Filter results

Results (14799)

Sort by:

Select all Select all

Page 1

Marc Bungenberg, Jörn Griebel, Stephan Hobe, August Reinisch - International Investment Law

No access

Select

Marc Bungenberg (ed.), Jörn Griebel (ed.), Stephan Hobe (ed.), August Reinisch (ed.)

International Investment Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2015

Results in this title

Markus Perkams B. Protection for Legal Persons S. 638-652

„… B. Protection for Legal Persons Markus Perkams 1. Introduction …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2. The Term Legal Person …” „… also legal persons1 as investors. The definition of legal persons as investors is normally short and …”

Rainer Hofmann III. The Protection of Individuals under Public International Law S. 46-63

„… both natural and legal persons.’15 C. Individuals under Contemporary Public International Law Since …” „… 1945, natural (and to some extent also legal) persons have acquired the status of subjects of public …” „… future international law; the focus must be on individuals, i.e. natural and legal persons, as holders of …”

Stephan Wittich II. State Responsibility S. 23-45

„… ), The International Legal System in Quest of Equity and Universality. Liber Amicorum Georges Abi-Saab …” „… can be traced back to a general principle of law common to all, or at least the major, legal sys …” „… - Stephan Wittich 23 1 tems according to which every violation of a legal norm entails the legal …”

Sabine Konrad B. Protection of Investments Owned by States S. 545-554

„… , the Japan–Vietnam BIT defines an ‘investor’ as ‘a legal person or any other entity constituted or …” „… “legal person”, in reference to either Contracting Party, shall be construed to mean any entity having an …” „… Russian investor as ‘any legal person, constituted or established according to the legislation in force in …”

Stephan Wittich V. Investment Arbitration: Remedies S. 1391-1430

„… immovable property seized from any natural or legal person for purposes of construction of the wall in the …” „… Remarks Given the decentralised nature of the international legal system with its lack of compulsory …” „… remedies are the judicial relief which a legal system provides for the enforcement of substantive rights …”

Monique Sasson III. Investment Arbitration: Procedure S. 1288-1372

„… Seat or Legal Place of Arbitration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 4 …” „… arbitration. – Dispute is depoliticised and subject to objective legal criteria: this feature of investment …” „… distinguished or by applying subjective legal criteria; it simply suggests that application of national law in a …”

James Crawford, Simon Olleson III. The Application of the Rules of State Responsibility S. 411-441

„… involve legal consequences in the relations between the State responsible for that act and persons or …” „… ownership of all State property not belonging to other legal persons forming part of the State: see Eureko …” „… to any person or entity other than a State.’ This is explained in the Introductory Commentary to Part …”

Giorgio Sacerdoti, Matilde Recanati XIII. Approaches to Investment Protection outside of Specific International Investment Agreements and Investor-State Settlement S. 1839-1862

„… or legal Italian persons directly; so that the Italian nationality of the shareholders of these …” „… permitting claims by ‘legal persons of a contracting state did not strictly mention nationality and expressed …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 3. Relevant Legal Issues …”

Jan Asmus Bischoff, Richard Happ A. The Notion of Investment S. 495-544

„… ; Pierre Lalive, ‘The First “World Bank” Arbitration (Holiday Inns v. Morocco), Some Legal Problems’ (1980 …” „… ICSID Convention,2 an investor who has suffered harm is entitled to seek legal redress before an ICSID …” „… .4 The term ‘investment’ as a legal term seems to have received its significance only after the …”

Richard Happ A. The Energy Charter Treaty S. 240-260

„… legal infrastructure for the protection of these investments. What is more, transporting any oil and gas …” „… Europe. It thus was considered necessary to create a legal framework allowing for transit of oil and gas …” „… create a legal framework which will promote long-term co-operation in the energy field, ‘based on …”

Michael Hahn I. WTO Rules and Obligations Related to Investment S. 653-670

„… Munin, Legal Guide to GATS (Kluwer, 2010); Andrew Paul Newcombe and Lluís Paradell, Law and Practice of …” „… http://www.wto.org/english/docs_e/legal_e/havana_e.pdf. 2 Cf. Art. 12 of the Havana Charter on International Investment for Economic Development and …” „… place to turn to for finding legal rules concerning investment protection and regulation. Or so one …”

Index S. 1913-1952

„… E 19 – indirect obligations Chapter 13 IX 15 – legal persons Chapter 6 III B 1 – mailbox companies …” „… legal persons Chapter 2 III 12; Chapter 6 III B 1 – abuse of rights Chapter 6 III B 24 – abusive …” „… – of convenience Chapter 6 III A 35 – of legal persons Chapter 2 III 40 – planning Chapter 6 II G 10 …”

Michael Hahn II. EU Rules and Obligations Related to Investment S. 671-684

„… II. EU Rules and Obligations Related to Investment Michael Hahn A. The EU Legal Order and …” „… (eds), The Evolution of EU Law (Oxford University Press, 2011) 547–574. A. The EU Legal Order and …” „… respective domestic legal orders: Art. 288 of the Treaty on the Functioning of the European Union (TFEU …”

Karl-Heinz Böckstiegel I. The Future of International Investment Law – Substantive Protection and Dispute Settlement S. 1863-1872

„… fundamental and a most relevant part of the international legal and economic order. While these BITs, by …” „… qualification for that function. The result is that ICSID considers that many of the persons on its list cannot …” „… the PCA where we always felt we owe the parties an appointment of a person with sufficient proven …”

Irmgard Marboe I. The System of Reparation and Questions of Terminology S. 1031-1044

„… Remedies are at the centre of any legal system properly called, ubi remedium ibi ius.1 This is particularly …” „… evidentiary challenges and, most importantly, confusion over the applicable legal and economic terms and …” „… money to repair injury or damage, the underlying legal concepts vary. As the German–American Claims …”

Chester Brown I. The Evolution of the Regime of International Investment Agreements: History, Economics and Politics S. 153-185

„… .115 It also included an alien who held shares or an analogous interest in a legal person, and who …” „… suffered an injury to that interest through, e.g., the dissolution of that legal person.116 Article 21 …” „… Article 14, such as injuries sustained in activities involving a high degree of risk.119 A legal person …”

Sabine Konrad C. Protection for Non-Profit Organisations S. 555-565

„… Catholic Church or of recognised legal canonical persons and which are an integral part of the cultural …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Literature: Paul Bater, The Tax Treatment of NGOs: Legal, Fiscal, and Ethical Standards for …” „… NGO’s to seek recourse.10 Over the last 50 years, a legal framework to protect and promote foreign …”

Patrick Dumberry VII. Moral Damages S. 1130-1141

„… recognised that [a] legal person (as opposed to a natural one) may be awarded moral damages, including loss …” „… and Elisa Freiburg, ‘Moral Damages in International Investment Disputes: on the Search for a Legal …” „… , pain and suffering, as well as the affront to sensibilities associated with an intrusion on the person …”

Gabriel Bottini, Veronica Lavista, Mariana Lozza E. MERCOSUR and CAFTA S. 326-341

„… , 2010). The purpose of this chapter is to describe the legal developments relating to foreign …” „… designing and implementing mutually supportive actions in the political and legal arenas. The declaration …” „… unjustified or discriminatory measures and ‘full legal protection’ are established in Article 3.20 The …”

Catharine Titi IX. International Investment Law and Good Governance S. 1768-1783

„… governance in a legal context, and this is that good governance is essentially not a legal concept.2 It is a …” „… whether a precise legal meaning may be attributed to it. But, especially in light of international …” „… transparency requirement on both host and home States, given that their respective legal frameworks matter for …”

Christian Tietje XI. Investment Law and Sovereign Wealth Funds S. 1802-1816

„… investment treaties in order to grant to private individuals (natural or legal person) equal footing …” „… does not have, under domestic law, a legal personality as a juridical person and is thus not separated …” „… three areas: (A) Legal Framework, Objectives, and Coordination with Macroeconomic Policies; (B …”

Ursula Kriebaum VIII. Expropriation S. 959-1030

„… . Brueschke, The Iran-United States Claims Tribunal (Martinus Nijhoff, 1998); Ian Brownlie, ‘Legal Status of …” „… , Legal Aspects of Political Risk (Oceana Publications, 1997); James Crawford, The International Law …” „… , 1995); Rudolf Dolzer, Eigentum, Enteignung 1 This contribution is based, in part, on a legal opinion …”

Borzu Sabahi, Kabir Duggal, Nicholas Birch VI. Limits on Compensation for Internationally Wrongful Acts S. 1115-1129

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2. Legal Causation …” „… , both factual and legal. Next, the effects on compensation of a claimant’s contributory fault or failure …” „… The determination of the proximity has both factual and legal aspects.13 Factual Causation and Burden …”

Pierre-Marie Dupuy, Jorge E. Viñuales VIII. Human Rights and Investment Disciplines: Integration in Progress S. 1739-1767

„… can be individuals, international investment law deals mostly with investors envisaged as legal …” „… persons, not individuals, the investor being in most cases a private corporation. Moreover, some human …” „… by the State hosting the investment.3 Yet, the legal concept and the economic reality of property is …”

Morris Besch II. Typical Questions Arising within Negotiations S. 93-152

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 (2) Selection of General Legal Principles . . . . . . . . . . . . . . . . . . . . . . . . 17 (3 …” „… ) Restriction of Stabilisation to Specific Legal Areas . . . . . . . . . . 58 (3) Stabilisation of the …” „… . Legal Effects of Stabilisation Clauses …”

Lucy F. Reed, Jonathan E. Davis A. Who is a Protected Investor? S. 614-637

„… ’ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3. Natural Persons as Protected Investors …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 a) The Scope of Protection of Natural Persons under International Investment Agreements …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 b) Standards for Determining Jurisdiction Ratione Personae for Natural Persons …”

Anne K. Hoffmann G. Denial of Benefits S. 598-613

„… if persons of a non-Party own or control the enterprise and the denying Party: 2. 1 For example, the …” „… maintains measures with respect to the non-Party or a person of the non-Party that prohibit transactions …” „… persons of a non-Party, or if the denying Party, own or control the enterprise.6 Hence, both US Model BITs …”

Ralph Alexander Lorz II. Protection and Security (Including the NAFTA Approach) S. 764-789

„… ) The Real Issue: Guarantee of a Stable Legal Environment?. . . . . 53 D. Relationship of ‘Protection …” „… attacks on persons and to punish the perpetrators of such attacks.14 Consequently, cases dealing with …” „… PSEG v. Turkey award speaks of ‘the physical safety of persons and installations’.56 And the Suez v …”

Stephan Hobe I. The Development of the Law of Aliens and the Emergence of General Principles of Protection under Public International Law Stephan HobeThe Development of the Law of Aliens S. 6-22

„… those rules that grant a certain standard of protection to foreign legal and natural persons vis-à-vis …” „… tribute to the situation of investors but followed in the legal assessment in a much more general way the …” „… the responsibility of States for damage done in their territory to the person or property of …”

Karsten Nowrot Chapter 10: Obligations of Investors S. 1154-1185

„… impose any direct legal responsibilities on investors under international law. In light of these findings …” „… or involuntarily been entangled in a web of legal obligations, e.g. towards their private contractors …” „… law, it is useful to distinguish between the just mentioned conventional ‘private’ legal obligations …”

Kaj Hobér, Joshua Fellenbaum I. Political Risk Insurance and Investment Treaty Protection S. 1517-1551

„… investments abroad for natural or legal persons residing in Poland.130 The investments eligible for insurances …” „… Stephan Kinsella, Protecting Foreign Investment under International Law. Legal Aspects of Political Risk …” „… interesting for investors, they also, typically, present the greatest amount of risk due to unstable legal …”

Armand de Mestral III. Pre-Entry Obligations under International Law S. 685-699

„… (OECD, 2012) at Arts. 1 and 2 (OECD Code of Liberalisation). 6 The World Bank Group, Legal Framework for …” „… professional persons and corporations. As such, it constitutes one of the essential economic freedoms which …” „… well have legal significance, but use of such expressions is generally a signal that no preentry …”

Michael Waibel II. Investment Arbitration: Jurisdiction and Admissibility S. 1212-1287

„… , the existence of a legal dispute – a present disagreement between the parties on law or fact, or …” „… arbitration, access to impartial fora is seen as essential to the realisation of the substantive legal …” „… Life and Death of BITs: Legal Issues Concerning Survival Clauses and the Termination of Investment …”

Jan K. Schäfer I. Alternatives to Investment Arbitration S. 1186-1211

„… have recourse to mediation can rely on a predictable legal framework, it is necessary to introduce …” „… successfully applied, could relieve an investor of the need to pay substantial legal fees on dispute resolution …” „… person dealing with the dispute at the investor’s end. In addition, some investors submit information on …”

Anthony Sinclair VII. Umbrella Clause S. 887-958

„… between International and Domestic Legal Orders 66 a) The Existence of the Protected Obligation …” „… shall create and maintain in its territory a legal framework apt to guarantee to investors the …” „… continuity of legal treatment, including the compliance, in good faith, of all undertakings assumed with …”

Christina Binder IV. Circumstances Precluding Wrongfulness S. 442-480

„… case10 as well as in the Israel Security Wall opinion.11 Legal doctrine generally affirms the existence …” „… international law.’ Legal Consequences of the Construction of a Wall in the Occupied Palestinian Territory, ICJ …” „… that ‘the Treaty itself did not deal with the legal elements necessary for the legitimate invocation of …”

Arno Gildemeister V. Investment Law and Taxation S. 1677-1691

„… rights and obligations that are applicable to legal or natural persons who are within the reach of a host …” „… natural resources industry: legal and policy analysis in the light of modern investment treaties’ in …” „… to submit the exercise of its taxation powers to the scrutiny of a ‘private’ legal process, and …”

Stephan W. Schill XII. Multilateralization: An Ordering Paradigm for International Investment Law S. 1817-1838

„… , and as a single international legal discipline? While the first perspective understands international …” „… as an ‘unstructured process of privatised legal entrepreneurship’,2 Stephan W. Schill 1817 1 2 the …” „… uniform legal field and discipline.3 These two perspectives illustrate the competing ordering paradigms …”

