European Financial Services Law
Article-by-Article Commentary
Zusammenfassung
Der Band analysiert und erläutert die EU-Rechtsvorschriften für Finanzdienstleistungen. Damit liegt für Rechtsanwälte in internationalen Kanzleien, die Finanzwirtschaft, Regulierungsbehörden und Wissenschaftler ein Referenzwerk für ein tiefgreifendes Verständnis aller relevanten unionsrechtlichen Finanzdienstleistungsregelungen vor. Es dient als Nachschlagewerk, das sowohl komplexe Themen leicht verständlich und übersichtlich darstellt, als auch intensive Analysen schwieriger rechtlicher Fragen bietet.
Renommierte Experten erklären, Artikel für Artikel, die wichtigen europäischen Richtlinien und Vorschriften für Finanzdienstleistungen. An vielen Beispielen wird dabei die außerordentliche Bedeutung für die Praxis deutlich.
Das Buch untersucht folgende Bereiche:
Wertpapierdienstleistungen
Marktverhalten
Markttransparenz und Informationen
Geldanlagen
Abrechnungsverkehr
Zahlungsdienste
Für jeden Fachbereich werden die wichtigsten Richtlinien und Vorschriften besprochen, etwa:
MiFID II und MiFIR
MAD und MAR
Prospekt-Richtlinie
PRIIP-VO
Transparenz-RL
VO über Leerverkäufe
Rating Agentur-Verordnung
OGAW-Richtlinie und AIFMD
EMIR
Risikokapitalfonds-RL
RL über Finanzsicherheiten
RL über die Wirksamkeit von Abrechnungen
SEPA-Verordnung.
Abstract
This volume analyses and explains EU legislation governing financial services. It is for legal practitioners in international law firms, the financial industry, regulators, and academics needing an in-depth understanding of financial services regulations. It is intended to serve as a handy reference book, providing both easy-to-understand overviews of complex topics and insightful analyses of difficult legal issues.
Experts renowned in their fields explain, article-by-article, the important EU directives and regulations governing financial services. Examples illustrate how important provisions apply in practice. Level and measures are put into context.
The book is structured as follows:
securities and markets Service
market behaviour
market transparency and information
funds
securities clearing and settlement
payment services.
For each subject area, the most relevant directives and regulations have been selected. Legal texts covered in this book include, among others, the following:
MiFID II and MiFIR
MAR and MAD
Prospectus Directive
PRIIP Regulation
Transparency Directive
Short Selling Regulation
Rating Agency Regulation
UCITS and AIFMD
Venture Capital Funds Regulation
Finality Directive
Financial Collateral Directive
EMIR
SEPA Regulation.
Schlagworte
Bankenrecht Finanzmarktrecht Wertpapierrecht- 6–10 Article 1 Scope 6–10
- 292–296 Article 49 Tick sizes 292–296
- 574–576 Introduction 574–576
- 576–577 Chapter I Definitions 576–577
- 580–580 Article 5 580–580
- 581–581 Article 7 581–581
- 583–584 Chapter III Derogations 583–584
- 583–583 Article 9 583–583
- 584–585 Article 11 584–585
- 585–585 Article 12 585–585
- 585–586 Article 13 585–586
- 586–587 Article 14 586–587
- 587–587 Article 15 587–587
- 591–593 Section 5 Right to apply to the courts in case of refusal of admission or discontinuance 591–593
- 591–592 Article 19 591–592
- 593–594 Article 42 593–594
- 594–597 Article 43 594–597
- 597–598 Article 44 597–598
- 598–598 Article 45 598–598
- 598–599 Article 46 598–599
- 599–600 Article 47 599–600
- 600–601 Article 48 600–601
- 601–602 Article 49 601–602
- 602–604 Article 50 602–604
- 604–604 Article 51 604–604
- 604–605 Article 52 604–605
- 605–605 Article 53 605–605
- 605–606 Article 54 605–606
- 606–607 Article 55 606–607
- 607–608 Article 56 607–608
- 608–609 Article 57 608–609
- 609–610 Article 58 609–610
- 610–612 Article 59 610–612
