PREFACE
The European Commission wishes to create fully integrated European capital markets. The Commission’s Capital Markets Union (CMU) Action Plan is intended to make it easier for providers and receivers of funds to come into contact with one another within Europe, especially across borders. This is regardless of whether it is arranged through the intermediary of a bank, through the capital markets, or through alternative channels such as crowdfunding. In addition, more non-bank funding will help to lessen dependence on the traditional banking industry and enhance the ability to cope with economic shocks.
But will the CMU Action Plan be sufficient to achieve a truly integrated European capital market? And is the CMU Action Plan still realistic if London, Europe’s financial heart, no longer participates as a result of Brexit? Moreover, what impact will the Trump administration and the victory of Emmanuel Macron have on the CMU project? These are questions which cannot be answered with any certainty at present.
Whether the recent political developments will pose an existential threat to the EU or will instead spark a new wave of European integration and reform within the EU27 remains to be seen. In the meantime, the Commission’s stance is clear. It sees no reason for taking its foot off the accelerator in introducing the CMU. Indeed, it believes that the CMU measures must be accelerated.
In this book, various aspects of the CMU will be analysed and discussed from a legal and/or economic perspective. The book chapters are grouped in a thematic way, covering 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 banking capacity to support the wider economy, and (vii) facilitating cross-border investing.
Part I considers some general aspects of the CMU. It contains a general introduction to the volume, followed by a treatment of the CMU from an
economic perspective. It also addresses two topics that are crucial to achieving more supervisory convergence in the EU27: a more pan-European decision-making structure within the ESAs and more direct supervisory powers to the ESAs, particularly (but not exclusively) to ESMA. A separate chapter is devoted to the future of ESMA as a single listing authority and securities regulator for the CMU.
Part II examines the impact of Brexit on the EU financial markets. Special attention is devoted to the impact of Brexit on OTC derivatives clearing.
Part III analyses the role of financial innovation in EU market integration and the CMU, followed by a critical discussion on the role of venture capital with respect to Europe’s innovation challenge. It also considers the role of FinTech and alternative finance in the CMU.
Part IV offers a treatment of the new Prospectus Regulation, followed by a chapter on SME growth markets. It also contains chapters on initial public offerings in the CMU from a US perspective, on private placements in the CMU, and on damages actions by investors on the back of market disclosure requirements.
Part V maps out the multitude of new rules with respect to investor protection. It also considers the possibilities for a policy framework for European personal pensions, followed by an economic chapter on institutional investors and the development of Europe’s capital markets. This part concludes with a chapter on the cross-border distribution of collective investment products in the EU.
Part VI analyses and discusses the relief from prudential requirements to support the CMU and critically assesses the CMU securitization proposal, also from a global perspective.
Part VII contains discussion on shareholder activism in the CMU, followed by an overview of the efforts to strengthen the clearing and settlement framework of the CMU. It also addresses the EU legislative proposal on preventive restructuring frameworks. This part concludes with a chapter on cross-border tax barriers.
The book was preceded by a meeting on 26 and 27 January 2017 of the International Working Group on CMU, established as a joint initiative of the Institute for Financial Law within the Business & Law Research Centre of
Radboud University Nijmegen, the Netherlands, the Edinburgh Centre for Commercial Law, University of Edinburgh, United Kingdom, and the Genoa Centre for Law and Finance, University of Genoa, Italy. We thank the Business & Law Research Centre of Radboud University Nijmegen for its sponsorship. We also thank Clifford Chance Amsterdam for hosting the meeting. We are grateful to the distinguished members of the Working Group for their dedication to the project and, in particular, for their contributions to this book as authors. We also thank the invitees to the meeting for providing the members of the Working Group with invaluable comments on their draft chapters.
Last but not least, we acknowledge our gratitude to the editorial team at Oxford University Press, who successfully brought a lengthy and complex project to completion.
The manuscript was completed on 1 August 2017. No account could be taken of developments since that date.
Danny Busch Nijmegen, the Netherlands
Emilios Avgouleas
Edinburgh, United Kingdom
Guido Ferrarini
Genoa, Italy
CONTENTS
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
I.
II.
III.
IV.
V.
VI.