August Reinisch IV. Most Favoured Nation Treatment S. 807-845

„… . The ‘Basic Treaty’ as the Legal Basis of MFN Treatment . . . . . . . . . . 14 4. The Temporal Scope of …” „… Round of Multilateral Trade Negotiations: Legal and Economic Problems (Kluwer Law and Taxation, 1988 …” „… juridical persons, their personal rights and obligations, international taxation or the protection of …”

Irmgard Marboe III. Valuation in Cases of Expropriation S. 1057-1081

„… they applied, and render a decision which is in conformity with both the legal requirements and …” „… the form of another State act or a combination of acts that deprive private persons of their property …” „… so that the legal consequences, including the standard of compensation, are the same. However, there …”

Joachim Steffens II. Excursus: German Political Risk Insurance S. 1552-1568

„… , stable exchange rates, and reliable legal frameworks. Covering foreign business was a crucial success …” „… countries generally had underdeveloped legal frameworks with inadequate legal protection for foreign …” „… shift to a market system. Following the development of more secure legal protection, German investors …”

Andrea K. Bjorklund B. NAFTA’s Contributions to Investor-State Dispute Settlement S. 261-282

„… contains legal obligations that are open textured or that have not been tested in practice. Yet fundamental …” „… all cases involving similar factual and legal issues avoids the possibility of inconsistent decisions …” „… disclose to other persons in connection with the arbitral proceedings such unredacted documents as they …”

Marc Bungenberg, Stephan Hobe II. The Relationship of International Investment Law and European Union Law S. 1602-1628

„… post-establishment phase for both natural and legal persons, as well as consent to State-to-State dispute settlement …” „… arbitrations between legal persons and States. And the European Court of Justice has given several indications …” „… legal basis of the EU CCP seemed necessary. The comments of the Secretariat of the European Convention …”

Jorge E. Viñuales VII. Investment Law and Sustainable Development: The Environment breaks into Investment Disputes S. 1714-1738

„… protection from a legal perspective. Given the focus of the present volume, the chapter is intended for an …” „… . Multilateral measures call for a different legal treatment (as it raises a conflict between two norms of …” „… ‘extraneous’ considerations. Yet, investment schemes are subject to a wide array of legal rules at different …”

Vivienne Bath, Luke Nottage C. The ASEAN Comprehensive Investment Agreement and ‘ASEAN Plus’ – The Australia–New Zealand Free Trade Area (AANZFTA) and the PRC–ASEAN Investment Agreement S. 283-303

„… associated with the ‘ASEAN Way’). Political integration and legal harmonisation within ASEAN, let alone the …” „… only deny the benefits of the agreement to an investor that is a juridical person of an ASEAN State but …” „… ACIA Art. 19 (3): ‘A juridical person is (...) (b) “controlled” by an investor if the investor has the …”

Lars Markert, Helene Bubrowski B. National Setting Aside Proceedings in Investment Arbitration S. 1460-1481

„… involve States, on one side, and usually legal entities or relatively sophisticated business persons, on …” „… policies are violated, they will ‘set aside’ an award, thus depriving it of its legal effect in the …” „… parties, through their choice of a place of arbitration, have opted into a national legal system. See …”

August Reinisch IV. The Likely Content of Future EU Investment Agreements S. 1884-1903

„… 159 (‘The jurisdiction of the Centre shall extend to any legal dispute arising directly out of an …” „… sale of goods or services by a natural person or enterprise in the territory of a Party to a natural …” „… person or enterprise in the territory of the other Party, domestic financing of such contracts, or any …”

Burkhard Schöbener IV. Outlook on the Developments in Public International Law and the Law Relating to Aliens S. 64-79

„… ? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 1. State of International Legal Jurisprudence …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 D. The Customary International Legal Applicability of Individual Clauses …” „… advocate Dr. Andrea Schernbeck and legal trainee Mr. Markus Jobst, both of whom have worked at the …”

August Reinisch II. The Interpretation of International Investment Agreements S. 372-410

„… Treaties: 30 Years On (Martinus Nijhoff, 2010); Ole Fauchald, ‘The Legal Reasoning of ICSID Tribunals: An …” „… the legal reasoning of some investment treaty tribunals displays a commercial arbitration pedigree …” „… parties to the BIT had to meet certain legal requirements of the host state in order to qualify as an …”

Marc Jacob, Stephan W. Schill I. Fair and Equitable Treatment: Content, Practice, Method S. 700-763

„… Implications of the Rule of Law Approach . . . . . . . . 126 a) Comparative Analysis of Domestic Legal Systems …” „… . . . . . . . . . . . . . . . . 130 b) Comparative Analysis of Inter- and Supranational Legal Regimes …” „… Equitable Treatment and Stabilization Clause: Stable Legal Environment and Regulatory Change in …”

Ralph Alexander Lorz, Manuel Busch E. Investment in Accordance with the Law – Specifically Corruption S. 577-589

„… Legal Consequences of Corruption’ (2010) 25 ICSID Rev.– FILJ 63–66; Bernardo Cremades, ‘Corruption and …” „… on the Recent ICSID Case Law on Corruption’ (2010) 37 LIEI 61–85; Richard Kreindler, ‘Legal …” „… , resulting in different legal implications. The first difference is that, while adherence to most kinds of …”

Yun-I Kim I. Investment Law and the Individual S. 1585-1601

„… breaches of contract committed by a separate legal person that was not the State.30 Nonetheless, the 4. 25 …” „… unanswered. In any event, it is evident that legal positions for investors exist and that it is solely their …” „… . 7(2)(a) of the Argentine–US BIT was a clarification or acknowledgement of the existing legal situation …”

Irmgard Marboe V. Valuation in Cases of Breach of Contract S. 1103-1114

„… , 1 Irmgard Marboe and August Reinisch, ‘Contracts between States and Foreign Private Law Persons’ in …” „… damage in such cases is a particularly difficult task which involves both legal and economic issues. For …” „… value.6 Instead, it involves complex factual, legal and economic issues which vary from case to case. In …”

Henning Grosse Ruse-Khan VI. Investment Law and Intellectual Property Rights S. 1692-1713

„… Grosse Ruse-Khan, The Protection of Intellectual Property in the International Legal System (Oxford …” „… Ruse-Khan 1 of legal protection, economic theory argues that inventors and creators may be unwilling to …” „… ideas to the public.3 Hence, a legal form of artificial exclusivity which allows recouping investments …”

Andrew Newcombe B. The Americas S. 202-220

„… Charter of Economic Rights and Duties of States.15 A key objective of the US BIT programme was the ‘legal …” „… person in its territory’ (Article 8(1)(f)) is also prohibited. For an exhaustive analysis of US BIT …” „… agreements’41 or ‘legal stability agreements’,42 but a general observance of undertakings clause is not …”

Stefan Kroll VII. Enforcement of Awards S. 1482-1504

„… required functional independence to be treated like any other completely separate legal person …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 1. The Relevant Legal Framework …” „… general legal obligation to do so, such a conduct is due to a number of different factors. These include …”

Titelei/Inhaltsverzeichnis

„… F. Reed and Jonathan E. Davis Protection for Legal Persons …” „… Free Trade Agreement CALS Centre for Applied Legal Studies CAMCA Commercial Arbitration and Mediation …” „… States CJ Court of Justice CJEU Court of Justice of the European Union CLP Current Legal Problems CMIT …”

Carsten Kern VI. Transfer of Funds S. 870-886

„… University Press, 2008); Frederick A. Mann, Legal Aspects of Money (Clarendon Press, 1992); Frederick A. Mann …” „… between currency stability and mobility of capital by providing an international legal framework that …” „… relationship between the IMF Articles and the WTO Agreements see Deborah Siegel, ‘Legal Aspects of the IMF/WTO …”

Irmgard Marboe IV. Valuation in Cases of Breaches of International Law Unrelated to Expropriation S. 1082-1102

„… Marboe 3 4 5 the measure of compensation and not the assessment by an independent third person, such as a …” „… pocket expenses, legal fees and disbursements.13 Similarly, the tribunal in Feldman v. Mexico pointed out …” „… ’ which consisted mainly in costs for legal advice, lobbying, and experts’.86 It did not award an amount …”

Ursula Kriebaum III. Arbitrary/Unreasonable or Discriminatory Measures S. 790-806

„… provided for by the law. This implies that the measure has to have a legal basis in the domestic law that …” „… Protection 800 Ursula Kriebaum 30 31 32 33 34 Provided for by the Law For a number of tribunals the legal …” „… , religion, or disability. 2. Differential treatment; esp. a failure to treat all persons equally when no …”

doi.org/10.5771/9783845258997

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

No access

Select

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

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

Results in this title

Article 9 Sanctions for legal persons S. 637-640

„… punishable by a maximum term of imprisonment of at least two years. Article 8 Liability of legal persons 1 …” „… . Member States shall take the necessary measures to ensure that legal persons can be held liable for …” „… individually or as part of an organ of the legal person, and having a leading position within the legal person …”

Article 8 Liability of legal persons S. 637

„… punishable by a maximum term of imprisonment of at least two years. Article 8 Liability of legal persons 1 …” „… . Member States shall take the necessary measures to ensure that legal persons can be held liable for …” „… individually or as part of an organ of the legal person, and having a leading position within the legal person …”

Article 7 Criminal penalties for natural persons S. 637

„… punishable by a maximum term of imprisonment of at least two years. Article 8 Liability of legal persons 1 …” „… . Member States shall take the necessary measures to ensure that legal persons can be held liable for …” „… individually or as part of an organ of the legal person, and having a leading position within the legal person …”

Article 4 Definitions S. 22-34

„… following definitions apply: (1) ‘investment firm’ means any legal person whose regular occupation or …” „… investment firms undertakings which are not legal persons, provided that: (a) their legal status ensures a …” „… level of protection for third parties’ interests equivalent to that afforded by legal persons; and (b …”

Article 70 Sanctions for infringements S. 362-368

„… other natural or legal persons who, under national law, are responsible for an infringement. 3. Member …” „… legal person and the nature of the infringement in accordance with Article 71; (b) an order requiring …” „… the natural or legal person to cease the conduct and to desist from a repetition of that conduct; (c …”

Article 17 Exemption for market making activities and primary market operations S. 924-929

„… activities of a natural or legal person where, acting as an authorised primary dealer pursuant to an …” „… this Regulation shall not apply to a natural or legal person where it enters into a short sale of a …” „… natural or legal person concerned has notified the competent authority of its home Member State in writing …”

Article 9 Legitimate behaviour S. 705-711

„… from the mere fact that a legal person is or has been in possession of inside information that that …” „… or disposal, where that legal person: (a) has established, implemented and maintained adequate and …” „… influenced the natural person who, on behalf of the legal person, acquired or disposed of financial …”

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

„… legal person, see arts 7-9, paras 1, 7. 2 Moloney, EU Securities and Financial Markets Regulation (3rd …” „… either criminal or non-criminal sanctions on legal persons that do so (Arts 8(1) and 9 of MAD 2014). An …” „… imprisonment of at least two years. Article 8 Liability of legal persons 1. Member States shall take the …”

Article 8 Insider dealing S. 692-705

„… or ought to know that it is inside information. 5. Where the person is a legal person, this Article …” „… the legal person concerned. I. General features …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . 23 c) Legal persons …”

Article 2 Definitions S. 883-888

„… ) in relation to a legal person not referred to in point (i) or (ii), the Member State in which its …” „… ; (n) ‘authorised primary dealer’ means a natural or legal person who has signed an agreement with a …” „… Schmolke 885 particular specifying when a natural or legal person is considered to own a financial …”

Article 28 b Sanctioning powers S. 1219-1222

„… person or the legal entity responsible and the nature of the breach; (b) an order requiring the natural …” „… person or the legal entity responsible to cease the conduct constituting the breach and to desist from …” „… breach; (b) the degree of responsibility of the natural person or legal entity responsible; (c) the …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… ‘under the authority’ of the legal person. Article 8(2), therefore, covers the misconduct of any employee …” „… or agent of the legal person, on the condition that there is a causal link (in the sense of a …” „… legal person from carrying out particular commercial activities, closing establishments used to commit …”

Article 3 Short and long positions S. 888-892

„… transaction is to confer a financial advantage on the natural or legal person entering into that transaction …” „… legal person entering into that transaction in the event of an increase in the price or value of the …” „… entity, shall be determined by the natural or legal person in question acting reasonably having regard to …”

Article 10 Acquisition or disposal of major proportions of voting rights S. 1148-1155

„… of Article 9 shall also apply to a natural person or legal entity to the extent it is entitled to …” „… of them only apply to the extent that the person or legal entity is entitled to acquire, dispose of …” „… scenario is the situation where several persons or legal entities act ‘in concert’. This is further …”

Article 71 Publication of decisions S. 368-371

„… it a legal person from performing its statutory functions, whereas a natural person may still …” „… on annual turnover of a legal person (point (f)), but may be determined by law only when imposed …” „… least 15 [or 2]% of the total annual turnover” of a legal person (see Article 30(2)(j)(i) and (ii) of …”

Article 2 Definitions S. 1104-1114

„… person, or a legal entity governed by private or public law, including a State, whose securities are …” „… are admitted to trading on a regulated market; (e) ‘shareholder’ means any natural person or legal …” „… another natural person or legal entity; (iii) depository receipts, in which case the holder of the …”

Article 12 Restrictions on uncovered short sales in shares S. 910-914

„… Article 12 Restrictions on uncovered short sales in shares 1. A natural or legal person may enter …” „… conditions is fulfilled: (a) the natural or legal person has borrowed the share or has made alternative …” „… provisions resulting in a similar legal effect; (b) the natural or legal person has entered into an agreement …”

Article 28 c Exercise of sanctioning powers S. 1222-1223

„… relates to attributed voting rights held by a third person or legal entity under Article 10. Article 28b(3 …” „… the natural person or legal entity responsible; (c) the financial strength of the natural person or …” „… losses avoided by the natural person or legal entity responsible, in so far as they can be determined; (e …”

Article 62 General investigations S. 1662-1663

„… legal persons or associations having no legal personality, the persons authorised to represent them by …” „… inspection and to record the answers; (d) interview any other natural or legal person who consents to be …” „… legal persons subject to an investigation decision adopted by ESMA and shall have all the powers …”

