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Capital Markets Union in Europe - Oxford Scholarship Online
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Capital Markets Union in Europe

Danny Busch, Emilios Avgouleas, and Guido Ferrarini

Abstract

This book 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 banki ... More

Keywords: Capital markets, Investment business, Banking, Banks and cross-border issues

Bibliographic Information

Print publication date: 2018 Print ISBN-13: 9780198813392
Published to Oxford Scholarship Online: July 2018 DOI:10.1093/oso/9780198813392.001.0001

Authors

Affiliations are at time of print publication.

Danny Busch, editor
Professor of Financial Law, Radboud University, Nijmegen

Emilios Avgouleas, editor
Chair in International Banking Law and Finance, University of Edinburgh

Guido Ferrarini, editor
Professor of Business Law, University of Genoa

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Contents

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Front Matter

Title Pages

Preface

Table of Cases

Table of Legislation

List of Contributors

List of Abbreviations

Part I General Aspects

1 Capital Markets Union after Brexit

Danny Busch, Emilios Avgouleas, and Guido Ferrarini

2 CMU and the Deepening of Financial Integration

Diego Valiante*

3 A Stronger Role for the European Supervisory Authorities in the EU27

Danny Busch*

4 A Single Listing Authority and Securities Regulator for the CMU and the Future of ESMA

Emilios Avgouleas and Guido Ferrarini

Part II Brexit

5 Some Aspects of the Impact of Brexit in the Field of Financial Services

Eddy Wymeersch

6 Capital Markets Union, Third Countries, and Equivalence

Niamh Moloney

7 OTC Derivatives Clearing, Brexit, and the CMU

Guido Ferrarini and Davide Trasciatti

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

8 The Role of Financial Innovation in EU Market Integration and the Capital Markets Union

Emilios Avgouleas

9 Capital Markets Union

Erik PM Vermeulen*

10 FinTech and Alternative Finance in the CMU

Guido Ferrarini and Eugenia Macchiavello*

Part IV Raising Capital on the Capital Markets

11 Modernizing the Prospectus Directive

Bas de Jong and Tomas Arons*

12 Small and Medium Enterprises Growth Markets

Andrea Perrone*

13 Initial Public Offerings in the CMU

Merritt B Fox*

14 Private Placements in the Capital Markets Union

Frank GB Graaf

15 Damages Actions by Investors on the Back of Market Disclosure Requirements

Paul Davies*

Part V Fostering Retail and Institutional Investment

16 Investor Protection in the Capital Markets Union

Veerle Colaert*

17 A Policy Framework for European Personal Pensions?

Mark Heemskerk, René Maatman, and Bas Werker*

18 Institutional Investors and Development of Europe’s Capital Markets

Zsolt Darvas and Dirk Schoenmaker*

19 Cross-border Distribution of Collective Investment Products in the EU

Matteo Gargantini, Carmine Di Noia, and Georgios Dimitropoulos*

Part VI Leveraging Banking Capacity to Support the Wider Economy

20 Relief from Prudential Requirements to Support the Capital Markets Union

Bart Joosen and Kitty Lieverse*

21 Securitization in the Capital Markets Union

Gerard Kastelein

22 A Global Perspective on Securitized Debt

Steven L Schwarcz*

Part VII Facilitating Cross-Border Investing

23 Shareholder Activism in the CMU

Alessio M Pacces*

24 Efforts to Strengthen the Clearing and Settlement Framework of the Capital Markets Union

Bas Zebregs and Victor de Serière

25 Preventive Restructuring Frameworks

Michael Veder and Anne Mennens*

26 Removing Cross-border Tax Barriers

Loredana Carpentieri and Stefano Micossi*

End Matter

Index