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Books on the topic 'MiFID II'

Author: Grafiati
Published: 4 June 2021
Last updated: 11 March 2023

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1

Comana, Mario, Daniele Previtali, and Luca Bellardini. The MiFID II Framework. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-12504-2.

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2

Herbst, Jonathan, and Simon Lovegrove. A practitioner's guide to MiFID II. 2nd ed. London: Sweet & Maxwell/Thomson Reuters, 2015.

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3

Pfisterer, Pascal. Die neuen Regelungen der MiFID II zum Anlegerschutz. Wiesbaden: Springer Fachmedien Wiesbaden, 2016. http://dx.doi.org/10.1007/978-3-658-11657-6.

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4

COLLECTIF. MIFID II & MIFIR: CAPITA SELECTA. ANTHEMIS, 2018.

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5

Schrewe, Stefan. Systematische Internalisierung in Nichteigenkapitalinstrumenten Nach Mifid II/MiFIR. Lang GmbH, Internationaler Verlag der Wissenschaften, Peter, 2019.

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6

Schrewe, Stefan. Die Systematische Internalisierung in Nichteigenkapitalinstrumenten Nach MiFID II/MiFIR. Lang GmbH, Internationaler Verlag der Wissenschaften, Peter, 2019.

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7

Autores, Vários. Regulation of the EU Financial Markets: MiFID II & MiFIR. OUP Oxford, 2017.

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8

Schrewe, Stefan. Die Systematische Internalisierung in Nichteigenkapitalinstrumenten Nach MiFID II/MiFIR. Lang GmbH, Internationaler Verlag der Wissenschaften, Peter, 2019.

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9

Schrewe, Stefan. Die Systematische Internalisierung in Nichteigenkapitalinstrumenten Nach MiFID II/MiFIR. Lang GmbH, Internationaler Verlag der Wissenschaften, Peter, 2019.

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10

Danny, Busch. Part II Investment Firms and Investment Services, 9 Agency and Principal Dealing under MiFID I and MiFID II. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0009.

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This chapter examines whether allowing the extent of the protection afforded to an investor under MiFID to be largely dependent on the distinction between dealing on own account on the one hand and trading on behalf of the client (and other forms of investment service) on the other is justified. The author submits that it is not. The distinction between dealing on own account and trading on behalf of the client is tenuous, arbitrary and easy to manipulate. According to the author, MiFID II provides no practicable criterion either, and resorts to the artifice of reclassifying certain types of dealing on own account as acting on behalf of the client. Finally, both the UK Government and the Dutch Supreme Court take the view that duties of care must also apply where an investment firm acts solely as an investor’s contractual counterparty.
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11

Kitty, Lieverse. Part II Investment Firms and Investment Services, 2 The Scope of MiFID II. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0002.

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In this chapter the main changes to the scope of MiFID in MiFID II are listed and discussed. MiFID II changes the scope of the supervision of investment firms and business related to this industry. The revision and—in some cases—extension of the definition of ‘financial instrument’ affects the scope of MiFID II supervision. Advisory and distribution services for structured deposits by investment firms and credit institutions have been brought within the scope of MiFID II. The scope of some exemptions to MiFID II has been revised. The broader scope of MiFID II has an effect beyond the applicability of MiFID II regulation: the prudential requirements are as a starting point linked to the MiFID II qualification, although with specific exemptions. Linking prudential supervision to the MiFID II qualification, rather than to the prudential risk profile of the underlying services and activities, is subject to review and reconsideration.
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12

Danny, Busch. Part II Investment Firms and Investment Services, 5 Product Governance and Product Intervention under MiFID II/MiFIR. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0005.

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This chapter analyses the product governance and product intervention rules introduced by MiFID II/MiFIR. It argues that the combination of these two approaches designed to exclude harmful products from the market is a major step forward in investor protection. However, complying with product governance rules will entail costs for the firms concerned. They will have to put in place the requisite internal procedures and there will be a statutory duty for the firm developing the product and the firm distributing it to exchange a considerable volume of information. All in all, the author believes that these extra costs are acceptable; and are dwarfed by the social costs of marketing harmful financial products. The author argues that MiFID II’s introduction of product governance rules and product intervention rules is common sense. It would be naive to think that product governance rules could in practice guarantee that harmful products are no longer marketed.
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13

Poppele, Mauritz Christopher. Kapitalmarktinvestmentprodukte: Horizontaler Privatanlegerschutz Im Lichte der MiFID II. Nomos Verlagsgesellschaft, 2015.