Article 72 Exercise of supervisory powers and powers to impose sanctions S. 371-373

„… natural or legal person responsible for the infringement; (c) the financial strength of the responsible …” „… natural or legal person, as indicated in particular by the total turnover of the responsible legal person …” „… gained or losses avoided by the responsible natural or legal person, insofar as they can be determined …”

Article 3 Optional exemptions S. 18-22

„… . A systems operator is a natural or legal person that is responsible for the operating and …” „… into account the size, risk profile and legal nature of the persons exempt in accordance with paragraph …” „… ) ‘investment firm’ means any legal person whose regular occupation or business is the provision of one or more …”

Article 61 Request for information S. 1661-1662

„… representatives and, in the case of legal persons or associations having no legal personality, the persons …” „… legal person who consents to be interviewed for the purpose of collecting information relating to the …” „… referred to in Articles 61 to 63 The powers conferred on ESMA or any official of or other person authorised …”

Article 4 Definitions S. 1471-1477

„… Directive 2009/65/EC; (b) ‘AIFMs’ means legal persons whose regular business is managing one or more AIFs …” „… into the AIF; (e) ‘close links’ means a situation in which two or more natural or legal persons are …” „… natural or legal person and an undertaking; for the purposes of this point a subsidiary undertaking of a …”

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

„… of legal persons, maximum administrative pecuniary sanctions of at least: (i) for infringements of …” „… Articles 14 and 15, EUR 15,000,000 or 15 % of the total annual turnover of the legal person according to …” „… , where the legal person is a parent undertaking or a subsidiary undertaking which is required to prepare …”

Article 76 Professional secrecy S. 377-378

„… or legal persons other than competent authorities which receive confidential information pursuant to …” „… natural or legal persons, for the purpose for which such information was provided to them and/or in the …” „… consent of the competent authority or other authority or body or natural or legal person that communicated …”

Article 1 Scope S. 6-10

„… is defined by Art 4(1)(1) MiFID II, see the explanation in → Art 4 mn 4-10. Many of the legal persons …” „… legal persons, and (2) be subject to equivalent prudential requirements. If the natural person is …” „… State of the firm, operator or provider.25 For legal persons, the relevant criterion for identifying the …”

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

„… employment, a profession or duties. This paragraph applies to any natural or legal person in the situations …” „… , unlawful disclosure of inside information arises where a person possesses inside information and discloses …” „… that information to any other person, except where the disclosure is made in the normal exercise of an …”

Article 18 Insider lists S. 799-808

„… a person on the insider list acknowledges in writing the legal and regulatory duties entailed with …” „… reasonable steps to ensure that any person with access to inside information acknowledges the legal and …” „… ‘promptly’. Article 18 Insider lists (1) Issuers or any person acting on their behalf or on their account …”

Article 10 Shareholders and members with qualifying holdings S. 50-53

„… , whether direct or indirect, natural or legal persons, that have qualifying holdings and the amounts of …” „… other natural or legal persons, the competent authority shall grant authorisation only if those links do …” „… third country governing one or more natural or legal persons with which the undertaking has close links …”

Article 2 Definitions S. 1317-1323

„… links’ means a situation in which two or more natural or legal persons are linked by either: (i …” „… legal person and an undertaking; (j) ‘qualifying holding’ means a direct or indirect holding in a …” „… head of those undertakings; (b) situations in which two or more natural or legal persons are …”

Article 23 Powers of competent authorities S. 838-843

„… , to enter the premises of natural and legal persons in order to seize documents and data in any form …” „… authorisation to enter premises of natural and legal persons referred to in point (e) of the first subparagraph …” „… offence. Whether legal persons have a right not to incriminate themselves is still an open and …”

Article 2 Definitions S. 1576-1578

„… : (1) ‘CCP’ means a legal person that interposes itself between the counterparties to the contracts …” „… ; (2) ‘trade repository’ means a legal person that centrally collects and maintains the records of …” „… ’ means a situation in which two or more natural or legal persons are linked by: (a) participation, by way …”

Article 19 Managers’ transactions S. 808-824

„… household for at least one year. The definition also includes a legal person, trust or partnership, whose …” „… associated person) takes part in or influences the decisions of a legal entity other than the issuer to carry …” „… on the board of another legal entity, but where that person does not take part nor influence the …”

Article 63 On-site inspections S. 1663-1664

„… legal persons subject to an investigation decision adopted by ESMA and shall have all the powers …” „… 66, the legal remedies available under Regulation (EU) No 1095/2010 and the right to have the …” „… and of the identity of the authorised persons. Officials of the competent authority concerned shall …”

Article 31 Exercise of supervisory powers and imposition of sanctions S. 863-865

„… of a legal person or the annual income of a natural person; (d) the importance of the profits gained …” „… legal person and point (d) with regard to the profits gained or losses avoided), all the listed …” „… ) the degree of responsibility of the person responsible for the infringement; (c) the financial …”

Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation S. 1366-1369

„… ) where close links exist between the investment company and other natural or legal persons, the competent …” „… one or more natural or legal persons with which the investment company has close links, or …” „… supervision, Recital 7 (“… whereas a financial undertaking which is a legal person must be authorized in the …”

Article 20 Investment recommendations and statistics S. 824-833

„… suggesting an investment strategy. A ‘person’ can be a legal or natural person under Art 3(1)(13), i.e …” „… title of all natural persons involved in the production of the recommendation; (2) the name of a legal …” „… the person or any natural or legal person working for them who was involved in producing the …”

Article 1 Subject matter and scope S. 1711-1720

„… a wide range of persons and entities. This situation, unfortunately, creates legal uncertainties and …” „… improves stability of financial markets by providing a simple, speedy and uniform legal system for …” „… Legal Studies 855, 868, 870. 2 This is the general justification for treating financial collateral under …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… conditions laid down in Article 10, and of the natural person or legal entity entitled to exercise voting …” „… legal person referred to in Article 10, (a) learns of the acquisition or disposal or of the possibility …” „… ) to establish in which cases the shareholder, or the natural person or legal entity referred to in …”

Article 7 Conditions for authorisation S. 1328-1331

„… links exist between the management company and other natural or legal persons, the competent authorities …” „… administrative provisions of a third country governing one or more natural or legal persons with which the …” „… shareholders or members, whether direct or indirect, natural or legal persons, that have qualifying holdings …”

Article 99 Sanctioning powers of competent authorities; minimum sanctions S. 1440-1442

„… such companies; (e) in the case of a legal person, maximum administrative pecuniary sanctions of at …” „… the national currency on 17 September 2014, or 10 % of the total annual turnover of the legal person …” „… according to the last available accounts approved by the management body; where the legal person is a parent …”

Article 5 Requirement for authorisation S. 35-37

„… : (a) any investment firm which is a legal person have its head office in the same Member State as its …” „… registered office; (b) any investment firm which is not a legal person or any investment firm which is a …” „… legal person but under its national law has no registered office, have its head office in the Member …”

Article 5 Notification to competent authorities of significant net short positions in shares S. 895-897

„… Notification to competent authorities of significant net short positions in shares 1. A natural or legal person …” „… . Commentary Article 5(1) SSR requires a natural or legal person that has a net short position in relation to …” „… 918/2012.5 According to Recital 6 SSR, ‘natural and legal persons’ include registered business associations …”

Article 3 Definitions S. 654-657

„… a natural or legal person; (14) ‘commodity’ means a commodity as defined in point (1) of Article 2 …” „… date of the transaction concerned; or (d) a legal person, trust or partnership, the managerial …” „… designated in accordance with Article 22, unless otherwise specified in this Regulation; (13) ‘person’ means …”

Article 2 Definitions S. 1751-1755

„… natural or legal person who holds a payment account and allows a payment order from that payment account …” „… or, where there is no payer’s payment account, a natural or legal person who makes a payment order to …” „… a payee’s payment account; (4) ‘payee’ means a natural or legal person who holds a payment account …”

Article 1 Subject matter and scope S. 1745-1751

„… ’ means a natural or legal person who holds a payment account and allows a payment order from that payment …” „… account or, where there is no payer’s payment account, a natural or legal person who makes a payment order …” „… to a payee’s payment account; (4) ‘payee’ means a natural or legal person who holds a payment account …”

Chapter 1 Organisational requirements S. 1628-1637

„… , natural or legal persons, that have qualifying holdings and of the amounts of those holdings. 2. The …” „… legal persons, the competent authority shall grant authorisation only where those links do not prevent …” „… governing one or more natural or legal persons with which the CCP has close links, or difficulties involved …”

Article 6 Public disclosure of significant net short positions in shares S. 897-899

„… , ‘natural and legal persons’ include registered business associations without legal personality, like the …” „… 1. A natural or legal person who has a net short position in relation to the issued share capital of …” „… . Commentary The disclosure duty imposed by Art 6 SSR applies to natural and legal persons who have a net short …”

Overview of Articles 12-15 S. 908-910

„… sales in shares 1. A natural or legal person may enter into a short sale of a share admitted to trading …” „… person has borrowed the share or has made alternative provisions resulting in a similar legal effect; (b …” „… ) the natural or legal person has entered into an agreement to borrow the share or has another …”

Article 28 Administrative measures and sanctions S. 1216-1219

„… the legal person to notify, within the required time limit, the acquisition or disposal of a major …” „… indicating the natural person or the legal entity responsible and the nature of the breach; (b) an order …” „… requiring the natural person or the legal entity responsible to cease the conduct constituting the breach …”

Article 2 Exemptions S. 10-18

„… by the home Member State of the firm, operator or provider.25 For legal persons, the relevant …” „… Member State of legal persons that have no registered seat under the national law applying to them.28 In …” „… providers Legal persons that are part of a group of companies and provide investment services solely to …”

Article 13 Accepted market practices S. 756-767

„… of this section above in the relevant context. Legal persons, Art 12(4) The prohibition on market …” „… insider dealing regime to legal persons, their agents, and other natural persons acting on behalf of a …” „… legal person.167 Article 13 Accepted market practices 1. The prohibition in Article 15 shall not apply …”

Article 99 a Minimum sanctioning S. 1442-1444

„… management functions in those or in other such companies; (e) in the case of a legal person, maximum …” „… annual turnover of the legal person according to the last available accounts approved by the management …” „… body; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which …”

Article 34 Publication of decisions S. 869-874

„… of the legal person subject to the decision, or of the personal data of a natural person, would be …” „… person cannot be associated with a legal person (or employer) he or she has acted for; if so, “the person …” „… publishing the identity of a legal person or the personal data – including the identity – of a natural person …”

Article 29 S. 1093-1095

„… approved by the management body.4 In excess of this amounts natural persons as well as legal entities may …” „… ; (c) protection of the identity both of the person who reports the infringements and the natural …” „… person who is allegedly responsible for an infringement, at all stages of the procedure unless such …”

Article 9 Method of notification and disclosure S. 903-906

„… 8 shall set out details of the identity of the natural or legal person who holds the relevant …” „… purposes of Articles 5, 6, 7 and 8, natural and legal persons that hold significant net short positions …” „… the trading day on which the natural or legal person holds the relevant position. That time shall …”

Article 27 Authorisation, legal form, registered office S. 1365-1366

„… other natural or legal persons, the competent authorities must grant authorisation only if those close …” „… administrative provisions of a third country governing one or more natural or legal persons with which the …” „… taking up business Article 27 Authorisation, legal form, registered office Access to the business of an …”

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

„… . Commentary ESMA’s competence and effect of registration As stated under Article 55 EMIR, the legal person …” „… adoption of a decision under paragraph 1. I. General features Purpose Trade repositories1 are legal …” „… persons that centrally collect and maintain the records of derivatives, playing a central role in …”

Article 16 Exemption where the principal trading venue is in a third country S. 921-924

„… , 13 and 14 shall not apply to the activities of a natural or legal person where, acting as an …” „… . Articles 5, 6, 12, 13 and 14 of this Regulation shall not apply to a natural or legal person where it …” „… apply only where the natural or legal person concerned has notified the competent authority of its home …”

Article 28 a Breaches S. 1219

„… person or the legal entity responsible and the nature of the breach; (b) an order requiring the natural …” „… person or the legal entity responsible to cease the conduct constituting the breach and to desist from …” „… provisions adopted in transposition of Articles 4, 5, 6, 14 and 16; (b) failure by the natural or the legal …”

Article 28 Limited scope of activities S. 1366

„… ) where close links exist between the investment company and other natural or legal persons, the competent …” „… one or more natural or legal persons with which the investment company has close links, or …” „… Member States shall determine the legal form which an investment company must take. The registered …”

Article 24 S. 1091-1092

„… order suspending the marketing of a PRIIP; (c) a public warning which indicates the person responsible …” „… of a legal entity: – up to EUR 5 000 000, or, in the Member States whose currency is not the euro …” „… turnover of that legal entity according to the last available financial statements approved by the …”

Article 69 Supervisory powers S. 358-362

„… inconsistent with the legal prohibition against forcing a person to incriminate hi,- or herself. Article 69(2 …” „… ’ management body, and any other natural or legal persons who, under national law, are responsible for an …” „… or demand the provision of information from any person and if necessary to summon and question a …”

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

„… or legal person or such persons acting in concert (the ‘proposed acquirer’), who have taken a …” „… in which the acquisition is proposed; or (c) a natural or legal person controlling a credit …” „… or members in question. Following such orders, the legal basis of the influence is likely undermined …”

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

„… or more natural or legal persons are linked by: (a) participation, by way of direct ownership or …” „… relationship between any natural or legal person and an undertaking or a subsidiary of a subsidiary also being …” „… which two or more natural or legal persons are permanently linked to one and the same person by a …”

Article 12 Market manipulation S. 730-756

„… the person referred to in this Article is a legal person, this Article shall also apply, in accordance …” „… the account of the legal person concerned. 5. The Commission shall be empowered to adopt delegated …” „… manipulation, Art 12(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 4. Legal persons, Art 12(4 …”

