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Peter Mankowski (ed.)

Commercial Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2018

Results in this title

Eckart J. Brödermann Article 2.2.7 (Conflict of interests) S. 531

„… receive some shelter by Art. 2.2.10. Article 2.2.7 (Conflict of interests) (1) If a contract concluded by …” „… an agent involves the agent in a conflict of interests with the principal of which the third party …” „… interests; or (b) if the agent had disclosed the conflict of interests to the principal and the latter had …”

Gilles Cuniberti Introduction S. 1363-1366

„… , MINDFUL of the need to ensure that interests in such equipment are recognised and protected universally …” „… International Interests in Mobile Equipment: the solution of specific European property law problems’, (2002) 10 …” „… Interests under the Convention of Cape Town, just like their equivalent American Security Interests, (2004 …”

Eckart J. Brödermann Introduction to the UNIDROIT Principles of International Commercial Contracts (“PICC”) S. 462-476

„… , Francois, Commercial Soft Law and Soft Codification on Conflicts, in: Eppur si muove, The Age of Uniform …” „… , Conflict of Laws (2012); Doudko, Alexei G., Hardship in Contract: The Approach of the UNIDROIT Principles …” „… Limitations and the Conflict of Laws, The Yale Law Journal, Vol. 28, No. 5 (Mar., 1919), p. 492, available at …”

Eckart J. Brödermann Article 2.2.8 (Sub-agency) S. 532

„… (Art. 2.2.5(1)) “… rather than voidable by reason of a conflict of interests” (pursuant to para. 1 …” „… (actual or constructive)12 knowledge of the conflict of interests.13 However, if the agent fails to …” „… B. Distinction to Excess of Authority Cases Krebs has developed a rule of thumb:7 “The more …”

Stefan Kröll Article 39 Assignment of Proceeds S. 1504-1531

„… UNIDROIT 2.2.1 3 – conflicts of interest UNIDROIT 2.2.7 – defined UNIDROIT 2.2.1 – disclosure UNIDROIT …” „… . – definition UCP 2 12 Conflict of interest – between agent and principal UNIDROIT 2.2.7 2 – principal’s prior …” „… parties UNIDROIT 1.12 3 – conflict of interests between agent and principle UNIDROIT 2.2.7 1 – criteria …”

Gilles Cuniberti Article 37 Effects of assignor’s insolvency S. 1397-1399

„… international interest were references to an assignment of the associated rights and the related international …” „… interest. Article 36 Assignee’s priority with respect to associated rights 1. The assignee of associated …” „… assigned and they contemplated providing for the assignment of international interests, and only as a …”

Raimond Emde Article 4 S. 1272-1273

„… not without issues. One could certainly only deny a flawed transposition if, in case of conflict, the …” „… para. 1 obligates the commercial agent to look after the interests of the principal and to act …” „… dutifully and in good faith. Since the agency contract serves the economic interests of both parties, a …”

Eckart J. Brödermann Article 7.4.9 (Interest for failure to pay money) S. 689-692

„… not pay a sum of money when it falls due the aggrieved party is entitled to interest upon that sum …” „… ) The rate of interest shall be the average bank short-term lending rate to prime borrowers prevailing …” „… the rate of interest shall be the appropriate rate fixed by the law of the State of the currency of …”

Gilles Cuniberti Article 5 Interpretation and applicable law S. 1371-1372

„… international interest. Change after such time does not affect the applicability of the Convention.1 The …” „… Convention and Protocols and the Conflict of Laws’ in A Commitment to Private International Law: Essays in …” „… apply Art VIII. 7 For instance, the U.S.: see Restatement (second) on Conflict of Laws, § 187(2)(a). The …”

Peter Mankowski Article 8 CISG S. 42-46

„… Contracting State of the Limitation Convention.47 Other external gaps comprise: the rate of interest under …” „… of the contract as a unified entity.17 The interests of both parties carry interpretation.18 Whether …” „… ) in fine caves into the inevitable: The supplementary lex causae of the contract determined by virtue …”

Wolf Müller-Rostin Article 18 Damage to Cargo S. 1206-1212

„… by a person other than the carrier or its servants or agents; (c) an act of war or an armed conflict …” „… liability (paragraph 2 c) if an event is to be regarded as an act of war or as part of an armed conflict …” „… inextricably linked to a war or armed conflict and not merely incidental thereto.13 Exemption of liability …”

Eckart J. Brödermann Article 6.1.12 (Imputation of payments) S. 612-614

„… priority of accessory obligations: (a) expenses (e.g. costs of enforcement)15 and (b) interest16 (sentence …” „… . 7.4.12).6 Article 6.1.11 (Costs of performance) Each party shall bear the costs of performance of its …” „… or pay) at the due place of performance2 and at the due time (Arts. 6.1.1; 6.1.8(1)). The principle …”

Erik Evtimov, Tatyana Payosova Article 1 Scope S. 1128-1131

„… requirement was introduced in the interest of legal clarity and in order to exclude any possible conflicts of …” „… consequently be provided without any conflict with the principles or conventions of existing international law …” „… conflict with the CMR in the case of complementary carriage by road being subject to COTIF and to the CIM …”

Raimond Emde Introduction S. 1247-1264

„… Commercial Code (ADHGB)). The Directive also contains large numbers of elusive, vague legal terms (“interest …” „… conclusion and operation of crossborder agency agreements. Secondly, the interests of the commercial agent …” „… para. 3 of the recitals by the harmonized rules concerning conflict of laws,44 arise from the fact that …”

Wolf Müller-Rostin Article 28 Advance Payments S. 1224

„… or the baggage, whereas the special declaration of interest in delivery at destination additionally …” „… conditions which do not conflict with the provisions of this Convention. Article 27 clarifies that none of …” „… covers consequential damages.1 Article 26 Invalidity of Contractual Provisions Any provision tending to …”

Wolf Müller-Rostin Article 27 Freedom to Contract S. 1224

„… or the baggage, whereas the special declaration of interest in delivery at destination additionally …” „… conditions which do not conflict with the provisions of this Convention. Article 27 clarifies that none of …” „… covers consequential damages.1 Article 26 Invalidity of Contractual Provisions Any provision tending to …”

Wolf Müller-Rostin Article 26 Invalidity of Contractual Provisions S. 1224

„… or the baggage, whereas the special declaration of interest in delivery at destination additionally …” „… conditions which do not conflict with the provisions of this Convention. Article 27 clarifies that none of …” „… covers consequential damages.1 Article 26 Invalidity of Contractual Provisions Any provision tending to …”

Marco Torsello Article 30 CISG S. 156-162

„… transfer of property applicable by virtue of the conflict-of-law rules of the forum, the basic dichotomy as …” „… domestic rules on priority of security interests, judicial enforcement and bankruptcy, which vary …” „… applicable rules, recourse is to be had to the domestic law applicable by virtue of the conflict-of-law rules …”

Martin Schauer, Magdalena Gruber Article 2 Definitions S. 1311-1320

„… prohibits the claim for interest that accrued after the commencement of insolvency proceedings in the course …” „… payment’ means simple interest for late payment at a rate which is equal to the sum of the reference rate …” „… Federconsorzi in time, they claimed interest due to late payment. The ECJ did not answer the question of whether …”

Gilles Cuniberti Article 4 Where debtor is situated S. 1371

„… international interest. Change after such time does not affect the applicability of the Convention.1 The …” „… Convention and Protocols and the Conflict of Laws’ in A Commitment to Private International Law: Essays in …” „… Article 4 Where debtor is situated 1. For the purposes of Article 3(1), the debtor is situated in …”

Stefan Kröll Article 19 Transport Document Covering at Least Two Different Modes of Transport S. 1469-1473

„… whole transportation. The commercial interest of the transport company to control and charge for the …” „… entire carriage of the goods is generally met by an interest of the parties of the sales transaction to …” „… . While that does not guarantee prompt transportation, it at least implies an interest of the carrier to …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . .Article 2.2.6 530 Conflict of interests …” „… whole or part of the material is concerned, specifically those of translation, reprinting, re-use of …” „… . Under § 54 of the German Copyright Law where copies are made for other than private use a fee is …”

Christoph Brunner, Michael Schifferli Article 42 CISG S. 220-225

„… publicity (personality) and similar rights The interests in the protection of rights of publicity, naming …” „… rights and similar rights, are comparable to the protective interests of IP rights and therefore warrant …” „… 42(1)(b)). As this is a conflict of laws clause, IP regulations that are applied by virtue of reference …”

Eckart J. Brödermann Article 9.1.13 (Defences and rights of set-off) S. 734-737

„… ; Brödermann, § 6 IPR MünchAnwaltshandb. IntWirtschR, no. 13-15; and Dicey, Morris & Collins, Conflict of Laws …” „… Convention,22 and counter-balancing the possibility of a silent assignment in the interest of the assignor23 …” „… interest of a straightforward solution, it provides the receipt of the notice of assignment as a cut-off …”