- 612–612 Article 60 612–612
- 612–613 Article 61 612–613
- 613–613 Article 62 613–613
- 613–614 Article 63 613–614
- 614–615 Article 64 614–615
- 616–617 Article 105 616–617
- 617–618 Article 106 617–618
- 618–620 Article 107 618–620
- 621–621 Article 110 621–621
- 621–622 Article 111 621–622
- 622–622 Article 112 622–622
- 622–623 Article 113 622–623
- 623–941 2. Market Behaviour 623–941
- 624–627 Article 2 Definitions 624–627
- 640–644 Article 10 Jurisdiction 640–644
- 941–1304 3. Market Transparency 941–1304
- 941–1033 Prospectus Directive (PD) 941–1033
- 941–951 Introduction 941–951
- 958–965 Article 2 Definitions 958–965
- 974–984 Article 5 The prospectus 974–984
- 1007–1009 Article 15 Advertisements 1007–1009
- 1014–1016 Article 18 Notification 1014–1016
- 1016–1018 Article 19 Uses of languages 1016–1018
- 1020–1023 Article 21 Powers 1020–1023
- 1027–1027 Article 24 Committee procedure 1027–1027
- 1029–1030 Article 25 Sanctions 1029–1030
- 1030–1031 Article 26 Right of appeal 1030–1031
- 1031–1031 Article 27 Amendments 1031–1031
- 1031–1031 Article 28 Repeal 1031–1031
- 1031–1031 Article 29 Transposition 1031–1031
- 1032–1032 Article 31 Review 1032–1032
- 1032–1032 Article 32 Entry into force 1032–1032
- 1032–1033 Article 33 Addressees 1032–1033
- 1033–1036 Article 1 1033–1036
- 1036–1038 Article 2 1036–1038
- 1038–1039 Article 3 1038–1039
- 1039–1046 Article 4 1039–1046
- 1048–1051 Article 6 1048–1051
- 1051–1054 Article 7 1051–1054
- 1054–1063 Article 8 1054–1063
- 1063–1065 Article 9 1063–1065
- 1065–1067 Article 10 1065–1067
- 1067–1072 Article 11 1067–1072
- 1072–1073 Article 12 1072–1073
- 1073–1081 Article 13 1073–1081
- 1081–1086 Article 14 1081–1086
- 1086–1086 Article 15 1086–1086
- 1086–1087 Article 16 1086–1087
- 1087–1089 Article 17 1087–1089
- 1089–1089 Article 18 1089–1089
- 1089–1089 Article 19 1089–1089
- 1090–1090 Article 21 1090–1090
- 1090–1091 Article 22 1090–1091
- 1091–1091 Article 23 1091–1091
- 1091–1092 Article 24 1091–1092
- 1092–1092 Article 25 1092–1092
- 1092–1092 Article 26 1092–1092
- 1092–1093 Article 27 1092–1093
- 1093–1093 Article 28 1093–1093
- 1093–1095 Article 29 1093–1095
- 1095–1099 Chapter VI Final provisions 1095–1099
- 1095–1096 Article 30 1095–1096
- 1096–1096 Article 31 1096–1096
- 1096–1096 Article 32 1096–1096
- 1096–1097 Article 33 1096–1097
- 1097–1099 Article 34 1097–1099
- 1099–1231 Transparency Directive (TD) 1099–1231
- 1099–1118 Chapter I General provisions 1099–1118
- 1104–1114 Article 2 Definitions 1104–1114
- 1137–1140 Article 8 Exemptions 1137–1140
- 1163–1172 Article 13 1163–1172
- 1172–1174 Article 13 a Aggregation 1172–1174
- 1174–1176 Article 14 1174–1176
- 1176–1177 Article 15 1176–1177
- 1179–1187 Section II Information for holders of securities admitted to trading on a regulated market 1179–1187
- 1187–1204 Chapter IV General obligations 1187–1204
- 1189–1193 Article 20 Languages 1189–1193
- 1200–1204 Article 23 Third countries 1200–1204
- 1211–1214 Article 27 Committee procedure 1211–1214
- 1219–1219 Article 28 a Breaches 1219–1219
- 1227–1228 Article 31 Transposition 1227–1228
- 1228–1228 Article 32 Amendments 1228–1228
- 1228–1229 Article 33 Review 1228–1229
- 1229–1230 Article 34 Entry into force 1229–1230
- 1230–1231 Article 35 Addressees 1230–1231
- 1231–1234 Article 1 Subject matter 1231–1234
- 1234–1236 Article 2 Scope 1234–1236
- 1236–1242 Article 3 Definitions 1236–1242
- 1257–1258 Article 6 a Conflicts of interest concerning investments in credit rating agencies 1257–1258
- 1258–1261 Article 6 b Maximum duration of the contractual relationship with a credit rating agency 1258–1261
- 1269–1271 Article 8 a Sovereign ratings 1269–1271