Article 13 Restrictions on uncovered short sales in sovereign debt S. 914-918

„… uncovered short sales in sovereign debt 1. A natural or legal person may enter into a short sale of …” „… sovereign debt only where one of the following conditions is fulfilled: (a) the natural or legal person has …” „… natural or legal person has entered into an agreement to borrow the sovereign debt or has another …”

Article 29 Publication of decisions S. 1223-1226

„… nature of the breach and the identity of natural persons or legal entities responsible for it. However …” „… ) where, in the event that the sanction is imposed on a natural person, publication of personal data is …” „… of 27 April 2016 on the protection of natural persons with regard to the processing of personal data …”

Article 11 Market soundings S. 718-730

„… been disclosed, including but not limited to the legal and natural persons acting on behalf of the …” „… account of any of the aforementioned persons. Issuers are defined in Art 3(1)(21) as legal entities …” „… identity of both the potential investors and the legal and natural persons acting on behalf of the …”

Article 8 Notification to competent authorities of uncovered positions in sovereign credit default swaps S. 902-903

„… legal person who has an uncovered position in a sovereign credit default swap shall notify the relevant …” „… disclosure under Article 5, 6, 7 or 8 shall set out details of the identity of the natural or legal person …” „… ceased to be held. For the purposes of Articles 5, 6, 7 and 8, natural and legal persons that hold …”

Article 1 Purpose and scope S. 951-958

„… regulation only if it is addressed to (at least) 150 non-qualified investors (natural or legal persons) per …” „… . ‘issuer’ means a legal entity which issues or proposes to issue securities; i. ‘person making an offer …” „… issued by associations with legal status or non-profit-making bodies, recognised by a Member State, with …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… company controlled by the same natural or legal persons as those that control another AIFM, a UCITS …” „… : (a) close links between the AIFM and other natural or legal persons; (b) the laws, regulations or …” „… administrative provisions of a third country governing natural or legal persons with which the AIFM has close …”

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

„… or special purpose vehicle of one or several Member States, or by a person acting on its behalf; (d …” „… officially designated body or by any person acting on its behalf, in pursuit of public debt management policy …” „… any other officially designated body, or of any person acting on their behalf, which concerns emission …”

Article 75 Extra-judicial mechanism for consumers complaints S. 376-377

„… is related to Article 74 (right of appeal) inasmuch as that both deal with legal protection in cases …” „… . Member States shall ensure that competent authorities, all persons who work or who have worked for the …” „… , regulated markets or any other person cannot be identified, without prejudice to requirements of national …”

Article 3 Definitions S. 1236-1242

„… ) ‘credit rating agency’ means a legal person whose occupation includes the issuing of credit ratings on a …” „… professional basis; […] (f) ‘rated entity’ means a legal person whose creditworthiness is explicitly or …” „… of groups of persons and individuals based on systematic and mathematical-statistical analysis of …”

Article 7 Responsibility and liability S. 1135-1137

„… bodies referred to in this Article or the persons responsible within the issuers. I. General features …” „… beyond and imposed the responsibility on several persons or bodies.3 Liability Member States need to …” „… , the administrative, management or supervisory body, or other persons responsible within the issuer …”

Introduction S. 644-650

„… and Public Policy 101; Harry McVea, ‘What’s wrong with insider dealing?’ (1995) 15 Legal Studies 390 …” „… ; Kennth E Scott, ‘Insider Trading: Rule 10b-5, Disclosure and Corporate Privacy’ (1980) 9 Journal of Legal …” „… operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of …”

Article 99 b Name and shame S. 1444-1445

„… investigatory nature. However, where the publication of the identity of the legal persons or of the personal …” „… after the person on whom the sanction or measure was imposed has been informed of that decision. The …” „… the persons responsible. That obligation does not apply to decisions imposing measures that are of an …”

Article 77 Relations with auditors S. 378

„… or body or natural or legal person that communicated the information. 5. This Article shall not …” „… 77 Relations with auditors 1. Member States shall provide, at least, that any person authorised …” „… that undertaking of which that person has become aware while carrying out that task and which is liable …”

Article 27 S. 1092-1093

„… publication of the identity of the legal entities, or identity or personal data of natural persons, is …” „… those can be determined. Where the legal entity referred to in point (e)(i) of the first subparagraph is …” „… authorities shall have the power to issue or require the PRIIP manufacturer or person advising on, or selling …”

Article 7 Notification to competent authorities of significant net short positions in sovereign debt S. 899-902

„… by Art 6 SSR applies to natural and legal persons who have a net short position in relation to issued …” „… in sovereign debt 1. A natural or legal person who has a net short position relating to issued …” „… . Commentary The notification requirement in Art 7 SSR applies to any natural or legal persons having a net …”

Article 11 Annual financial reports S. 1155-1156

„… be deemed to release any of the natural persons or legal entities concerned from their responsibility …” „… rights under the conditions laid down in Article 10, and of the natural person or legal entity entitled …” „… natural person or legal person referred to in Article 10, (a) learns of the acquisition or disposal or of …”

Article 81 Exchange of information S. 381-383

„… Article 67(1). They shall not transmit it to other bodies or natural or legal persons without the express …” „… Article 71 as well as other bodies or natural and legal persons receiving confidential information under …” „… legal persons who control an investment firm or credit institution authorised in another Member State. 2 …”

Article 16 Additional information S. 1177-1179

„… shareholder or, in the cases referred to in Article 10(a) to (h), of the natural persons or legal entities; (b …” „… ) identification arrangements shall be put in place so that the shareholders, or the natural persons or legal …” „… ) shareholders, or in the cases referred to in Article 10(a) to (e) the natural persons or legal entities …”

Article 53 Access to a regulated market S. 308-312

„… recital 15 MiFID II, a CCP is defined as a legal person that interposes itself between the parties to the …” „… authorised under Directive 2013/36/EU and other persons who: 16 Art 52(2) subpara 2 MiFID II. 17 See …” „… credit institutions. 6. Member States shall, without further legal or administrative requirements, allow …”

Article 17 Public disclosure of inside information S. 778-799

„… ; (ii) the identity of the issuer (full legal name); (iii) the identity of the person making the …” „… ensure that any person on the insider list acknowledges in writing the legal and regulatory duties …” „… any person with access to inside information acknowledges the legal and regulatory duties entailed and …”

Introduction to Chapter I S. 34-35

„… : (a) any investment firm which is a legal person have its head office in the same Member State as its …” „… registered office; (b) any investment firm which is not a legal person or any investment firm which is a …” „… legal person but under its national law has no registered office, have its head office in the Member …”

Article 30 S. 1095-1096

„… available to competent authorities. For natural persons the fine should be up to EUR 700,000 and for legal …” „… .4 In excess of this amounts natural persons as well as legal entities may be fined with an amount up …” „… that legal entity according to the last available financial statements approved by the management body …”

Article 4 Uncovered position in a sovereign credit default swap S. 892-894

„… sovereign credit default swap 1. For the purposes of this Regulation, a natural or legal person shall be …” „… legal person has a long position in the sovereign debt of that issuer to which the sovereign credit …” „… legal person holds assets or is subject to liabilities, including but not limited to financial contracts …”

Article 3 Integration of securities markets S. 1114-1118

„… institutions. The home Member State may not make a holder of shares, or a natural person or legal entity …” „… information, make a holder of shares, or a natural person or legal entity referred to in Articles 10 or 13 …” „… .), and shareholders or other persons, whose obligations are covered in paragraph 1 a subparagraph 4 (see …”

Article 13 S. 1163-1172

„… notification requirements laid down in Article 9 shall also apply to a natural person or legal entity who holds …” „… financial instruments held by a natural person or a legal entity fulfilling orders received from clients or …” „… . Addressee The requirements of Article 13 apply to natural persons and legal entities. Holding type The …”

Article 17 Information requirements for issuers whose shares are admitted to trading on a regulated market S. 1179-1183

„… cases referred to in Article 10(a) to (h), of the natural persons or legal entities; (b) identification …” „… arrangements shall be put in place so that the shareholders, or the natural persons or legal entities entitled …” „… , or in the cases referred to in Article 10(a) to (e) the natural persons or legal entities entitled to …”

Article 78 Data protection S. 378-379

„… or body or natural or legal person that communicated the information. 5. This Article shall not …” „… 77 Relations with auditors 1. Member States shall provide, at least, that any person authorised …” „… that undertaking of which that person has become aware while carrying out that task and which is liable …”

Article 97 Appointment and qualifications of competent authorities S. 1438-1439

„… their powers. See Level 2 and 3 measures. Article 96 Consistency on legal form For the purpose of …” „… pursuing its activities, a UCITS may use the same reference to its legal form (such as investment company …” „… that could be misled if the legal form is translated into the language of the host Member State. A …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 7 637 Liability of legal persons …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 8 637 Sanctions for legal persons …” „… formidable challenges for the legal practitioner. Yet locating the relevant provision is insufficient; it is …”

Article 84 Consultation prior to authorisation S. 383-384

„… the same natural or legal persons who control an investment firm or credit institution authorised in …” „… II Jörn Axel Kämmerer 383 (c) controlled by the same person, whether natural or legal, who controls a …” „… same persons before the authorities of the Member State addressed; (b) final judgment has already been …”

Article 13 a Aggregation S. 1172-1174

„… person or a legal entity when the number of voting rights held directly or indirectly by such person or …” „… Article 13 shall be notified again when the natural person or the legal entity has acquired the underlying …” „… financial instruments, should improve legal certainty, enhance transparency and reduce the administrative …”

Article 8 S. 581-583

„… make the admission to official listing of securities issued by companies or other legal persons which …” „… securities issued by companies or other legal persons which are nationals of another Member State subject to …” „… securities issued by companies and other legal persons which are nationals of a Member State and which are …”

Article 26 Obligation to report transactions S. 495-498

„… identify clients that are legal persons. ESMA shall develop by 3 January 2016 guidelines in accordance with …” „… firm has executed that transaction, a designation to identify the persons and the computer algorithms …” „… required under paragraphs 3 and 4, investment firms shall use a legal entity identifier established to …”

Article 38 Access for third-country CCPs and trading venues S. 537-538

„… decision in accordance with paragraph 3 that the legal and supervisory framework of the third country is …” „… of this Article that the legal and supervisory framework of that third country is considered to …” „… clearing and trading; and (b) licences, from persons with proprietary rights to benchmarks established in …”

Article 4 Exemptions from the obligation to publish a prospectus S. 969-974

„… two conditions are met: (i) a valid prospectus is available and (ii) the issuer or the person …” „… been given, the issuer or person responsible for drawing up the initial prospectus should be liable for …” „… and no other prospectus should be required. However, in case the issuer or the person responsible for …”

Article 6 Responsibility attaching to the prospectus S. 984-987

„… prospectus by their names and functions or, in the case of legal persons, their names and registered offices …” „… requires the persons responsible to be clearly identifiable by name and function or, in the case of a legal …” „… , management or supervisory bodies, the offeror, the person asking for the admission to trading on a regulated …”

Article 3 Obligation to publish a prospectus S. 965-969

„… addressed to fewer than 150 natural or legal persons per Member State, other than qualified investors …” „… , offers addressed to fewer than 150 natural or legal persons per Member State, other than qualified …” „… Article 9 and the issuer or the person responsible for drawing up such prospectus consents to its use by …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… be collected if a client is a legal person, a group of natural persons or is represented by another …” „… to competent authorities on request that natural persons giving investment advice or information …” „… investment field relevant to the specific type of product or service, that person’s financial situation …”

Article 32 Reporting of infringements S. 865-868

„… authority or if the latter does not share the legal assessment of the person (which is not unlikely …” „… communication channels for such reports; (b) within their employment, appropriate protection for persons working …” „… data both of the person who reports the infringement and the natural person who allegedly committed the …”

Article 73 Reporting of infringements S. 373-375

„… consider the level of cooperation of the responsible persons with the authority. Considering that …” „… , discrimination or other types of unfair treatment; (c) protection of the identity of both the person who reports …” „… the infringements and the natural person who is allegedly responsible for an infringement, at all …”

Article 10 Application of notification and disclosure requirements S. 906

„… requirements under Articles 5, 6, 7 and 8 apply to natural or legal persons domiciled or established within the …” „… and disclosure requirements under Arts 5 to 8 SSR apply to natural or legal persons regardless of …” „… whether they are located within or without the EU. If only persons located in the EU were subject to the …”

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

„… referred to in Articles 61 to 63 The powers conferred on ESMA or any official of or other person authorised …” „… which are subject to legal privilege. Article 61 Request for information 1. ESMA may by simple request …” „… under paragraph 1, ESMA shall: (a) refer to this Article as the legal basis of the request; (b) state …”

Article 22 S. 1090-1091

„… well as the person advising on, or selling a PRIIP shall establish appropriate procedures and …” „… manufacturer provide its address to retail investors. Further, it is not required that a person advising on, or …” „… of a PRIIP; (c) a public warning which indicates the person responsible for, and the nature of, the …”

Article 25 Professional secrecy and cooperation between Member States S. 1208-1210

„… professional secrecy shall apply to all persons who work or who have worked for the competent authority and for …” „… professional secrecy may not be disclosed to any other person or authority except by virtue of the laws …” „… professional secrecy to which the persons employed or formerly employed by the competent authorities receiving …”

Article 7 S. 581

„… make the admission to official listing of securities issued by companies or other legal persons which …” „… securities issued by companies or other legal persons which are nationals of another Member State subject to …” „… below → Art 8) are fulfilled, issuers have a legal right to admission.2 Article 7 Member States may not …”

Article 86 Precautionary measures to be taken by host Member States S. 384-386

„… (c) controlled by the same person, whether natural or legal, who controls a credit institution or …” „… or members and the reputation and experience of persons who effectively direct the business involved …” „… the suitability of shareholders or members and the reputation and experience of persons who …”

Article 11 Information to be provided to ESMA S. 906-908

„… requirements under Articles 5, 6, 7 and 8 apply to natural or legal persons domiciled or established within the …” „… and disclosure requirements under Arts 5 to 8 SSR apply to natural or legal persons regardless of …” „… whether they are located within or without the EU. If only persons located in the EU were subject to the …”

