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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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Financial Market Integration in the Post FSAP Era. In Search of Overall Conceptual Consistency in the Regulatory Framework

Financial Market Integration in the Post FSAP Era. In Search of Overall Conceptual Consistency in the Regulatory Framework

Chapter:
(p.443) 15 Financial Market Integration in the Post FSAP Era. In Search of Overall Conceptual Consistency in the Regulatory Framework
Source:
Investor Protection in Europe
Author(s):

Michel Tison

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199202911.003.0015

This chapter looks into the concepts underpinning the current generation of capital market integration directives, that follow the ‘Lamfalussy-approach’. In particular, it examines whether the level 1-directives are based on minimum or maximum harmonization. It argues that the European lawmakers have failed to clarify this issue, thereby reducing legal certainty for the various stakeholders (suppliers, investors, and supervisors alike). In addition, the adoption of yet a new harmonization technique runs the risk of creating inconsistencies with the previous generation of financial market integration directives, adopted under the 1992 Internal market program. Finally, the chapter looks at how the Prospectus Directive and MiFID divide regulatory and supervisory powers between home and host state.

Keywords:   capital markets integration, Lamfalussy approach, minimum and maximum harmonization, MiFID, home country regulation, host country regulation

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