Gilles Cuniberti Article 43 Jurisdiction under Article 13 S. 1404-1405

„… Specific Bibliography: Kreuzer, ‘Jurisdiction and choice of law under the Cape Town Convention …” „… the enforcement of choice of court agreements in respect of any claim under the Convention. The term …” „… transaction should be understood not only as including an agreement providing for an international interest …”

Eckart J. Brödermann Article 6.1.6 (Place of performance) S. 604-605

„… 314 and the obligee can set them off (Arts. 8.1 et seq.). There is no legitimate interest to reject …” „… , other remedies as a result of early performance will relate mainly to damages, if any, under Art. 7.4.1 …” „… 6.1.6 (Place of performance) (1) If the place of performance is neither fixed by, nor determinable from …”

Petra Butler Article 48 CISG S. 249-256

„… terms of business, as long as there is no conflict with the fundamental values of the CISG.7 II. Right …” „… futile with ease by the other party. It is also in the public interest that the efficient use of …” „… the right to declare avoidance of the contract, is suspended even if in the case of avoidance the …”

Eckart J. Brödermann Article 8.1 (Conditions of set-off) S. 698-705

„… Tribunal refused to award any damage on top of the agreed interest rate based on the London Interbank …” „… uncertainty with respect to a partial sum (e.g. the exact computation of interest), the first party desirous …” „… obligation to pay interests as damages, Art. 7.4.9), and/or otherwise (b) consider the risk of a partial …”

Stefan Kröll Article 18 Commercial Invoice S. 1466-1468

„… pre-payments are no ground for refusal of an invoice.11 By contrast, charges, costs and interests must be …” „… beneficiary (except as provided in article 38); ii. must be made out in the name of the applicant (except as …” „… bank may accept a commercial invoice issued for an amount in excess of the amount permitted by the …”

Tim W. Dornis Article 72 CISG S. 327-331

„… Mercatoria’, 15 Cardozo Journal of Conflict Resoluution 847, 872 (2014). 29 See, eg, CIETAC (PRC), 29.3.1996 …” „… of the contract. In practice, the debtor’s non-performance will often qualify as a ground for …” „… avoidance based on anticipatory breach of contract (Articles 72, 73) or based on non-performance after the …”

Lisa Spagnolo Article 19 CISG S. 93-101

„… a ‘battle of the forms’. Conflict can arise between terms contained in the standard forms, or …” „… , limitations or other modifications is a rejection of the offer and constitutes a counter-offer. (2) However, a …” „… not materially alter the terms of the offer constitutes an acceptance, unless the offeror, without …”

Christoph Oertel IV. INCOTERMS® 2010 S. 828-897

„… duly reflects the interests of the parties. Export and import legislation is subject to frequent …” „… means of transport for the main carriage. To avoid conflicts, the parties should agree on a precise …” „… IV. INCOTERMS® 2010 Bibliography: Michiel Buydaert, The Passing of Risk in the International Sale …”

Wolf Müller-Rostin Article 33 Jurisdiction S. 1230-1231

„… 1230 Wolf Müller-Rostin 1 Overview In order to avoid conflicts of jurisdictions, Article 28 of the …” „… representatives are already aware of the damage/delay, written notice – contrary to the wording of Article 31 – is …” „… liable.7 Article 32 Death of Person Liable In the case of the death of the person liable, an action for …”

Raimond Emde Article 2 S. 1266-1271

„… interpretation of the standard as well as in order to avoid conflicts of the rules inherent to the Directive …” „… 3. A commercial agent shall be understood within the meaning of this Directive as not including in …” „… 1979 in the United Kingdom, or its subsidiaries. 2. Each of the Member States shall have the right to …”

doi.org/10.5771/9783845276564

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

Results in this title

Article 23 Conflicts of interest S. 151-155

„… assess the compliance of investment firms with those obligations. Article 23 Conflicts of interest 1 …” „… manage conflicts of interest between themselves, including their managers, employees and tied agents, or …” „… arrangements made by the investment firm in accordance with Article 16(3) to prevent conflicts of interest from …”

Article 14 Conflicts of interest S. 1492-1493

„… Conflicts of interest 1. Member States shall require AIFMs to take all reasonable steps to identify …” „… conflicts of interest that arise in the course of managing AIFs between: (a) the AIFM, including its …” „… , prevent, manage and monitor conflicts of interest in order to prevent them from adversely affecting the …”

Article 6 Independence and avoidance of conflicts of interest S. 1252-1257

„… II ISSUING OF CREDIT RATINGS Article 6 Independence and avoidance of conflicts of interest 1. A …” „… rating outlook is not affected by any existing or potential conflicts of interest or business …” „… prevent and mitigate possible conflicts of interest and to ensure the independence of credit ratings …”

Article 6 a Conflicts of interest concerning investments in credit rating agencies S. 1257-1258

„… summary, the intent of the rules regarding conflicts of interest is to avoid all potential conflicts and …” „… the appearance of conflicts. If an agency is unable to avoid a conflict of interest, it must disclose …” „… on the conflicts of interest see Schroeter, Ratings (2014), § 25 p. 728 et seq. Title II Issuing of …”

Article 25 Inability to function as management company and depositary; conflicts of interests S. 1362-1363

„… management company and depositary; conflicts of interests 1. No company shall act as both management company …” „… create conflicts of interest between the UCITS, the investors in the UCITS, the management company and …” „… depositary tasks from its other potentially conflicting tasks, and the potential conflicts of interest are …”

Article 9 Management body S. 43-50

„… including the segregation of duties in the investment firm and the prevention of conflicts of interest, and …” „… of clients as well as avoiding conflict of interest in the relationships with clients. The management …” „… including the segregation of duties in the investment firm and the prevention of conflicts of interest, and …”

Article 28 Client order handling rules S. 202-205

„… executing the orders, and how aggregated orders must be allocated. Conflicts of interest often arise when …” „… or the trading interests of the investment firm. Those procedures or arrangements shall allow for the …” „… impracticable, or if the interests of the relevant client require otherwise.3 The characteristics of an order …”

Article 11 a European rating platform S. 1281-1283

„… accordance with the CRA Regulation, any potential conflicts of interest it may have, a list of ancillary …” „… Regulation (EU) 2015/1 of 30 September 2014 supplementing Regulation (EC) No 1060/2009 of the European …” „… Parliament and of the Council with regard to regulatory technical standards for the periodic reporting on …”

Introduction S. 1563-1574

„… derivatives contracts are interest-rate derivatives. On this issue see, EMIR Review – Second set of amendments …” „… P, ‘Close-out netting, insolvency law and conflict-of-laws’ (2014) 14 JCLS 419; Paech P, ‘Securities …” „… (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives …”

Article 12 Market manipulation S. 730-756

„… emission allowances, without having simultaneously disclosed that conflict of interest to the public in a …” „… outside a trading venue (including entering indications of interest) with a view to improperly influencing …” „… one trading venue or outside a trading venue (including entering indications of interest) with a view …”

Article 15 Risk management S. 1493-1496

„… , measures specifying: (a) the types of conflicts of interest as referred to in paragraph 1; (b) the …” „… procedures in order to identify, prevent, manage, monitor and disclose conflicts of interest. I. General …” „… interest. Art 14 sets out requirements AIFM must observe regarding such conflicts of interest which …”

Article 16 Organisational requirements S. 65-120

„… steps designed to prevent conflicts of interest as defined in Article 23 from adversely affecting the …” „… , identification and management of conflicts of interests, and inducements. 4. An investment firm shall take …” „… policies and practices shall be designed in such a way so as not to create a conflict of interest or …”

Article 20 Investment recommendations and statistics S. 824-833

„… information is objectively presented, and to disclose their interests or indicate conflicts of interest …” „… indications of conflicts of interest. ESMA shall submit those draft regulatory technical standards to the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . 30 2. Obligation 2: disclosing conflicts of interest …”

Article 47 Organisational requirements S. 264-268

„… regulated market or for its members or participants, of any conflict of interest between the interest of the …” „… in particular where such conflicts of interest might prove prejudicial to the accomplishment of any …” „… place to identify conflicts of interest, and their consequences, between the interests of regulated …”

Article 45 Requirements for the management body of a market operator S. 252-262

„… the organisation and the prevention of conflicts of interest, and in a manner, that promotes the …” „… interests such as family interests which could potentially create conflicts of interest.20 Certain factors …” „… must be considered when identifying the abovementioned potential conflicts of interests with respect to …”

Article 13 Remuneration S. 1489-1492

„… specific conflict of interest by prohibiting such AIFM from investing a client’s portfolio in units or …” „… remuneration policy must include measures to avoid conflicts of interest; (c) the management body of the AIFM …” „… interest 1. Member States shall require AIFMs to take all reasonable steps to identify conflicts of …”

Article 14 Conduct of business rules S. 1337-1338

„… of its business activities; (d) tries to avoid conflicts of interests and, when they cannot be …” „… take to identify, prevent, manage or disclose conflicts of interest as well as Chapter III …” „… establish appropriate criteria for determining the types of conflicts of interest whose existence may damage …”