Introduction
CMU Objectives
EBU–CMU Relationship
Regulatory Burden
Better Regulation and Call for Evidence
Final Remarks
2. CMU and the Deepening of Financial Integration
Diego Valiante
I.
II.
III.
IV.
V.
Introduction
Brief History of EU Financial Integration Policies
CMU as a Risk Absorber
The Greatest Capital Market Integration: A Glimpse into the Economic History of the United States
Conclusions
3. A Stronger Role for the European Supervisory Authorities in the EU27
Danny Busch
I.
II.
III.
IV.
Introduction
Pan-European Governance of the ESAs
Direct ESA Supervision
Direct ESMA Supervision of CCPs
V.
Concluding Remarks
4. A Single Listing Authority and Securities Regulator for the CMU and the Future of ESMA: Costs, Benefits, and Legal Impediments
Emilios Avgouleas and Guido Ferrarini
I.
II.
III.
IV. V.
VI.
Introduction
Nature and Reach of ESMA Powers
The Proposed EULA System
A Possible CMU-SEC and Configuration of Powers
The Constitutionality of a Euro-SEC and EULA
Conclusion
PART II BREXIT
5. Some Aspects of the Impact of Brexit in the Field of Financial Services
Eddy Wymeersch
I.
II.
III. IV. V.
Introduction
Access
The Equivalence of Third Country Regulations or Standards
Euro Derivatives Clearing
Brexit and the EBA
6. Capital Markets Union, Third Countries, and Equivalence: Law, Markets, and Brexit
Niamh Moloney
I. II. III. IV. V. VI.
Capital Markets Union, Regulation, and Equivalence
CMU and its Investment Banker
Third Country Rules, the UK, and CMU: Access and Export
Implications
Managing Access and Export: The International Context
Building a New Model: The EU Perspective and a Proposal
Conclusion
7. OTC Derivatives Clearing, Brexit, and the CMU
Guido Ferrarini and Davide Trasciatti
I.
II.
Introduction
Central Clearing of OTC Derivatives
III.
IV.
V.
VI.
Brexit, EMIR, and Equivalence
Speculating on the Worst-case Scenario
Network Strategies as an Alternative Solution
Concluding Remarks
PART III FINANCING INNOVATION, START-UPS, NONLISTED COMPANIES, AND INFRASTRUCTURE PROJECTS
8. The Role of Financial Innovation in EU Market Integration and the Capital Markets Union: A Reconceptualization of Policy Objectives
Emilios Avgouleas
I.
II.
III.
IV.
V.
Introduction
Financial Innovation: A Principled Cost-Benefit Analysis
EU Market Integration and Financial Law Harmonization
FinTech and the CMU
Conclusion
9. Capital Markets Union: Why ‘Venture Capital’ is not the Answer to Europe’s Innovation Challenge
Erik PM Vermeulen
I.
II.
III.
IV.
V.
VI.
Introduction
Innovation Ecosystems
Stimulating Venture Capital
But … Entrepreneurs Don’t Always Benefit A Different Approach for Europe?
Both Cultures Need to Adapt
10. FinTech and Alternative Finance in the CMU: The Regulation of Marketplace Investing
Guido Ferrarini and Eugenia Macchiavello
I.
II.
III.
IV.
V.
Introduction
Economics and Technology of Alternative Finance
Loan-based and Investment-based Crowdfunding: Characteristics and Comparison
Regulation of Crowdfunding Platforms: EU and Member States
Policy Proposals and Conclusions
VI.
Conclusions
PART IV RAISING CAPITAL ON THE CAPITAL MARKETS
11. Modernizing the Prospectus Directive
Bas de Jong and Tomas Arons
I.
II.
III.
IV.
V.
Introduction
Background and Purposes of the Reformed Prospectus Rules
Most Important Modifications
General Comments on the Prospectus Regulation: The Problem of the Information Paradigm
Final Remarks
12. Small and Medium Enterprises Growth Markets
Andrea Perrone
I.
II.
III.
IV.
V.