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14

Danny, Busch, and Ferrarini Guido, eds. Regulation of the EU Financial Markets. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.001.0001.

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This book aims to analyse and discuss the main changes and new provisions introduced by MiFID II/MiFIR. The book chapters are grouped in a thematic way, covering the following areas: (i) investment firms and investment services, (ii) trading, (iii) supervision and enforcement, (iv) the broader view and the future of MiFID II/MiFIR.
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15

Peter, Gomber, and Gvozdevskiy Ilya. Part III Trading, 14 Dark Trading Under MiFID II. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0014.

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This chapter focuses on the concept of dark trading in the context of MiFID II, against the background of the MIFID I regulation and its economic consequences for European equity markets. MiFID II aims to increase market transparency and to bring trading of financial instruments into regulated platforms. Extending the waivers introduced by MiFID I, the new Directive announces the double volume cap regime. An additional trading obligation of shares will reduce the extent of OTC trading in Europe. Some market participants and trading venues recently introduced MiFID II-ready solutions preventing dark executions from being subject to the double volume cap regime either by classifying the orders as large in scale or by introducing trading systems based on auction market models. These models and functionalities that already anticipate the future MIFID II regime are also discussed in this chapter.
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16

Danny, Busch. Part IV Supervision and Enforcement, 20 The Private Law Effect of MiFID I and MiFID II: The Genil Case and Beyond. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0020.

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This chapter examines how far civil courts are bound by MiFID I/MiFID II under European law, within the following topics: whether civil courts and contracting parties may be less strict or stricter than MiFID I/MiFID II, whether MiFID I/MiFID II has any influence on the principle of ‘relativity’ or ‘proximity’, proof of causation, or a contractual limitation or exclusion of liability in the Member States; and whether the civil courts are obliged to determine if MiFID I/MiFID II rules have been infringed in disputes between investment firms and private investors. The chapter concludes that MiFID II and MiFID I are unclear, and, as the EU Court of Justice has not yet explicitly answered the main questions, it will be necessary to await the further judgments.
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17

Guido, Ferrarini, and Macchiavello Eugenia. Part V The Broader View and the Future of MiFID, 23 Investment-Based Crowdfunding: Is MiFID II Enough? Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0023.

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This chapter explores the policy and regulatory issues generated by investment-based crowdfunding in Europe. Firstly, it argues that crowdfunding raises serious investor protection concerns, particularly when directed to retail investors. As governments try to stimulate innovation and the formation of new enterprises, a trade-off is created between investor protection and economic growth. The laws of the EU and its Member States try to solve this trade-off in different ways, as the chapter shows with reference to MiFID and the laws of the UK, France, Italy, Spain and Germany. Secondly, it shows that MiFID II, while enhancing investor protection and furthering harmonization, does not create all the conditions needed for a pan-European crowdfunding market. At the same time, MiFID II narrows the potential for exemptions under which some Member States have adopted special regimes for crowdfunding, therefore restricting the scope for an enabling approach to investment-based crowdfunding at national level.
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18

Danny, Busch, and Louisse Marije. Part II Investment Firms and Investment Services, 10 MiFID II/MiFIR’s Regime for Third-Country Firms. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0010.

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This chapter examines the scope of MiFID II/MiFIR’s regime for third-country firms. It explains MiFIR’s regime for third-country firms and MiFID II’s regime for third-country firms. It discusses the friction between both regimes in case a third-country firm provides investment services to eligible counterparties, professional clients, and retail investors. Next, it takes a detailed look at the initiative test. The conclusion sets out the provisions of MiFID II/MiFIR’s third-country regime.
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19

Merritt B, Fox. Part III Trading, 18 MiFID II and Equity Trading: A US View. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0018.

