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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 5 a Over-reliance on credit ratings by financial institutions S. 1248-1249

„… Over-reliance on credit ratings by financial institutions 1. The entities referred to in the first subparagraph …” „… evaluation of a credit rating agency’s systemic importance for the financial stability and integrity of the …” „… financial markets (Art 5(1)(d) CRA Regulation), must be made in accordance with Arts 26 et seq. Delegated …”

Article 1 Subject matter and scope S. 1711-1720

„… least amongst financial institutions.1 So it contributes to integration, increases cost efficiency, and …” „… European Investment Bank; (c) a financial institution subject to prudential supervision including: (i) a …” „… instruments; (iii) a financial institution as defined in Article 4(5) of Directive 2006/48/EC; (iv) an …”

Introduction S. 1710-1711

„… revolutionarily overthrows traditional asset-based security interests at least amongst financial institutions.1 So …” „… institutions (recast), the International Monetary Fund and the European Investment Bank; (c) a financial …” „… Council of 21 April 2004 on markets in financial instruments; (iii) a financial institution as defined in …”

Article 2 Definitions S. 1576-1578

„… Directive 2006/48/EC; (18) ‘financial holding company’ means a financial institution, the subsidiary …” „… undertakings of which are either exclusively or mainly credit institutions or financial institutions, at least …” „… one of such subsidiary undertakings being a credit institution, and which is not a mixed financial …”

Article 21 Depositary S. 1504-1512

„… ) a credit institution having its registered office in the Union and authorised in accordance with …” „… provides the ancillary service of safe-keeping and administration of financial instruments for the account …” „… Article 9 of Directive 2006/49/EC; or (c) another category of institution that is subject to prudential …”

Article 3 Intragroup transactions S. 1579-1584

„… financial institution or an ancillary services undertaking subject to appropriate prudential requirements …” „… 3 Intragroup transactions 1. In relation to a non-financial counterparty, an intragroup transaction …” „… financial counterparty, an intragroup transaction is any of the following: (a) an OTC derivative contract …”

Article 2 Definitions S. 883-888

„… financial institution established by two or more Member States which has the purpose of mobilising funding …” „… debt of an international financial institution established by two or more Member States, which has the …” „… problems, the competent authority of the jurisdiction in which the international financial institution is …”

Article 2 S. 1684-1691

„… only minimise systemic risk, but also offer incentives to financial institutions to participate in …” „… in financial instruments, excluding the institutions set out in Article 2(1) thereof, – public …” „… financial obligations arising from transfer orders within this system, can be considered institutions …”

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

„… , other financial institutions, insurance undertakings and the supervision of financial markets; (b) the …” „… audits of the accounts of investment firms and other financial institutions, credit institutions and …” „… firms and other financial institutions; (f) oversight of persons active on emission allowance markets …”

Article 3 Definitions S. 654-657

„… ) No 575/2013 of the European Parliament and of the Council (18); (4) ‘financial institution’ means a …” „… financial institution as defined in point (26) of Article 4(1) of Regulation (EU) No 575/2013; (5) ‘market …” „… market, MTF or OTF),20 provided it concerns a financial instrument as defined in Arts 2(1) or (2 …”

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

„… is a credit institution or a financial institution, may, on its own responsibility, delay the public …” „… , ‘Corporate insider trading in Europe’ (2018) 54 Journal of International Financial Markets, Institutions and …” „… ’ (2018) 54 Journal of International Financial Markets, Institutions and Money 130-151; Deutscher Investor …”

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

„… financial institutions.3 The aim of Art 5 a CRA Regulation is to minimize the reliance on external ratings …” „… by public authorities and financial institutions in order to avoid the associated risks …” „… clear how financial institutions, especially small institutions with limited capacities, should comply …”

Article 20 Investment recommendations and statistics S. 824-833

„… concerning the financial instruments to which that information relates. (2) Public institutions disseminating …” „… statistics or forecasts liable to have a significant effect on financial markets shall disseminate them in an …” „… . . . . . . . . . . . . . . . . . . . . . . . 50 4. Public institution disseminating statistics or forecasts …”

Article 50 Eligible assets S. 1381-1385

„… other collective investment undertakings; (f) deposits with credit institutions which are repayable on …” „… that the credit institution has its registered office in a Member State or, if the credit institution …” „… Community law; (g) financial derivative instruments, including equivalent cash-settled instruments, dealt in …”

Article 1 S. 1680-1684

„… allow for the transfer of money and securities between financial institutions, while dispensing with the …” „… only minimise systemic risk, but also offer incentives to financial institutions to participate in …” „… 2012); Clarotti P, ‘EU directives and their impact on netting’ (1997) 5 Journal of Financial Regulation …”

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

„… on the Financial Collateral Directive published on 29 June 2016, half of the Member States require …” „… latter provision imposes certain requirements to prove financial collateral has been provided as well as …” „… its interest. Therefore, loan contracts offered by credit institutions may contain such waivers …”

Article 2 Scope S. 1234-1236

„… application of the CRA Regulation covers CRR institutions1, as well as credit institutions and financial …” „… sufficient by the European legislators. 1. 2. 3. 1 CRR institutions are financial institutions as defined in …” „… measures aimed at restoring market confidence lost following the financial crisis and improving investor …”

Article 15 Initial capital endowment S. 64-65

„… where the structured deposit is issued by a credit institution which is a member of a deposit guarantee …” „… somewhere in between financial instruments and deposits, Art 14 second para MiFID allows for risks relating …” „… structured deposit is issued by a credit institution which is a member of a deposit guarantee scheme …”

Article 2 Scope S. 650-654

„… European Parliament and of the Council (18); (4) ‘financial institution’ means a financial institution as …” „… manipulation (market abuse) as well as measures to prevent market abuse to ensure the integrity of financial …” „… the Regulation is protecting the integrity of financial markets in the EU. Market integrity is a …”

Article 16 Organisational requirements S. 65-120

„… accordance with Recital 50 MiFID, investment firms that only deal on their own account in financial …” „… interests of its clients. An investment firm which manufactures financial instruments for sale to clients …” „… shall maintain, operate and review a process for the approval of each financial instrument and …”

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

„… institution (lit a) as well as any parent company and control holder of any regulated financial institution …” „… institution is authorised for the same or different types of financial services. The list of Art 11(2) MiFID …” „… authorised financial institutions whose authorisation has been established since 2008 (such as Central …”

Article 1 Subject matter and scope S. 1574-1576

„… burdens for market participants, without compromising financial stability. The Commission also adopted a …” „… distress or failure, the critical functions of CCPs are preserved while maintaining financial stability and …” „… financial counterparties and to trade repositories. It shall apply to non-financial counterparties and …”

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

„… announcement of the meeting; (c) designate as its agent a financial institution through which shareholders may …” „… paragraphs 1, 2 and 3. The Commission shall, in particular, specify the types of financial institution …” „… announced. The issuer further needs to designate as its agent a financial institution through which …”

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

„… financial institution established by two or more Member States which has the purpose to mobilise funding and …” „… The exemption further applies to the EU as well as EU and international financial institutions …” „… provide financial assistance to Member States (see Art 6(2)). Most of these institutions were temporary …”

Article 4 Definitions S. 22-34

„… conclusion of agreements to sell financial instruments issued by an investment firm or a credit institution …” „… purpose vehicle for several Member States; (v) an international financial institution established by two …” „… not be misleading, e.g. regarding the financial institution, the services offered and the risks …”

Article 1 Scope S. 6-10

„… Markets in Financial Instruments Directive (MiFID II) Directive 2014/65/EU of the European …” „… Parliament and of the Council of 15 May 2014 on markets in financial instruments (OJ L 173, 12.6.2014, p …” „… Ferrarini G, Regulation of the EU Financial Markets: MiFID II and MiFIR (Oxford University Press 2017 …”

Article 8 Exemptions S. 1137-1140

„… credit institutions that issue only debt securities from the half-yearly financial reporting requirement …” „… which at least one Member State is a member, the European Central Bank (ECB), the European Financial …” „… with the objective of preserving the financial stability of European monetary union by providing …”

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

„… institution through which debt securities holders may exercise their financial rights. (3) Where only holders …” „… , specify the types of financial institution through which a debt security holder may exercise the financial …” „… was announced. The issuer further needs to designate as its agent a financial institution through …”

Article 2 Definitions S. 1104-1114

„… own account’.38 Certain credit institutions may be exempt from half-yearly financial reporting …” „… additional periodic financial information by issuers who are financial institutions. The home Member State …” „… Transparency 1104 Wolf-Georg Ringe 23 24 25 26 27 28 2004 on markets in financial instruments1 with the …”

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

„… financial instrument or derivatives from trading if the original suspension or removal was due to suspected …” „… 32(2) and 52(2) MiFID II deal with the suspension or removal from trading of a financial instruments …” „… firms or credit institutions that are operating on the market; (d) the conditions established, for …”

Article 29 Publication of decisions S. 1223-1226

„… supports confidence in the financial market as an institution.2 Accordingly, new Article 29 mandates the …” „… financial strength of the infringer or the financial advantage gained. III. Data protection Article 28c(2 …” „… publication; (b) where publication would seriously jeopardise the stability of the financial system or an …”

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

„… December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions in …” „… counterparty, a financial holding company, a financial institution or an ancillary services undertaking subject …” „… non-financial counterparty, an intragroup transaction is an OTC derivative contract entered into with another …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… 600/2014).27 Article 52 Suspension and removal of financial instruments from trading on a regulated market 1 …” „… removal of a financial instrument from trading, a market operator may suspend or remove from trading a …” „… financial instrument which no 5. 19 Art 5(1)(b) of the Commission Delegated Regulation (EU) 2017/568. 20 Art …”

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

„… membership and the prudential measures to uphold the smooth and orderly functioning of the financial markets …” „… another Member State in accordance with this Directive, and in respect of credit institutions in …” „… firm or credit institution in respect of the matters covered by this Directive. 2. Any investment firm …”

Article 2 Definitions S. 1720-1722

„… Article 2 Definitions 1. For the purpose of this Directive: (a) ‘financial collateral arrangement …” „… ’ means a title transfer financial collateral arrangement or a security financial collateral arrangement …” „… transfer financial collateral arrangement’ means an arrangement, including repurchase agreements, under …”

Article 3 Definitions S. 1236-1242

„… financial decisions. For example, the investment guidelines of many institutional investors include a …” „… entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or …” „… of an issuer of such a debt or financial obligation, debt security, preferred share or other …”