Introduction
The SME GM Regime
A Critical Evaluation
An Alternative Proposal
Conclusions
13. Initial Public Offerings in the CMU: A US Perspective
Merritt B Fox
I. II. III. IV. V. VI. VII.
Introduction
The Information-Asymmetry Problem
Market-Based Solutions to Adverse-Selection Problems
Affirmative-Disclosure Regimes
Mandated Liability Terms
Application to the CMU
Conclusion
14. Private Placements in the Capital Markets Union: A Priority Moving in Reverse?
Frank GB Graaf
I.
II.
Introduction
What is a Private Placement?
III.
IV.
V.
VI.
VII.
A Closer Look at US Private Placements and European Market
Initiatives
Private Placements in the CMU Agenda: Gradual De-prioritization
Private Placements and the PD3 Regime
An Interim Scorecard on PEPPs in the CMU
Conclusions
15. Damages Actions by Investors on the Back of Market Disclosure
Requirements
Paul Davies
I.
II.
III.
IV.
V.
Introduction
Investor Actions and the Promotion of Disclosure
Investor Litigation in the Context of Public Offerings
Investor Litigation in the Context of Continuing Disclosures
Conclusion
PART V FOSTERING RETAIL AND INSTITUTIONAL INVESTMENT
16. Investor Protection in the Capital Markets Union
Veerle Colaert
I.
II.
III.
IV.
V.
Introduction
Product Information
Service Quality Requirements (Conduct of Business Rules)
Product Regulation
Conclusion
17. A Policy Framework for European Personal Pensions?
Mark Heemskerk, René Maatman, and Bas Werker
I.
II.
III.
IV.
V.
VI.
Introduction
Background: The Dutch Pensions System
Towards Personal Pension in the Netherlands: The PPR
Obstacles to Realizing the PPR
A Model for (European) PPP
Conclusion
18. Institutional Investors and Development of Europe’s Capital Markets
Zsolt Darvas and Dirk Schoenmaker
I.
II.
III.
IV.
V.
Introduction
Home Bias in the Literature
Evolution of Institutional Investment and the Supply of Securities
Empirical Results on Home Bias and Euro-Area Bias
Policy Recommendations
19. Cross-border Distribution of Collective Investment Products in the EU
Matteo Gargantini, Carmine Di Noia, and Georgios Dimitropoulos
I.
II.
III. IV.
V.
VI.
VII.
VIII.
IX. X.
Introduction
The Regulatory Menu for Collective Investment Products: Taxonomy and Structural Implications
The Disclosure Regime
Conduct of Business Rules
Supervision on Product Regulation
Is the EU Passport Working?
Rules and Practices on Marketing and Distribution of Funds: Host Member States
Rules and Practices on Marketing and Distribution of Funds:
Home Member States
How to Address the Barriers
Conclusion
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
I. II.
III. IV.
V.
Introduction
The Impact of Capital Requirements of Banks on their Lending
Portfolio: Comments from a Level Playing Field Perspective
Capital Relief when Financing Small and Medium-sized Businesses
Equity Investments by Banks and Insurers: An Alternative for Traditional Lending?
Relief for Banks Purchasing STS Securitization Positions
VI.
VII.
Capital Relief Insurers when Investing in Infrastructure
Conclusions
21. Securitization in the Capital Markets Union: One Step Forward, Two Steps Back
Gerard Kastelein
I.
II.
III.
IV.
V.
VI.
VII.
Introduction
How the Securitization Reform Fits in the Capital Markets Union
The Context: The European Securitization Market Pre and Post Crisis
The Legislative Proposal and Process
The Securitization Regulation
The Regulation Amending the CRR Conclusion
22. A Global Perspective on Securitized Debt
Steven L Schwarcz
I.
II.
III.
IV. V.
VI.
Introduction
US Regulatory Responses
European Regulatory Responses
Critiquing the US and European Regulatory Responses
Rethinking the Regulatory Framework
Conclusions
PART VII FACILITATING CROSS-BORDER INVESTING
23. Shareholder Activism in the CMU
Alessio M Pacces
I. II. III. IV. V.
VI.
Introduction
Entrepreneurial Shareholder Activism
Hedge Fund Activism as a Conflict of Entrepreneurship
The Shareholder Rights Directive: A Missed Opportunity
Shareholder Rights Directive as Capital Market Regulation
Conclusion
24. Efforts to Strengthen the Clearing and Settlement Framework of the Capital Markets Union
Bas Zebregs and Victor de Serière
I. II.
III.