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This chapter provides a U.S. perspective on the MiFID II equity trading regulation. The author concludes that a comparison of the EU and U.S. market structure rules, and the concerns that generated them, suggests four three key differences. Relative to the United States, the EU shows (i) more concern with having an effective price formation process, (ii) more concern with the possibility that HFTs contribute to price instability and engage in market abuse, (iii) less concern with promoting competition among trading venues. These differences have characterized the MiFID I era and are reflected in MiFID II as well, although MiFID II does evince somewhat greater concern about competition among trading venues than was true before.
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20

Stefan, Grundmann, and Hacker Philipp. Part II Investment Firms and Investment Services, 7 Conflicts of Interest. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0007.

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This chapter discusses conflicts of interest in services regulated by MiFID, mainly with respect to the MiFID II regime, but taking the abundantly discussed MiFID I regime as a background, because the basic structure and many single solutions remain broadly unchanged. It combines legal and social science theories with an analysis of substantive law solutions and presents them with an evolutionary perspective, focusing on detailed analysis of the new regime. It first exposes the foundations—the most important theoretical approaches to a regulation of conflicts of interest and the legislative bases and history—and then proceeds to analyse the five different stages and situations step by step. It begins by characterizing the type of approach taken in the legislative regime, then moving to the main features of innovation in the transition from MiFID I to MiFID II, and finally discussing in greater detail the substantive solution found in MiFID II.
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21

Linarelli, John, and Federico Della Negra. MiFID II and Private Law: Enforcing EU Conduct of Business Rules. Bloomsbury Publishing Plc, 2021.

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22

Christos V, Gortsos. Part IV Supervision and Enforcement, 19 Public Enforcement of MiFID II. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0019.

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This chapter systematically assesses the provisions of MiFID II (Articles 67-88) on supervision, enforcement, and cooperation by competent authorities. It addresses the role of Member States’ competent authorities within the MiFID II regime, with particular emphasis on the competent authorities’ supervisory powers, their power to impose administrative sanctions and measures, as well as criminal sanctions, and redress procedures. It considers cooperation arrangements between Member States’ competent authorities, the obligation to cooperate with the ESMA, and cooperation with third countries. Finally, these rules are briefly assessed on the basis of three elements pertaining to financial supervision, which, in the author’s view, are essential for the preservation of financial stability and the attainment of other goals underlying (public) capital markets law, and which are addressed by MiFID II’s provisions: micro-prudential supervisory effectiveness, the efficient and unobstructed exercise of competent authorities’ sanctioning powers, and the effectiveness of supervisory cooperation arrangements.
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23

Jens-Hinrich, Binder. Part II Investment Firms and Investment Services, 3 Governance of Investment Firms Under MiFID II. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0003.

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In response to widespread concerns about the quality of governance arrangements in financial intermediaries as a source of systemic risk, the revised framework for the regulation of investment services in the EU has reinforced the governance requirements that have been in place for a long time, and increased significantly their complexity and intensity. Investment firms, subject to both the CRD IV and the MiFID II, must now comply with numerous regulatory requirements. While the underlying policy—to address systemic implications of financial intermediation irrespective of the business model—is consistent, the equal treatment of banks and investment firms under broadly identical regulatory frameworks, albeit with additional requirements imposed by MiFID II, is nonetheless questionable, in view of the diversity of existing business models and activities. Starting with an analysis of the underlying history and policy of the new approach, this chapter seeks to identify potential weaknesses and implications for its implementation.
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24

Danny, Busch, and Ferrarini Guido. Part I General Aspects, 1 Who’s Afraid of MiFID II?: An Introduction. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0001.

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This chapter provides a summary and overview of the chapters of this book, after first briefly outlining the history of the European regulation of investment firms and regulated markets, followed by a treatment of the central term ‘investment firm’.
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25

Previtali, Daniele, Luca Bellardini, and Mario Comana. The MiFID II Framework: How the New Standards Are Reshaping the Investment Industry. Springer, 2019.

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26

Previtali, Daniele, Luca Bellardini, and Mario Comana. The MiFID II Framework: How the New Standards Are Reshaping the Investment Industry. Springer, 2020.

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27

Wallinga, Marnix Wibo. EU Investor Protection Regulation and Liability for Investment Losses: A Comparative Analysis of the Interplay Between MiFID and MiFID II and Private Law. Springer International Publishing AG, 2020.

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28

Wallinga, Marnix. EU Investor Protection Regulation and Liability for Investment Losses: A Comparative Analysis of the Interplay Between MiFID and MiFID II and Private Law. Springer International Publishing AG, 2021.