Article 104 Information exchange with monetary authorities, clearing houses; legislators S. 1454-1457

„… , financial institutions, investment undertakings and insurance undertakings and to inspectors instructed by …” „… of strengthening the stability, including the integrity, of the financial system, authorise the …” „… supervision of UCITS and of undertakings contributing towards their business activity, credit institutions …”

Article 12 Market manipulation S. 730-756

„… .39914 Euro Interest Rate Derivatives, 4 December 2013 (fining eight financial institutions a total of …” „… first instance, to the financial institution making the submission to the body authorised to calculate …” „… financial institution, which captures the persons within a financial institution responsible for submitting …”

Article 9 S. 1702-1706

„… proprietary rights in such objects. The objects of financial collateral – financial instruments such as shares …” „… intermediaries, e.g. by banks, who hold the interests in such financial instruments for their clients.5 It is …” „… therefore nearly impossible to geographically locate financial collateral. Hence the conundrum of …”

Article 39 Market monitoring S. 541-542

„… removing the incentive for consumers to learn and play an active role in policing financial institutions.15 …” „… criticised that product prohibition will reduce the choice of investors by limiting the range of financial …” „… , ESMA shall monitor the market for financial instruments which are marketed, distributed or sold in the …”

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

„… Stability Mechanism; (f) an international financial institution established by two or more Member States …” „… , ESMA provides a central facility, the Financial Instrument Reference Data System (FIRDS), which …” „… the data collection task to ESMA are able to transmit reference data concerning financial instruments …”

Article 73 Reporting of infringements S. 373-375

„… communication channels for such reports; (b) appropriate protection for employees of financial institutions who …” „… report infringements committed within the financial institution at least against retaliation …” „… firms, market operators, data reporting services providers, credit institutions in relation to …”

Article 2 Definitions S. 396-403

„… or (c) the transaction is carried out for the purposes of financial stability policy.15 The exemption …” „… performance of monetary, foreign exchange and financial stability policies from pre- and post-trade …” „… ) ‘financial instrument’ means a financial instrument as defined in Article 4(1)(15) of Directive 2014/65/EU …”

Article 28 Administrative measures and sanctions S. 1216-1219

„… Directive.1 In the wake of the 2008/09 financial crisis, however, the EU institutions became increasingly …” „… adopted by the Commission. The basic rule is that either of the two institutions has the right to object …” „… be extended by another three months on request by either of the two institutions. If neither …”

Article 103 Information exchange in certain cases S. 1453-1454

„… of credit institutions, investment undertakings, insurance undertakings or other financial …” „… accounts of insurance undertakings, credit institutions, investment undertakings or other financial …” „… , credit institutions, investment firms or other financial institutions. 2. Member States which have …”

Article 35 Establishment of a branch S. 227-233

„… administrative structure or the financial situation of a credit institution, it shall, within three months of …” „… or the financial situation of the credit institution. Information on compensation scheme (Art 35(4 …” „… covered by the authorisation granted to the investment firm or the credit institution in the home Member …”

Introduction and overview S. 874-881

„… decisions of ESMA directed at financial institutions overriding those made by NCAs cannot be regarded as …” „… Securities and Financial Markets Regulation (3rd ed OUP Oxford 2014) (cited as “Moloney”); Mülbert P and …” „… from 2010 German Short Sale Ban’ (2012) 47 Financial Review 171; Riederer M and Weick-Ludewig V …”

Article 3 Integration of securities markets S. 1114-1118

„… exception concerns possible additional reporting requirements for financial institutions, which Member …” „… publish periodic financial information on a more frequent basis than the annual financial reports referred …” „… to in Article 4 and the half-yearly financial reports referred to in Article 5. (1 a) By way of …”

Article 2 Definitions S. 958-965

„… institutional investors whose main activity is to invest in financial instruments, including, inter alia …” „… definition shall also be applicable to the placing of securities through financial intermediaries; e …” „… in financial instruments, and persons or entities who are, on request, treated as professional …”

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

„… honesty and integrity. 3. Member States shall determine which of the categories of institutions referred …” „… 2016, appointed as a depositary an institution that does not meet the requirements laid down in …” „… banks, credit institutions licensed under CRD IV and certain nationally governed institutions with …”

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

„… transactions in the same or similar financial instruments on a trading venue. By 3 January 2019, ESMA shall …” „… . The size specific to the financial instrument shall be determined in accordance with the criteria set …” „… monitor how systematic internalisers provide quotes for non-equity financial instruments. Legislative …”

Article 29 Obligations of investment firms when appointing tied agents S. 205-207

„… financial instruments and providing advice in respect of such financial instruments and services offered by …” „… territory to hold money and/or financial instruments of clients on behalf and under the full responsibility …” „… credit institutions, their associations and other entities in registering tied agents and in monitoring …”

Chapter 3 Prudential requirements S. 1643-1653

„… . Alternatively, other highly secure arrangements with authorised financial institutions may be used. 4. Cash …” „… with respect to specific financial instruments. A CCP may calculate margins with respect to a portfolio …” „… of financial instruments provided that the methodology used is prudent and robust. 5. In order to …”

Article 23 Precautionary measures S. 1025-1027

„… irregularities have been committed by the issuer or by the financial institutions in charge of the public offer …” „… prove inadequate, the issuer or the financial institution in charge of the public offer persists in …” „… financial institution in charge of the public offer, or breaches committed with respect to an admission to …”

Article 69 Supervisory powers S. 358-362

„… supervision of credit and other financial institutions, pension funds, UCITS, insurance and reinsurance …” „… records held by an investment firm, a credit institution, or any other entity regulated by this Directive …” „… to comply with legal requirements; (m) require the suspension of trading in a financial instrument …”

Article 4 Use of credit ratings S. 1242-1246

„… Regulation. However, the regulation still subjects any ratings used by financial institutions falling under …” „… . Credit institutions, investment firms, insurance undertakings, reinsurance undertakings, institutions for …” „… II of the CRA Regulation, and (2) 1. 2. 3. 1 Moloney, EU Securities and Financial Markets Regulation …”

Article 102 Professional secrecy and confidentiality; supervisory cooperation and information exchange S. 1452-1453

„… other financial institutions; (d) ESMA, the European Supervisory Authority (European Banking Authority …” „… undertakings, credit institutions, investment firms or other financial institutions. 2. Member States which …” „… responsibility for the supervision of credit institutions, investment undertakings, insurance undertakings or …”

Article 46 General provisions S. 560-566

„… Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial …” „… critical financial market infrastructures and further developing the Capital Markets Union, Brussels …” „… as-operations-consultation-document_en.pdf, at 11 et seq. European Commission, EU equivalence decisions in financial services policy: an …”

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

„… institutions,1 of a credit institution or investment firm provided that: (a) the voting rights held in the …” „… and of the Council as regards exemptions for buy-back programmes and stabilisation of financial …” „… a and 27 b, measures in order to take account of technical developments on financial markets and to …”

Articles 18 to 26 S. 930-934

„… action or a default by any Member State or banks and other financial institutions deemed important to the …” „… downward spirals in any financial instrument related to any banks and other financial institution deemed …” „… prices of financial instruments. Accordingly, NCAs may require additional notifications and disclosures …”

Article 5 S. 1695-1697

„… institutions, finality is not guaranteed and financial risk still exists. The reason is that institutions in a …” „… transfer orders are later validly revoked by sending institutions or their customers, the receiving …” „… Member State of the sending institution, while according to the law of the recipient’s Member State it is …”

Article 1 Subject matter and scope S. 392-396

„… er similar financial instruments,22 as well as to bonds, structured finance products, emission …” „… allowances and derivatives (equity-(like) and non-equity(-like) financial instruments).23 The requirements …” „… regulating the trading in financial instruments so that trades are carried out, as often as possible, on …”

Introduction S. 1563-1574

„… , London School of Economics; Awrey D, ‘Complexity, Innovation and Regulation of the Modern Financial …” „… financial market infrastructures’, in Moloney N, Ferran E and Payne J (eds), The Oxford handbook of …” „… financial regulation (Oxford University Press 2015); Greene E and Potiha I, ‘Issues in the Extraterritorial …”

Article 5 The prospectus S. 974-984

„… authorities to rescue troubled European financial institutions. In particular, under specific circumstances …” „… necessary to enable investors to make an informed assessment of the assets and liabilities, financial …” „… issued in a continuous or repeated manner by credit institutions, i. where the sums deriving from the …”

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

„… ,8 and where an institution mentioned above deals as principal in a financial instrument9 in any of …” „… agreement with a sovereign issuer, it is dealing as principal in a financial instrument in relation to …” „… stabilisation of financial instruments. 5. The exemption referred to in paragraph 1 shall apply only where the …”

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

„… communication channels for such reports; (b) appropriate protection for employees of financial institutions who …” „… report infringements committed within the financial institution at least against retaliation …” „… conviction has been imposed against a financial service provider listed therein – an additional “naming (and …”

Index S. 1785-1803

„… seq. – financial crisis MAR 17 87 et seq. – financial institution MAR 17 88 et seq. – general market …” „… MAR 17 30 et seq. – EAMPs MAR 17 47 et seq. – financial crisis MAR 17 62, 87 et seq. – financial …” „… objectives at risk MAR 17 76 – financial stability MAR 17 92 – guarantee of confidentiality MAR 17 94 …”

Article 26 Right of appeal S. 1030-1031

„… other financial institutions equivalent to credit institutions which are not covered by Article 1(2)(j …” „… sure would seriously jeopardise the financial markets or cause disproportionate damage to the …” „… Moloney, EU Securities and Financial Market Regulation (3rd edn, Oxford University Press 2014), 121 and …”

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

„… deposits or OTC derivative transactions made with financial institutions subject to prudential supervision …” „… and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial …” „… within the limit laid down in Article 52(5), in financial derivative instruments provided that the …”

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

„… alternative investment fund manager as defined in Directive 2011/61/EC; (c) other financial institutions …” „… hedging: Evidence from commodity markets’, [2013] 109(2) Journal of Financial Economics 441-465; Büscher P …” „… the financialization of commodity markets’ (2015) 28 Review of Financial Studies 1285-1311; Herman MO …”

Article 24 Reporting obligations to competent authorities S. 1517-1519

„… marketed by it in the Union, for each financial year, in accordance with Article 22(1); (b) for the end of …” „… and leverage embedded in financial derivatives and the extent to which the AIF’s assets have been …” „… in order to ensure the stability and integrity of the financial system, or to promote long-term …”