IV.
V.
VI.
VII.
VIII.
IX.
X.
Introduction
General Overview
The Transaction Chain
EMIR
CCP Recovery and Resolution
CSD Regulation
Target2Securities
Segregation under EMIR and the CSDR
Open Access and Competition between Market Infrastructures
Conclusion
25. Preventive Restructuring Frameworks
Michael Veder and Anne Mennens
I.
II. III. IV.
V.
Introduction
Background and Objectives of the Draft Directive
Justification for Restructuring Plans
Preventive Restructuring Frameworks
Conclusion
26. Removing Cross-border Tax Barriers
Loredana Carpentieri and Stefano Micossi
I. II. III. IV. V.
Index
The Long Shadow of National Tax Sovereignty over the Free Circulation of Capital
Freedom of Capital Movements from Article 67 EEC to Article 63
TFEU
Tax Derogations
Tax Barriers in Cross-border Investments
Conclusions
TABLE OF CASES
EUROPEAN COMMISSION OF HUMAN RIGHTS
Bramelid and Malmström v Sweden (12 October 1982) 25.47
EUROPEAN COURT OF HUMAN RIGHTS
Ásmundsson v Iceland, ECtHR (12 October 2004) 60669/00 17.67
Bäck v Finland (20 July 2004) 25.72, 25.84
Grainger v United Kingdom (10 July 2012) 25.72
Jokela v Finland (21 May 2002) 25 84
Olczak v Poland (7 November 2002) 25 47
Stefanetti v Italy, ECtHR (15 April 2014) 21838/10 17.67
Wieczorek v Poland, ECtHR (8 December 2009) 18176/05 17.67
EUROPEAN UNION
United Kingdom v ECB (T-45/12) 8 May 2015 5.34
United Kingdom v ECB (T-93/13) 8 May 2015 5.34
AG2R (C-437/09) [2011] ECR I-00973 3 March 2011 17 60
Albany (C-67/96) [1999] ECR I-05751 21 September 1999 17 58
Aldo Bordessa (C-358/93 & C-416/93) [1995] ECR I-00361 26.14, 26.17
Alfredo Albore (C-423/98) [2000] ECR I-05965 26.17
Anneliese Lenz v Finanzlandesdirektion für Tirol (C-203/80) [2004] ECR I-07063 26.19
Brentjens (C-115/97 & C-117/97) [1999] ECR I-06025 21 September 1999 17.58, 17.60
C Baars v Inspecteur der Belastingen Particulieren/Ondernemingen Gorinchem (C-251/98) [2000] ECR I-02787 26.18
Camera di Commercio, Industria, Artigianato e Agricoltura (CCIAA) di Cosenza v Grillo Star Srl (C-443/09) (2012) 26.35
Centro di Musicologia Walter Stauffer v Finanzamt München für Körperschaften (C386/04) [2006] ECR I-08203 26.59
Commission of the European Communities v Federal Republic of Germany [1986] ECLI:EU:C:1986:463 2.06
Commission of the European Communities v French Republic (C-334/02) [2004] ECR I02229 26.21
Commission of the European Communities v Kingdom of the Netherlands (C-282/04 & C283/04) [2006] ECR I-09141 26 17
Commission of the European Communities v Kingdom of Spain (C-487/08) [2010] ECR I04843 26.54
Commission of the European Communities v Portuguese Republic (C-367/98) [2002] ECR I-04731 26.17
Commission of the European Communities v Portuguese Republic (C-493/09) [2011] ECR I-09247 26.28
Degano Transporti (C-546/14) ECLI:EU:C:2016:206 25.72