- 1276–1277 Article 9 Outsourcing 1276–1277
- 1283–1283 Article 12 Transparency report 1283–1283
- 1288–1291 Chapter II Supervision by ESMA 1288–1291
- 1304–1563 4. Funds 1304–1563
- 1304–1466 Undertakings for Collective Investments in Transferable Securities Directive (UCITSD) 1304–1466
- 1317–1323 Article 2 Definitions 1317–1323
- 1331–1332 Article 8 Related parties 1331–1332
- 1333–1343 Section 3 Operating conditions 1333–1343
- 1333–1334 Article 11 Qualifying holdings 1333–1334
- 1336–1337 Article 13 Delegation 1336–1337
- 1364–1365 Article 26 b Implementing acts 1364–1365
- 1369–1371 Section 2 Operating conditions 1369–1371
- 1371–1380 Chapter VI Mergers of UCITS 1371–1380
- 1381–1385 Article 50 Eligible assets 1381–1385
- 1389–1391 Article 52 Diversification 1389–1391
- 1426–1427 Article 83 Borrowing limits 1426–1427
- 1428–1429 Article 85 Valuation rules 1428–1429
- 1431–1431 Article 90 Fees 1431–1431
- 1466–1467 Introduction 1466–1467
- 1467–1478 Chapter I General provisions 1467–1478
- 1467–1467 Article 1 Subject matter 1467–1467
- 1467–1469 Article 2 Scope 1467–1469
- 1469–1471 Article 3 Exemptions 1469–1471
- 1471–1477 Article 4 Definitions 1471–1477
- 1488–1498 Section 1 General requirements 1488–1498
- 1488–1489 Article 12 General principles 1488–1489
- 1489–1492 Article 13 Remuneration 1489–1492
- 1493–1496 Article 15 Risk management 1493–1496
- 1498–1499 Article 18 General principles 1498–1499
- 1499–1502 Article 19 Valuation 1499–1502
- 1504–1512 Section 4 Depositary 1504–1512
- 1512–1514 Article 22 Annual report 1512–1514
- 1521–1522 Article 26 Scope 1521–1522
- 1527–1529 Article 30 Asset stripping 1527–1529
- 1563–1574 Introduction 1563–1574
- 1576–1578 Article 2 Definitions 1576–1578
- 1584–1588 Article 4 Clearing obligation 1584–1588
- 1593–1594 Article 6 Public register 1593–1594
- 1594–1594 Article 7 Access to a CCP 1594–1594
- 1596–1600 Article 9 Reporting obligation 1596–1600
- 1603–1611 Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP 1603–1611
- 1611–1611 Article 12 Penalties 1611–1611
- 1615–1616 Article 18 College 1615–1616
- 1623–1623 Chapter 3 Cooperation 1623–1623
- 1628–1653 Title IV Requirements for CCPs 1628–1653
- 1628–1628 I. General features 1628–1628
- 1653–1654 Article 52 Risk management 1653–1654
- 1663–1664 Article 63 On-site inspections 1663–1664
- 1666–1667 Article 65 Fines 1666–1667
- 1669–1669 Article 72 Supervisory fees 1669–1669
- 1679–1680 Articles 83 to 91 1679–1680
- 1680–1684 Article 1 1680–1684
- 1684–1691 Article 2 1684–1691
- 1691–1695 Article 3 1691–1695
- 1695–1695 Article 4 1695–1695
- 1695–1697 Article 5 1695–1697
- 1697–1699 Article 6 1697–1699
- 1699–1700 Article 7 1699–1700
- 1700–1702 Article 8 1700–1702
- 1706–1710 Section V Final provisions 1706–1710
- 1706–1706 Article 10 1706–1706
- 1706–1708 Article 10 a 1706–1708
- 1708–1708 Article 11 1708–1708
- 1708–1709 Article 12 1708–1709
- 1709–1709 Article 13 1709–1709
- 1709–1710 Article 14 1709–1710
- 1710–1711 Introduction 1710–1711
- 1720–1722 Article 2 Definitions 1720–1722
- 1722–1724 Article 3 Formal requirements 1722–1724
- 1739–1743 Article 9 Conflict of laws 1739–1743
- 1744–1744 Article 11 Implementation 1744–1744
- 1744–1744 Article 12 Entry into force 1744–1744
- 1744–1745 Article 13 Addressees 1744–1745
- 1745–1785 6. Payments 1745–1785
- 1751–1755 Article 2 Definitions 1751–1755
- 1755–1756 Article 3 Reachability 1755–1756
- 1756–1759 Article 4 Interoperability 1756–1759
- 1765–1766 Article 6 End-dates 1765–1766
- 1773–1774 Article 11 Penalties 1773–1774
- 1776–1777 Article 13 Delegation of power 1776–1777
- 1778–1778 Article 15 Review 1778–1778
- 1784–1785 Article 18 Entry into force 1784–1785
- 1785–1803 Index 1785–1803