Article 26 Precautionary measures S. 1210-1211

„… the right to bring legal action against the non-cooperating Member State under TFEU Article 258 …” „… issuer or the holder of shares or other financial instruments, or the person or entity referred to in …” „… security holder persists in infringing the relevant legal or regulatory provisions, the competent authority …”

Article 5 The prospectus S. 974-984

„… functions or, in the case of legal persons, their names and registered offices, as well as declarations by …” „… costs of translating the prospectus before the legal proceedings are initiated; and d. civil liability …” „… attaches to those persons who have tabled the summary including any translation thereof, and applied for …”

Article 2 Definitions S. 958-965

„… ) an offer of securities addressed to fewer than 150 natural or legal persons per Member State, other …” „… equity securities; d. ‘offer of securities to the public’ means a communication to persons in any form …” „… . ‘qualified investors’ means persons or entities that are described in points (1) to (4) of Section I of Annex …”

Article 88 Exchange of information with third countries S. 387-389

„… legal persons responsible for one or more of the following: (a) the supervision of credit institutions …” „… intended for the performance of the tasks of those authorities or bodies or natural or legal persons. Where …” „… and bankruptcy of investment firms and other similar procedures; (e) oversight of persons charged with …”

Article 7 Inside information S. 673-692

„… activities of the Member States, the Commission and other public bodies and persons acting on their behalf in …” „… not apply to persons working for the public bodies that are the beneficiaries of Art 6 if these …” „… persons act on their own account. This qualification already follows from the requirement that the …”

Article 1 Scope and UCITS definition S. 1304-1317

„… body, called the ‘fund’, which may or may not have the status of a legal person. Pooling does not …” „… links’ means a situation in which two or more natural or legal persons are linked by either: (i …” „… legal person and an undertaking; (j) ‘qualifying holding’ means a direct or indirect holding in a …”

Article 1 Subject matter and scope S. 1574-1576

„… this Regulation, the following definitions shall apply: (1) ‘CCP’ means a legal person that interposes …” „… buyer to every seller and the seller to every buyer; (2) ‘trade repository’ means a legal person that …” „… within the legal framework of a significant number of third countries, including at least the three most …”

Article 6 S. 580-581

„… issued by companies or other legal persons which are nationals of another Member State subject to the …” „… from making the admission to official listing of securities issued by companies or other legal persons …” „… imposed by national law in line with Art 8 (see below → Art 8) are fulfilled, issuers have a legal right …”

Article 22 Competent authorities S. 835-838

„… subparagraph, to enter the premises of natural and legal persons in order to seize documents and data in any …” „… under Art 21 do not apply if: (a) the persons concerned, or persons closely associated with them, derive …” „… authorities Bibliography: Avgouleas E, ‘The Mechanics and Regulation of Market Abuse, A Legal and Economic …”

Article 27 Professional secrecy S. 849-850

„… information may be disclosed or such disclosure is necessary for legal proceedings. 3. The obligation of …” „… professional secrecy applies to all persons who work or who have worked for the competent authority or for any …” „… be disclosed to any other person or authority except by virtue of provisions laid down by Union or …”

Article 2 Scope S. 1234-1236

„… ) ‘credit rating agency’ means a legal person whose occupation includes the issuing of credit ratings on a …” „… professional basis; […] (f) ‘rated entity’ means a legal person whose creditworthiness is explicitly or …” „… ratings produced pursuant to an individual order and provided exclusively to the person who placed the …”

Article 16 Prevention and detection of market abuse S. 772-778

„… amendments seek to capture all situations ‘where a person takes steps and there is clear evidence of an …” „… and 54 of Directive 2014/65/EU. A person referred to in the first subparagraph shall report orders and …” „… venue without delay. 2. Any person professionally arranging or executing transactions shall establish …”

Index S. 1785-1803

„… , 15; MiFID II 70 4, 8 – against legal persons MiFID II 70 7 Administrative sanctions MAR 30 2, 7 et …” „… seq., 10, 12, 15; MiFID II 70 4, 5, 8; PRIIPR 29 2 – against legal persons MiFID II 70 7 …” „… . – investment funds MAR 19 19, 34 et seq. – issuers MAR 19 15 – legal person MAR 19 13 – modalities of …”

Article 3 Exemptions S. 1469-1471

„… authorisation pursuant to Article 5 of Directive 2009/65/EC; (b) ‘AIFMs’ means legal persons whose regular …” „… which two or more natural or legal persons are linked by: (i) participation, namely ownership, directly …” „… scope of AIFMD. In legal practice, special purpose vehciles have become relevant regarding the …”

Article 79 Consistency of key investor and regulated information; liability for key investor information disclosures S. 1421-1422

„… through another natural or legal person who acts on its behalf and under its full and unconditional …” „… another natural or legal person who acts on its behalf and under its full and unconditional responsibility …” „… shall ensure that a person does not incur civil liability solely on the basis of the key investor …”

Article 47 Organisational requirements S. 264-268

„… MiFID II, a CCP is defined as a legal person that interposes itself between the parties to the contracts …” „… under Art 45 MiFID II. The criteria include having a good reputation, because a person with a bad …” „… reputation poses a risk that the person will interfere with the operation and management of the market. On …”

Article 44 Authorisation and applicable law S. 247-252

„… regulated market that is a legal person and that is managed or operated by a market operator other than the …” „… , where a regulated market and its operator are two distinct legal persons. In this case, it must be made …” „… and operators are distinct legal persons as is the case in, for example, Germany. Applicable law (Art …”

Article 23 S. 1091

„… order suspending the marketing of a PRIIP; (c) a public warning which indicates the person responsible …” „… of a legal entity: – up to EUR 5 000 000, or, in the Member States whose currency is not the euro …” „… turnover of that legal entity according to the last available financial statements approved by the …”

Article 9 Notification of the acquisition or disposal of major holdings S. 1140-1148

„… also apply to a natural person or legal entity to the extent it is entitled to acquire, to dispose of …” „… two persons or entities act ‘in concert’ or where an entity controlled by the shareholder holds the …” „… Shareholder can be any individual or legal entity in the meaning of Article 2(1)(e) and (2 a). This …”

Article 99 c Factors to be taken into account when sanctioning S. 1445

„… responsibility of the person responsible for the infringement; (c) the financial strength of the person …” „… responsible for the infringement, as indicated, for example, by its total turnover in the case of a legal …” „… person or the annual income in the case of a natural person; (d) the importance of the profits gained or …”

Article 6 Conditions for taking up activities as AIFM S. 1478-1480

„… of the AIFM’s shareholders or members, whether direct or indirect, natural or legal persons, that …” „… Internal AIFM are only conceivable where the legal form of the AIF permits an management of the AIF …” „… established in corporate form (e.g. Luxembourg SICAV/ SICAFs) but is also conceivable for other legal forms …”

Article 3 Formal requirements S. 1722-1724

„… control of the collateral taker or of a person acting on the collateral taker's behalf. Any right of …” „… include definitions at the beginning of a legal act. But definitions are particularly important in light …” „… legal practitioners must reflect the European origins of the legislation by not relying on national laws …”

Article 18 Entry into force S. 1784-1785

„… , 15; MiFID II 70 4, 8 – against legal persons MiFID II 70 7 Administrative sanctions MAR 30 2, 7 et …” „… seq., 10, 12, 15; MiFID II 70 4, 5, 8; PRIIPR 29 2 – against legal persons MiFID II 70 7 …”

Article 58 Examination of the application S. 1659-1660

„… paragraph 1. I. General features Purpose Trade repositories1 are legal persons that centrally collect and …” „… registration As stated under Article 55 EMIR, the legal person meeting the requirements laid down in Title VII …”

Article 9 Management body S. 43-50

„… that are natural persons or to investment firms that are legal persons managed by a single natural …” „… identities of the shareholders or members, whether direct or indirect, natural or legal persons, that have …” „… out appropriate stress testing, where appropriate; (c) a remuneration policy of persons involved in …”

Article 8 Related parties S. 1331-1332

„… the shareholders or members, whether direct or indirect, natural or legal persons, that have …” „… undertaking authorised in another Member State; or (c) a company controlled by the same natural or legal …” „… persons as control another management company, an investment firm, a credit institution or an insurance …”

Article 5 Market manipulation S. 628-629

„… legal person, see arts 7-9, paras 1, 7. 2 Moloney, EU Securities and Financial Markets Regulation (3rd …” „… person possesses inside information and discloses that information to any other person, except where the …” „… 596/2014. 3. This Article applies to any person in the situations or circumstances referred to in Article …”

Article 18 General principles S. 1498-1499

„… , being a legal or natural person independent from the AIF, the AIFM and any other persons with close …” „… legal provisions in force. 2. The Commission shall adopt, by means of delegated acts in accordance with …”

Article 28 S. 1093

„… ; (c) protection of the identity both of the person who reports the infringements and the natural …” „… person who is allegedly responsible for an infringement, at all stages of the procedure unless such …” „… undue delay after the person on whom the sanction or measure was imposed has been informed of that …”

Article 80 Use of key investor information documents when directly and indirectly marketing UCITS S. 1422-1423

„… management company, which sells UCITS directly or through another natural or legal person who acts on its …” „… management company, which does not sell UCITS directly or through another natural or legal person who acts on …”

Article 25 S. 1092

„… those can be determined. Where the legal entity referred to in point (e)(i) of the first subparagraph is …” „… authorities shall have the power to issue or require the PRIIP manufacturer or person advising on, or selling …” „… person responsible for the infringement; (c) the impact of the infringement on retail investors …”

Article 26 S. 1092

„… those can be determined. Where the legal entity referred to in point (e)(i) of the first subparagraph is …” „… authorities shall have the power to issue or require the PRIIP manufacturer or person advising on, or selling …” „… person responsible for the infringement; (c) the impact of the infringement on retail investors …”

Article 1 S. 576-577

„… ’ shall mean companies and other legal persons and any undertaking whose securities are the subject of an …” „… interest of legal certainty, Art 1 provides legal definitions of some important terms, namely (a) ‘issuers …” „… collective investment undertaking’, and (f) ‘participating interest’. The legal definitions correlate with …”

Article 12 Assessment procedures S. 58-61

„… 58 Dirk Zetzsche 14 15 (a) a natural or legal person situated or regulated outside the Union; (b) a …” „… natural or legal person not subject to supervision under this Directive or Directives 2009/65/EC, 2009/138 …” „… experience of any person who will direct the business of the investment firm as a result of the proposed …”

Article 10 S. 583-584

„… securities issued by companies and other legal persons which are nationals of a Member State and which are …” „… securities issued by companies or other legal persons which are nationals of a Member State and which are set …”

Article 99 d Protection of whistleblowers S. 1445-1447

„… responsibility of the person responsible for the infringement; (c) the financial strength of the person …” „… responsible for the infringement, as indicated, for example, by its total turnover in the case of a legal …” „… person or the annual income in the case of a natural person; (d) the importance of the profits gained or …”

Commentary to Articles 35-37 Art. 35-37 S. 532-537

„… benchmarks that are the property of another person. Background The economic rationale of Art 35-37 MiFIR is …” „… Level 2 are operational and legal risks as well as complexity.15 In particular, access may be denied …” „… decision in accordance with paragraph 3 that the legal and supervisory framework of the third country is …”

Article 46 General provisions S. 560-566

„… the adoption by the Commission of the decision referred to in Article 47 determining that the legal …” „… provision of that service or activity by the third-country firm to that person including a relationship …” „… MiFID/MiFIR restricts the “possibility for persons established in the Union to receive investment services by …”

Article 19 Valuation S. 1499-1502

„… , being a legal or natural person independent from the AIF, the AIFM and any other persons with close …” „… external valuer is subject to mandatory professional registration recognised by law or to legal or …” „… persons who effectively conduct the business of the delegate must be of sufficiently good repute and …”

Articles 18 to 26 S. 930-934

„… SSR provides the legal basis for this provision. Arts 18 to 26 SSR 2. Market Behaviour 930 Klaus …” „… require a person engaged in lending specific financial instruments or classes of financial instruments to …” „… instrument and which confers a financial advantage on the person targeted by the restriction in the event of …”

Article 4 S. 1039-1046

„… and of the Council (),1 where, regardless of the legal form of the investment, the amount repayable to …” „… ) ‘person selling a PRIIP’ means a person offering or concluding a PRIIP contract with a retail investor; (6 …” „… requirements this Regulation places on PRIIP manufacturers and the persons advising on, or selling, the PRIIP …”

Article 16 Organisational requirements S. 65-120

„… appropriate rules governing personal transactions by such persons. 3. An investment firm shall maintain and …” „… key person is sick or permanently absent; hence a proxy solution is indispensable. However, the former …” „… persons are aware of the procedures which must be followed for the proper discharge of their …”

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

„… any natural or legal person and an undertaking”.4 According to Art 1 of the former directive 83/349/EC …” „… In the process of authorisation of a regulated market, a person who effectively directs the …” „… up-to-date information. Article 46 Requirements relating to persons exercising significant influence over the …”

Article 5 Determination of the AIFM S. 1477-1478

„… AIFM shall be either: (a) an external manager, which is the legal person appointed by the AIF or on …” „… ); or (b) where the legal form of the AIF permits an internal management and where the AIF’s governing …” „… external if it has been appointed by or on behalf of the AIF to manage the AIF. AIF established in a legal …”

Article 64 Procedural rules for taking supervisory measures and imposing fines S. 1664-1666

„… 4. The persons referred to in Article 61(1) shall submit to on-site inspections ordered by decision …” „… legal remedies available under Regulation (EU) No 1095/2010 as well as the right to have the decision …” „… conducted shall, at the request of ESMA, actively assist the officials and other persons authorised by ESMA …”

Article 23 Precautionary measures S. 1025-1027

„… applicable to all persons who work or have worked for a national competent authority, or for entities to …” „… information which is subject to professional secrecy and which may not be disclosed to any other person or …” „… breaching the relevant legal or regulatory provisions, the competent authority of the host Member State …”

Article 2 Definitions S. 1720-1722

„… ) obligations owed to the collateral taker by a person other than the collateral provider; or (iii) obligations …” „… possession or under the control of the collateral taker or of a person acting on the collateral taker …” „… directives and regulations to include definitions at the beginning of a legal act. But definitions are …”