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29

Luca, Enriques, and Gargantini Matteo. Part II Investment Firms and Investment Services, 4 The Overarching Duty to Act in the Best Interest of the Client in MiFID II. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0004.

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This chapter analyses the scope, contents, and implications of MiFID II’s new framework as regards the duty to act in client’s best interest. It considers the duty as an autonomous source of obligations for investment firms and as a guidance principle for both EU bodies in charge of implementing MiFID II and judges and supervisory authorities interpreting more specific duties. It also discusses the implications of extending the duty to intrinsically at arm’s length activities such as dealing on own account and self-placement.
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30

Niamh, Moloney. Part III Trading, 12 EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0012.

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This chapter outlines the main features of the extensive new transparency regime which will apply to trading in a wide range of asset classes under MiFIR. By contrast with MiFID I, which limited transparency requirements to the equity markets and which contained extensive exemptions and waivers, MiFIR adopts a maximalist approach to transparency. The most extensive transparency requirements apply to the three forms of ‘trading venue’ for multilateral trading which are established under the MiFID II/MiFIR venue classification system (RM, MTF and OTF). Bilateral/OTC trading between counterparties is subject only to post-trade transparency requirements. Overall, MiFIR’s regulatory design has been shaped by a driving concern to protect liquidity, particularly in non-equity asset classes. Indeed, exemptions, waivers, suspensions, and calibrations, designed to protect liquidity, are a recurring feature of the new transparency regime.
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31

Pfisterer, Pascal. Die Neuen Regelungen der MiFID II Zum Anlegerschutz: Analyse und Vergleich Zur Bestehenden Rechtslage. Springer Gabler. in Springer Fachmedien Wiesbaden GmbH, 2015.

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32

Pfisterer, Pascal. Die neuen Regelungen der MiFID II zum Anlegerschutz: Analyse und Vergleich zur bestehenden Rechtslage. Springer Gabler, 2015.

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33

Larissa, Silverentand, Sprecher Jasha, and Simons Lisette. Part II Investment Firms and Investment Services, 8 Inducements. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0008.

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This chapter discusses the MiFID II inducement rules. During the negotiations on MiFID II, it became clear that inducements were a topic on which there was no easy agreement between the Member States. While certain Member States pressed for a total ban on inducements, others were unwilling to impose such strict rules. The political compromise allowed for deviating rules by those Member States requesting stricter rules. This may seem counter to the European legislator’s general approach to limit Member State options by creating ‘single rulebooks’ and greater regulation. The authors express disappointment that, on such an important topic, the European market will continue to have deviating rules per Member State. The Dutch legislator has already indicated that it will make use of this; according to the authors, other Member States where stricter rules apply may do likewise, leaving an un-level playing field for investment firms regarding the use of inducements.
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34

Veerle, Colaert. Part V The Broader View and the Future of MiFID, 21 MiFID II In Relation to Other Investor Protection Regulation: Picking Up The Crumbs of a Piecemeal Approach. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0021.

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The study of the interaction between different pieces of EU financial legislation becomes ever more important—and difficult. In this contribution the author clarifies the relationship between the MiFID II and several other closely related directives, such as the Insurance Distribution Directive, the PRIIPs Directive and the UCITS Directive. The analysis reveals numerous inconsistencies and interpretation difficulties. The author argues that while some of the shortcomings are inherent to the EU piecemeal approach, other problems should and could have been avoided, by adopting a holistic approach of financial regulation and supervision.
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35

Antonella Sciarrone, Alibrandi, and Grossule Edoardo. Part III Trading, 16 Commodity Derivatives. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0016.

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This chapter considers the MiFID II/MiFIR regulation of the commodity derivatives sector, one of the areas most affected by the financial markets reform process, particularly the MiFID I review. It analyses the position limits regime, and the new rules amplifying the regulatory and supervisory powers of ESMA, of national competent authorities (NCAs) and trading venues, which introducing a range of interventionist tools that can affect operators’ investment business. The chapter also stresses the need to introduce a specific regulation depending on different commodity derivatives. The main provisions and the specific technical standards are analysed, paying particular attention to controversial measures such as the definition of the ancillary activities, the methodology to calculate the position limits, and the authorities’ new powers.
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36

Paolo, Giudici. Part II Investment Firms and Investment Services, 6 Independent Financial Advice. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0006.