Denkavit Internationaal BV and Denkavit France SARL v Ministre de l’Économie, des Finances et de l’Industrie (C-170/05) [2006] ECR I-11949 26 43
Deutsche Shell GmbH v Finanzamt für Großunternehmen in Hamburg (C-293/06) [2008]
ECR I-01129 26.27
Deutsche Telekom AG v European Commission (C-280/08 P) 15.15
Drijvende Bokken (C-219/97) [1999] ECR I-06121 21 September 1999 17.58
Edilizia Industriale Siderurgica Sri (Edis) v Ministero delle Finanze (C-231/96) [1998]
ECR I-04951 26.49
Emerging Markets Series of DFA Investment Trust Co v Dyrektor Izby Skarbowej w Bydgoszczy (C-90/12) 26.46
European Central Bank v United Kingdom (T-496/11) ECLI:EU:T:2015:133 (4 May 2015) 6.43
European Commission v Hellenic Republic (C-244/15) 26.71
European Commission v Republic of Austria (C-10/10) [2011] ECR I-05389 26.62, 26.69
Finanzamt für Körperschaften III in Berlin v Krankenheim Ruhesitz am WannseeSeniorenheimstatt GmbH (C-157/07) [2008] ECR I-08061 26.27
Francovich and Bonifaci v Italian Republic (C-6/90 & C-9/90) [1991] ECR I-05357 19 November 1991 8 39
Guerrino Casati, Criminal proceedings against (203/80) [1981] ECR 1981-02595 26 11, 26.18
Hein Persche v Finanzamt Lüdenscheid (C-318/07) [2009] ECR I-00359 26.17, 26.33, 26.59, 26.69
Heirs of MEA van Hilten-van der Heijden v Inspecteur van de Belastingdienst/Particulieren/Ondernemingen buitenland te Heerlen (C-513/03) [2006] ECR I-01957 26.17
Itelcar Automóveis de Aluguer Lda v Fazenda Pública (C-282/12) (2013) 26.18
Luisi and Carbone v Ministero del Tesoro (C-286/82 & C-26/83) [1984] ECR 00377 26.14–26.16
Mangold v Helm (C-144/04) [2005] I-09981 22 December 2005 17.54
Margaretha Bouanich v Skatteverket (C-265/04) [2006] ECR I-00923 26.19
Mark Kerckhaert and Bernadette Morres v Belgische Staat (C-513/04) [2006] ECR I10967 26.19
Marks & Spencer plc v David Halsey (Her Majesty’s Inspector of Taxes) (C-446/03) [2005] ECR I-10837 26.25, 26.27
Meroni v High Authority (9/56 & 10/56) [1957/1958] ECR 133 3 77, 3 83, 3 106, 4 59, 4.60, 4.62, 4.67–4.69, 4.71, 6.72, 6.73, 6.81, 6.86
Palacios v Cortefiel Servicios (C-411/05) [2007] ECR I-08531 16 October 2007 17.54
Rewe-Zentral AG v Bundesmonopolverwaltung für Branntwein (Cassis de Dijon) (120/78)
[1979] ECLI:EU:C:1979:42 2.06, 26.31
Sanz De Lera (C-163/94, C-165/94 & C-250/94) [1995] ECR I-04821 26.14
Société Générale (C-10/14, C-14/14 & C-17/14) 26.50, 26.53
Société Papillon v Ministère du Budget, des Comptes publics et de la Fonction publique (C-418/07) [2008] ECR I-08947 26.27
Staatssecretaris van Financiën v BGM Verkooijen (C-35/98) [2000] ECR I-04071 26.16, 26 19
Test Claimants in the Thin Cap Group Litigation v Commissioners of Inland Revenue (C524/04) [2007] ECR I-02107 26.18
Timmel v Aviso Zeta AG (C-359/12) [2013] ECLI:EU:C:2014:325, Opinion of AG Sharpston ECLI:EU:C:2013:783 11.09
United Kingdom v Council and Parliament (ESMA) (C-270/12) 22 January 2014 3.77, 4.05, 4.60, 4.64, 6.73, 6.81