Chapter 1 Organisational requirements S. 1628-1637

„… conflict of interest on a particular matter, that member shall not be allowed to vote on that matter. 5. A …” „… arrangements to identify and manage any potential conflicts of interest between itself, including its managers …” „… conflicts of interest. Title IV Requirements for CCPs Art. 33 EMIR Paola Lucantoni 1633 2. Where the …”

Article 9 Conflict of laws S. 1739-1743

„… Article 9 Conflict of laws 1. Any question with respect to any of the matters specified in …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 I. General features Overview Article 9 sets out a rule of conflict of laws (private international …” „… to harmonise the conflict of laws rules inside the European Economic Area and to supplement Art 9 of …”

Article 21 Regular review of conditions for initial authorisation S. 149-151

„… ; Grundmann S and Hacker P, ‘Conflicts of interest’ in Busch D and Ferrarini G (eds), Regulation of EU …” „… nd ed, Sweet & Maxwell, 2015); Kumpan Ch and Leyens P, ‘Conflicts of interest of financial …” „… obligations. Article 23 Conflicts of interest 1. Member States shall require investment firms to take all …”

Article 12 Prudential regulation S. 1334-1336

„… prejudiced by conflicts of interest between the company and its clients, between two of its clients, between …” „… minimise conflicts of interests as referred to under point (b) of the second subparagraph of paragraph 1. 4 …” „… requirements, conflicts of interest, conduct of business, risk management and content of the agreement between …”

Article 13 Delegation S. 1336-1337

„… receives prior general approval from the client. This rule shall prevent conflict of interest. On the other …” „… be given to the depositary or to any other undertaking whose interests may conflict with those of the …” „… performance of its business activities; (d) tries to avoid conflicts of interests and, when they cannot be …”

Article 22 General obligation in respect of on-going supervision S. 151

„… assess the compliance of investment firms with those obligations. Article 23 Conflicts of interest 1 …” „… manage conflicts of interest between themselves, including their managers, employees and tied agents, or …” „… arrangements made by the investment firm in accordance with Article 16(3) to prevent conflicts of interest from …”

Article 18 Trading process and finalisation of transactions in an MTF and an OTF S. 134-142

„… . 281; Kumpan Ch and Leyens PC, ‘Conflicts of Interest of Financial Intermediaries – Towards a Global …” „… Common Core in Conflicts of Interest Regulation’, European Company and Financial Law Review (ECFR) 2008 …” „… system, avoidance of conflicts of interest, billing and information exchange with public authorities.1 …”

Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings S. 1261-1263

„… relates to the provisions of Art 6 et seq. CRA Regulation and addresses conflicts of interests. Article 7 …” „… CRA Regulation primarily sets out conflict of interest rules pertaining to rating analysts, employees …” „… “generally perceived as causing a conflict of interest” which arise when persons involved in making a rating …”

Article 14 a Remuneration policy S. 1338-1339

„… to establish appropriate criteria for determining the types of conflicts of interest whose …” „… Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of …” „… conflicts of interest on behalf of the UCITS management company. Art 14 of UCITSD and implementing …”

Article 19 Valuation S. 1499-1502

„… is to avoid conflicts of interest that may in particular arise due to linkages of remuneration to the …” „… ) any other entity whose interests may conflict with those of the AIFM or the investors of the AIF …” „… of interest are mitigated and that undue influence upon the employees is prevented. The depositary …”

Article 24 Liability of depositary towards UCITS and unit-holders S. 1360-1362

„… and depositary; conflicts of interests 1. No company shall act as both management company and …” „… conflicts of interest between the UCITS, the investors in the UCITS, the management company and itself …” „… tasks from its other potentially conflicting tasks, and the potential conflicts of interest are properly …”

Article 20 Delegation S. 1502-1504

„… ) any other entity whose interests may conflict with those of the AIFM or the investors of the AIF …” „… whose interests may conflict with those of the AIFM or the investors of the AIF, unless such entity has …” „… from its other potentially conflicting tasks, and the potential conflicts of interest are properly …”

Article 19 Specific requirements for MTFs S. 142-145

„… does not lead to conflicts of interest is, thus, an important purpose of Art 19 MiFID II. Hence, Art 19 …” „… 19(5) MiFID II is that the interests of a customer and of a system operator conflict when an operator …” „… this prohibition is intended to avoid conflicts of interest which endanger the neutral execution of …”

Index S. 1785-1803

„… et seq. Conflicts of interest MiFID II 23 1 et seq. – disclosure MAR 20 35 et seq.; MiFID II 23 7 …” „… – conduct requirements MiFID II 66 1 – conflicts of interest MiFID II 66 23 – Consolidated Tape Provider …” „… , 26 et seq. – conflicts of interest MiFID II 23 1 et seq. – consolidated tape provider (CTP) MiFID II …”

Article 12 General principles S. 1488-1489

„… ) take all reasonable steps to avoid conflicts of interest and, when they cannot be avoided, to identify …” „… , manage and monitor and, where applicable, disclose, those conflicts of interest in order to prevent them …” „… specific conflict of interest by prohibiting such AIFM from investing a client’s portfolio in units or …”

Article 6 b Maximum duration of the contractual relationship with a credit rating agency S. 1258-1261

„… . Article 6 b CRA Regulation also reflects the principle that conflicts of interest should be avoided. The …” „… relates to the provisions of Art 6 et seq. CRA Regulation and addresses conflicts of interests. Article 7 …” „… CRA Regulation primarily sets out conflict of interest rules pertaining to rating analysts, employees …”

Article 66 Organisational requirements S. 351-357

„… arrangements designed to prevent conflicts of interest with its clients. In particular, an ARM that is also a …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 6. Conflicts of interest and systems for security and accurateness . . . . . . . . . . . 23 I …” „… treatment, such as technical difficulties in establishing an internet connection. Conflicts of interest and …”

Article 9 S. 1702-1706

„… achieve this goal. Art 9(2) has the different purpose of determining the applicable law. Conflict of laws …” „… the law applicable to each and every one of these securities in order to know whether his interests …” „… financial instrument or an interest therein is the law of the coun- 2. 2 Ruzik, 219; Chun, Cross-border …”

Foreword to Articles 24 to 30 Foreword to Arts 24 to 30 S. 155-157

„… insufficient if a firm were to list all conflicts of interest that generally arise from its …” „… deficiency in an investment firm’s conflicts-of-interest policy. Explicitly stating the principle that …” „… considering how conflicts of interest can be appropriately managed. What is considered as over-reliance is …”

Article 24 General principles and information to clients S. 157-180

„… way that conflicts with its duty to act in the best interests of its clients. In particular, it shall …” „… not sufficiently addressing conflicts of interest arising from advising about and selling proprietary …” „… prohibition is designed to reduce the risk of conflicts of interest. The prohibition creates the condition …”

Article 1 Subject matter S. 1231-1234

„… 2010, 1869-1882 [Fn. 28 et seq.]; Kumpan Ch, ‘Conflicts of Interest in Securitisation: Adjusting …” „… : Conflicts of Interest in the Credit Rating Firms’, Business and Society Review 113 (2008) 533-553; Staub H …” „… rating agencies’ independence, the avoidance of conflicts of interest, and the enhancement of consumer …”

Article 8 Certain insolvency provisions disapplied S. 1734-1739

„… financial collateral 8 Marino, 1171. 9 Paech, ‘Close-Out Netting, Insolvency Law and Conflict-of-Laws’ (2014 …” „… )(b).5 The narrow scope of the provision balances interests between financial collateral takers and …” „… collateral interest may be validly taken after the commencement of winding-up proceedings or reorganisation …”

Article 21 Depositary S. 1504-1512

„… those functions. 4. In order to avoid conflicts of interest between the depositary, the AIFM and/or the …” „… conflicts of interest are properly identified, managed, monitored and disclosed to the investors of the AIF …” „… activities with regard to the AIF or the AIFM on behalf of the AIF that may create conflicts of interest …”

Article 11 Withdrawal of the authorisation S. 1487-1488

„… reasonable steps to avoid conflicts of interest and, when they cannot be avoided, to identify, manage and …” „… monitor and, where applicable, disclose, those conflicts of interest in order to prevent them from …” „… in conducting their activities; (b) act in the best interests of the AIFs or the investors of the …”

Article 62 Withdrawal of authorisations S. 341

„… conflicts of interest between members of the management body and users of the APA, CTP or ARM. (3) Member …” „… duties in the organisation and the prevention of conflicts of interest, and in a manner that promotes the …” „… integrity of the market and the interest of its clients. Title V Data reporting services Art. 63 MiFID II …”

Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market S. 262-264

„… members or participants, of any conflict of interest between the interest of the regulated market, its …” „… such conflicts of interest might prove prejudicial to the accomplishment of any functions delegated to …” „… and/or the market operator, and in particular, the identity and scale of interests of any parties in a …”

