Capital Markets Union in Europe 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 banking capacity to support the wider economy, (vii) facilitating cross-border investing, and (viii) comparative aspects of capital market integration. Written by world renowned experts in the fields of banking and capital markets, including respected academics, with broad practical experience, and leading practitioners, Capital Markets Union in Europe provides high-quality analysis of the legal and economic issues in a practical context.
General Aspects 1: Danny Busch, Emilios Avgouleas & Guido Ferrarini: Capital Markets Union after Brexit 2: Diego Valiente: CMU and the Deepening of Financial Integration 3: Danny Busch: A Stronger Role for the European Supervisory Authorities in the EU27 4: Emilios Avgouleas & Guido Ferrarini: The Future of ESMA and a Single Listing Authority and Securities Regulator for the CMU: Costs, Benefits and Legal Impediments Brexit 5: Eddy Wymeersch: Some Apects of the Impact of Brexit in the Field of Financial Services 6: Niamh Moloney: Capital Markets Union, Third Countries and Equivalence: Law, Markets and Brexit 7: Guido Ferrarini & Davide Trasciatti: OTC Derivatives Clearing, Brexit and the CMU Financing Innovation, Start-Ups, Non-Listed Companies and Infrastructure Projects 8: Emilios Avgouleas: The Role of Financial Innovation in EU Market Integration and the Capital Markets Union: A Re-conceptualisation of Policy Objectives 9: Erik Vermeulen: Capital Markets Union: Why 'Venture Capital' is not the Answer to Europe's Innovation Challenge 10: Guido Ferrarini & Eugenia Macchiavello: FinTech and Alternative Finance in the CMU: The Regulation of Marketplace Investing Raising Capital on the Capital Markets 11: Bas de Jong & Thomas Arons: Modernising the Prospectus Directive 12: Andrea Perrone: Small and Medium Enterprises Growth Markets 13: Merritt Fox: Initial Public Offerings in the CMU: A U.S. Perspective 14: Frank Graaf: Private Placements in the Capital Markets Union: A Priority Moving in Reverse? 15: Paul Davies: Damages Actions by Investors on the Back of Market Disclosure Requirements Fostering Retail and Institutional Investment 16: Veerle Colaert: Building Blocks of Investor Protection: All-Embracing Regulation Tightens its Grip 17: Mark Heemskerk, René Maatman & Bas Werker: A Policy Framework for European Personal Pensions 18: Zsolt Darvas & Dirk Schoenmaker: Institutional Investors and Development of Europe's Capital Markets 19: Matteo Gargantini, Carmine di Noia & Georgios Dimitropoulos: Cross-border Distribution of Collective Investment Products in the EU Leveraging Banking Capacity to Support the Wider Economy 20: Bart Joosen & Kitty Lieverse: Relief from Prudential Requirements to Support the Capital Markets Union 21: Gerard Kastelein: Securitisation in the Capital Markets Union: One Step Forward, Two Steps Back 22: Steven Schwarz: A Global Perspective on Securitised Debt Facilitatiting Cross-Border Investing 23: Alessio Pacces: Shareholder Activism in the CMU 24: Bas Zebregs & Victore de Serière: Efforts to Strengthen the Clearing and Settlement Framework of the Capital Markets Union 25: Michael Veder & Anne Mennens: Preventive Restructuring Frameworks 26: Loredana Carpentieri & Stefano Micossi: Removing Cross-Border Tax Barriers
Professor Danny Busch holds the Chair for Financial Law and is Director of the Institute for Financial Law (IFL), University of Nijmegen, the Netherlands. He is also a Visiting Professor at Università degli Studi di Genova, Visiting Professor at Università Cattolica del Sacro Cuore di Milano, and a Member of the Dutch Banking Disciplinary Committee (Tuchtcommissie Banken). Professor Busch has written extensively for OUP, most recently Busch and Ferrarini: Regulation of the EU Financial Markets - MiFID II and MiFIR (OUP, 2017), Busch and Ferrarini: European Banking Union (OUP, 2015) and Van Setten and Busch: Alternative Investment Funds in Europe - Law and Practice (OUP, 2014). Professor Emilios Avgouleas holds the Chair in International Banking Law and Finance at the University of Edinburgh and is Director of the Edinburgh Commercial Law Centre. He has served as a visiting professor in leading universities and is a Member the Stakeholder Group of the European Banking Authority. His recent publications include Principles of Banking Law (OUP, 2018), Reconceptualising Global Finance (CUP, 2016) and Governance of Global Financial Markets: The Law, the Economics, the Politics (CUP, 2012). Guido Ferrarini is Professor of Business Law and Capital Markets Law at the University of Genoa, and Director of the Centre for Law and Finance. Professor Ferrarini's most recent publications include Wymeersch, Hopt, and Ferrarini: Financial Regulation and Supervision - A Post-crisis Analysis (OUP, 2012) and Belcredi and Ferrarini: Boards and Shareholders in European Listed Companies (CUP, 2013).
Reviews for Capital Markets Union in Europe
Overall, this collection of essays proves to be an incredibly useful reference ... The different authors of these chapters represent a good combination of backgrounds (academics, practitioners, regulators) and expertise (law, economics, finance), which is useful when dealing with an area of law and regulation that is intrinsically multidisciplinary. ... It is of course an essential reference for researchers at all levels engaged with this area of law, regulation and policy. I believe some chapters of this book will also be useful to practitioners and regulators. * Vincenzo Bavoso, Journal of International Banking Law and Regulation *