Introduction S. 644-650

„… , The Law of Securities Regulation (West Pub., 2016); Moloney N, EU Securities and Financial Markets …” „… tegrity of financial markets in the Union and to enhance investor protection and confidence in those …” „… basis of inside information was identified as one of the root causes of the financial crisis of 1929.9 …”

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

„… : (a) a national central bank; (b) a credit institution authorised in accordance with Directive 2013/36 …” „… the infrastructure necessary to keep in custody financial instruments that can be registered in a …” „… financial instruments account opened in the depositary’s books; (b) it shall establish adequate policies and …”

Article 18 Insider lists S. 799-808

„… . This may include a large number of persons, for example, financial institutions, suppliers, customers …” „… after it is drawn up or updated. (6) Issuers whose financial instruments are admitted to trading on an …” „… of their financial instruments to trading on a regulated market in a Member State or, in the case of …”

Article 13 S. 1163-1172

„… typically be between the holder of the instrument and a bank or another financial institution. The key …” „… , directly or indirectly: (a) financial instruments that, on maturity, give the holder, under a formal …” „… regulated market; (b) financial instruments which are not included in point (a) but which are referenced to …”

Article 8 Omission of information S. 990-994

„… not such as will influence the assessment of the financial position and prospects of the issuer …” „… developments on financial markets and to specify the requirements laid down in this Article, the Commission …” „… assessment of the financial position and prospects of the issuer or guarantor (if any); and (iii) in case of …”

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

„… original recommendation can be accessed free of charge.58 Public institution disseminating statistics or …” „… forecasts According to Article 20(2), any public institution which disseminates statistics or forecasts …” „… liable to have a significant effect on financial markets are required to disseminate them in an objective …”

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

„… leverage contributes to the build-up of systemic risk in the financial system, risks of disorderly markets …” „… source of counterparty risk to a credit institution or other systemically relevant institutions in other …” „… , and, where deemed necessary in order to ensure the stability and integrity of the financial system …”

Article 9 Legitimate behaviour S. 705-711

„… firm. Thus, it is essential that financial institutions have effective ‘Chinese walls’ in place that …” „… account of another person (here the financial institution). Market makers and other professional …” „… made the decision on its behalf to acquire or dispose of financial instruments to which the information …”

Article 13 Accepted market practices S. 756-767

„… manipulation applies to a natural person or financial institution engaging in a manipulative practice, and also …” „… to natural persons within a financial institution who participate in a decision to carry out a …” „… financial instrument within the Union; (f) the outcome of any investigation of the relevant market practice …”

Article 22 Competent authorities S. 835-838

„… firms, credit institutions or financial institutions; (h) to require, insofar as permitted by national …” „… market as to the supply of, demand for, or price of financial instruments. Chapter 4 ESMA and competent …” „… Overcoming Market Fragmentation?’ (2012) 9 European Company and Financial Law Review 275; Davies J, ‘From …”

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

„… portfolios of investments, including those owned by pension funds and institutions for occupational …” „… investment undertakings; (iii) reception and transmission of orders in relation to financial instruments. 5 …” „… authorised under Directive 2004/39/EC and credit institutions authorised under Directive 2006/48/EC shall not …”

Article 52 Diversification S. 1389-1391

„… transactions made with financial institutions subject to prudential supervision. Notwithstanding the individual …” „… derivative transactions made with financial institutions subject to prudential supervision. The 5% limit may …” „… institution referred to in Article 50(1)(f); or (b) 5 % of its assets, in other cases. 2. Member States may …”

Article 34 Publication of decisions S. 869-874

„… the case when the survival of a systemically important financial institution is in doubt and the …” „… financial markets, it shall do any of the following: (a) defer publication of the decision until the reasons …” „… financial markets is not jeopardised; or (ii) the proportionality of the publication of such decisions with …”

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

„… obligation with third-country financial institutions or other third-country entities that would be subject to …” „… EU counterparties, but also those between a European and a third-country financial institution or …” „… financial instruments of the same type are traded, i.e. of the most relevant market in terms of liquidity.23 …”

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

„… financial institutions authorised or regulated under Union law or under the national law of a Member State …” „… territory to hold clients’ money and financial instruments within its territory, in accordance with the …” „… financial instruments in the territory of another Member State which allows tied agents to hold the same …”

Article 40 ESMA temporary intervention powers S. 542-544

„… monitoring regarding structured deposits and financial instruments. EBA is charged with the monitoring of …” „… structured deposits, ESMA with the monitoring of all financial instruments. National competent authorities …” „… scope covers structured deposits and financial instruments. Financial instruments can be shares, bonds …”

Article 3 Formal requirements S. 1722-1724

„… substitution, right to withdraw excess financial collateral in favour of the collateral provider or, in the …” „… the financial collateral having been provided to the collateral taker as mentioned in this Directive …” „… durable medium. Article 2 contains the relevant definitions the reader needs to understand the Financial …”

Article 4 Definitions S. 1471-1477

„… means: (i) if the depositary is a credit institution authorised under Directive 2006/48/EC, the …” „… Article 4(1) thereof; (iii) if the depositary falls within a category of institution referred to in point …” „… home Member State which are empowered by law or regulation to supervise such categories of institution …”

Article 67 Designation of competent authorities S. 357-358

„… supervision of credit and other financial institutions, pension funds, UCITS, insurance and reinsurance …” „… : van Erp J, ‘Naming without shaming: the publication of sanctions in the Dutch financial market’ (2011 …” „… G (eds), Regulation of the EU Financial Markets – MiFID II and MiFIR (OUP 2017); Moloney N …”

Article 2 Exemptions S. 10-18

„… public debt in the Union and international financial institutions established by two or more Member …” „… ; (d) persons dealing on own account in financial instruments other than commodity derivatives or …” „… in financial instruments other than commodity derivatives or emission allowances or derivatives …”

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

„… play an active role in policing financial institutions.15 Finally, the ‘imperfect regulators concern …” „… (eds.), Regulation of the EU Financial Market: MiFID II and MiFIR (Oxford University Press 2017), pp …” „… Financial Markets Regulation (3rd edn, Oxford University Press 2014), Chapter IX, Section 7.1; Veil R …”

Article 22 Annual report S. 1512-1514

„… or in the name of the AIFM or depositary acting on behalf of the AIF with an eligible institution as …” „… . However, AIFMD provides for a special, strict liability regime for a loss of financial instruments. The …” „… depositary is generally liable to the AIF or its investors for the loss of a financial instrument held in …”

Introduction S. 941-951

„… Financial Market Regulation (3rd edn, Oxford University Press 2014); Moloney N, ‘Institutional Governance …” „… P, Enriques L, Gordon JN, Mayer C and Payne J, Principles of Financial Regulation (Oxford University …” „… Financial Markets Regulation’ in Moloney N, Ferran E and Payne J (eds), The Oxford Handbook of Financial …”

Article 1 Purpose and scope S. 951-958

„… . non-equity securities issued in a continuous or repeated manner by credit institutions provided that these …” „… . ‘bostadsobligationer’ issued repeatedly by credit institutions in Sweden whose main purpose is to grant mortgage loans …” „… institutions where the total consideration for the offer in the Union is less than EUR 75,000,000, which shall …”

Article 2 Definitions S. 1751-1755

„… institutions1 benefiting from a waiver under Article 2(3) of Directive 2007/64/EC; (9) ‘PSU’ means a natural or …” „… development of electronic financial messages as defined by the ISO, encompassing the physical representation …” „… categories of payment service providers set out in Art 1(1) of the PSD1: (a) credit institutions, (b …”

Article 7 Conditions for authorisation S. 1328-1331

„… a guarantee of the same amount given by a credit institution or an insurance undertaking which has …” „… amount of own funds depending on expenses. The objective is both to enhance financial market stability …” „… and investor protection.1 Art 7(1)(b) of UCITSD sets out a principle of European financial law2 by …”

Article 30 Transitional provisions S. 1226-1227

„… financial system or an ongoing official investigation. It further applies where it would, in so far as can …” „… be determined, cause disproportionate and serious damage to the institutions or individuals involved …” „… derogation from Article 5(3) of this Directive, the home Member State may exempt from disclosing financial …”

Article 5 Equivalence and certification based on equivalence S. 1246-1248

„… credit ratings by financial institutions 1. The entities referred to in the first subparagraph of Article …” „… to entities established or financial instruments issued in third countries and that are issued by a …” „… financial stability or integrity of the financial markets of one or more Member States; and (e) the credit …”

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

„… financial markets, (ii) specify the requirements of paragraphs 2, 4 and 5, (iii) specify the ‘short …” „… draft Regulatory Technical Standards on major shareholdings and an indicative list of financial …” „… issuer per se or financial purposes are not affected. Even though shareholders usually have no legal …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… financial sector provide for in connection with licensing procedures. The AIFM must file information on the …” „… a credit institution or of an insurance undertaking authorised in another Member State; (b) a …” „… , of a credit institution or of an insurance undertaking authorised in another Member State; and (c) a …”

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

„… information by financial institutions.46 Finally, the operator of the regulated market is not bound by the …” „… legislation.45 In particular, Member States may require the publication of additional periodic financial …” „… prohibition and remains free to require issuers to publish additional periodic financial information in all or …”

Article 4 S. 1039-1046

„… order to settle an FX forward, a financial institution would purchase the currency at market conditions …” „… Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial …” „… of PRIIP manufacturers which may include fund managers, insurance undertakings, credit institutions …”

Article 4 Notifications and list of financial instruments S. 657-661

„… ) ‘associated instruments’ means the following financial instruments, including those which are not admitted to …” „… ) financial derivatives of securities; (iii) where the securities are convertible or exchangeable debt …” „… , which is undertaken by a credit institution or an investment firm in the context of a significant …”

Article 12 Out-of-court complaint and redress procedures S. 1774-1776

„… alternative dispute resolution bodies of credit institutions – Hungary: Financial Arbitration Board – Ireland …” „… : Financial Arbitrator of the Czech Republic – Denmark: Company Appeals Board – Estonia: Estonian Consumer …” „… Protection Board; Financial Supervision Authority – Finland: Consumer Dispute Board – France: Comité de la …”