Article 10 Report by the Commission S. 1743-1744

„… procedure that is to be followed with regard to enforcement of the security interest (see Art 9(2)(d)). By …” „… adopt their own conflict of laws rules in this regard. Article 9 a Directives 2008/48/EC and 2014/59/EU …” „… set-off provisions because of the greater importance of those measures compared to the interests of …”

Article 61 Procedures for granting and refusing requests for authorisation S. 340-341

„… to avoid conflicts of interest between members of the management body and users of the APA, CTP or …” „… the segregation of duties in the organisation and the prevention of conflicts of interest, and in a …” „… manner that promotes the integrity of the market and the interest of its clients. Title V Data …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 22 151 Conflicts of interest …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 5 c 1249 TITLE II ISSUING OF CREDIT RATINGS Independence and avoidance of conflicts of interest …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 6 1252 Conflicts of interest concerning investments in credit rating agencies …”

Article 22 Mandatory depositary; appointment and duties of depositary S. 1353-1357

„… with, and (ii) conflicts of interest are properly managed and (iii) the transaction is conducted on an …” „… the UCITS and in the interest of the unit holders; and (d) the transaction is covered by high-quality …” „… out the instructions of the management company unless they conflict with the applicable national law …”

Article 6 Exemption for monetary and public debt management activities and climate policy activities S. 670-673

„… the public interest and solely in pursuit of the aforementioned policies.8 The Regulation does not …” „… pursuit’ of these policies are in the public interest. The exemptions pursuant to Art 6(1) have been …” „… public interest and solely in pursuit of monetary, exchange rate or public debt management policies.10 …”

Article 22 a Delegation by depositary S. 1357-1359

„… with, and (ii) conflicts of interest are properly managed and (iii) the transaction is conducted on an …” „… view to taking all reasonable steps designed to prevent conflicts of interest; Chapter IV Obligations …” „… the UCITS and in the interest of the unit holders; and (d) the transaction is covered by high-quality …”

Article 8 Withdrawal of authorisations S. 41-43

„… in the investment firm and the prevention of conflicts of interest, and in a manner that promotes the …” „… conflict of interest in the relationships with clients. The management body shall monitor and periodically …” „… integrity of the market and the interest of clients. Without prejudice to the requirements established in …”

Article 43 Withdrawal of authorisations S. 246-247

„… , ‘Conflicts of Interest of Financial Intermediaries – Towards a Global Common Core in Conflicts of Interest …” „… vestor protection rationale would favour a broad reading of marketing,7 while the differentiation …” „… allows sales to clients of new products (without marketing) but prohibits marketing (as communication …”

Article 3 Definitions S. 1236-1242

„… Strier, ‘Rating the Raters: Conflicts of Interest in the Credit Rating Firms’, Business and Society …” „… model” causes serious conflicts of interest which has led to discussions about abolishing the model …” „… : Conflict of Interest in the Credit Rating Firms’, Business and Society Review 113 (2008), p. 533 et seq. 24 …”

Article 21 Powers S. 1020-1023

„… in such a manner as to avoid conflict of interest and so that information obtained from carrying out …” „… in order to avoid conflicts of interests. Article 21 provides a range of powers with respect to …” „… its duties, in accordance with Article 35 of Regulation (EU) No 1095/2010. 1b. The competent …”

Article 65 Organisational requirements S. 349-351

„… maintain effective administrative arrangements designed to prevent conflicts of interest. In particular, a …” „… arrangements designed to prevent conflicts of interest with its clients. In particular, an ARM that is also a …” „… public in accordance with Articles 6 and 20 of Regulation (EU) No 600/2014, consolidate it into a …”

Article 27 Obligation to execute orders on terms most favourable to the client S. 195-202

„… particular trading venue or execution venue which would infringe the requirements on conflicts of interest or …” „… protection because the obligations mitigate against conflict of interest risk inherent when investment firms …” „… venue or entity which would infringe the relevant requirements on conflicts of interest or inducements …”

Introduction to MiFID II and MiFIR Matthias Lehmann S. 1-6

„… . Therefore, the EU legislator obliges intermediaries to identify, prevent and disclose conflicts of interests …” „… conduct a suitability or appropriateness test. The obligation to avoid or disclose conflicts of interests …” „… of Interest Groups: From MiFID I to MiFID II', 2012 (13) European Business Organisation Review …”

Article 20 Specific requirements for OTFs S. 145-149

„… not give rise to conflicts of interest between the investment firm or market operator and its clients …” „… purpose of the rule is to avoid conflicts of interest and circumvention of the respective legal rules for …” „… and a market operator operating an OTF establishes arrangements preventing the execution of client …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… dealing with the resolution of jurisdictional conflicts. Considering this, close cooperation between the …” „… doubtful whether EU law leaves any room for the application of the sovereignty principle in conflicts …” „… investment strategy and for disclosure of particular interests or indications of 644 Carsten Gerner-Beuerle 1 …”

Article 63 Requirements for the management body of a data reporting services provider S. 341-347

„… conflicts of interest between members of the management body and users of the APA, CTP or ARM. (3) Member …” „… duties in the organisation and the prevention of conflicts of interest, and in a manner that promotes the …” „… integrity of the market and the interest of its clients. Title V Data reporting services Art. 63 MiFID II …”

Article 23 Disclosure to investors S. 1514-1517

„… depositary, the identification of the delegate and any conflicts of interest that may arise from such …” „… conflicts of interest in relation thereto are managed and the provision in the contract with the depositary …” „… II. Commentary Art 22 requires AIFM to publish an annual report for each of the EU-AIF it manages …”

Article 5 c Over-reliance on credit ratings in Union law S. 1249-1252

„… methods. TITLE II ISSUING OF CREDIT RATINGS Article 6 Independence and avoidance of conflicts of interest …” „… rating or a rating outlook is not affected by any existing or potential conflicts of interest or business …” „… where appropriate, encourage them to mitigate the impact of such references, with a view to …”

Article 6 Recognition of title transfer financial collateral arrangements S. 1731-1732

„… not expressly recognise security interests established by full transfer of title and ownership. When …” „… those Member States must deal with such security interests, e.g. as lex rei situs of the assets provided …” „… established by full transfer of title and ownership into other types of security interests.4 However, merely …”

Article 26 Replacement of depositary S. 1363-1364

„… act independently and solely in the interest of the unit-holders; both must be separate and …” „… belong to the same group of companies. The obvious conflicts have prompted some criticism. However …” „… II. Commentary In the context of their respective roles the management company and the depositary …”

Article 9 a Directives 2008/48/EC and 2014/59/EU S. 1743

„… procedure that is to be followed with regard to enforcement of the security interest (see Art 9(2)(d)). By …” „… adopt their own conflict of laws rules in this regard. Article 9 a Directives 2008/48/EC and 2014/59/EU …” „… set-off provisions because of the greater importance of those measures compared to the interests of …”

Articles 14 to 20 S. 1284-1288

„… independence and the avoidance of conflicts of interest. A registered rating agency must continuously fulfil …” „… disclose conflicts of interest and indications of the expected main business activities. ESMA will examine …” „… TITLE III SURVEILLANCE OF CREDIT RATING ACTIVITIES Chapter I Registration procedure Articles 14 to …”

Article 28 Disclosure in case of acquisition of control S. 1524-1526

„… managing conflicts of interest, in particular between the AIFM, the AIF and the company, including …” „… or has acquired control over the non-listed company.1 Article 28 Disclosure in case of acquisition of …” „… control 1. Member States shall require that when an AIF acquires, individually or jointly, control of a …”

Introduction S. 1710-1711

„… Conflict-of-Laws’ (2014) 14 Journal of Corporate Law Studies 419; Paech P, ‘The Value of Financial Market …” „… with different legal treatment of the validity and enforceability of security interests. Cross-border …” „… Financial Collateral Directive (FCD) Directive 2002/47/EC of the European Parliament and of the …”

Article 44 Authorisation and applicable law S. 247-252

„… , p. 336; Kumpan Ch and Leyens PC, ‘Conflicts of Interest of Financial Intermediaries – Towards a …” „… Global Common Core in Conflicts of Interest Regulation’, European Company and Financial Law Review (ECFR …” „… Other regulatory texts See → MiFIR Art 46. II. Overview The grounds of withdrawal are identical …”

Article 58 Definitions, investment limits, exemptions S. 1397-1398

„… same entity. The UCITSD must provide countermeasures against conflicts of interests resulting from this …” „… remedy the situation. However, the interests of the unitholders must be considered. This could justify a …” „… latter two cases, UCITS shall prioritise the sale of assets that exceed the investment limits to …”

Article 14 b Details and proportionality of remuneration policy S. 1339-1343

„… in line with the business strategy, objectives, values and interests of the management company and …” „… the UCITS that it manages and of the investors in such UCITS, and includes measures to avoid conflicts …” „… of interest; (c) the remuneration policy is adopted by the management body of the management company …”

