiting Professor at Università 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).

  Summary

  Capital Markets Union in Europe analyses the legal and economic aspects of the plans for a Capital Markets Union (CMU) in Europe, which will have a major impact on financial markets and institutions both in the region and beyond.

  Additional text

  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.

  Report

  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

Product details

• Authors: Danny (Professor of Financial Law Busch
• Assisted by: Emilios Avgouleas (Editor), Emilios (Chair in International Banking Law and Finance Avgouleas (Editor), Avgouleas Emilios (Editor), Danny Busch (Editor), Danny (Professor of Financial Law Busch (Editor), Busch Danny (Editor), Guido Ferrarini (Editor), Guido (Professor of Business Law Ferrarini (Editor), Ferrarini Guido (Editor)
• Publisher: Oxford University Press
• Languages: English
• Product format: Hardback
• Released: 31.03.2018
• EAN: 9780198813392
• ISBN: 978-0-19-881339-2
• No. of pages: 672
• Series: Oxford EU Financial Regulation
• Subjects: Social sciences, law, business > Law > International law, foreign law; LAW / Administrative Law & Regulatory Practice, LAW / Corporate, Commercial law, Financial law: general, Capital Markets & Securities Law & Regulation, Capital markets and securities law and regulation