United Kingdom v European Central Bank (T-496/11) 19 November 2011 3.50, 7.17
United Kingdom v Parliament and Council (C-66/04) [2005] ECR I-10553 4.64
GERMANY
Bundesverfassungsgericht, BVerfG, 2 BvE 2/08 (30 June 2009) 26.09
ITALY
Zopa Italia Trib. Amm Reg TAR (Regional Administrative Tribunal) Roma, Lazio, 12 December 2009, No 12848, sez III, in Giur comm, (2011) 2, II, 422 10 25
NETHERLANDS
ECN case HR 6 September 2013, NJ 2014/67 17.65
UNITED KINGDOM
Apcoa Parking Holdings GmbH [2014] EWHC 1867 (Ch) 2014 WL 2530822 25.56
Cortefiel [2012] EWHC 4192 (Ch) 2012 WL 7160040 25.56
Derry v Peek (1889) LR 14 App Cas 337 (HL) 15.39
Meridian Global Funds Management Asia Ltd v Securities Commission [1995] 2 AC 500 (PC) 15.39
Smith New Court Securities Ltd v Scrimgeour Vickers (Asset Management) Ltd [1997] AC 254 (HL) 15.20
UNITED STATES
Basic Inc v Levinson, 485 US 224 (1988) 13.72
Dr Miles Medical Co v John D Park & Sons Co, 220 US 373 (1911) 2.31
Ernst & Ernst v Hochfelder, 425 US 185 (1976) 13.71, 15.39
Escott v BarChris Constr. Corp., 283 F Supp 643, 696–97 (SDNY 1968) 13.83
Feit v Leasco Data Processing Equip. Corp., 332 F Supp 544 (EDNY 1971) 13.38, 13.72, 13.83
Prosper Marketplace, Inc, Re, Securities Act Release No. 8984, SEC LEXIS 279124 (November 2008) 10.29
Reves v Ernst & Young, 494 US 56 (1990) 10.29
SEC v WJ Howey Co., 328 US 293 (1946) 10.29
Software Toolworks, Inc Sec Litig , Re, 789 F Supp 1489, 1496–1500 (ND Cal 1992), aff’d in part, rev’d in part, 38 F3d 1078 (9th Cir 1994), amended by 50 F.3d 615 (9th Cir 1995) 13.90
Standard Oil Co of New Jersey v United States, 221 US 1 (1911) 2.31
TSC Indus, Inc v Northway, Inc., 426 US 438 (1976) 13.72
United States v American Tobacco Co, 221 US 106 (1911) 2.31
Worldcom, Inc. Securities Litigation, Re, 346 F Supp 2nd 628 (SDNY 2004) 13.96
TABLE OF LEGISLATION
INTERNATIONAL INSTRUMENTS
Canadian-European Free Trade Agreement (CETA) 2017 7.33
Charter of Fundamental Rights of the European Union (CFR) 2000 17.68, 17.69
Art 17 17.68, 17.69
Art 51 17.69
EEC Treaty 1958
Art 67 26.11–26.19
Art 106 26.14
European Convention on Human Rights (ECHR) 1950
Art 6 25.64
Protocol, 1 Art 1 17.66, 17.67, 17.69, 25.41, 25.47, 25.71, 25.72, 25.84
Single European Act 1986 [1987] OJ L169/1 2.06, 4.71, 8.36
Statute of the ESCB 2016 3.50
Art 22 3.50, 7.16
Art 40.3 3.50
Protocol 4 7.16
Treaty of Lisbon 2007 26 23, 4 60
Art 50 6 11, 6 31, 6 33, 6 67, 6 70, 7 06, 7 19, 7 22, 7 23, 7 27, 7 43
Treaty of Maastricht (TEU) 1992 8.31, 8.39, 26.02, 26.14
Ch 4, Title IV 26.14
Art 67 26.19
Art 73B 26.14
Treaty of Rome, EC Treaty 1957 2.03, 4.59, 8.31, 8.36, 17.54
Arts 101–106 17.58
Treaty on the Functioning of the European Union, Consolidated Version of the Treaty on the Functioning of the European Union [2012] OJ C326/01 (TFEU) 2.05, 2.10, 4.06, 4.09, 4.11, 4.64, 4.77, 7.16, 15.44, 26.06, 26.18