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The quickest policy indication for increasing households’ trust in financial markets, to the benefit of the economic system, seems to be the offer of professional financial advice on affordable terms. The problem is how to convince investors to pay for advice, and how to protect investors who do not want to pay for advice from conflicted advice and from hard sell under the guise of personal recommendation—an area where MiFID I has not performed well. MiFID II’s answer is to pose a new set of information duties on financial advisors with the clear intention of nudging investors towards independent, fee-only advice. The intention is good. However, the new regime raises many important issues, including the ambiguity of the ‘independent’ suit, the interaction between the product governance regime and the suitability assessment, the regulatory inconsistency that it is emerging between investment advice and portfolio management, and the potential costs of the written statement of suitability.
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37

Perrone, Andrea. Small and Medium Enterprises Growth Markets. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198813392.003.0012.

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In accordance with the EU's traditional focus on small and medium-sized enterprises (SME) financing and its more recent attempt to support SME access to capital markets, Directive 2014/65/EU (MiFID II) has introduced the new category of SME Growth Markets (GMs). Aimed at preserving the status quo, in which SMEs prefer second-tier exchange-regulated markets, typically in the form of multilateral trading facilities (MTFs), the MiFID II rules employ a ‘light touch’ approach. Under the new regime SME GMs: (1) constitute an optional feature of the MTF regime intended to result in a ‘specific quality label’, and (2) are subject to the rules established by each Member State as applied by the local national competent authority, within the very broad framework provided by MiFID II. This chapter argues that the MiFID II regulation pertaining to SME GMs represents a missed opportunity, if not a source of potential harm to the capital-raising efforts of SMEs.
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38

Guido, Ferrarini, and Saguato Paolo. Part III Trading, 11 Governance and Organization of Trading Venues: The Role of Financial Market Infrastructure Groups. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0011.

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This chapter shows that MiFID II brings modest changes to trading venues in the EU: newly introduced Organized Trading Facilities (OTFs) will be the reference venues for a significant portion of derivatives trading; and regulated markets (RMs) and Multilateral Trading Facilities (MTFs) regimes have been aligned, with specific provisions to strengthen the governance of venues and operators. However, trading venues which have developed into Financial Markets Infrastructures (FMI) groups providing trading and post-trading services test the capacity of the current regime—and MiFID II itself—to oversee their activities and guarantee competition and stability. MiFID II does not explicitly take FMI groups into account; only three sets of rules address some of their potential risks. The authors conclude that this regulatory gap might threaten financial market stability, and regulators should consider a regulatory intervention, such as the experience of the regulatory and supervisory colleges of CCPs under EMIR and the regulatory framework of the financial conglomerates directive.
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39

Office, Stationery, Great Britain: Parliament: House of Lords: European Union Committee, Lyndon Henry Arthur Harrison, and Timothy Boswell of Aynho. MiFID II: Getting It Right for the City and EU Financial Services Industry, 2nd Report of Session 2012-13. Stationery Office, The, 2012.

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40

Pierre-Henri, Conac. Part III Trading, 17 Algorithmic Trading and High-Frequency Trading (HFT). Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0017.

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This chapter analyses the MiFID II rules on algorithmic trading (AT), including high-frequency trading (HFT). The author argues that AT raises serious issues of volatility and systemic risk, and HFT issues of systematic front-running of investors. However, opinions are divided on the benefits and risks of these techniques, especially HFT. MiFID II takes a technical approach mostly focused on prevention of a repeat of the 2010 ‘Flash Crash’ with provisions on market abuse. The ESMA 2012 Guidelines remain the most effective regulation to frame the development of HFT, able to tackle market developments with relative speed. However, with implementation of the directive still far away, prosecution of market abuse among HFT traders by legislators and supervisors could lead to a de facto ban of HFT in some Member States. However, the author argues that supervisors would need to allocate scarce resources to it, at great cost, and only the most motivated supervisors will do so.
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41

Lehmann, Matthias, and Christoph Kumpan, eds. European Financial Services Law. Nomos Verlagsgesellschaft mbH & Co. KG, 2019. http://dx.doi.org/10.5771/9783845279893.

