The European Union is moving towards the full implementation of the Investment Services Directive (ISD). Indeed, in some Member States, further changes to the domestic legal framework to increase competition among financial institutions and markets will complete or complement its implementation.
This book includes updated papers written by academics and practitioners from Europe and the United States and presented at the Genoa Seminar on European Investment Markets, held in November 1996.
Several papers examine critical aspects of the ISD from a comparative viewpoint, in particular considering the appropriateness of further harmonisation. The regulation of financial exchanges in the new competitive arena and the need for cooperation between supervisors receive special attention.
Its evaluation of the economic impact of ISD implementation and consideration of further perspectives makes European Securities Markets one of the first and most comprehensive publications on the ISD implementation.
The volume will interest and educate all those involved in European securities and derivatives markets in either a legal or economic capacity, including banking and financial lawyers, financial economists, regulators, exchanges and intermediaries.
Preface, List of Contributors, List of Abbreviations
PART I GENERAL 1 The Implementation of the ISD
and CAD in National Legal Systems
Eddy Wymeersch 2 Banking and
Investment Services: Implications of the New Financial Landscape
Ross
Cranston 3 Economics of Securities Markets Regulation: Some Current
Issues
Francesco Cesarini
PART II PRUDENTIAL RULES
AND INSOLVENCY 4 Cross-border Compliance: Organisational Duties Imposed on
National and International Investment Firms
Uwe H. Schneider 5
Practicing Safer Lex: The Proper Domain of Property, Secured Transactions and
Insolvency Laws in the Regulation of Intermediaries
Charles W. Mooney Jr
6 Segregation of Securities and Insolvency under German Law
Dorothee Einsele 7 Segregation of Assets and Insolvency under
Italian Law
Pier Giusto Jaeger
PART III CONDUCT OF BUSINESS 8 Rules of Conduct:
Further Harmonisation?
Johannes Köndgen 9 Is there a Need
to Harmonise Conduct of Business Rules?
Cristopher Cruickshank 10
Derivatives Sales: Private Law and the Impact of Regulatory Standards
William Blair 11 Conflicts of Interest: An English Problem?
Barry A.K. Rider 12 Conflicts of Interest: The Spanish Experience
Anibal Sanchez PART IV EXCHANGE COMPETITION 13 The Changing
Microstructure of European Equity Markets
Marco Pagano 14
Competition between Regulated Markets in London
Stephen M. Schaefer
15 Competition among European Exchanges: Recent Developments
Ailsa Roell
16 Competition among Exchanges or Financial Systems?
Marco Onado
PART V EXCHANGE REGULATION 17 Exchange Governance and
Regulation: An Overview
Guido Ferrarini 18 A European Directive
for Regulated Markets? Some Personal Views
Andrew Whittaker 19 A
European Directive for Regulated Markets? A French Reaction
Fabrice
Demarigny 20 Regulation of the Relationship between European Union
Stock Exchanges: Lessons from the United States
Hal S. Scott 21
Derivatives Clearing Houses: The Regulatory Challenge
Richard Dale
PART VI ENFORCEMENT AND TAXATION 22 The Enforcement of the European Regime
for Investment Services in the Member States and its Impact on National
Conflict of Laws
Sergio M. Carbone and Francesco Munari 23
Cooperation among Supervisory Authorities under the ISD
Carlo Biancheri
24 Cooperation between Supervisors
Susanne Bergstriisser 25
International Tax Aspects of Portfolio Investment
Jaap van Hoorn Jr,
Index