Art 49 26.47, 26.48
Art 52 2.06
Art 53 2.06
Art 58 2.06
Art 63 26.11–26.19, 26.22, 26.28, 26.47, 26.48, 26.50, 26.51, 26.70–26.72
Art 65 26.20, 26.22, 26.24, 26.29, 26.50, 26.51
Art 65(1)(a) 26 21
Art 65(1)(b) 26.22
Art 65(3) 26.22
Art 65(4) 26.23
Art 67 2.05
Art 113 26.03, 26.06
Art 114 2.10, 4.09, 4.60, 4.63, 4.67, 4.69, 4.71, 26.03
Art 115 26.03
Art 123 26.02
Art 125 26 02
Art 127(1) 7.16
Art 127(2) 3.50, 7.16
Art 129(3) 3.50
Art 157(2) 17.54
Art 218 7.34
Art 258 5.14
Art 263 4.60, 4.62
Art 265 4.62
Art 267 4.62
Art 277 4.60, 4.62
Art 288 15.44
Art 289 4.62
Art 289(3) 4.62
Art 290 4.60–4.62, 6.18
Art 291 4.60–4.62, 6.18
Art 292 5 18
Interinstitutional Agreement of 13 April 2016 on Better Law-Making [2016] OJ L123/1 1.14
EUROPEAN UNION
Regulations
1346/2000 Council Regulation on insolvency proceedings (Insolvency Regulation or EIR) [2000] OJ L160/1 25.01
1606/2002 IAS Regulation [2002] OJ L243/1 11.23
809/2004 Council Regulation implementing Directive 2003/71 of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements [2004] OJ L149/3 11.13, 14.23, 16.15
Art 24 16.15
Annex XXII 16.15
1060/2009 Regulation of 16 September 2009 on credit rating agencies (CRA Regulation) [2009] OJ L302/1 4.13, 4.14, 4.16, 4.18, 22.19, 22.27
Art 2(1) 4 14
Art 8d 4.14
Art 14(1) 4.14
Arts 14–18 4.14
583/2010 Regulation of 1 July 2010 implementing Directive 2009/65 of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website [2010] OJ L176/1 19.27
Arts 7–24 16 14
Arts 8–9 16.14
Art 10(2)(c) 19.81
Art 12(3) 19.81
Art 22 19.28
Art 23 19.28
Art 36(1) 19.62
Annex I 16.14
Annex II 19.81
1093/2010 Regulation of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision 716/2009 and repealing Commission Decision 2009/78 (EBA Regulation) [2010] OJ L331/12 3.08
Art 18(3) 5.46
Art 19(4) 5.46
Art 40(1)(a) 3.08
Art 40(1)(b) 3 08
Art 40(1)(c) 3 09
Art 40(1)(d) 3.09
Art 40(1)(e) 3.09
Art 40(1)(f) 3.09
Art 40(7) 3.09
Art 42(1) 3.14
1094/2010 EIOPA Regulation [2010] OJ L331/48 3.08
Art 40(1)(a) 3.08
Art 40(1)(b) 3.08
Art 40(1)(c) 3.09
Art 40(1)(d) 3.09
Art 40(1)(e) 3.09
Art 40(5) 3.09
Art 42(1) 3.14
1095/2010 Regulation establishing a European Supervisory Authority (European Securities and Markets Authority) (ESMA Regulation) [2010] OJ L331/84 3.04, 3.06, 3.08, 3.28, 3 37, 3 108, 4 05
1/2013 Regulation 2.38, 3.28, 3.108
Recital 2 4.05
Recital 4 4.05
Art 8 4.13
Art 9 4.05
Art 9(5) 4.60
Art 17 3.15, 19.83
Art 18 4.05
Art 40(1)(a) 3.08
Art 40(1)(b) 3 08
Art 40(1)(c) 3.09
Art 40(1)(d) 3.09
Art 40(1)(e) 3.09
Art 40(6) 3.09
Art 42(1) 3.14
182/2011 Comitology Regulation [2011] OJ L55/13 6.32, 6.86
513/2011 EU Regulation amending Regulation 1060/2009 22.27
236/2012 Regulation on short selling and certain aspects of credit default swaps (SSR) 4.05, 4.74