Article 15 Initial capital endowment S. 64-65

„… conflicts of interest as defined in Article 23 from adversely affecting the interests of its clients. An …” „… where the structured deposit is issued by a credit institution which is a member of a deposit guarantee …” „… . Commentary The NCA must review, prior to authorisation, that the investment firm is a member of an investment …”

Article 4 Enforcement of financial collateral arrangements S. 1724-1728

„… arrangement. This provision aims at adequately protecting the interests of the collateral provider.8 …” „… limited period of time restrict creditors from enforcing security interests (Art 70). The orderly …” „… execution of these resolution procedures has priority over the interest creditors have in realising …”

Article 2 Definitions S. 1576-1578

„… has no business, family or other relationship that raises a conflict of interests regarding the CCP …” „… Article 2 Definitions For the purposes of this Regulation, the following definitions shall apply …” „… ; (2) ‘trade repository’ means a legal person that centrally collects and maintains the records of …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… conflicts of interest. 1. 2. Art. 31 MiFID II 1. Security Markets and Services 210 Christoph Kumpan and …” „… or the significant interests of the other market participants, or (2) a trading venue considers that …” „… Section 2 Market transparency and integrity Article 31 Monitoring of compliance with the rules of …”

Article 64 Conversion disclosures and procedures S. 1405-1407

„… downsides (conflicts of interests) and opportunities (lower costs and higher returns) associated with their …” „… (‘any person acting on behalf of…’). The objective of the rule is to ensure alignment of interests of …” „… I. Purpose Art 63 of UCITSD seeks to ensure that investors in feeder UCITS invest in an informed …”

Article 77 Recognition of trade repositories S. 1673-1675

„… administrative arrangements to identify and manage any potential conflicts of interest concerning its managers …” „… limited to mutual access to data for public authorities. They show a clear interest on behalf of the EU to …” „… (a) a mechanism for the exchange of information between ESMA and any other Union authorities that …”

Article 78 General requirements S. 1675

„… administrative arrangements to identify and manage any potential conflicts of interest concerning its managers …” „… defined, transparent and consistent lines of responsibility and adequate internal control mechanisms …” „… , including sound administrative and accounting procedures, which prevent any disclosure of confidential …”

Article 68 Cooperation between authorities in the same Member State S. 358

„… to avoid conflict of interest and so that information obtained from carrying out the delegated tasks …” „… competent authorities of other Member States of any arrangements entered into with regard to delegation of …” „… up-to-date a list of the competent authorities referred to in paragraphs 1 and 2 on its website. Article 68 …”

Article 60 Exercise of the powers referred to in Articles 61 to 63 S. 1661

„… staff employed in risk and control functions; the policies and procedures to management conflicts of …” „… application should identify the activity the applicant intends to carry out; the ownership of the trade …” „… interest; the information technology resources; and the transparency about access rules and compliance …”

Article 19 Managers’ transactions S. 808-824

„… presented, and to disclose their interests or indicate conflicts of interest concerning the financial …” „… conflicts of interest. ESMA shall submit those draft regulatory technical standards to the Commission by 3 …” „… similar security interest, of financial instruments in connection with the depositing of the financial …”

Article 31 Prudential and conduct of business rules, organisational requirements for internally managed investment companies S. 1370-1371

„… selfmanaged investment companies are meant to reduce conflicts of interests. All companies …” „… II. Commentary Subparagraph 1 orders the application of the priciples of delegation, the conduct …” „… of business rules and the regulations regarding remuneration policies as laid down in Arts 13-14 b of …”

Article 13 Accepted market practices S. 756-767

„… person performing the AMP from the beneficiary, and structures addressing conflicts of interest between …” „… the burden of establishing that the reason was legitimate. This rule is in conflict with the laws of …” „… conflicts over the compatibility of an AMP with Art 13(2) is different if a disagreement arises between two …”

Article 30 Internally managed investment companies, restrictions on third-party portfolio management S. 1369-1370

„… investment companies are meant to reduce conflicts of interests. All companies’ investor-shareholders must be …” „… tion for management companies.6 The reasons for withdrawing authorisation under Art 29(4) of UCITSD …” „… are likewise analogous to those for the authorisation of the management company.7 Since the management …”

Article 79 Operational reliability S. 1675-1676

„… administrative arrangements to identify and manage any potential conflicts of interest concerning its managers …” „… defined, transparent and consistent lines of responsibility and adequate internal control mechanisms …” „… , including sound administrative and accounting procedures, which prevent any disclosure of confidential …”

Article 59 Notification of ESMA decisions relating to registration S. 1660-1661

„… management conflicts of interest; the information technology resources; and the transparency about access …” „… the compliance of the trade repository with Articles 78 to 81 and shall adopt a fully reasoned …” „… shall take effect on the fifth working day following its adoption. Article 59 Notification of ESMA …”

Article 6 Authorisation requirement for management company S. 1327-1328

„… their core business and mitigates conflicts of interests. Therefore, UCITS management companies tend to …” „… Article 6 Authorisation requirement for management company 1. Access to the business of management …” „… companies shall be subject to prior authorisation to be granted by the competent authorities of the …”

Article 23 Registered office, qualification and organisation of depositary S. 1359-1360

„… administrative arrangements with a view to taking all reasonable steps designed to prevent conflicts of interest …” „… II. Level 2 and 3 measures Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 …” „… supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of …”

Article 14 S. 1709-1710

„… 187; Paech P, ‘Close-Out Netting, Insolvency Law and Conflict-of-Laws’ (2014) 14 Journal of Corporate …” „… treatment of the validity and enforceability of security interests. Cross-border transactions were …” „… , according to a recently published document there are still some problems in determining the location of the …”

Article 18 General principles S. 1498-1499

„… of interest are mitigated and that undue influence upon the employees is prevented. The depositary …” „… met in case of investments in securitisations. These include both due diligence requirements to be met …” „… Art 17 and the related provisions of the AIFMD Level 2 Regulation apply to securitisations issued on …”

Article 59 Exemption procedure regarding feeder’s investments into master S. 1398-1399

„… countermeasures against conflicts of interests resulting from this overlap function. II. Overview While most …” „… investment fund products are preferred by investors or are sold preferably. The rationale of Arts 58-67 of …” „… UCITSD is that larger overall structures benefit from economies of scale to a greater extent than …”

Article 3 Exclusions from the scope S. 1323-1324

„… Liquidity risk. In accordance with first paragraph of Art 3 of Commission Directive 2010/43/EU …” „… , liquidated or closed at limited cost in an adequately short time frame and that the ability of the UCITS to …” „… comply at any time with Art 84(1) of UCITSD is thereby compromised. Market risk. In accordance with first …”

Article 63 Additional disclosures to investors and feeder’s competent authority S. 1404-1405

„… mandatory disclosures, i.e. they shall voluntarily accept the downsides (conflicts of interests) and …” „… addition to the information provided for in Schedule A of Annex I, the prospectus of the feeder UCITS …” „… contains the following information: (a) a declaration that the feeder UCITS is a feeder of a particular …”

Article 67 Designation of competent authorities S. 357-358

„… a manner as to avoid conflict of interest and so that information obtained from carrying out the …” „… of incorrect data have the potential to cause significant harm. For this reason, providers of such …” „… on Level 2.38 Any outsourcing of these functions is subject to a number of regulatory conditions.39 …”

Article 61 Request for information S. 1661-1662

„… staff employed in risk and control functions; the policies and procedures to management conflicts of …” „… application should identify the activity the applicant intends to carry out; the ownership of the trade …” „… interest; the information technology resources; and the transparency about access rules and compliance …”

Article 6 Scope of authorisation S. 37-38

„… services only could create new conflicts of interest on the side of the intermediary unforeseen by the …” „… Article 6 Scope of authorisation 1. The home Member State shall ensure that the authorisation …” „… authorisation may cover one or more of the ancillary services set out in Section B of Annex I. Authorisation …”

Article 21 Host member state supervision in case of a branch S. 1350-1353

„… Member State may, in emergencies, take any precautionary measures necessary to protect the interests of …” „… Article 21 Host member state supervision in case of a branch 1. A management company’s host Member …” „… authorities of that host Member State. 2. A management company’s host Member State may require management …”

Article 10 Disclosure and presentation of credit ratings S. 1277-1280

„… rating views, conflicts of interest and reports to ESMA and the rating platform see Moloney, EU …” „… ratings cannot be outsourced. As ESMA states in its 2017 annual report, there is a great deal of interest …” „… established by ESMA, are not impaired. In particular, key business areas that are relevant to the creation of …”

Article 2 a Equivalence decisions for the purposes of the definition of OTC derivatives S. 1578-1579

„… that raises a conflict of interests regarding the CCP concerned or its controlling shareholders, its …” „… tions regarding aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which …” „… makes it possible to exercise a significant influence over the management of the CCP or trade repository …”

Article 11 General and periodic disclosures S. 1280-1281

„… the agency is registered in accordance with the CRA Regulation, any potential conflicts of interest it …” „… Part III of the same section. Thus, sovereign ratings and related rating outlooks may be published …” „… “after the close of business hours of regulated markets and at least one hour before their opening”,17 in …”

