European Securities Markets:The Investment Services Directive and Beyond

Front Cover
Guido Ferrarini
Kluwer Law International B.V., Mar 4, 1998 - Law - 406 pages
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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.

 

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Contents

Implications of the
45
Some Current
65
Organisational Duties Imposed
73
The Proper Domain of Property
85
Segregation of Securities and Insolvency under German
95
Further Harmonisation?
115
Is there a Need to Harmonise Conduct of Business Rules?
131
An English Problem?
149
Competition among Exchanges or Financial Systems?
225
An Overview
245
A European Directive for Regulated Markets? Some
268
A European Directive for Regulated Markets? A French
275
Regulation of the Relationship between European Union Stock
283
The Regulatory Challenge
295
The Enforcement of the European Regime for Investment
317
Cooperation among Supervisory Authorities under the ISD
363

The Spanish Experience
165
The Changing Microstructure of European Equity Markets
177
Competition between Regulated Markets in London
205
Recent Developments
213
Cooperation between Supervisors
373
International Tax Aspects of Portfolio Investment
383
Index
393
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