Introduction to Chapter III Intro Chapter III S. 221-222

„… temporary failure to meet the 50% threshold for issuers. Financial instruments issued by SMEs may be traded …” „… its financial instruments are being traded on multiple markets and may object. If the issuer does not …” „… prudential measures to uphold the smooth and orderly functioning of the financial markets.’ (cf. Recital 108 …”

Article 58 Position reporting by categories of position holders S. 334-339

„… as defined in Directive 2011/61/EC; (c) other financial institutions, including insurance …” „… credit institutions; (b) investment funds, either an undertaking for collective investments in …” „… undertakings and reinsurance undertakings as defined in Directive 2009/138/EC, and institutions for …”

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

„… publication of additional periodic financial information by financial institutions.46 Finally, the operator of …” „… – The IFRS Foundation’s Taxonomy should be used to transfer financial information into structured …” „… data for the electronic reporting of IFRS financial statements. Once this project succeeds, it can …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 5 1246 Over-reliance on credit ratings by financial institutions …” „… Lehmann / Kumpan European Financial Services Law BUT_Lehmann_3690-4.indd 1 26.03.19 11:07 …” „… European Financial Services Law Article-by-Article Commentary 2019 BUT_Lehmann_3690-4.indd 3 26.03.19 …”

Article 10 Competent authorities S. 1771-1773

„… Member States, not by the Commission or other EU institutions. This administrative power is consistent …” „… payment services users – Czech Republic: Czech National Bank – Denmark: Danish Financial Supervision …” „… Authority; Danish Competition and Consumer Authority – Estonia: Financial Supervision Authority; Estonian …”

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

„… significant price movement in a financial instru- 15 See Art 7(a) of the Commission Delegated Regulation (EU …” „… financial instrument halts trading, in any Member State, that trading venue has the necessary systems and …” „… financial instrument is traded until trading resumes on the original market. 6. Member States shall require …”

Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system S. 234-235

„… purposes of finalising or arranging the finalisation of transactions in financial instruments. Member …” „… transactions in financial instruments undertaken on a trading venue in their territory. 2. Member States shall …” „… designate the system for the settlement of transactions in financial instruments undertaken on that …”

Articles 42 to 48 S. 939-941

„… individuals with regard to the processing of personal data by the Union institutions (see Arts 39(1) and 40 …” „… regimes in the financial services sector of 2010,10 Art 41 SSR requires the Member States to establish …” „… C and Payne J, Principles of Financial Regulation (Oxford University Press 2016); Balci N, Die …”

Article 2 S. 577-580

„… institution’, (e) ‘units of a collective investment undertaking’, and (f) ‘participating interest …” „… Investment Services Directive (ISD),3 then carried forward in Art 4(1)(18) of the Markets in Financial …” „… Markets in Financial Instruments Directive of 2014 (MiFID II):5, 6 ‘transferable securities’ means those …”

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

„… et financier, Novembre 2017 – n° 6; Busch D and Ferrarini G, Regulation of the EU Financial Markets …” „… Financial Law Review 275-306; Ferrarini G and Moloney N, ‘Reshaping Order Execution in the EU and the Role …” „… Right for the City and EU Financial Services Industry’, 2012; Jung P and Bischof E, Europäisches …”

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

„… the natural person or legal entity responsible; (c) the financial strength of the natural person or …” „… Transparency Requirements?’ (2017) 14 European Company Law 150). 12 Financial Services and Markets Act 2000 …” „… also the financial strength of the infringer or the financial advantage gained. III. Data protection …”

Articles 26 to 32 S. 1291-1293

„… heads of the Financial Market Authority of each Member State (entitled to vote) and non-voting …” „… swift action to prevent significant and imminent damage to the financial system, pursuant to Art 25(1 …” „… among the three European financial market supervisory authorities EBA, ESMA and EIOPA. Vertically, Art …”

Article 10 a S. 1706-1708

„… authorisation requirements on systems which fall under their jurisdiction. An institution shall, on request …” „… securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked …” „… of the powers of the European financial supervision authorities. Art 10 a has been newly introduced …”

Article 23 Powers of competent authorities S. 838-843

„… firms, credit institutions or financial institutions; (h) to require, insofar as permitted by national …” „… of the Regulation to these markets because financial instruments are increasingly traded on them.8 …” „… assets, or both; (j) to suspend trading of the financial instrument concerned; (k) to require the …”

Article 7 Responsibility and liability S. 1135-1137

„… to be disclosed under Articles 4, 5, 6, and 16, thus the annual financial reports, the half-yearly …” „… financial reports, the report on payments to governments, and the additional information disclosed under …” „… Financial Markets Law Committee at the Bank of England, 3 May 2006, available at http://www.fmlc.org/uploads …”

Article 21 Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives S. 478-482

„… extended time period of deferral, or in the case of non-equity financial instruments that are not sovereign …” „… factors linked primarily to the valuation of the financial instruments and those determined by other …” „… those financial instruments for collateral, lending or other purposes where the exchange of financial …”

Article 1 Subject matter S. 1231-1234

„… of Financial Studies, Volume 26, Issue 9, 1 September 2013, 2270-2310; Goller B, ‘Ratingagenturen …” „… – a more efficient European law?’ ECFR 2014, 333; Moloney N, EU Securities and Financial Markets …” „… regulatory frameworks.2 Due to the financial crisis in 2007 and 2008, for which credit rating agencies are …”

Article 7 Minimum information S. 987-990

„… continuous or repeated manner by entities authorised or regulated to operate in the financial markets within …” „… institutions issuing non-equity securities referred to in Article 1(2)(j), companies with reduced market …” „… acts referred to in paragraph 1 shall be based on the standards in the field of financial and …”

Article 36 Access to regulated markets Christoph Kumpan and Ronny Grütze S. 233-234

„… transactions in financial instruments. Member States shall require that direct and indirect access of those …” „… facilities to the clearing and settlement of transactions in financial instruments undertaken on a trading …” „… in financial instruments undertaken on that regulated market, subject to the following conditions: (a …”

Article 2 Definitions S. 1317-1323

„… ) ‘depositary’ means an institution entrusted with the duties set out in Articles 22 and 32 and subject to the …” „… the respective responsibility; (t) ‘financial instrument’ means a financial instrument specified in …” „… understood as a reference to financial instruments which fulfil the following criteria: (a) the potential …”

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 …” „… and of the Council, in order to ensure consistency with requirements developed for other financial …” „… services sectors, in particular credit institutions and investment firms. I. General features Purpose Art …”

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

„… financial instruments for sale to clients shall ensure that those financial instruments are designed to meet …” „… strategy for distribution of the financial instruments is compatible with the identified target market, and …” „… the investment firm takes reasonable steps to ensure that the financial instrument is distributed to …”

Article 20 Delegation S. 1502-1504

„… delegation of functions by regulated entities in the financial sector is typically subject to certain …” „… institution having its registered office in the Union and authorised in accordance with Directive 2006/48/EC …” „… service of safe-keeping and administration of financial instruments for the account of clients in …”

Article 22 a Delegation by depositary S. 1357-1359

„… audit to ensure that the financial instruments are in its possession; (c) segregates the assets of the …” „… subparagraph, where the law of a third country requires that certain financial instruments be held in custody …” „… depositary to delegate the custody of such financial instruments to such a local entity. The third party may …”

Introduction S. 574-576

„… authority’ (2000) 2 Journal of International Financial Markets 162; Geranio M and Lazzari V, ‘Exchanges …” „… and Financial Law (Routledge 2015); Hammen H, ‘Börsenreform und Verfassungsrecht – Rechtsnatur der …” „… EU Law. Volume III: Funding, Exit, Takeovers (Springer 2010); Moloney N, EU Securities and Financial …”

Article 22 Professional secrecy and cooperation between authorities S. 1023-1025

„… financial institutions in charge of the public offer or that the issuer has breached its obligations by …” „… financial intermediaries commissioned to carry out the offer to the public or ask for admission to trading …” „… macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (1) respectively …”

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

„… securities (such as ‘cocos’, i.e. contingent convertible bonds issued by financial institution) remain not …” „… and any guarantor, including the assets, liabilities and financial position of the issuer and …” „… of securities to the public. The placement of securities through financial intermediaries shall be …”

Article 19 Specific requirements for MTFs S. 142-145

„… Regulation (EU) 2016/824. 44 Moloney, EU Securities and Financial Markets Regulation (3rd edn 2014), V.8, p …” „… authorisation and on an ongoing basis, sufficient financial resources to facilitate its orderly functioning …” „… orderly functioning of financial markets was one of the main reasons for new rules related to new …”

Article 42 Provision of services at the exclusive initiative of the client S. 242-246

„… with the membership of the issuing credit institution in a deposit guarantee scheme in the case of …” „… the firm’s investment services or activities or on financial instruments.’ Title II Authorisation …” „… such as (i) the type of the financial instrument which is offered; (ii) the distinction between complex …”

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

„… cost-efficient access to financial markets and investor protection. Once approved, an EU Growth prospectus …” „… Life Flotation’ 4 European Comapany and Financial Law Review 21; Enriques and Tröger, ‘Issuer Choice in …” „… Private International Law 318; and Haentjens and Verheij, ‘Finding nemo: Locating Financial Losses after …”

Article 13 Remuneration S. 1489-1492

„… reflect similar requirements that the European legislator imposes on other financial institutions engaged …” „… European Markets in Financial Instruments Directive (“MiFID”) as well as UCITS management companies. Art …” „… provisions resemeble European regulatory remuneration requirements for other sectors of the financial …”

Article 1 S. 576-577

„… shall be regarded as equivalent to such repurchase or redemption; (d) ‘credit institution’ shall mean an …” „… of 19 April 2002 amending Annex IX (Financial services) to the EEA Agreement [2002] OJ L 154/22. Art …” „… . 1 CARD 1. Security Markets and Services 576 Jessica Schmidt 7 1 institution’, (e) ‘units of a …”

Introduction S. 1466-1467

„… financial institutions, including the requirement of an authorisation; minimum requirements to be fulfilled …” „… their funds within the EU. As is the case for other European directives governing the financial industry …” „… entities: (a) holding companies; (b) institutions for occupational retirement provision which are covered …”

Article 13 Addressees S. 1744-1745

„… . Article 11 contains requirements applicable to Member States when implementing the Financial Collateral …” „… Directive. The requirement to refer to the Financial Collateral Directive in national law contained in the …” „… references to the Financial Collateral Directive may help courts and other agencies to construe Member State …”

