European Capital Markets Law 3rd ed

The fully updated edition of this user-friendly textbook continues to systematise the European law governing capital markets and examines the underlying concepts from a broadly interdisciplinary perspective. The 3rd edition deals with 3 central developments: the project of the capital markets union; sustainable finance; and the further digitalisation of financial instruments and securities markets.

The 1st chapter deals with the foundations of capital markets law in Europe, the 2nd explains the basics, and the 3rd examines the regime on market abuse. Chapter 4 explores the disclosure system and chapter 5 short-selling and high-frequency trading. The role of intermediaries, such as financial analysts, rating agencies, and proxy advisers, is described in chapter 6. Chapter 7 explains compliance and corporate governance in investment firms and chapter 8 illustrates the regulation of benchmarks. Finally, chapter 9 deals with public takeovers.

Throughout the book emphasis is placed on legal practice, and frequent reference is made to the key decisions of supervisory authorities and courts. This is essential reading for students involved in the study of capital markets law and financial law.

table of content

Preface

List of Contributors

List of Abbreviations

1. Foundations of Capital Markets Legislature in Europe

1. History (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

2. Concept and Aims of Capital Markets Regulation (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

3. Legislative Powers for Regulating and Harmonising Capital Markets in Europe (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

4. Rule-Making Process (Fabian Walla, Norddeutsche Landesbank, Germany)

5. Sources of Law and Principles of Interpretation (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

6. Intra- and Interdisciplinarity (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

2. Basics of Capital Markets Law

7. Capital Markets (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

8. Financial Instruments (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

9. Market Participants (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

10. Crypto Assets and DLT Marketinfrastructures (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

11. Capital Markets Supervision (Fabian Walla, Norddeutsche Landesbank, Germany)

12. Sanctions (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

3. Market Abuse

13. Foundations (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

14. Insider Dealing (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

15. Market Manipulation (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

4. Disclosure System

16. Foundations (Hendrik Brinckmann, German Federal Ministry of Finance, Germany)

17. Prospectus Disclosure (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

18. Periodic Disclosure (Hendrik Brinckmann, German Federal Ministry of Finance, Germany)

19. Disclosure of Inside Information (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

20. Disclosure of Major Holdings (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

21. Directors' Dealings (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

22. Corporate Governance and Shareholder Rights (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

5. Trading Activities

23. Investment Objectives (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

24. Short Sales and Credit Default Swaps (Fabian Walla, Norddeutsche Landesbank, Germany)

25. Algorithmic Trading and High-Frequency Trading (Marcus Lerch, Freshfields Bruckhaus Deringer LLP, Germany)

6. Intermediaries

26. Financial Analysts (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

27. Rating Agencies (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

28. Proxy Advisors (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

7. Investment Firms

29. Foundations (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

30. Investment Services (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

31. Product Intervention (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

32. Compliance (Foundations) (Malte Wundenberg, Hengeler Mueller, Germany)

33. Compliance (Organisational Requirements) (Malte Wundenberg, Hengeler Mueller, Germany)

34. Corporate Governance (Malte Wundenberg, Hengeler Mueller, Germany)

8. Regulation of Benchmarks

35. Foundations (Malte Wundenberg, Hengeler Mueller, Germany)

36. Market Supervision and Organisational Requirements (Malte Wundenberg, Hengeler Mueller, Germany)

9. Takeover Law

37. Foundations (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

38. Public Takeovers (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

39. Mandatory Bid (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

40. Defence Against Takeover Bids (Rüdiger Veil, Ludwig-Maximilians-Universität, Germany)

 

Bibliography

Subject Index

Index of National Laws

Index of National Laws by Country

Index of Supervisory and Court Rulings