Article 41 Granting of the authorisation S. 240-242

„… 23 MiFID (Conflicts of interest). 1. 2. 3. 4. 1. 2. Title II Authorisation and operating conditions …” „… I. General features Purpose Art 40 sets out the disclosure requirements of Third Country …” „… that the catalogue to be found therein has been assembled with the input of Member States’ NCAs …”

Article 74 Delegation of tasks by ESMA to competent authorities S. 1670-1672

„… ) organisational requirements or conflicts of interest; (ii) operational requirements; (iii) transparency and the …” „… repository concerned, and shall communicate it to the competent authorities of the Member States and to the …” „… shall also make public the right of the trade repository concerned to appeal the decision, the fact …”

Article 64 Organisational requirements S. 347-349

„… conflicts of interest with its clients. In particular, an APA who is also a market operator or investment …” „… provide other services simultaneously.26 In line with the purpose of the authorisation requirement to …” „… guarantee a high quality of information, the service provider will be continuously monitored. In certain …”

Article 10 Unlawful disclosure of inside information S. 711-718

„… dealing must not be disproportionate to the interests that an insider pursues in the exercise of his or …” „… interests of the whole group). 29 This right is enshrined in the Shareholder Rights Directive, Directive …” „… , which also requires that the increased risk of insider trading is not disproportionate to the interests …”

Article 21 Disclosure or dissemination of information in the media S. 833-835

„… disclosure of conflicts of interest) to the extent of the substantial alteration. The substantially altered …” „… where it can be accessed free of charge.56 Additional arrangements for substantial alterations Where a …” „… requirements set out in Arts 2 to 5 of Delegated Regulation 2016/958 (concerning the objective presentation and …”

Article 5 Requirement for authorisation S. 35-37

„… conflicts of interest on the side of the intermediary unforeseen by the MiFID/MiFIR framework. For that …” „… Regulatory Sandboxes to Smart Regulation’, 23:1 Fordham Journal of Corporate & Financial Law 31-103 …” „… . Introduction to Chapter I Chapter I sets out the conditions and procedures for authorisation of investment …”

Article 2 S. 1684-1691

„… conflict-of-laws problems to improve certainty and predictability as to the applicable law.6 These measures not …” „… participant to transfer the title to, or interest in, a security or securities by means of a book entry on a …” „… office. The applicable law is determined by choice of the parties. This rule avoids conflict-of-law and …”

Article 35 a Civil Liability S. 1294-1301

„… breaches of duty, such as conflicts of interest, organisational errors, errors in the rating process …” „… applicable national law resulting from the conflict of laws provisions. For this purpose, it is appropriate …” „… al colleges of supervisors (i.e. vehicles or bodies which enable supervisory authorities to …”

Article 27 Notification of the acquisition of major holdings and control of non-listed companies S. 1522-1524

„… acquired control; (b) the policy for preventing and managing conflicts of interest, in particular between …” „… control of non-listed companies and issuers. These provisions are particularly – though not exclusively …” „… – relevant for private equity funds. Art 26 determines the scope of these provisions, Art 27-29 contain …”

Article 20 Issuers incorporated in third countries S. 1018-1020

„… obliging the entity in question to act and be organised in such a manner as to avoid conflict of interest …” „… Article 20 Issuers incorporated in third countries 1. The competent authority of the home Member …” „… State of issuers having their registered office in a third country may approve a prospectus for an offer …”

Article 2 Definitions S. 1317-1323

„… Council as regards organisational requirements, conflicts of interest, conduct of business, risk …” „… Article 2 Definitions 1. For the purposes of this Directive the following definitions apply: (a …” „… other provisions laid down in Chapter IV and Section 3 of Chapter V; (b) ‘management company’ means a …”

Article 1 Scope and UCITS definition S. 1304-1317

„… that they are of general application and do not conflict with the provisions of this Directive. I …” „… 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts …” „… of interest, conduct of business, risk management and content of the agreement between a depositary …”

Article 26 Provision of services through the medium of another investment firm S. 193-195

„… particular trading venue or execution venue which would infringe the requirements on conflicts of interest or …” „… periodic review of the arrangements.43 That circumstance is likely to occur where advice is likely to be …” „… needed to rebalance a portfolio. The necessary level of detail required in a suitability statement must …”

Article 7 Conditions for authorisation S. 1328-1331

„… their core business and mitigates conflicts of interests. Therefore, UCITS management companies tend to …” „… II. Commentary Art 6(1) of UCITSD is the core provision for the Directive’s manager regulation …” „… management (as defined in Annex I) is a regulated activity. Art 6(2) of UCITSD ensures that fund management …”

Article 51 Risk management, exposure limits, reliance on credit rating agencies S. 1386-1389

„… Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of …” „… risk of the positions and their contribution to the overall risk profile of the portfolio of a UCITS …” „… agencies as defined in Article 3(1)(b) of Regulation (EC) No 1060/2009 of the European Parliament and of …”

Articles 21 to 25 a S. 1288-1291

„… Regulation; (v) new potential and actual conflicts of interest; (vi) executive minutes, independent opinions …” „… : Commission Delegated Regulation (EU) No 447/2012 of 21 March 2012 supplementing Regulation (EC) No 1060/2009 …” „… of the European Parliament and of the Council on credit rating agencies by laying down regulatory …”

Article 30 Transactions executed with eligible counterparties S. 207-210

„… management of conflicts of interest. 1. 2. Art. 31 MiFID II 1. Security Markets and Services 210 Christoph …” „… acting, and for what firm, to a client before the agent deals with that client (see paragraph 1 of Art …” „… 29(2)). Furthermore, an investment firm must monitor the activities of its tied agents in order to …”

Introduction S. 644-650

„… investment strategy and for disclosure of particular interests or indications of 644 Carsten Gerner-Beuerle 1 …” „… character of Rule 10b-5 and the need to ensure its consistency with the requirements laid conflicts of …” „… decades, the interpretation of concepts such as inside information by the US courts is of interest and …”

Article 24 Competent authorities and their powers S. 1204-1208

„… question to be organised in a manner such that conflicts of interest are avoided and information obtained …” „… under MiFID II,13 from aggregating their holdings with the holdings of their parents in line with …” „… Article 12(4) and (5). This requires that the provisions of Article 12(4) and (5) are fulfilled and that …”

Article 69 Supervisory powers S. 358-362

„… to avoid conflict of interest and so that information obtained from carrying out the delegated tasks …” „… competent authorities of other Member States of any arrangements entered into with regard to delegation of …” „… up-to-date a list of the competent authorities referred to in paragraphs 1 and 2 on its website. Article 68 …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… the interest of legal certainty, as it was felt that a generally applicable definition of ‘extreme low …” „… the interest of investor protection and offered ‘the required immediate transparency to those …” „… authorities having a supervisory interest in terms of market monitoring’.50 Finally, Art 5(4)(c) requires that …”

Article 11 Notification of acquisitions and disposals of qualifying holdings S. 53-58

„… supervising compliance with the MiFID/MiFIR framework if the group is more oriented towards the group interest …” „… the EEA. Such a third country relationship will prompt scrutiny in light of the criteria in Art 9 lit …” „… . d, e Commission Delegated Regulation (EU) 2017/1943 of 14 July 2016 supplementing Directive 2014/65 …”

Article 46 General provisions S. 560-566

„… interests of the EU clients that the provision aims to protect. They would be deprived of the possibility to …” „… clients within the meaning of Section I of Annex II to Directive 2014/65/EU established throughout the …” „… Union without the establishment of a branch where it is registered in the register of third-country …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… proprietary capital. The purpose of the rule is to avoid conflicts of interest between market operators and …” „… potential conflicts of interest, the responsibility assumed by each party and the procedure for the …” „… such as submission, modification or cancellation of an order or an indication of interest, static and …”

Article 6 Inciting, aiding and abetting, and attempt S. 629-637

„… automatically lawful, but the freedom of the press and the interests of the public in being apprised of the …” „… , with the burden of proof on the defendant. This rule is in conflict with the laws of some Member States …” „… demand for, or price of a financial instrument, or a related spot commodity contract, or secures …”

Article 7 Inside information S. 673-692

„… interest and solely in pursuance of the respective policies.12 Article 6(7) states that the exemption does …” „… exempted behaviour must be undertaken in the public interest and exclusively for the purpose of the above …” „… issuer’s legitimate interests.49 The treatment of investment recommendations and other subjective …”

Article 30 Administrative sanctions and other administrative measures S. 852-863

„… responsible person in a public warning may conflict with the presumption of innocence, which applies not only …” „… that person, outbalance the commercial and personal interests of a person in the non-discloses of her …” „… powers of competent authorities under Article 23, Member States shall, in accordance with national law …”

doi.org/10.5771/9783845279893

Bertrand P. Wägenbaur - Court of Justice of the EU

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Bertrand P. Wägenbaur

Court of Justice of the EU

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2013

Results in this title

[Conflict of interest, bias] S. 111-120

„… substantially lower than the number of Judges belonging to therespective formation136.Article 18 [Conflict of …” „… interest, bias](1) No Judge or Advocate General may take part in the disposal of any case inwhich he has …” „… Conduct of the ECJJudges are required to declare their specific financial interests and to make a general …”