Article 6 S. 1697-1699

„… an insolvency proceeding should be spread throughout the financial system and relevant markets and …” „… authorities. Legislative history Directive 98/26/EC was enacted long before the financial crisis of 2007-2009 …” „… decision. However, despite all legal changes and amendments after the financial crisis, particularly by the …”

Article 3 Optional exemptions S. 18-22

„… collective investment undertakings and/or the provision of investment advice in relation to such financial …” „… ) investment firms authorised in accordance with this Directive; (ii) credit institutions authorised in …” „… accordance with Directive 2013/36/EU; (iii) branches of investment firms or of credit institutions authorised …”

Articles 34 to 35 S. 1293-1294

„… responsibilities of the Member States and the institutions of the EU, ESMA may establish contacts and make …” „… the authorities, see Moloney, EU Securities and Financial Markets Regulation (2014), VII.2.10 (pp …” „… rating for a decision to invest into, hold onto or divest from a financial instrument covered by that …”

Article 12 General principles S. 1488-1489

„… reflect similar requirements that the European legislator imposes on other financial institutions engaged …” „… circumstances that are standard reasons for the withdrawal of an authorization in other European financial …” „… European Markets in Financial Instruments Directive (“MiFID”) as well as UCITS management companies. Art …”

Article 71 Publication of decisions S. 368-371

„… jeopardises the stability of financial markets or an on-going investigation, Member States shall ensure that …” „… points (a) and (b) are considered to be insufficient to ensure: (i) that the stability of financial …” „… institution in relation to investment services and activities or ancillary services, or a branch of …”

Article 35 a Civil Liability S. 1294-1301

„… to reduce over-reliance on credit ratings by requiring financial institutions (as listed in Art 4(1 …” „… invest into, hold onto or divest from a financial instrument covered by that credit rating. An issuer may …” „… claim damages under this Article where it establishes that it or its financial instruments are covered …”

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

„… financial institutions relying exclusively and automatically on ratings. The same applies, under Art 5b(2 …” „… credit ratings by competent authorities or other financial market actors. The aim of monitoring and …” „… from several rating agencies regarding, for example, the valuation of a financial instrument and …”

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

„… out for contingent convertible bonds issued by financial institutions for regulatory capital purposes …” „… involves an underwriter selling securities to financial intermediaries which then resell them to retail …” „… drawing up such initial prospectus does not consent to its use, the financial intermediary should be …”

Article 3 S. 1691-1695

„… focuses on securities used as collateral. This is underlined by the connection to the Financial Collateral …” „… such proceedings. 22 Moles and Terry, The Handbook of International Financial Terms (Oxford 1997 …” „… collateral protection’ (2009) 3 Law and Financial Markets Review 218, 219. 25 Ibid, 221. 26 Ibid, 222 …”

Article 9 Management body S. 43-50

„… organisation than credit institutions. Art 88 CRD IV is partly identical, yet has some slightly variations from …” „… to achieve a particular outcome irrespective of the national company law applicable to an institution …” „… institution may hold at the same 3. 1. 2. 1 Cf. Enriques and Zetzsche, ‘Quack Corporate Governance, Round III …”

Article 11 Incorporation by reference S. 995-997

„… prospectus which concerns non-equity securities issued by credit institutions in accordance with Art 5(4)(b …” „… are the following: (1) annual and interim financial information; (2) documents prepared on the …” „… occasion of a specific transaction such as a merger or de-merger; (3) audit reports and financial …”

Article 16 Additional information S. 1177-1179

„… , after an announcement of the meeting; (c) designate as its agent a financial institution through which …” „… shareholders may exercise their financial rights; and (d) publish notices or distribute circulars concerning …” „… financial markets, to take account of developments in information and communication technology and to …”

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

„… with the successive disclosure of planned merger negotiations between two Danish financial institutions …” „… ’ (2008) 2 Law and Financial Markets Review 39, 40-41; Staikouras, ‘Four Years of MADness? – The New …” „… effect is contained in the Market Conduct rules of the UK Financial Conduct Authority (FCA), MAR 1.4.2 …”

Article 2 S. 1036-1038

„… 2009/138/EC; (g) individual pension products for which a financial contribution from the employer is …” „… European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for …” „… of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive …”

Article 1 Scope and UCITS definition S. 1304-1317

„… ; Moloney N, ‘The European Securities and Markets Authority and Institutional Design for the EU Financial …” „… Distribution Rules for UCITS: A Critical Analysis’, Law and Financial Markets Review 2013, Vol. 7, 192-198 …” „… Regime’, in Moloney N (ed), EU Securities and Financial Markets Regulation (3rd edn 2014), 200-269 …”

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

„… which an institution is subject under Regulation (EC) No 1606/2002, or a similar relationship between …” „… time of authorisation and on an ongoing basis, sufficient financial resources to facilitate its orderly …” „… functioning, having regard 9 Moloney, EU securities and financial markets regulation (3rd edn, Oxford …”

Article 8 a Sovereign ratings S. 1269-1271

„… vehicle established by any of them, or, under certain conditions, international financial institutions set …” „… . 1. 2. 3. 1 Moloney, EU Securities and Financial Markets Regulation (2014), VII.2.9 (p. 668 et seq …” „… . 608 (609). 4 Moloney, EU Securities and Financial Markets Regulation (2014), VII.2.9 (p. 669). 5 …”

Article 19 Managers’ transactions S. 808-824

„… that issuer or to derivatives or other financial instruments linked thereto; (b) in respect of emission …” „… 1 shall not apply to transactions in financial instruments linked to shares or to debt instruments …” „… conditions is met: (a) the financial instrument is a unit or share in a collective investment undertaking in …”

Article 14 a Remuneration policy S. 1338-1339

„… authorities or to financial market participants concerning the persons referred to in paragraph 3 of this …” „… Council, in order to ensure consistency with requirements developed for other financial services sectors …” „… , in particular credit institutions and investment firms. I. General features Purpose Art 14 a of …”

Article 11 Withdrawal of the authorisation S. 1487-1488

„… other European directives relating to financial institutions, AIFMD does not provide a distinct …” „… are standard reasons for the withdrawal of an authorization in other European financial services …”

Article 5 Determination of the AIFM S. 1477-1478

„… other exchanges of goods or the supply of services other than financial services. By contrast …” „… pension funds and institutions for occupational retirement provision in accordance with Article 19(1) of …” „… orders in relation to financial instruments. 5. AIFMs shall not be authorised under this Directive to …”

Article 7 Inside information S. 673-692

„… provide financial assistance likewise benefits from the exemption. Finally, the exemption covers the …” „… commodity derivatives, which are financial instruments within the meaning of the Market Abuse Regulation.11 …” „… contracts and related financial instruments. Article 6(4) is intended to ensure that the relevant public …”

Article 27 Amendments S. 1031

„… Article 5(a) of Directive 89/298/EEC may continue to allow credit institutions or other financial …” „… institutions equivalent to credit institutions which are not covered by Article 1(2)(j) of this Directive to …”

Article 28 Repeal S. 1031

„… Article 5(a) of Directive 89/298/EEC may continue to allow credit institutions or other financial …” „… institutions equivalent to credit institutions which are not covered by Article 1(2)(j) of this Directive to …”

Article 29 Transposition S. 1031

„… Article 5(a) of Directive 89/298/EEC may continue to allow credit institutions or other financial …” „… institutions equivalent to credit institutions which are not covered by Article 1(2)(j) of this Directive to …”

Article 30 Indirect clearing arrangements S. 513-517

„… arrangements increase counterparty risk and thereby threaten the stability of financial markets. Background …” „… See the chart in Stegeman and Berket, in: Busch and Ferrarini (eds), Regulation of the EU Financial …” „… client providing indirect clearing services must be authorised EU credit institutions or investment firms …”

Article 30 Transitional provision S. 1031-1032

„… Article 5(a) of Directive 89/298/EEC may continue to allow credit institutions or other financial …” „… institutions equivalent to credit institutions which are not covered by Article 1(2)(j) of this Directive to …”

Articles 14 to 20 S. 1284-1288

„… Securities and Financial Markets Regulation (2014), VII.2.6 (p. 657). Arts 14 to 20 CRAR 3. Market …” „… . Article 4(1) CRA Regulation provides that credit institutions, investment firms, insurance undertakings …” „… , reinsurance undertakings, institutions for occupational retirement provision, management and investment …”

Article 53 Investment limits for diversified target investments S. 1391-1392

„… institution and 5% of its assets in other cases. Companies belonging to the same group are considered a single …” „… . That limitation shall not apply to deposits or OTC derivative transactions made with financial …” „… institutions subject to prudential supervision. The 5% limit may be raised to 25% where bonds are issued by a …”

Article 70 Sanctions for infringements S. 362-368

„… the managing body of a legal person or institutional actor where such legal person or institution has …” „… services providers, credit institutions in relation to investment services or investment activities and …” „… market, an APA, a CTP and an ARM, withdrawal or suspension of the authorisation of the institution in …”

Article 14 Membership of an authorised investor compensation scheme S. 63-64

„… institution which is a member of a deposit guarantee scheme recognised under Directive 2014/49/EU. I. General …” „… Directive 97/9/EC). Since structured deposits are somewhere in between financial instruments and deposits …” „… covered by an investor compensation scheme, if the structured deposit is issued by a credit institution …”

Article 2 Scope S. 1467-1469

„… directives governing the financial industry, the European regulator subjects AIFM domiciled in EU territory …” „… Directive shall not apply to the following entities: (a) holding companies; (b) institutions for …” „… managing such institutions and acting on their behalf referred to in Article 2(1) of that Directive or the …”

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

„… supervision of credit and other financial institutions, pension funds, UCITS, insurance and reinsurance …” „… records held by an investment firm, a credit institution, or any other entity regulated by this Directive …”

Article 24 c Objections to delegated acts S. 1028-1029

„… 20(3) may be revoked at any time by the European Parliament or by the Council. 2. The institution which …” „… endeavour to inform the other institution and the Commission within a reasonable time before the final …” „… institution which objects shall state the reasons for objecting to the delegated act. I. General features …”

Article 15 Risk management S. 1493-1496

„… features Financial intermediares such as AIFM are by the nature of their business prone to conflicts of …” „… sources of leverage of the AIF; (d) any other interlinkage or relevant relationships with other financial …” „… services institutions, which could pose systemic risk; (e) the need to limit the exposure to any single …”

