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The EU is moving towards full implementation of the Investment Services Directive (ISD). This book analyzes, from legal and economic perspectives, the domestic legal developments made by Member States in light of the ISD, and pays special attention to the regulation of financial exchanges.
List of contents
Part I: General. 1. The Implementation of the ISD and CAD in National Legal Systems; E. Wymeersch. 2. Banking and Investment Services: Implications of the New Financial Landscape; R. Cranston. 3. Economics of Securities Markets Regulation: Some Current Issues; F. Cesarini. Part II: Prudential Rules and Insolvency. 4. Cross-border Compliance: Organizational Duties Imposed on National and International Investment Firms; U.H. Schneider. 5. Practising Safer Lex: The Proper Domain of Property, Secured Transactions, and Insolvency Laws in the Regulation of Securities Intermediaries; C.W. Mooney, Jr. 6. Segregation of Securities and Insolvency under German Law; D. Einsele. 7. Segregation of Securities and Insolvency under Italian Law; P.G. Jaeger. Part III: Conduct of Business. 8. Rules of Conduct: Further Harmonization?; J. Kondgen. 9. Is There a Need to Harmonize Conduct of Business Rules? C. Cruickshank. 10. Derivatives Sales: Private Law and the Impact of Regulatory Standards; W. Blair. 11. Conflicts of Interest: An English Problem? B. Rider. 12. Conflicts of Interest: The Spanish Experience; A. Sanchez. Part IV: Exchange Competition. 13. The Changing Microstructure of European Equity Markets; M. Pagano. 14. Competition Between Regulated Markets in London; S.M. Schaefer. 15. Competition among European Exchanges: Recent Developments; A. Roell. 16. Competition among Exchanges or Financial Systems? M. Onado. Part V: Exchange Regulation. 17. Exchange Governance and Regulation: An Overview; G. Ferrarini. 18. A European Directive for Regulated Markets? A British Reaction; A. Whittaker. 19. A European Directive for Regulated Markets? A French Reaction; F. Demarigny. 20. Regulation of the Relationship among European Union Stock Exchanges: A Lesson from the United States; H.S. Scott. 21. Derivative Clearing Houses: the Regulatory Challenge; R. Dale. Part VI: International Aspects. 22. The Enforcement of the European Regime for Investment Services in the Member States and its Impact on National Conflicts of Law; S.M. Carbone, F. Munari. 23. Co-operation among Supervisory Authorities under the ISD; C. Biancheri. 24. Co-Operation between Supervisors: IOSCO and E.U.; S. Berstrasser. 25. International Tax Aspects of Portfolio Investments; J. van Hoorn. Index.