[Exclusion of other occupation] S. 91-94

„… of residence), and Art. 18 para. 1 (conflict of interest).79 Art. 47 (2) Statute ECJ.80 Art. 5 of the …” „… greater potential forconflicts of interest arising from the simultaneous holding of judicial and …” „… the deprivation of office and therefore addressesmuch more serious offenses than the conflicts of time …”

[Term in office] S. 94-96

„… addressesmuch more serious offenses than the conflicts of time and (potentially) interestaddressed in this …” „… shall arise on the bench.78 See e.g. Art. 14 (obligation of residence), and Art. 18 para. 1 (conflict of …” „… interest).79 Art. 47 (2) Statute ECJ.80 Art. 5 of the Annex I of the Statute ECJ.Title I. Judges and …”

[Referral for preliminary rulings] S. 139-159

„… contradictory in nature, but thisis not an absolute criterion332, even if it is within the interest of the good …” „… and thus its neutrality with respect to the interests before it.22A tribunal of a Member State does …” „… : 160.00mm 240.00mmbe in the interest of an orderly administration of justice to seek the …”

[Joining cases] S. 705-709

„… other, the principle that all parties having a potential conflict of interest mustbe in a position to …” „… “connection” between the cases,Art. 46 (1) RP CST refers to the “interest of the proper administration of …” „… legitimate interest to challenge measures taken in the interest ofeconomy of proceedings and good …”

[Referring a case to a different formation] S. 709-712

„… other, the principle that all parties having a potential conflict of interest mustbe in a position to …” „… 2 9.1.580; Page size: 160.00mm 240.00mmprotection of confidential information678. By definition …” „… , this provision does notapply if the parties are the same in all of the joined cases.19 2. Access to …”

[Applicable rules of the Statute] S. 267-270

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11b) Interest of the service …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12c) Interest of the applicants …” „… , it may have a bearing on the chances of reaching suchsettlement.b) Interest of the service12 In …”

[Travel and subsistence expenses] S. 765

„… bias such as a conflict of interest, and thus does notcover “any other reason”. In practice this …” „… 2 9.1.580; Page size: 160.00mm 240.00mmArticle 73 [Objecting to a witness or expert]1. If one of …” „… weeksafter service of the order summoning the witness or appointing the expert; thestatement of objection …”

[Objecting to a witness or expert] S. 765

„… bias such as a conflict of interest, and thus does notcover “any other reason”. In practice this …” „… 2 9.1.580; Page size: 160.00mm 240.00mmArticle 73 [Objecting to a witness or expert]1. If one of …” „… weeksafter service of the order summoning the witness or appointing the expert; thestatement of objection …”

[Ability to deliberate] S. 110-111

„… lower than the number of Judges belonging to therespective formation136.Article 18 [Conflict of interest …” „… aforementioned cases of“exceptional importance”.2. Statistics14Percentage of cases sent to respective instances …” „… : 0.01 % (1.01 %)132Article 17 [Ability to deliberate](1) Decisions of the Court of Justice shall be …”

[Letters rogatory] S. 765-766

„… bias such as a conflict of interest, and thus does notcover “any other reason”. In practice this …” „… 2 9.1.580; Page size: 160.00mm 240.00mmArticle 73 [Objecting to a witness or expert]1. If one of …” „… weeksafter service of the order summoning the witness or appointing the expert; thestatement of objection …”

[Perjury] S. 764-765

„… conflict of interest, and thus does notcover “any other reason”. In practice this provision is unlikely to …” „… referred to him (paragraph 4), they must express thisfinding immediately. Any such plea of inadmissibility …” „… raised at the stage of the oralhearing is too late and thus inadmissible952.Article 71 [Oath]1. The …”

[Appeal] S. 228-235

„… “directly affects” them. Itseems logical to require them to produce more proof of direct interest than the …” „… the interest of the correctinterpretation and application of EU law805.c) Excluded field22 This …” „… , their will or interest could nevertheless prevail overthe will of the main parties at first instance. A …”

[Revocation] S. 587-589

„… , the GC has a purelyadvisory function, in order to rule out any situation of conflict of interest. The …” „… , after he has ceased to holdoffice, of certain appointments and benefits.I. General1 At the ECJ the …” „… refer explicitly to EU law. It does soonly indirectly, since the “duty” of the Judges consists of …”

[Immunity] S. 88-91

„… conflict of interest).70 Art. 6 Statute ECJ.Title I. Judges and Advocates General Art. 3 Stat13Reemers …” „… 08:12:483B2 9.1.580; Page size: 160.00mm 240.00mmb) Scope8The secrecy of deliberations applies to all cases …” „… not only well advised toshow a high degree of restraint with respect to all professional matters in …”

Index S. 980-997

„… seq.– Waiver RP ECJ 45 RP GC 40 seeExclusion of representativesImpartiality– Conflicts of interest …” „… – Civil Service Tribunal Stat Annex I 2– Conflicts of interest Stat 18 1 et seq.– Court of Justice RP ECJ …” „… .– Application RP GC 104 50 et seq.– Balance of interests RP GC 104 56et seq.– Urgency RP GC 104 24 et seq.Index …”

[Oath] S. 85-88

„… conflict of interest).70 Art. 6 Statute ECJ.Title I. Judges and Advocates General Art. 3 Stat13 …” „… 08:12:473B2 9.1.580; Page size: 160.00mm 240.00mmINTERPRETATIONArticle 1 [Legal framework]The Court of …” „… Justice of the European Union shall be constituted and shallfunction in accordance with the provisions of …”

[Referring an action and staying proceedings] S. 223-227

„… mechanismsdesigned to avoid any conflict of jurisdiction. Unfortunately, these mechanisms,designed to ensure legal …” „… raises analogous legal questions. It is equally in the interest ofthe proper administration of justice …” „… specific areas laid down bythe Statute.II. Rules of Procedure (paragraph 2)1. Rules of Procedure3 The first …”

Titelei/Inhaltsverzeichnis S. 1-75

„… ] .............................................................................................. 35Article 18 [Conflict of interest, bias …” „… institutions to natural and moral persons, each of whom has theirown, sometimes very antagonistic, interests …” „… WägenbaurC.H. Beck . Hart . NomosCourt of Justice of the EU – Statute and Rules of Procedure …”

doi.org/10.5771/9783845259079

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Norman Eisen

Overcoming Trumpery

2022

Results in this title

Other Federal Conflicts of Interest and Their Enforcement S. 64-120

„… each recommendation and its aim is easy enough to understand.Reducing Conflicts of InterestWhen …” „… months could pass before anyone begins reviewing their assets for potential conflicts of interest.The …” „… practices law.142Prohibiting Congressional Conflicts of InterestTrump’s flouting of laws and norms was a …”

President Trump's Abuse of Office S. 29-63

„… be required to report promptly to Congress.34Trump’s Conflicts of InterestBy one calculation …” „… enrich the president at the expense of the public interest.Conflicts of Interest RecommendationTo ensure …” „… profiteer-ing and conflicts of interest.1 From the outset of his administration, Trump is alleged to have …”

Index S. 357-0

„… , 29–63, 66, 148, 263. See also Conflicts of interest; Hatch Act of 1939; Nepotism …” „… , 155, 156; of purchase or sale of business entities, 101; violations of, 128, 158Conflicts of interest …” „… Trump, 6–7, 29, 34, 65–66, 342. See also RecusalsCongress: conflicts of interest in, 99–101; DOJ …”

Introduction: From Nixon to Trump and Beyond S. 1-28

„… Conflicts of Interest—Jared Kushner and Ivanka Trump,” CREW, April 25, 2017, www .cit i zens for eth ics …” „… interests in the Trump Organization gave rise to more than 3,400 conflicts of inter-est.41 His retention of …” „… Beyondassuage concerns about continuing conflicts of interest that could threaten the security of the United …”

Preface

„… Recommendation 32Trump’s Conflicts of Interest 34Conflicts of Interest Recommendation 34Trump’s $400 Million–Plus …” „… Abuse of the White House and National Parks 47 2 Other Federal Conflicts of Interest and Their …” „… Enforcement 64WALTER M. SHAUB JR.Reducing Conflicts of Interest 66Review of Agency Head Financial Disclosure …”

Restoring the Rule of Law through Department of Justice Reform S. 121-177

„… the interests of the United States according to the law,”1 This chapter is partially adapted from the …” „… governance at home, but also damages U.S. national security interests in the domain of foreign relations. The …” „… of Armed Conflict (LOAC).54 Such distortions of law impact na-tional security for the worse. The …”

Conclusion: A Cure for Trumpery S. 341-356

„… not have conflicts of interest.11 This statement not only put him at odds with long- standing …” „… presidential tax returns; and ensure the president is covered by the criminal conflict of interest law and …” „… “senior em-ployees” whose authority poses heightened risks of conflicts of interests.14 Congress can …”