Article 10 Changes in the scope of the authorisation S. 1486-1487

„… other European directives relating to financial institutions, AIFMD does not provide a distinct …” „… institution or insurance company. Furthermore, AIFM must have sufficient coverage for professional liability …”

Article 10 S. 1706

„… authorisation requirements on systems which fall under their jurisdiction. An institution shall, on request …” „… securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked …”

Article 1 Subject matter S. 1467

„… directives governing the financial industry, the European regulator subjects AIFM domiciled in EU territory …” „… Directive shall not apply to the following entities: (a) holding companies; (b) institutions for …”

Article 8 S. 1700-1702

„… (2015/848/EU) and in Art 10(1) of the Credit Institutions Winding Up Directive (2001/24/EC). This rule …” „… , European Banking and Financial Law (Routledge 2015), 167. Art. 8 SFD 5. Securities Clearing and …” „… Insolvency Regulation and in Art 25 and 27 of the Credit Institutions Winding Up Directive. Their main …”

Article 105 Implementing legislation S. 1457-1458

„… European institutions. Starting 25 of May 2018, the provisions specified in Art 104a(1) of UCITSD are …” „… incentive to block cooperation where intermediaries important for their financial economy are involved in …”

Articles 32 to 41 S. 937-939

„… Community institutions and bodies and on the free movement of such data [2001] OJ L8/1. This regulation has …” „… of individuals with regard to the processing of personal data by the Union institutions (see Arts …” „… reinforcing sanctioning regimes in the financial services sector of 2010,10 Art 41 SSR requires the Member …”

Article 7 S. 1699-1700

„… Insolvency Regulation (2015/848/EU) and in Art 10(1) of the Credit Institutions Winding Up Directive (2001/24 …” „… Gioia-Carabellese, European Banking and Financial Law (Routledge 2015), 167. Art. 8 SFD 5. Securities Clearing …”

Article 87 Cooperation and exchange of information with ESMA S. 386-387

„… subsidiary of an investment firm, market operator or credit institution located in the other Member State …” „… from other Member States that provide financial services within its jurisdiction. On the one hand …”

Article 112 a Implementing legislation by European Commission S. 1465-1466

„… European legislation of financial institutions, including the requirement of an authorisation; minimum …”

Article 1 Subject matter and scope S. 1745-1751

„… , pursuit and prudential supervision of the business of electronic money institutions,1 unless such …” „… the financial sector initiative for a single euro payments area”. The PSD1 was characterized by a …” „… institutions, an example being the Directive 2009/110/EC on the taking up, pursuit and prudential supervision …”

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

„… law by a member of the European System of Financial Supervision, and (g) a person established in a …” „… provisions, furthermore, apply to well-established entities like insurance companies, credit institutions or …” „… new institutional forms or structures and, thus, ensure that the rules remain futureproof.27 The …”

Article 8 Insider dealing S. 692-705

„… , financial instruments to which that information relates. The use of inside information by cancelling or …” „… amending an order concerning a financial instrument to which the information relates where the order was …” „… financial instruments to which that information relates, or induces that person to make such an acquisition …”

Introduction to Title VIII Intro Title VIII S. 558-560

„… functioning and integrity of financial markets or the stability of the whole or part of the financial system …” „… FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH Bibliography: Armour J, ‘Brexit and Financial …” „… (2016); European Commission, ‘DG Internal Policies, Implications of Brexit on EU Financial Services …”

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

„… consolidated financial accounts pursuant to Directive 2013/34/EU, the relevant total annual turnover shall be …” „… sanctions 1. 2. 1 As Herlin-Karnell, ‘White-collar crime and European financial crises: getting tough on EU …” „… supervisory and sanctions regimes in European capital markets laws was triggered by the Global Financial …”

Article 21 Powers S. 1020-1023

„… admission to trading on a regulated market, as well as financial intermediaries Art. 21 PD 3. Market …” „… approval from stock exchanges. See Moloney, EU Securities and Financial Market Regulation (3rd edn, Oxford …” „… Moloney, EU Securities and Financial Market Regulation (3rd edn, Oxford University Press 2014), 117 that …”

Articles 40 to 41 S. 1303-1304

„… ; Moloney N, ‘The European Securities and Markets Authority and Institutional Design for the EU Financial …” „… , ‘National Marketing and Product Distribution Rules for UCITS: A Critical Analysis’, Law and Financial …” „… Regime’, in Moloney N (ed), EU Securities and Financial Markets Regulation (3rd edn 2014), 200-269 …”

doi.org/10.5771/9783845279893

Christos Gortsos - Fundamentals of Public International Financial Law

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Christos Gortsos

Fundamentals of Public International Financial Law

Series: Schriften des Europa-Instituts der Universität des Saarlandes - Rechtswissenschaft

Volume 89 2012

Results in this title

The historical evolution of the institutions of public international financial law S. 118-131

„… ? renderednecessary?the?establishment?of?new?international?institutions.?While?financial?internationalisation?began?to?take?on?significant?dimensions,?international?cooperation?on?addressing?the?problems?which?arose?as?a?result?did?not?immediately?follow?the?samecourse.?As?correctly?argued:?“The regulation of financial activities and the institutionsthat …” „… ,?there?was?no?single?international?institution?to?discuss?issues?of?international? financial? law.?This?was?due? to? the? fact? that? the?banking?systems …” „… Accordingly,?public?international?financial?law?was?shaped,?in?terms?of?both?institutions?and?rules,?during?the?last?four?decades.?In?the?author’s?view,?its?formation?can?bedivided?in?three?(3)?historical?periods:• the?period?from?the?abolition?of?Bretton?Woods?system?until …”

SECONDARY SOURCES S. 291-314

„… ? Institution,?Washington,D.C.Buchheit,?L.C.?(2001):?A?Lawyer's?Perspective?on?the?New?Financial?Architecture,?in?Lastra,?R.M.(2001 …” „… Institutions,?Cambridge?University?Press,?Cambridge?(and?other)De?Meester,?B.?(2010):?The?global?financial …” „… ,?Auflage,?Verlag?C.H.Beck,?MünchenHerring,?R.J.?(2011):?The Capital Conundrum,?Financial? Institutions?Center,?Wharton,?WorkingPaper?Series …”

International supervisory and regulatory developments after the recent (2007-2009) international financial crisis: the contribution of the G20 and the Financial Stability Board (FSB) S. 212-226

„… ? that? all? financial? institutions?can?be …” „… ?need?to?extend?regulation?and?oversight?to?all?systemically?important?financial?institutions,?instruments?and?markets.?This?means?that?systemically?important?hedge?funds?will?be?included?for?the?first?time.560?In?this?respect,the?following?decisions?were …” „… ?taken:(a)?National?regulators?will?possess?the?powers?for?gathering?relevant?information?onall?material?financial?institutions …”

Current supervisory and regulatory developments at international level: the Progress Report of the Financial Stability Board S. 226-238

„… Important Financial Institutions”See?also …” „… ?corporation?can?be?deemed‘too?big?to?fail’?or?‘too?interconnected?to?fail’?and?to?protect?taxpayers?from?bearingthe?cost?of?resolution.(b)?It?was?announced?that?the?FSB?published?an?initial?list?of?global?systemically?important?financial?institutions?(G-SIFIs).?These?will?be?submitted?to?strengthened?supervision,?a?new?international?standard?for?resolution?regimes?as?well?as?additionalcapital?requirements?from?2016 …” „… • strengthened?rules?on?the?micro-prudential?regulation?of?international?banks?andrules?addressing?Systemically?Important?Financial?Institutions?(SIFIs)?(see?belowTable?15,?under?A),• enhanced?capital?markets?regulation?(under?B …”

The future of public international financial law S. 286-290

„… :• supervise?their?national?financial?institutions?and?markets?(or,?at?least,?those?considered?as?‘systemically?important’),• issue?binding?legal?norms?on?their?regulation,?and …” „… • impose?sanctions?on?these?financial?institutions.751The difficulties arising in the context of discussions within the EU on the possibility …” „… f?supervisors’?for?globally?active?financial?institutions?(and,?in?particular,?banking?groups).Overall,? the?design?of?the?existing?international …”

Classification of services provided in the financial system S. 49-57

„… • on?the?other?hand,?securities?clearing?and?settlement?systems,?used?in?the?clearingand?settlement?of?both?securities?and?payments?related?to?the?purchase?and?saleof?securities.Classification of services provided in the financial …” „… systemIntroductory?remarks?–?classification?approachesThe?various?categories?of?firms?operating?in?the?context?of?the?financial?system?and?itsinfrastructures,?as?defined?above,?provide?services.?These?are?designated?as?‘financialservices’.To the author’s knowledge, neither the existing literature nor any legal acts provide asystematic …” „… recording of all financial services. The single exception would perhaps beAnnex 1 to the General Agreement …”

More specifically: instruments to achieve the policy objective of ensuring banking stability: the ‘bank safety net’ S. 77-106

„… According?to?Dybvig?(1983),? p.?172,?not?all? financial? institutions?offering …” „… ? financial?and?organisational?aspects?byexternal?auditors?on?behalf?of?supervisory?authorities.Supervisory?authorities?may?also?require?banks?to?draw?up?recovery?and?resolutionplans?on?how?to?deal?with?financial?stress.206Institutional?aspectsThere?are?three?(3 …” „… ?system?at?any?given?point?in?time.?In?this?case,?macro-prudential?policiesare?aimed?at?limiting?systemic?risk?concentration,?which?could?result:• either?from?the?concurrent?exposure?of?multiple?financial?institutions …”

The main sources of public international financial law S. 197-212

„… ,• preventive?measures?to?be?adopted?by?financial?institutions?and?designated?nonfinancial?professions,• institutional?measures,?such?as?the?creation?of?a?Financial?Intelligence?Unit …” „… Important Financial Institutions-Recommendations and Timelines”,? Consultative? Document,? July,? available …” „… ,?the?FSB?submitted?a?consultative?document?with?regard?to?effectiveresolution? frameworks? for? systemically? important? financial? institutions …”

The four levels of the making and enforcement of public international financial law S. 131-160

„… ?systems?is?usually?significantly?different,?and• several?of?its?member?states?(obviously?the?less?economically?developed)?do?not?have?deepfinancial?markets?and?systemically?important?financial?institutions.34? See?under?3.2.4?of?this?subsection.134 …” „… ),• international?organisations,• international?fora adopting?financial?standards,?and• EU?institutions.3?7 …” „… ancial?authorities?and?international?standard-setting?bodies?in?orderto?develop?and?promote?the?implementation?of?effective?regulatory,?supervisory?andother?financial?sector?policies.?In?association?with?international?financial?institutions …”