Art 28 4.05, 4.60–4.63, 4.66, 4.76
449/2012 Regulation with regard to regulatory technical standards on information and certification of CRAs 4.14
486/2012 Regulation 16.15
648/2012 Regulation of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (European Market Infrastructure Regulation) (EMIR) [2012] OJ
L201/1 3 04, 3 06, 3 28, 3 31, 3 32, 3 35–3 37, 3 39, 3 40, 3 42, 3 46, 3 57, 3 62, 3 77, 3 88, 3 91, 3 92, 3 96, 3 108, 4 13, 4 17, 4 18, 4 54, 5 39, 6 20, 6 38–6 44, 6 66, 6 71, 6.78, 6.80, 7.02, 7.06, 7.07, 7.09, 7.14, 7.15, 7.17, 7.19–7.42, 7.50, 7.52, 7.53, 7.55–7.57, 7.62, 8.68, 18.63, 24.02, 24.04, 24.07, 24.13, 24.15–24.26, 24.39, 24.46, 24.51, 24.52, 24.74–24.88, 25.21
Recital 73 7.56
Title IV 3.80
Title V 3.80, 7.56
Art 1 7.56
Art 1(4) 24.58
Art 2 7.53
Art 2(1) 3.31
Art 4 3.31, 7.07
Art 4(1) 24.46
Art 4(3) 24.79
Art 4(4) 24.79
Arts 4–6 24.05
Art 5 3 31
Art 5(1) 3.62
Art 9(3) 3.62
Art 9(4) 3.62
Art 11 7.09
Art 13(3) 7.24
Art 14 3.62, 5.27, 7.07, 24.16
Art 15 3.62, 7.44
Art 16 3.31, 3.80, 24.19
Art 16(2) 24.19
Art 17 3 62, 7 55
Art 17(2) 3.62
Art 17(4) 5.27
Art 18 3.54
Art 18(1) 3.62
Art 18(2) 3.42
Art 20(2) 3.62
Art 23 3.62
Art 24 3.62
Art 25 6.39, 6.41, 7.07, 7.23, 24.16
Art 25(1) 7.23
Art 25(2) 3.62, 7.24
Art 25(2)(a) 7.23
Art 25(2)(b) 3.62, 7.24
Art 25(2)(c) 7.24
Art 25(3) 7.24, 7.25
Art 25(4) 7 24
Art 25(5) 7 28
Art 25(6) 7.23
Art 25(7) 7.24
Arts 26–28 24.55
Arts 26–39 3.31
Art 28 24.21
Art 29(3) 3.62
Art 30 24.17
Art 37(1) 3.62
Art 38(1) 3.62
Art 38(5) 3.62
Art 39 24.74, 24.79
Art 39(8) 24.24
Arts 40–50 3.31
Art 41 24.19
Art 41(2) 7.50
Art 41(4) 7 50
Art 42 7.24, 24.19
Art 43 24.19
Art 44 24.19
Art 45 24.18
Art 45(4) 24.19
Art 47 24.24
Art 47(3) 24.07, 24.84
Art 48 24.78, 24.79
Art 48(3) 3.62
Art 48(5) 24 77
Art 48(6) 24.77
Art 48(7) 24.77, 24.79
Art 49 3.62
Art 51 3.62
Arts 51–54 7.54
Art 52 7.54
Art 53 7.54
Art 54 3.62, 7.55
Art 54(3) 3.62
Art 82 3.62
Art 85(1) 7.14
1/2013 Regulation 2.38
2013/36 Regulation of 26 June 2013 (CRD4) 24.23
152/2013 Commission Delegated Regulation of 19 December 2012 24.20
345/2013 Regulation of the European Parliament and of the Council of 17 April 2013 on European Venture Capital Fund (EuVECA Regulation) [2013] OJ L115/1 9 31, 9 33–9 37, 19 08, 19 17, 19 22, 19 48, 19 55
Art 2 9.34
Art 3(1)(d)(i) 9.34
Art 5 19.22
Art 6(1)(a) 9.34
Art 6(1)(b) 9.34
Art 13 19.17
Art 16(2) 19.48
Art 16(3) 19.47
346/2013 Regulation of the European Parliament and of the Council of 17 April 2013 on European Social Entrepreneurship Fund (EuSEF Regulation) [2013] OJ L115/18 9.31, 9.33, 9.35–9.37, 19.08, 19.17, 19.22, 19.48, 19.55
Art 3(1)(d) 9.35
Art 6 19.22
Art 10 9.35, 9.36
Art 14 19.17
Art 16(3) 19 47
Art 17(2) 19.48
462/2013 Council Regulation of 21 May 2013 amending Regulation 1060/2009 on credit rating agencies [2013] OJ L 146/1 4.13, 22.27