Article 14 Authorisation of a CCP S. 1612-1613

„… . Where a legal person established in the Union intends to provide clearing services as a CCP, it shall …” „… recognition as equivalent of the third country legal framework in question. Where an implementing act on …” „… empowers the Commission to declare a third country’s legal, supervisory and enforcement arrangements to be …”

Article 82 Binding mediation S. 383

„… the same natural or legal persons who control an investment firm or credit institution authorised in …” „… same persons before the authorities of the Member State addressed; (b) final judgment has already been …” „… delivered in the Member State addressed in respect of the same persons and the same actions. In the case of …”

Article 83 Refusal to cooperate S. 383

„… the same natural or legal persons who control an investment firm or credit institution authorised in …” „… same persons before the authorities of the Member State addressed; (b) final judgment has already been …” „… delivered in the Member State addressed in respect of the same persons and the same actions. In the case of …”

Article 7 Application for authorisation S. 1480-1482

„… of the AIFM’s shareholders or members, whether direct or indirect, natural or legal persons, that …” „… ) information on the persons effectively conducting the business of the AIFM; (b) information on the identities …” „… information on the persons who effectively conduct the business of the AIFM as well as information on the …”

Article 85 Powers for host Member States S. 384

„… (c) controlled by the same person, whether natural or legal, who controls a credit institution or …” „… or members and the reputation and experience of persons who effectively direct the business involved …” „… the suitability of shareholders or members and the reputation and experience of persons who …”

Article 13 Mechanism to avoid duplicative or conflicting rules S. 1611-1612

„… authorisation of a CCP Article 14 Authorisation of a CCP 1. Where a legal person established in the Union …” „… Commission may adopt implementing acts declaring that the legal, supervisory and enforcement arrangements of …” „… presentation of the report, withdraw the recognition as equivalent of the third country legal framework in …”

Article 9 Payment accessibility S. 1770-1771

„… an integrated market if they are both implemented. Art 9 contains mandatory law affecting the legal …” „… binding migration to SEPA with fixed end-dates and a coherent legal framework would be compromised. Art …” „… transnational payment account identifier. Legal relationship between payer and payee Art 9 influences the legal …”

Article 14 Restrictions on uncovered sovereign credit default swaps S. 918-920

„… default swaps 1. A natural or legal person may enter into sovereign credit default swap transactions only …” „… SSR). Legal history The Commission’s Proposal for the SSR6 did not prohibit entering into transactions …” „… ). Instead, it bestowed emergency powers on NCAs to limit persons from entering into sovereign CDSs, or to …”

Article 2 Definitions S. 624-627

„… violation is ‘serious’).4 The legal basis for the directive is found in Art 83(2) of the TFEU, which …” „… inducing another person to engage in insider dealing Member States shall take the necessary measures to …” „… ensure that insider dealing, recommending or inducing another person to engage in insider dealing as …”

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

„… person disseminating a recommendation substantially alters it, the person must ensure that the …” „… recommendation clearly identifies the alteration in detail.57 Further, such a person needs to comply with the …” „… 52 53 54 (a) the persons concerned, or persons closely associated with them, derive, directly or …”

Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information S. 767-770

„… Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information A person …” „… shall not: (a) engage or attempt to engage in insider dealing; (b) recommend that another person engage …” „… in insider dealing or induce another person to engage in insider dealing; or (c) unlawfully disclose …”

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

„… firm or any other legal or economic relationships, such as contractual relation- 13 Brenncke, Regelung …” „… has such close legal or economic relationships, such as contractual relationships, as to pose a risk …” „… , commissions or any monetary or non-monetary benefits paid or provided by any third party or a person acting on …”

Articles 83 to 91 S. 1679-1680

„… ) MiFID regarding the exemption for persons performing activities in commodity derivatives based on the …” „… impact on netting’ (1997) 5 Journal of Financial Regulation and Compliance 154; Devos D, ‘Legal …” „… , ‘Intermediated Securities, Legal Risk, and the International Harmonization of Commercial Law’ (2008) 13 Stanford …”

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

„… , whether or not they act on behalf of such persons, to the competent authority of the trading venue no …” „… for legal certainty for market participants that engage in financially beneficial stabilisation or …” „… the interest of legal certainty, as it was felt that a generally applicable definition of ‘extreme low …”

Article 98 Powers of competent authorities; inquiry rights S. 1439-1440

„… and receive a copy thereof; (b) require any person to provide information and, if necessary, to summon …” „… and question a person with a view to obtaining information; (c) carry out on-site inspections; (d …” „… competent authorities. II. Commentary The provision shall ensure that competent authorities have the legal …”

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

„… trading on a regulated market is made, an issuer, offeror, or person asking for admission may select as …” „… , the issuer, offeror, or person asking for admission may make a subsequent election in accordance with …” „… the entry into force of the 2013 Transparency Amending Directive. 3 ESMA Legal Opinion ESMA/2013/317 …”

Article 21 Powers S. 1020-1023

„… a prospectus shall be empowered at least to: a. require issuers, offerors or persons asking for …” „… necessary for investor protection; b. require issuers, offerors or persons asking for admission to trading …” „… on a regulated market, and the persons that control them or are controlled by them, to provide …”

Article 79 Operational reliability S. 1675-1676

„… legal person that has a parent undertaking or a subsidiary relationship with the trade repository shall …” „… , employees, or any person directly or indirectly linked to them by close links. 3. A trade repository shall …” „… information maintained in its systems. A natural person who has a close link with a trade repository or a …”

Article 3 Exclusions from the scope S. 1323-1324

„… situation in which two and more natural or legal persons are either linked by a direct or indirect holding …” „… systems of the management company or from external events and includes legal and documentation risk and …” „… legal identity. Since those UCITS lack their own identity, it may be difficult to determine where such a …”

Article 26 Scope S. 1521-1522

„… ) a natural or legal person acting in its own name but on behalf of the AIF or on behalf of an …” „… controlled by the AIF or a person acting on behalf of the AIF or an undertaking controlled by it will be …” „… attributed to the AIF. Moreover, control does not necessarily require that the AIF or persons specified in …”

Article 80 Safeguarding and recording S. 1676

„… person who has a close link with a trade repository or a legal person that has a parent undertaking or a …”

Article 24 Cooperation with ESMA S. 843-844

„… in respect of legal persons, to shareholders or competitors. However, the exclusion is confined to …” „… the same persons before the authorities of the Member State addressed; or (d) a final judgment has …” „… already been delivered in relation to such persons for the same actions in the Member State addressed. 3 …”

Article 33 Exchange of information with ESMA S. 868-869

„… happens to be already known to the authority or if the latter does not share the legal assessment of the …” „… person (which is not unlikely, considering the complex provisions on market abuse or insider dealing …” „… that receive information from a whistleblower on actual or alleged infringements will reward the person …”

Article 20 Languages S. 1189-1193

„… addressed to either the issuer or ‘any person having requested, without the issuer’s consent, the admission …” „… of its securities to trading on a regulated market’. Where the issuer or such a person discloses any …” „… the obligation of the shareholder or other person or entity under Article 10 to notify the issuer and …”

Overview of Articles 5-11 S. 894-895

„… significant net short positions in shares 1. A natural or legal person who has a net short position in …” „… Regulation (EU) No 918/2012, a person entering into a sovereign CDS position must, upon the request of the …” „… persons regardless of whether they are domiciled or established within the EU (Art 10 SSR). Finally, the …”

Article 4 Use of credit ratings S. 1242-1246

„… Rated entity According to Art 3(1)(f) CRA Regulation, the term "rated entity" means a legal entity …” „… promote legal clarity and certainty. According to the provision, a “rating outlook” is an opinion on the …” „… probable direction in which a rating will develop in the short or medium term, or both. The legal …”

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

„… financial instruments, or persons or entities referred to in Articles 10 or 13, and the persons that control …” „… issuer, or the persons that control it or are controlled by it, fail to do so and after having heard the …” „… , or of persons or entities referred to in Articles 10 or 13, to notify the information required under …”

Article 19 Specific requirements for MTFs S. 142-145

„… operating the OTF or from any entity that is part of the same group or legal person as the investment firm …” „… authorized under the 2013 CRD IV/CRR, and other persons who are of sufficient good repute, have a sufficient …” „… legal entity. An OTF shall not connect with a systematic internaliser in a way which enables orders in …”

Articles 27 to 31 S. 934-937

„… , www.esma.europa.eu/document/emergency-measure-greek-hcmc-under-section-1-chapter-v-regulation-eu-no-2362012-short. 5 Critical with regard to the limited legal authority …” „… about legal rules on penalties and administrative measures adopted and about any subsequent amendments …” „… information from any person and if necessary summon and question a person in order to obtain information, (c …”

Article 26 Cooperation with third countries S. 846-849

„… investigation may arise where market actors are related in a way that the prosecution or sanctioning of a person …” „… in respect of the same actions and against the same persons, the Member State’s competent authority …” „… against the same persons. Still, the provision does not prohibit criminal sanctions imposed by the …”

Article 1 S. 1680-1684

„… and Compliance 154; Devos D, ‘Legal Protection of Payment and Securities Settlement Systems and of …” „… International Law 423; Thévenoz L, ‘Intermediated Securities, Legal Risk, and the International Harmonization of …” „… the important systemic risk inherent in payment systems which operate on the basis of several legal …”

Article 10 Competent authorities S. 1771-1773

„… binding migration to SEPA with fixed end-dates and a coherent legal framework would be compromised. Art …” „… transnational payment account identifier. Legal relationship between payer and payee Art 9 influences the legal …” „… the location of the payer’s account. The consequence can be a default of acceptance by the person owed …”

Article 64 Conversion disclosures and procedures S. 1405-1407

„… . Overview The conversion procedure follows an investment law rationale that ensures legal certainty in a …” „… benefit is received by the feeder UCITS, its management company, or any person acting on behalf of either …” „… (‘any person acting on behalf of…’). The objective of the rule is to ensure alignment of interests of …”

Introduction S. 574-576

„… other legal persons and any undertaking whose securities are the subject of an application for admission …” „… stock exchange listing. Its other components were significantly revised and transferred into other legal …” „… activities of the undertaking which holds these rights. In the interest of legal certainty, Art 1 provides …”

Article 8 S. 1054-1063

„… ) prohibits only agreements contrary to Article 11. However, the mere fact that the website of a person …” „… Member State in which the PRIIP is distributed by that person, does not imply a requirement to provide …” „… include a clear indication that advisors, distributors or any other person advising on, or selling, the …”

Articles 32 to 41 S. 937-939

„… about legal rules on penalties and administrative measures adopted and about any subsequent amendments …” „… information from any person and if necessary summon and question a person in order to obtain information, (c …” „… professional secrecy on all persons working for an NCA or any authority or person to whom the NCA has delegated …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… Position limits apply to “persons”. These can be natural or legal persons (Recital 26 MiFID II), i.e …” „… Position limits Art. 57 MiFID II Matthias Lehmann 317 on the size of a net position which a person can …” „… contracts. The limits shall be set on the basis of all positions held by a person and those held on its …”

Article 8 Omission of information S. 990-994

„… a prospectus is inappropriate to the issuer's sphere of activity or to the legal form of the issuer …” „… . Where securities are guaranteed by a Member State, an issuer, an offeror or a person asking for …” „… issuer’s sphere of activity, or to the legal form of the issuer, or to the securities to which the …”

Article 9 Conflict of laws S. 1739-1743

„… legal nature and proprietary effects of book entry securities collateral; (b) the requirements for …” „… ) whether a person's title to or interest in such book entry securities collateral is overridden by or …” „… independently from the will of the parties. This approach increases legal certainty and transparency from the …”

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

„… appropriate criteria are set and applied regarding the suitability of persons to whom such access may be …” „… through such access and is able to distinguish and if necessary to stop orders or trading by a person …” „… different algorithms used for the creation of orders and the relevant persons initiating those orders. That …”

Article 7 Procedures for granting and refusing requests for authorisation S. 38-41

„… 4(1), second para MiFID and comments thereon) and of investment firms that are legal persons managed …” „… concern, in particular, the review of an application of investment firms that are natural persons (cf. Art …” „… by a single natural person. Further, Art 9 MiFID provides details on the assessment of shareholders …”

Article 4 Home member state assumption S. 1324-1325

„… . II. Commentary The provision concerns, in particular, UCITS without a separate legal identity. Since …” „… person succeeding them in office shall be communicated forthwith to the competent authorities. Directors …” „… shall mean those persons who, under the law or the instruments of incorporation, represent the …”

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

„… involved, any natural person or legal entity entitled to exercise voting rights on their behalf and, if …” „… rights held by an undertaking controlled by the AIF or a person acting on behalf of the AIF or an …” „… that the AIF or persons specified in Art 26(5) hold voting rights. It is sufficient if the AIF jointly …”

Article 46 S. 598-599

„… Section 2 Conditions relating to the shares for which admission is sought Article 45 The legal …” „… Schedule A(II)(1) LCD) requires that the legal position of the shares must be in conformity with the laws …” „… disturbance of the market can generally be ruled out where the person or body whose approval is required …”

Article 8 Certain insolvency provisions disapplied S. 1734-1739

„… arrangements. Article 7 provides some legal certainty, not only with respect to the validity and enforceability …” „… proceedings against one of the parties. The purpose of Art 8 is to improve legal certainty as to the effects …” „… insolvency proceedings, but also all legal acts between the opening of insolvency proceedings and the …”

Article 20 Specific requirements for OTFs S. 145-149

„… OTF or from any entity that is part of the same group or legal person as the investment firm or market …” „… allow the operation of an OTF and of a systematic internaliser to take place within the same legal …” „… same legal entity. The ban is generally applicable and will be interpreted broadly.7 Thus, any …”

Article 18 Information requirements for issuers whose debt securities are admitted to trading on a regulated market S. 1183-1187

„… person entitled to vote at a meeting of debt securities holders, together with the notice concerning the …” „… to Article 17, but as debtholders’ legal position differs compared to shareholders, a separate …” „… form (physical or in electronic form) to each person entitled to vote at the meeting, together with the …”