In detail: the Basel Committee on Banking Supervision S. 175-196

„… Office?of?the?Superintendent?of?FinancialInstitutionsChina People’s?Bank?of?China China?Banking?Regulatory?CommissionFrance Banque?de?France …” „… supervision of credit institutions and the stabilityof the financial system”.510However,? according? to? the …” „… ) The?‘Research?Task?Force’?serves?as?a?forum?for?research?economists?from?member?institutions?to?exchange?information?and?engage?in?research?projects?on?supervisory?and?financial?stability?issues,?as?well?as?a?mechanism?for?facilitatingcommunication?between?economists?at?member?institutions …”

Definition, delimitation and branches of public international financial law S. 107-118

„… institutions of public international financial lawIntroductory?remarksThe?environment?until?1?71Until?1?71 …” „… ,?there?was?no?single?international?institution?to?discuss?issues?of?international? financial? law.?This?was?due? to? the? fact? that? the?banking?systems …” „… ?law?is?the?‘functional?approach’?for?two?reasons:(a)?In?the?author’s?view,?this?approach?is?not?only?suitable,?but?also?necessary?giventhat,?if?the?definition?is?based?on?an?‘institutional?approach’?(focusing?on?the?categoriesof?financial …”

Table of Contents S. 9-22

„… National?initiatives?to?redesign?financial?systems2.1.4 123Institutional?developments?in?the?field?of?public?internationalfinancial?law2.2124 …” „… Institutional?developments?in?the?field?of?public?internationalfinancial?law3.2127The?current?period4. 127The?recent?(2007-200?)?international?financial?crisis4.1 127 …” „… Extension?of?regulation?and?oversight?to?allsystemically?important?financial?institutions,instruments?and?markets1.2.1.1213Improvement?of?accounting?standards1.2.1.2 214Oversight?of?credit?rating?agencies1.2.1.3 …”

The functions of the financial system S. 29-44

„… It?should?be?noted?that?the?intermediation?function?of?these?financial?institutions?is?incomplete,in?that?they?only?deal?with?negative?savers?and?not?with?positive?savers.40To the extent that credit intermediation is provided by non-bank unregulated entities,reference …” „… ? forcheques?to?be?issued?as?means?of?payment.(b)?Payment?services?are?mainly?provided?by?banks,?but?also?by?various?other?categoriesof?financial?firms,?such?as?payment?card?companies,?fund?transfer?companies,?postalcheques?bureaus?and?other?categories?of?payment?institutions?pursuant?to?the?provisionsof legislation applicable at a given time in a given …” „… ?)?international?financial?crisis,?been?subject?to?micro-prudential?regulationand?supervision,?as?a?collective?investment?undertaking.?This?is?an?asset?pool?consistingof? borrowed? funds? from? (usually? high-income)? private? and? institutional …”

INTRODUCTION S. 25-28

„… ),• the?historical?evolution?of?the?institutions?of?public?international?financial?law?from1?71?until?today?(under?B),?and …” „… ?financial?law,?sinceit?constitutes?one?of?its?branches?(and?potentially?its?most?significant).?Accordingly,there? are? several? references? to? public? international? financial? law …” „… intervention in the financial system as the basisof the rules of public international financial …”

TABLES INCLUDED IN THE TEXT S. 23-24

„… Standing?Committees?and?Working?Groups?of?theFinancial?Stability?Board 14?Table?? Institutions?of?public?international?financial?law 157Table …” „… Institutional?aspects?with?regard?to?the?conduct?of?financialpolicies?in?the?banking?sector 106Table?5 G-20?Members 135Table?6 Members?of?the?Financial?Stability?Board 147Table?7 …” „… ?? States’?participation?in?the?institutional?structure?of?theinternational?architecture?of?the?financial?systemfollowing?the?G-20?Summit?in?London 15?Table?10 …”

Extent and scope of adequate regulatory intervention in the financial system S. 282-286

„… itude?of?the?international?and?European?institutional?andregulatory?framework?that?was?gradually?developed?in?the?course?of?the?last?thirty?years,the?outbreak?of?the?recent?(2007-200?)?international?financial …” „… ?supervision(in?its?entirety)?are?still?carried?out?by?national?authorities.?Nevertheless,?the?last?threedecades?have?seen?the?establishment?of?several?international?fora,?which,?along?with?alimited?number?of?international?organisations,?make?up?the?current?institutional?governance?of?the?international?financial …” „… ?system’s?architecture.?These?institutions?may?bedivided,?depending?upon?their?legal?nature?and?composition,?into?five?categories:(i) three?inter-governmental?fora:?Group?of?Ten?(G10),?Group?of?Seven?(G7),?andGroup?of?Twenty?(G20 …”

The regulatory framework of the Basel Committee on the micro-prudential and macro-prudential regulation of international banks S. 248-282

„… a view to ensuring the integrity of individual banks and thestability of the financial system as a …” „… ???namely?amidst?the?recent?(2007-200?)?international?financial?crisis.?Both?are?quasi? final,?since …” „… • on?the?one?hand,?by?enhancing?bank-level?or?micro-prudential?regulations?that?willhelp?raise?the?resilience?of?individual?banking?institutions?during?periods?of?stress,and• on? the? other,? by? introducing?macro-prudential? regulations,? addressing …”

The international fora adopting international financial standards and the Committee on the Global Financial System S. 160-175

„… insurance?and?reinsurance?companies,?consultants?and?international?financial?institutions.ObjectivesThe?main?objectives?of?the?IAIS?consist?in:(i) the?promotion?of?cooperation?between?its?members,(ii …” „… IN?DETAIL:?THE?INTERNATIONAL?FORAThe international fora adopting international financial standards …” „… and theCommittee on the Global Financial …”

The regulatory framework of the Basel Committee on the exercise of micro-prudential supervision to international banks and on the cross-border cooperation between supervisory authorities S. 238-248

„… 's business.(b) Subsidiaries, on the contrary, are independent legal institutions controlled financially and …” „… ? the?nationalauthorities?of?the?member?state?in?which?an?EU-based?credit?institution?has?a?foreign?branch(and?not?a?subsidiary)?or?in?which?it?provides?services?(Directive?2006/4?/EC,?Article?4,?points(4)?and?(?).23?The?report?also?stresses?the?need?for?ho …” „… subsidiaries. International banks are referred to as:• institutions with foreign banking establishments,• banks …”

Introductory remarks S. 59-77

„… ‘systemically?important?financial?institutions …” „… THE?CASE?FOR?REGULATORYINTERVENTION?IN?THE?FINANCIAL?SYSTEM:FINANCIAL …” „… ?POLICY?OBJECTIVES?ANDINSTRUMENTSIntroductory remarksGeneral?overviewThe?financial?system?(and?definitely?some?of?its?sectors,?mainly?the?banking?sector)?isone?of?the?branches?of?the?economy?that?are?subject,?in?almost?every?state?all?over?theworld,?to?heavy?‘sector-specific’?regulatory?intervention?and?supervision.101?The?extentof? this? intervention? is?graduated?and …”

doi.org/10.5771/9783845236391

Christian Calliess - Herausforderungen an Staat und Verfassung

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Christian Calliess (ed.)

Herausforderungen an Staat und Verfassung

Series: Schriften des Europa-Instituts der Universität des Saarlandes - Rechtswissenschaft

Volume 100 2015

Results in this title

Stefan Weber Creditor Bail-in Tools to Avoid Bankruptcy Liquidation of Financial Institutions and the Fair and Equitable Treatment Standard S. 360-382

„… Creditor Bail-in Tools to Avoid Bankruptcy Liquidation ofFinancial Institutions and the Fair and …” „… hundreds ofbillions of euros and US-dollars into financial institutions that were deemedtoo important to …” „… fail („systemically important financial institutions”). Asthere was no reasonable prospect that any …”

Heinz Christian Geld und „Geld“, Währung und „Währung“: Einige rechtliche Aspekte zum Aufkommen von „Bitcoins“ und „Regionalwährungen“ im deutschen Geltungsbereich der Eurozone S. 106-122

„… sowie deren Ersatz durch Einsatz privater Ordnungen, Institutionen und Instrumente auf der Grundlagedes …” „… internationaler Institutionen,41 hinsichtlich der privaten Verwendung zutreffend für den hier behandelten …” „… diesesManuskripts veröffentlichte aber das New York Department of FinancialServices (NYDFS) eine Ausschreibung für …”

Titelei/Inhaltsverzeichnis S. 1-24

„… TomuschatCreditor Bail-in Tools to Avoid Bankruptcy Liquidation of FinancialInstitutions and the Fair and Equitable …” „… Institutionof the Territorial Referendum 278Anne PetersDie Rolle der Europäischen Union in den internationalen …”

Kay Hailbronner Internationale Forschungsorganisationen in der Bundesrepublik Deutschland – Rechtsstatus und Anwendbarkeit deutschen Rechts S. 123-144

„… the case of firearms carried byUN Security Officers) or to avoid an undue financial burden (in the …” „… . zur Theorie der „presumptive personality“: Klabbers, An Introduction to International Institutional …” „… . Ruffert/Walter, Institutionalisiertes Völkerrecht, 2009, S. 54 ff.7 BGBl. 1985 II, S. 927; vgl. Stein/v. Buttlar …”

Karin Oellers-Frahm Much Ado About R2P A critical assessment of the prospects of R2P as an „obligation” to protect S. 246-264

„… at Srebrenica financial compensation is not the appropriate formof reparations […]”.50 The same …” „… Lagrange, La Représentation Institutionnelle dans l’Ordre International, 2002, p.335.Much Ado About R2P251 …” „… implementedin the framework of the institutional and normative setting of the UN including the procedural rules …”

doi.org/10.5771/9783845254319

Jens-Hinrich Binder, Christos V. Gortsos, Klaus Lackhoff, Christoph Ohler - European Banking Union

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Jens-Hinrich Binder (ed.), Christos V. Gortsos (ed.), Klaus Lackhoff (ed.), Christoph Ohler (ed.)