The Role of Transparency in Repairing Democracy S. 255-271

„… of cases where the need for secrecy overwhelmingly outweighs the public interest.31 Agencies must …” „… review track under Mandatory Declassification Review for records of significant current public interest …” „… 2557The Role of Transparency in Repairing DemocracyANNE WEISMANNThe actions of the Trump …”

Renewing U.S. Leadership on International Ethics and Rule of Law S. 326-340

„… “America First” approach was character-ized by “a lack of interest in or concern about violations of …” „… , conflict, corrup-tion, and authoritarianism— all varying facets of the “resource curse” or the “paradox of …” „… 32610Renewing U.S. Leadership on International Ethics and Rule of LawJOSEPH FOTI | NORMAN EISENThe …”

Restoring Congressional Oversight Authority over the Executive Branch S. 272-296

„… transparency as to other pardons posing material conflicts of interest— for instance, investigations of other …” „… GALLIHERThe Trump presidency simultaneously laid bare both the centrality of gov-ernment checks and balances …” „… in the preservation of the rule of law, and the American system’s urgent need for scaffolding …”

doi.org/10.5771/9780815739685

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Thomas Brändle

Selection of Public Servants into Politics

Series: Neue Studien zur Politischen Ökonomie

Volume 12 2013

Results in this title

The trade-off between conflicts of interest and competence S. 47-49

„… conflicts of interest and competenceWe differentiate between two channels through which rules of …” „… conflicts of interest for public servants assuming a parliamentary seat. Theincompatibility rule can thus be …” „… considered an (ex-ante) sanctioning device. Second,the same rules reduce conflicts of interest through their …”

Political selection of public servants S. 102-103

„… conflicts of interest. Conflicts of interestoccur due to the personal unions and affiliations that are …” „… facing this conflict of interest may subject public sector employment decisions to less scrutiny or …” „… particular might take place.For the ministerial bureaucracy, the conflicts of interest are immanent. In the …”

Data S. 103-105

„… interest. Conflicts of interestoccur due to the personal unions and affiliations that are formed between …” „… conflict of interest may subject public sector employment decisions to less scrutiny or promote selective …” „… place.For the ministerial bureaucracy, the conflicts of interest are immanent. In the case ofpersonal unions …”

Introduction S. 13-16

„… conflict of interest as immanent as it involves a sovereign area of governmentactivity. However, public …” „… concerns aboutthe conflicts of interest and the politicization of the public service, in many …” „… provisionsthat primarily aim to inhibit conflicts of interest; i.e., the different regimes that definethe …”

Lawyers in politics S. 29-31

„… running for political office and deter candidates that face substantial conflicts of interest,as is the …” „… further attention is conflicts of interest. With (high)outside earnings, politicians face not only a …” „… conflict of time but also a conflict of interest. On the one hand, citizens desire politicians with …”

Introduction S. 35-36

„… aim to prevent inherent conflicts of interest. These ruleseither specify the incompatibility of a …” „… representation. In particular, we study legal provisions that primarilyaim to inhibit conflicts of interest; i.e …” „… pursued in order to reduce conflicts of interest and prevent the abuse36 …”

Public servants as legislators S. 81-82

„… contributes to a continuous monitoring ofgovernment behavior.Conflict of interest in parliamentary …” „… oversightPublic servants face a conflict of interest due to their double role in public service andin parliament …” „… conflict of interest counteracts the cost advantage in monitoring.However, other conflicts of interest …”

Discussion S. 31-34

„… further attention is conflicts of interest. With (high)outside earnings, politicians face not only a …” „… conflict of time but also a conflict of interest. On the one hand, citizens desire politicians with …” „… disclosure.Conflicts of interest due to outside earnings are more imminent and severe than thosedue to post-office …”

A short recapitulation of (in)compatibility regimes S. 36-38

„… particular, we study legal provisions that primarilyaim to inhibit conflicts of interest; i.e., the different …” „… pursued in order to reduce conflicts of interest and prevent the abuse36of sovereign authority …” „… alleviation of inherent (intrapersonal)conflicts of interest is the degree of compatibility of employment in …”

Additional determinants of parliamentary oversight S. 82-84

„… conflict of interest counteracts the cost advantage in monitoring.However, other conflicts of interest …” „… relatively more independent of special interests. Other parliamentarians (e.g., employees of large firms …” „… number of parties might reflect the diversity of social interests represented in parliament. More …”

Incentives for parliamentary oversight S. 80-81

„… political office, it contributes to a continuous monitoring ofgovernment behavior.Conflict of interest in …” „… parliamentary oversightPublic servants face a conflict of interest due to their double role in public service …” „… costs of producing public services (Niskanen 1971). Inparticular, the lack of organizational structure …”

Concluding remarks S. 53-54

„… political mandate is one suchinstitution. It is introduced in various forms to prevent conflicts of interest …” „… citizens who seek to abuse their political power for private interests.Some outcome observations from the …” „… 5 Concluding remarksIn this chapter, we adopt a more person-centered view of the political process …”

Ineligibility and incompatibility of public service with a parliamentary mandate S. 57-58

„… the intrapersonal conflicts of interest but alsolimits the pool from which competent and honest people …” „… themaccountable for their decisions.(Intra-personal) interlinkages of interests and the attractiveness of a …” „… selection of public servants as candidates for political offices. Second, the roleof public servants as …”

Introduction S. 77-79

„… parliament compromise the principle of the (personal) separation ofpowers and thus face a conflict of …” „… background as an important determinant of economic interests and controlcosts. Fourth, we take into account …” „… argue that the selection of public servants into legislatures is of particular interestfor understanding …”

Titelei/Inhaltsverzeichnis S. 2-12

„… Results 414 Consequences for political outcomes 474.1 The trade-off between conflicts of interest and …” „… . Of particular interest was whether differences in the representation of public servants in parliament …” „… 13:04Thomas Brändle2.AuflageAn Economic Analysis of Its Causes and ConsequencesSelection of Public …”

Empirical analysis S. 49-53

„… political mandate is one suchinstitution. It is introduced in various forms to prevent conflicts of interest …” „… citizens who seek to abuse their political power for private interests.Some outcome observations from the …” „… torate might consequently help to align interests between principals and agents. Oneeffect might be …”

Summary S. 115-117

„… legislative mandate. This institution has been primarily introduced toinhibit conflicts of interest and …” „… politicaloutcomes. On the one hand, there is the concern that the conflicts of interest which reston the personal …” „… costs. Public servants in parliamentface a conflict of interest but also have lower control costs due to …”

Results S. 41-47

„… Consequences for political outcomes4.1 The trade-off between conflicts of interest and competenceWe …” „… mandate. This constraint reduces intrapersonal conflicts of interest for public servants assuming a …” „… same rules reduce conflicts of interest through their effect on political selection. Asargued above …”

Implications for constitutional choice S. 117-119

„… number of submitted parliamentary interpellations. Overall, thepossible conflicts of interest do not …” „… immanent conflicts of interest. Jurisdictions applying an ineligibility rule reduce agency problems either …” „… employment. We test thehypothesis that the private economic interests of public servants elected to …”

Introduction S. 55-57

„… theconstitutionally proposed (party-)political neutrality of the public service and generatea conflict of interest …” „… separation not onlyreduces agency problems arising from the intrapersonal conflicts of interest but …” „… ) interlinkages of interests and the attractiveness of a parliamentarymandate are most curtailed when public …”

Introduction S. 99-100

„… . Public servantsin parliament compromise the separation of powers and thus face a conflict of interest …” „… employment in the ministerial bureaucracy. Senior government officials are of particular interest since they …” „… bureaucracy is mandated to draft law and it is responsible for the implementation of law and thus coordinates …”

Political patronage S. 101-102

„… aligns the interests of the government and the ministerial bureaucracy. Publicgoods and services can thus …” „… interests conflicts with the principles ofpreserving a politically independent public bureaucracy that is …” „… choice. Left-winggovernments are expected to pursue a policy reflecting the preferences of their …”

Political partisanship S. 100-101

„… reducing asymmetric information and aligns the interests of the government and the ministerial bureaucracy …” „… with partisan interests conflicts with the principles ofpreserving a politically independent public …” „… ment is in place. We find some evidence for the impact of changes in the composition ofgovernments …”

Concluding remarks S. 97-98

„… principals that supervise the public service in parliament generates a conflict of interest compromising …” „… hypotheses.Based on our theoretical framework, one could further think of an interaction betweenthe proposed …” „… incentive to take advantage of their specific skillsand information for parliamentary oversight if they are …”

Results S. 89-97

„… parliament generates a conflict of interest compromising their incentives for parliamentaryoversight despite …” „… results are presented in several steps. We start with an overview of the partial correlations between the …” „… on minor interpellations. Our theoreticalconsiderations fit the use of this instrument best as minor …”

doi.org/10.5771/9783845246437

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