Article 21 Access to regulated information S. 1193-1197

„… information (1) The home Member State shall ensure that the issuer, or the person who has applied for …” „… available to the officially appointed mechanism referred to in paragraph 2. The issuer, or the person who …” „… Article 21 have in common that they are addressed to the issuer,4 or a person who has applied for …”

Article 61 Communication between feeder’s and master’s depositary S. 1401-1403

„… I. Purpose Despite being separate legal entities, the master and feeder UCITS are closely …” „… compliance shall not give rise to any liability on the part of such depositary or any person acting on its …” „… provision. Such compliance shall not give rise to any liability on the part of such auditor or any person …”

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

„… documents and information subject to legal privilege, Article 61 EMIR confers on ESMA the supervisory powers …” „… penalties in Delegated Regulation (EU) 667/2014, providing: (i) the person subject to investigation the …” „… Commission may adopt an implementing act determining that the legal and supervisory arrangements of a third …”

Article 77 Recognition of trade repositories S. 1673-1675

„… decision rendered by the Commission stating that the legal and supervisory arrangements of the third …” „… jurisdictions should, by June 2018 at the latest, have a legal framework to permit access by both domestic and …” „… , employees, or any person directly or indirectly linked to them by close links. 3. A trade repository shall …”

Article 3 Intragroup transactions S. 1579-1584

„… under Article 9 EMIR introduces a new entity, the Trade Repository (TR), which is a legal person that …” „… exchange-traded derivatives in the context of EMIR and to focus solely on the place of execution.4 For the legal …” „… different actors: CCPs, clearing members and member clients. The CCP is a legal entity that is interposed …”

Article 12 Prudential regulation S. 1334-1336

„… to the fund rules or the instruments of incorporation and the legal provisions in force; (b) is …” „… management company or the unit-holders; (f) measures must exist which enable the persons who conduct the …” „… which the mandate is given; (g) the mandate must not prevent the persons who conduct the business of the …”

Article 81 Transparency and data availability S. 1676-1678

„… person who has a close link with a trade repository or a legal person that has a parent undertaking or a …”

Article 13 S. 1073-1081

„… document Article 13 1. A person advising on, or selling, a PRIIP shall provide retail investors with the …” „… relating to that PRIIP. 2. A person advising on, or selling, a PRIIP may satisfy the requirements of …” „… paragraph 1 by providing the key information document to a person with written authority to make investment …”

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

„… 2014, 317; Deipenbrock, ‘Trying or Failing Better Next Time? – The European Legal Framework for Credit …” „… shareholders, managers, rating analysts, employees or any other natural person whose services are placed at the …” „… disposal or under the control of the credit rating agency, or any person directly or indirectly linked to …”

Article 34 S. 1097-1099

„… Gerhards and Kay Rothenhöfer 1097 1 2 in transferable securities (‘UCITS’)4 as well as for persons advising …” „… Regulation – Effective Regulation, Soft Law and Legal Taxonomy from Lamfalussy to de Larosière’ (2010) 11 …” „… Oxford Journal of Legal Studies 23; Schön W, ‘Corporate Disclosure in a Competitive Environment – the …”

Article 1 Subject matter and scope S. 1099-1104

„… issued by an issuer in the meaning of Article 2(d). This can be any natural or legal person, including …” „… Law and Legal Taxonomy from Lamfalussy to de Larosière’ (2010) 11 European Business Organization Law …” „… – Liability and choice of law from a transatlantic perspective’ (2011) 31 Oxford Journal of Legal Studies 23 …”

Article 39 Establishment of a branch S. 237-239

„… at free disposal of the branch; (d) one or more persons are appointed to be responsible for the …” „… respective areas of competence shall be provided; (b) all relevant details of the firm (name, legal form …” „… third parties of essential operating functions; (c) the name of the persons responsible for the …”

Article 22 Annual report S. 1512-1514

„… accounting information given in the annual report shall be audited by one or more persons empowered by law to …” „… change its investment strategy or investment policy, or both; (c) a description of the main legal …” „… on jurisdiction, on the applicable law and on the existence or not of any legal instru- Art. 23 AIFMD …”

Article 33 SME growth markets S. 217-221

„… (21) of Article 3(1) of Regulation (EU) No 596/2014, persons discharging managerial responsibilities …” „… as defined in point (25) of Article 3(1) of Regulation (EU) No 596/2014 and persons closely …” „… market, persons discharging managerial responsibilities and persons closely associated with them comply …”

Article 5 Half-yearly financial reports S. 1124-1131

„… natural person or legal entity in the meaning of Article 2(1)(d). Whilst the term ‘share’ is not defined …” „… persons responsible within the issuer, whose names and functions shall be clearly indicated, to the effect …” „… , disclosed deliberately and without formal legal obligation, should not be regarded as ‘regulated information …”

Article 37 Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40 S. 1541-1550

„… to obtain prior authorisation as referred to in paragraph 1 shall have a legal representative …” „… established in its Member State of reference. The legal representative shall be the contact point of the AIFM …” „… through that legal representative. The legal representative shall perform the compliance function relating …”

Article 1 Scope S. 881-883

„… on the location of any person involved in a specific trade. As a consequence, the SSR has …” „… extraterritorial effect insofar as the location of the person entering into transactions on these instruments is of …” „… from a German legal perspective, Mülbert & Sajnovits, (2012) ZBB/JBB 266, 269. 14 Until 2 January 2018 …”

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

„… is the state in which their head office is situated. For legal persons, the home Member State is the …” „… same as the members of the management body of the regulated market, those persons are deemed to comply …” „… person or the persons who shall effectively direct the business of the data reporting services provider …”

Article 9 S. 583

„… securities issued by companies and other legal persons which are nationals of a Member State and which are …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… ) adopt decisions determining that the legal and supervisory framework of a third country ensures that a …” „… a trading venue for derivatives subject to the trading obligation. The legal and supervisory …” „… authorises the Commission to declare the legal and supervisory framework of a third country to be equivalent …”

Article 27 Committee procedure S. 1211-1214

„… taking action against an issuer or other person or entity. The host Member State has in ancillary role …” „… other person or entity under Article 10. Only exceptionally may the host Member State’s NCA initiate …” „… – Effective Regulation, Soft Law and Legal Taxonomy from Lamfalussy to de Larosière’ (2010) 11 EBOR 379, 381 …”

Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations S. 312-315

„… II, a CCP is defined as a legal person that interposes itself between the parties to the contracts …” „… with other legal obligations 1. Member States shall require that regulated markets establish and …”

Article 55 Registration of a trade repository S. 1658-1659

„… this Article, a trade repository shall be a legal person established in the Union and meet the …”

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

„… directorships a member of the management body can hold, in any legal entity, at the same time shall take into …” „… , in the process of authorisation of a regulated market, the person or persons who effectively direct …” „… direct subsidiaries.13 oversee and monitor management decision-making and include persons who effectively …”

Article 71 Disclosure of fund rules, instruments of incorporation S. 1413-1414

„… legal documents may also be provided. Level 2 and 3 measures ESMA’s Guidelines on ETFs and other UCITS …” „… information given in the annual report shall be audited by one or more persons empowered by law to audit …”

Article 40 Obligation to provide information S. 239-240

„… respective areas of competence shall be provided; (b) all relevant details of the firm (name, legal form …” „… third parties of essential operating functions; (c) the name of the persons responsible for the …”

Article 43 Withdrawal of authorisations S. 246-247

„… requirements laid down in this Title. In the case of a regulated market that is a legal person and that is …”

Article 55 Provisions regarding CCP and clearing and settlement arrangements S. 315-316

„… Ibid. 19 Art 54(3) MiFID II. 1 Pursuant to recital 15 MiFID II, a CCP is defined as a legal person that …”

Article 11 S. 584-585

„… of applications for official listing of debt securities issued by companies or other legal persons …”

Article 30 Transitional provisions S. 1226-1227

„… legally binding. That is to say, the NCA is required to publish its decision even where legal remedies or …” „… , or where, in the event that the sanction is imposed on a natural person, publication of personal data …”

Article 28 Data protection S. 850-851

„… for legal proceedings. The term “necessary” indicates that the proportionality of disclosure (assessed …” „… on persons working or having worked for or with a competent authority. Article 28 Data protection …”

Introduction and overview S. 874-881

„… “Sergakis”). Legal instruments and other EU documents: Level 3 measures: ESMA, Guidelines – Exemption for …” „… selling regime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2. Legal basis …” „… States) shall establish in order to sanction persons that infringe the SSR (Arts 32-41). Chapters VII-IX …”

Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 472-478

„… provides price and volume data per financial instrument.7 ARMs are authorised persons that report the …” „… the predefined and supervised legal framework. Legislative history The predecessor provisions to Arts …” „… Commission Delegated Regulation (EU) 2017/587; although there is no legal obligation for APAs to use MICs …”

Article 22 Competent authority S. 1621-1623

„… national law, can be taken or imposed against the natural or legal persons responsible for non-compliance …”

Articles 36 to 39 S. 1301-1303

„… court must be determined by applying the rules of private international law. The European legal user has …” „… calendar year for natural persons. Pursuant to Art 36d(3) CRA Regulation, fines and periodic penalty …”

Article 60 Relationship between feeder and master S. 1399-1401

„… I. Purpose Despite being separate legal entities, the master and feeder UCITS are closely …” „… compliance shall not give rise to any liability on the part of such depositary or any person acting on its …”

Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverage S. 1519-1521

„… controlled by the AIF; and (b) a natural or legal person acting in its own name but on behalf of the AIF or …”

Article 30 Asset stripping S. 1527-1529

„… by the company and held by it, and shares acquired by a person acting in his own name but on the …” „… does not address the legal consequences of a violation of its requirements by an AIFM. Therefore, it is …”

Introduction S. 1563-1574

„… OTC derivatives markets’ (2016) 17 EBOLR 355; Braithwaite J, ‘Legal Perspectives on Client Clearing …” „… , Intermediation and the Blockchain – An Inevitable Choice between Liquidity and Legal certainty?’ (2016) 21 …” „… perspective of the Legal Theory of Finance, financial market stability and the public good’ (2016) 17 EBOLR 71 …”

Article 17 Algorithmic trading S. 120-134

„… that acts as a general clearing member for other persons shall have in place effective systems and …” „… controls to ensure clearing services are only applied to persons who are suitable and meet clear criteria …” „… and that appropriate requirements are imposed on those persons to reduce risks to the investment firm …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… legal person established in the Union and meet the requirements laid down in Title VII. 3. The …”

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

„… , treat a person or entity otherwise defined as a professional client as a retail client (see Art 45(3)(b …” „… issued or provided by entities having close links with the investment firm or any other legal or economic …”

Introduction to Articles 39-43 Intro Art. 39-43 S. 538-541

„… (c) the legal and supervisory framework of that third country provides for an effective equivalent …” „… , from persons with proprietary rights to benchmarks established in that third country. Overview …”

Article 7 Minimum information S. 987-990

„… inappropriate to the issuer's sphere of activity or to the legal form of the issuer or to the securities to …” „… guaranteed by a Member State, an issuer, an offeror or a person asking for admission to trading on a …”

Article 6 Report on payments to governments S. 1131-1135

„… has emphasised that such information, disclosed deliberately and without formal legal obligation …” „… on liability apply to the issuers, the bodies referred to in this Article or the persons responsible …”

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

„… addressed to competent authorities or to financial market participants concerning the persons referred to in …” „… the legal structure of the UCITS and its fund rules or instruments of incorporation, a substantial …”

Article 1 Subject matter S. 1231-1234

„… ; Deipenbrock G, ‘Trying or Failing Better Next Time? – The European Legal Framework for Credit Rating Agencies …” „… ratings produced pursuant to an individual order and provided exclusively to the person who placed the …”

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

„… obligor, either to publicise the interest in the collateral to promote legal certainty and avoid fraud, or …” „… ; (b) the terms of the realisation be approved by any court, public officer or other person; (c) the …”

Article 34 Freedom to provide investment services and activities S. 222-227

„… , without further legal or administrative requirement, allow investment firms and market operators operating …” „… contact details of the investment firm along with the name of a specified contact person at the investment …”

doi.org/10.5771/9783845279893

Jan-Philipp Günther, Eric Hilgendorf - Robotik und Gesetzgebung

No access

Select

Jan-Philipp Günther (ed.), Eric Hilgendorf (ed.)