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This volume analyses and explains EU legislation governing financial services. It is for legal practitioners in international law firms, the financial industry, regulators, and academics needing an in-depth understanding of financial services regulations. It is intended to serve as a handy reference book, providing both easy-to-understand overviews of complex topics and insightful analyses of difficult legal issues. Experts renowned in their fields explain, article-by-article, the important EU directives and regulations governing financial services. Examples illustrate how important provisions apply in practice. Level ‡and ˆmeasures are put into context. The book is structured as follows: securities and markets Service market behaviour market transparency and information funds securities clearing and settlement payment services. For each subject area, the most relevant directives and regulations have been selected. Legal texts covered in this book include, among others, the following: MiFID II and MiFIR MAR and MAD Prospectus Directive PRIIP Regulation Transparency Directive Short Selling Regulation Rating Agency Regulation UCITS and AIFMD Venture Capital Funds Regulation Finality Directive Financial Collateral Directive EMIR SEPA Regulation.
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42

Bergström, Carl Fredrik, and Magnus Strand, eds. Legal Accountability in EU Markets for Financial Instruments. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780192849281.001.0001.

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The proper functioning of the EU financial market is protected by public actors, both national and supranational, who are responsible for rulemaking and for supervision of investment firms and other private actors. At the same time, the effectiveness of the EU legal system requires vigilance from private actors such as investment firms and their clients, who may invoke their rights before national authorities and courts. This means that investment firms have a dual role within the system, as subjects of control and enforcement, as well as agents in the maintenance of the rule of law. This book brings together a group of scholars with expertise in different legal disciplines, but a shared interest in the EU internal market and its development. It is intended to integrate a modern study of the form and function of EU rulemaking in the internal market after the financial crisis with an evaluation of core aspects of rulemaking in the financial market and, in this way, to provide a cross-cutting treatment of EU law. The book focuses on the regulatory framework in MiFID II and MiFIR, and the following thematic questions: what are the legal mechanisms for accountability, and what is the role of investment firms in the operation of those mechanisms?; what are the implications of the answers to the previous question for EU law and the EU legal system?; how do the findings contribute to the understanding of the concept of accountability?
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43

Rüdiger, Veil, and Di Noia Carmine. Part III Trading, 13 SME Growth Markets. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198767671.003.0013.

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This chapter considers SME growth markets, introduced under MiFID II as an important strategy to improve access to finance for SMEs in Europe. SME growth markets should be more flexible than regulated markets, but the authors submit this will not be the case: the regime for these will consist of strict rules on insider trading and market manipulation which are subject to supervision by NCAs. These rules, and a disclosure regime ensuring the publication of price relevant information, are important to ensure investor confidence. However, the authors argue that it is neither necessary nor recommendable to apply the respective disclosure obligations under the MAR; instead, a system based on current event reports is sufficient in order to tackle information asymmetries on SME growth markets. The authors conclude that the disclosure regime in Europe should be re-assessed with the aim of allowing market operators to experiment with alternative disclosure obligations.
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44

George, Walker, Purves Robert, and Blair QC Michael, eds. Financial Services Law. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198793809.001.0001.

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This text has been revised and updated to take account of the major developments in a rapidly developing regulatory landscape. The updated text analyses all of the substantial institutional and structural changes brought, or to be brought, into effect under the additional new key statutes adopted in the area of financial services including specifically the Financial Services (Banking Reform) Act 2013 and the Bank of England and Financial Services Act 2016. The major new regulatory initiatives are covered in detail, including the Senior Managers Regime (SMR) and Certification Regime (CR). There is also coverage of new individual statutory offences, bank ring-fencing, depositor preference, bail-in stabilization and crisis management, resolution planning, payment system reform, and further Bank of England governance and PRA reform. Since the last edition there have been many developments at the European level and the fourth edition takes full account of these including the Capital Requirements Directive IV, Insolvency II, and MiFID II. At the domestic level, the division of the Financial Services Authority Handbook of Rules into the PRA Rulebook and the Financial Conduct Authority Handbook has been covered in two new chapters. There are also new chapters on ‘Individual Accountability and Liability’ following commencement of the Senior Managers and Certification Regimes, and on ‘Consumer Credit’ following the transfer of regulatory responsibility for this to the FCA. Additionally, the material on enforcement has been significantly developed in this new edition.
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