Robotik und Gesetzgebung

Series: Robotik, Künstliche Intelligenz und Recht

Volume 2 2013

Results in this title

Gregor Fitzi Roboter als „legale Personen“ mit begrenzter Haftung. Eine soziologische Sicht. S. 377-398

„… Roboter als „legale Personen“ mit begrenzter Haftung. Eine soziologische Sicht. Gregor Fitzi …” „… grundlegende soziale Institution, wonach nur lebende Menschen als „soziale Personen“ fungieren und dadurch …” „… „natürlichen Person“ (§ 1 BGB) verfügen Sachen (§ 90 BGB) über keine Rechtsfähigkeit. So liegt die juristische …”

Elbert R. de Jong Regulating Uncertain Risks in an Innovative Society: A Liability Law Perspective S. 163-183

„… fundamental issues concerning the formulation of legal norms for (uncertain) risks (section D). In section …” „… D.III., the main issues to be taken into account when formulating legal standards for (technological …” „… formulation and distribution of legal responsibilities are the freedom of the risk subject (or the one that …”

Hironori Matsuzaki When Robots Meet Society – Risk Issues and Legal Constraints in Japan S. 345-377

„… When Robots Meet Society – Risk Issues and Legal Constraints in Japan Hironori Matsuzaki …” „… do things to and with regular citizens, especially persons in need of help. By undertaking serving …” „… tasks or assisting a person to perform required physical tasks, they should fulfil the roles as …”

Dieter Birnbacher Ethik und Robotik – Wie weit trägt die Analogie der Tierethik? S. 263-321

„… been ignored for too long, but also that they possess great relevance for politicians, legal theorists …” „… traditional notions of “legal culpability”, “ethical responsibility”, or “accountability for one’s own actions …” „… first-person perspective (1PP), how you subjectively experience the colors, the sounds or smells surrounding …”

Titelei/Inhaltsverzeichnis S. 2-8

„… Matsuzaki Roboter als „legale Personen“ mit begrenzter Haftung. Eine soziologische Sicht. 377 Gregor …” „… Zusammenhang mit der Anerkennung „elektronischer Personen“ schloss diesen Teil der Veranstaltung ab …” „… – Assistenzsysteme für ältere Personen 11 Daniel Eck; Klaus Schilling Herausforderungen und Perspektiven für Märkte …”

Noel Sharkey The proliferation of robot technology: autonomy and legal prohibition S. 231-239

„… The proliferation of robot technology: autonomy and legal prohibition Noel Sharkey, University …” „… question then is, should the development of autonomous armed robots be prohibited? C. Legal Instruments …” „… voluntary and informal with no legal status and does nothing to restrict the deployment of armed autonomous …”

Malte-Christian Gruber Zumutung und Zumutbarkeit von Verantwortung in Mensch-Maschine-Assoziationen S. 123-163

„… womöglich gar der Roboter selbst als juristische Person rekonstruiert werden, die dann mit einem eigenen …” „… Vermögen haften könnte („electronic person“)? Lösungsmöglichkeiten gibt es insoweit viele; umso wichtiger …” „… Industrialisierung Verantwortung umverteilt und generell bestimmten, mehr oder weniger beteiligten Personen zuteilt …”

Jan C. Joerden Strafrechtliche Perspektiven der Robotik S. 195-211

„… sind? C. Freiheit der Person Bei der Beantwortung der ersten Frage, ob ein Roboter sinnvollerweise …” „… , dass Konzepte von „Ich“, „Subjekt“, „Menschenwürde“, „Person“, „Verantwortung“, „Schuld“ etc. kaum …” „… , dass so etwas wie Freiheit der Person vorausgesetzt werden muss. Allerdings keineswegs im Sinne einer …”

Roger Häußling Zur Devianz humanoider Roboter S. 321-345

„… weit reichenden Einfluss auf unsere Vorstellung von Kommunikation und persönlicher Identität – ganz zu …” „… Einflussnahmeversuche der betreffenden Person zu taxieren und zu beantworten). Drittens das „De-coupling“10, also das …” „… ) resultieren aus einer Aktorik und verkörperten Kognition. Sie müssen von der sozialen Identität bzw. Person …”

doi.org/10.5771/9783845242200

Lucia M. Sommerer - Self-imposed Algorithmic Thoughtlessness and the Automation of Crime Control

No access

Select

Lucia M. Sommerer

Self-imposed Algorithmic Thoughtlessness and the Automation of Crime Control

Series: Schriften zur Kriminologie

Volume 23 2022

Results in this title

Chapter II. Legal limits of person-based predictive policing S. 97-162

„… Legal limits of person-based predictive policing The following assesses the legal limits of …” „… . Legal limits of person-based predictive policing 98 be left alone’. In academic literature this is …” „… . Chapter II. Legal limits of person-based predictive policing 100 processing measure, fear may prevent …”

Chapter III. The algorithmic turn in crime control – a criminological, sociological and legal theoretical analysis S. 163-212

„… The algorithmic turn in crime control – a criminological, sociological and legal theoretical …” „… that have existed for decades.676 While it is true that person-based predictive policing was born out …” „… of an existing focus on risk well in advance of actual harm,677 person-based predictive policing is …”

Titelei/Inhaltsverzeichnis S. 1-24

„… . 96 Legal limits of person-based predictive policingChapter II. 97 Constitutional frameworkA. 97 …” „… Chapter II: Legal limits of person-based predictive policing B. 161 The algorithmic turn in crime control …” „… A study of person-based predictive policing and the algorithmic turn Nomos Schriften zur …”

Chapter I. Foundations of person-based predictive policing S. 25-96

„… book is divided into four main chapters: I. Foundations of person-based predictive policing, II. Legal …” „… Foundations of person-based predictive policing Introduction ‘Had Pyrrhus not fallen by a beldam’s …” „… first legal framework for personal-based predictive policing in Germany. Finally, German policing 6 Cf …”

Chapter VI. Theses S. 223-224

„… predictive policing recommendations.1025 Theses on legal limits of person-based predictive policing: 5. It …” „… Theses Theses on the foundations of person-based predictive policing: 1. § 4 FlugDaG provides the …” „… first explicit statutory basis for person-based predictive policing in Germany in the form of flight …”

Chapter IV. Minimum requirements for algorithmic crime prediction S. 213-220

„… development and use of person-based predictive policing.990 These requirements are primarily aimed at the …” „… programmers of person-based predictive policing systems, but also at decision-makers in the police and …” „… for person-based predictive policing, which a government control body must develop in detail. Even …”

Bibliography S. 225-260

„… base rates and individuating information on judgments about another person’, J. Exp. Soc. Psychol., 16 …” „… , ‘Polizei-Software verdächtigt zwei von drei Personen falsch’, SRF, 5 April 2018. Available online …” „… : https://www.srf.ch/news/schweiz/predictive -policing-polizei-software-verdaechtigt-zwei-von-drei-personen-falsch [https://per ma.cc/7ZY8-6HCS …”

doi.org/10.5771/9783748929550

Christine Chwaszcza - Moral Responsibility and Global Justice

No access

Select

Christine Chwaszcza

Moral Responsibility and Global Justice

Series: Studies in Political Theory

Volume 1 2011

Results in this title

States as Legal Persons and the Assignment of Collective Responsibilities S. 54-67

„… thatresponsibilities are not only assigned to natural persons, but also to legal persons,companies, and institutions …” „… Legal Persons and the Assignment of Collective ResponsibilitiesThe following section will add further …” „… natural individuals, but also of legal persons, organizations, and institutions, it25 The philosophical …”

The Normative Substance of Human Rights Standards S. 26-32

„… , or prisoners, or enemies of war, orstateless persons. It seems worth adding that the moral and legal …” „… personsare free to adopt further social, political and legal conventions as long as they do notcontradict …” „… individualism (I): Each person as an individual person – that is,independent from natural or social affiliations …”

Human Rights as “Universal” Standards: A Few Arguments Against Relativism S. 35-43

„… legal theory for instancethe explication of the concept of legal validity in terms of persons’s …” „… legal persons ininternational relations. Roughly, these roles correspond to the following uses …” „… (“the people”), and in the third sense to legal persons that representpolitical associations in …”

Transnational Responsibilities to Protect Human Rights. The Ethical Debate S. 134-145

„… responsibility ofhuman rights enforcement are states considered as legal persons in internationalrelations, these …” „… they can be simply bypassed or downgraded. Themoral and legal status of all affected person has to be …” „… relations which holdamong them, differences in the sociopolitical and legal relations among personsmatter …”

Methodological Statism. The Limits of a Theoretical Paradigm S. 43-49

„… ; and (iii) states as legal persons ininternational relations. Roughly, these roles correspond to the …” „… collective unityof citizens (“the people”), and in the third sense to legal persons that representpolitical …” „… . Although the argument derives largely45from the role of states as legal persons, it is of considerable …”

Beyond Just-war Theory S. 84-91

„… we consider natural persons,because “intentions” are most commonly identified with “reasons for …” „… ethicalcompetence of individual persons, just-war theory already faces the problem ofidentifying its addressee. In …” „… available or that all other measure –diplomatic, legal, or political – have been exhausted. Sometimes …”

The Legalist Paradigm and the Limits of Normative Institutionalism in Peace Ethics S. 91-102

„… thespecificity of relations between states as legal persons in international relations. Theexistence of political …” „… by establishing legal relationsamong the potentially belligerent agents. Social-contract theory is …” „… collectives –analoguous to the acknowledgment of a right to self-preservation of individual(natural) persons …”

Human Rights Standards and Voluntary Migration S. 171-181

„… and legal status of all persons independently of their sociopolitical affiliations, then the reasons …” „… , but individual persons considered as members of a political society, migration concerns the relation …” „… as legal subjects in international law; it even does not fully coincide with the concept of states as …”

Human Rights as Standards of Legitimacy S. 17-26

„… “legal persons” whose competences andresponsibilities are partly determined by their internal …” „… legal status of individual persons in sociopoliticalinstitutions. Section 1.2 will outline the …” „… not identicalwith a list of specific “individual rights” in the formal legal sense of …”

Human Rights Standards and the Normative Status of Institutional Goals S. 149-154

„… definition of the concept of (legal) rights, which is common in legal theory, and which is bound to the …” „… specification of what is the content of the right, and in some approaches also a specification of the legal …” „… enforceable is indeed one of the traditionally accepted differences between legal rights and other normative …”

Preface S. 13-16

„… – preferably legal rights. True, there are many legal rights which deserve to be called human-rights …” „… requirements. But if the concept of human rights were reduced to those legal rights or quasi-legal moral rights …” „… wrongness of institutional arrangements. The conditions of the validity and acceptability of both legal …”

The Structure of Moral and Legal Discourse of Humanitarian Intervention S. 113-119

„… implies that all legal systemsmust respect and protect the moral and legal status of individual persons …” „… eliminate the dimension of states as legal persons in internationalrelations and to reduce it to the level …” „… contribute to the protection of human-rightsrequirements of individual persons not only at home, but also …”

Socioeconomic Human-rights Requirements Beyond the Nation-state S. 156-168

„… opportunity to voice and defend particular interests. Ad (2). Since “states” are legal persons representing …” „… can be neutral with regard to thesurvival and wellbeing of the persons who constitute them. The …” „… libertarian denial ofany duties or responsibilities to contribute to the survival of other persons …”

Human Rights Standards and International Institutions S. 32-35

„… individual persons must be granted moral and legal status and in aspecification of what it is.34The second …” „… must grant individual persons an appropriate moral andlegal status relative to the institutional …” „… and non-citizen individual persons, transnational social relations, andrelations between societies and …”

The Ethical Status of Political Associations S. 49-54

„… members. The thesis ignores notonly the role of states as “legal persons” in international law, but also …” „… , andas concerning the moral and legal status of persons, not all empirical aspects ofequality. Since …” „… rather than for normative theorists.2.3. States as Legal Persons and the Assignment of Collective …”

The Permissibility of Humanitarian Intervention. The Legal Debate S. 119-134

„… . The Permissibility of Humanitarian Intervention. The Legal DebateThe theoretical challenge for legal …” „… between states.So far, most legal theorists would agree that no norm within the corpus ofinternational …” „… Post-Cold War Era,” Roth (2003)identifies two non-positivistic schools of legal theory in international law …”

General Norms and Principles for Action S. 67-71

„… that exceed the rights and obligations of individual persons.4 Partly, however, this feature derives …” „… treat all persons whom they affect equally. As a result, liberal institutional approaches take the …” „… persons who run them or by those who are affected), and also problems that derive from imperfect and …”

Theoretical Perspectives for a Changing Practice S. 109-113

„… the moral and legal status of individual persons within thelimits of its institutional purpose. In …” „… counterintuitive, because normoriented ethics usually emphasizes that all persons ought to be treated equally …” „… oflegal norms, the acknowledgment of human rights implies that all legal systemsmust respect and protect …”

Contemporary Challenges and Theoretical Options: An Overview S. 75-84

„… “ – that is, the individual persons who are supposed to conduct the war –, asit expresses the aspiration …” „… quasi-legal international order.1 But inorder to guide reflection about practice, practical ethics must be and …” „… have to be mainlyconsidered as (groups of) individual persons who are not territorially bound, it is …”

Titelei/Inhaltsverzeichnis S. 2-12

„… Status of Political Associations 492.3. States as Legal Persons and the Assignment ofCollective …” „… Intervention: An Institutional Perspective 1135.1. The Structure of Moral and Legal Discourseof Humanitarian …” „… Intervention 1145.2. The Permissibility of Humanitarian Intervention.The Legal Debate 1195.2.1 …”

Challenges for Normative Agency and the Structure of Theoretical Argument S. 71-74

„… emphasize that no agent, be it a natural person or a legal person, can be required to respect …” „… , “states as legal persons in international law” also have specific responsibilities and duties with regard …” „… innocent person is attacked by a thug. Let us assume for the sake of the argument that killing the attacker …”

Some Deficiencies of the Present State of the Debate S. 145-149

„… (conceived of as legal persons). The chapter will try to overcome the second contrast by replacing it with a …” „… socio-economic rights and duties among individual persons. The second line of contrast consists in an often …” „… individual persons. Both accounts ignore the dimension of collective responsibilities. Chapter 2 has already …”

A Critique of Some Common Arguments of the Current Debate S. 183-190

„… the effect that some persons end up worse off than they could if one would adopt different criteria …” „… well-being of persons.39 One need not reject the consequentialist-egalitarian premise of the argument (which …” „… acceptance on the side of the persons who constitute them. For the relevant concept of stability, cf. Rawls …”

Objections to Cosmopolitanism S. 168-171

„… fact that a legal framework is neither completly absent nor well established. In recent terminology …” „… decision making are ignored. The normative emphasis is on “rights” and legal precautions, on bureaucratic …” „… migration is still a normative lacuna. Since “citizens” are not just individuals, but individual persons …”

Involuntary Migration S. 190-192

„… questions – into legal questions. Political membership, certainly, cannot be reduced to legal status, but it …” „… towards persons who have been forced to leave their country constitute a human-rights requirement. In …” „… difference exists in the case of refugees whose legal status is bestprotected by international law and …”

Justified Interests of Political Societies and Individual Persons S. 181-183

„… 181 7.2. Justified Interests of Political Societies and Individual Persons Given the social …” „… , for example, social or legal norms that prevents women from entering labor market; or discrimination …” „… against minority groups, persons of specific political or religious conviction, or the exclusion of …”

Bibliography S. 195-206

„… , Anne F. (2006) (ed.): Human Rights and Refugees, Internally Displaced Persons andMigrant Workers …” „… (= Nomos. Yearbook of the American Society forPolitical and Legal Philosophy XLI), New York/ London …” „… : Bell/Coicaud (2007) 257-272.Cassese, Antonio (1978) (ed.): United Nations Peace-keeping: Legal Essays, Alphen …”

doi.org/10.5771/9783845227436

1

2 3 ... 2960