European Banking Union

2022

Results in this title

Art. 16 SRMR Resolution of financial institutions and parent undertakings Jens-Hinrich Binder S. 648-653

„… Cross-border Financial InstitutionInsolvencies’, in: ids. (eds), EU Banking and Insurance Insolvency (2nd edn …” „… financial institutions,while Art. 16(2) and (3) SRMR do the same for parent undertakings. Pursuant toArt …” „… of employees in managementbodies remain unaffected.Art. 16 SRMRResolution of financial institutions …”

Art. 3 SRMR Definitions Christos V. Gortsos S. 463-479

„… – Its subsidiaries are exclusively or mainly institutions or finan-cial institutionsMixed …” „… pursued by the Regulation.III. Investment firms and financial institutions subject toconsolidated …” „… investment firmsand financial institutions whose parent undertakings are subject to consolidated super-vision …”

Art. 1 SSMR Subject matter and scope Christoph Ohler S. 1-13

„… as financial institutions.The establishment of the SSMThe strong dynamics of the European sovereign …” „… recommendations to national authorities or financial institutions. Undercertain circumstances, e.g. in the event …” „… lead to risks tothe viability of some credit institutions and to the stability of the financial system …”

Art. 2 SSMR Definitions Christos V. Gortsos S. 13-23

„… institution established in a participatingMember State; (b) a financial holding company established in a …” „… undertaking is a credit institution or financial holding company that has itshead office in a participating …” „… institutions, insu-rance undertakings and investment firms in a financial conglomerate (...)”13 (the“Financial …”

Art. 10 SRMR Assessment of resolvability Matthias Haentjens S. 537-552

„… Financial Institutions’ (2014),at pp. 31-37.Assessment of resolvability Art. 10 SRMRMatthias Haentjens …” „… for Financial Institutions’ (15 October 2014), financial-institutions-2/>; Andromachi Georgosouli,‘The emerging special recovery and resolution framework of G-SIIs and …”

Art. 3 SSMR Cooperation Ann-Katrin Kaufhold S. 23-37

„… financial institutions referred to in Article 2. Thememorandum shall be reviewed on a regular basis.Without …” „… responsibilitiesfor banks and other financial institutions.1 The two regimes have to be coordinated in away that both …” „… authorities or financial institutions, in which it in-terprets the applicable Union law, elucidates its legal …”

Art. 17 SSM Framework Regulation Right of establishment and exercise of the freedom to provide services in relation to non-participating Member States Framework Regulation S. 260-264

„… authorities retain supervisory respon-sibility for financial institutions and firms not defined as “credit …” „… institutions, however, does not cover the growingnumber of non-bank financial intermediaries and structured …” „… entities that are not de-fined as “credit institutions” under EU law. These non-bank financial …”

Art. 15 SRMR General principles governing resolution Jens-Hinrich Binder S. 631-648

„… institution’sfailure on the economy and financial system. The regime should ensure that shareholders bear lossesfirst …” „… Haentjens, ‘Principles for Cross-border Financial InstitutionInsolvencies’, in: ids. (eds), EU Banking and …” „… alternative resolution regimes really remedy systemicrisk in large financial institutions’ insolvency?’ in …”

Art. 8 SRMR Resolution plans drawn up by the Board Matthias Haentjens S. 518-534

„… Insolvency of Banks and Financial Institutions(Oxford University Press, Oxford 2016); Michael Schillig, ‘Bank …” „… undertaking’ means: (a) a Union parent institution,(b) a Union parent financial holding company, or (c) a …” „… Attributes of Effective Resolution Regimes forFinancial Institutions’ (15 October 2014),

Art. 27 SRMR Bail-in tool Christos Hadjiemmanuil S. 767-847

„… Huertas, ‘The Case for Bail-ins’,Wharton Financial Institutions Center, Working Paper No 17 (2012); Thomas …” „… Financial Institutions: Mandatory Recapitalization of Financial Institutions Using “Bail-Ins”’in: Charles …” „… ex-traordinary public financial support to the resolution of certain institutions by wayof so-called “government …”

Art. 14 SRMR Resolution Objectives Jens-Hinrich Binder S. 619-631

„… concept of systemic risk and systemic relevance of financial institutions,in that it refers to those …” „… ; Financial Stability Board,‘Key Attributes of Effective Resolution Regimes for Financial Institutions …” „… the mostproblematic aspects of large financial institutions’ insolvency, namely the …”

Art. 70 SRMR Ex-ante contributions Christos V. Gortsos S. 1100-1109

„… contributions mayhave on the financial position of contributing institutions, as specified by the indica-tors …” „… have on the financial position of the contributing institutions when set-ting them.15 Upon …” „… cycle and impact that pro-cyclicalcontributions may have on contributing institutions’ financial …”

Art. 18 SRMR Resolution procedureThe information and views set out in this publication are those of the author and do not necessarily reflect the official opinion of the Commission. The Commission doe... S. 666-690

„… of Effective Resolution Regimes for Financial Institutions’ (revision2014); George S. Zavvos …” „… , also the FSB Key Attributes of EffectiveResolution Regimes for Financial Institutions (K.A.) recognizes …” „… Liquidation Authority (OLA) as an alternative to bankruptcy to System-ically Important Financial Institutions …”

Art. 69 SRMR Target level Christos V. Gortsos S. 1097-1100

„… financial position of contributing institutions.3. The Board shall extend the initial period referred to in …” „… in Art. 6(1) DGSD (i.e., 100,000 euros per depositorper credit institution).2 The available financial …” „… the impact that pro-cycli-cal contributions may have on contributing institutions’ financial position …”

Art. 15 SSMR Assessment of acquisitions of qualifying holdings Elke Gurlit S. 215-235

„… ;– the financial soundness of the acquirer;– whether the credit institution will be able to comply with …” „… instruments or placing financial instru-ments on a firm commitment basis, will qualify as a credit institution …” „… located in athird country or if he or she is not supervised as a financial institution, the suspensionmay …”

Art. 6 SSMR Cooperation within the SSM Christos V. Gortsos S. 92-133

„… undertakings included in the consolidated financial situation ofa credit institution and to perform on site …” „… including the prudential supervision of all credit institutions, financial holdingcompanies or mixed …” „… “onFinancial Assistance for the Direct Recapitalisation of Institutions” (DRI Guideline)97and is available to …”

Art. 11 SRMR Simplified obligations for certain institutions Matthias Haentjens S. 562-573

„… 2015); Michael Schillig, Resolution and Insolvency of Banks and FinancialInstitutions (Oxford …” „… institution or group islikely to have significant adverse consequences for the financial system, the SRB …” „… ; (f) its legal status; (g) its interconnectedness to other institu-tions or to the financial system in …”

Art. 60 SRMR Part II of the budget on the Fund Andreas Witte S. 1035-1041

„… 72(1);(c) loans received from financial institutions or other third parties in accordancewith Articles …” „… )) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6III. Loans received from financial institutions or other third parties(Art. 60(1)(c …” „… )) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19IV. Interest paid on loans received from financial institutions or other thirdparties (Art. 60(2)(d …”

Art. 24 SRMR Sale of business tool Jens-Hinrich Binder S. 741-754

„… Effective Resolution Regimes for Financial Institutions(2011/2014); Philipp Paech, ‘The Value of Financial …” „… systemically rele-vant in the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institu-tions …” „… authorities tobase their assessment of the terms on a valuation of the institution’s financial position.This …”

Art. 9 SRMR Resolution plans drawn up by national resolution authorities Matthias Haentjens S. 534-537

„… Attributes of Effective Resolution Regimes for Financial Institutions’ (15 October2014), financial-institutions-2/>; Thomas F. Huertas …” „… cross-border financial institutions’ in: Juan E. Castañeda,David G. Mayes and Geoffrey Wood (eds), European …”

Art. 76 SRMR Mission of the Fund Georgios Psaroudakis S. 1129-1136

„… the institution under resolution is by definition in a severecrisis, and thus its financial condition …” „… institution-building,12or in other words the so-called agencification at the EU level, seems generally ableto be …” „… Psaroudakis 11292425(a) to guarantee the assets or the liabilities of the institution under resolution …”

Art. 57 SRMR Resources Andreas Witte S. 1016-1023

„… financial and human resources for its owninteraction with other institutions and bodies with which it is …” „… on other institutions.Compared with the SSMR (where the corresponding budgetary provisions can …” „… necessary financial and humanresources to the performance of the tasks conferred on it by this Regulation.2 …”

Art. 99 SRMR Entry into force Christos V. Gortsos S. 1226-1254

„… Financial Regulation II 58 4FSB Key Attributes of EffectiveResolution Regimes for Financial InstitutionsII …” „… contributing institutions’financial position– other indicators II 69 7Identification of the phase of the …” „… supportII 3 58– of financial institution II 3 6– of financial instrument II 3 21– of global systemically …”

Art. 2 SRMR Scope Jens-Hinrich Binder S. 461-463

„… accordancewith Article 4(1)(g) of Regulation (EU) No. 1024/2013;(c) Investment firms and financial institutions …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3III. Investment firms and financial institutions subject to consolidatedsupervision by the ECB (Art …” „… and financial institutions subject toconsolidated supervision by the ECB (Art. 2(c) SRMR)Pursuant to …”

Art. 74 SRMR Access to financial facility Christos V. Gortsos S. 1115-1123

„… amounts received from an institution under resolution or a bridge institution,the interests and other …” „… providing liquidity to the financial system evenin times of stress, it is therefore important to set up a …” „… bail-in resolution tool has beenapplied, a credit institution may not be in a position to cover its …”

Art. 30 SRMR Obligation to cooperate and information exchange within the SRM Christos Hadjiemmanuil S. 881-895

„… Governance of European Finan-cial Institutions’, ELR 45 (2020), 100; Christos V Gortsos, The Single …” „… two parties from the pointwhen an institution’s financial condition starts to deteriorate rapidly …” „… financial support,the rapid deterioration of an institution’s financial condition, early intervention …”

Art. 18 SSMR Administrative penaltiesThe views expressed in this article are those of the author and do not necessarily reflect the views of the ECB. Chryssa Papathanassiou S. 264-277

„… by this Regulation, wherecredit institutions, financial holding companies, or mixed financial holding …” „… be applicable in particular to pecu-niary penalties to be imposed on credit institutions, financial …” „… of a credit institution, financial holding company ormixed financial holding company or any other …”

Introduction to Arts. 67–74 SRMR Christos V. Gortsos S. 1079-1088

„… Johan Molin, ‘Resolution Funding: Who Pays When FinancialInstitutions Fail?’, IMF Monetary and Capital …” „… Regimes for Financial Institutions” of October 20146 (hereinafter:“FSB Key Attributes (2014)”), as …” „… thefollowing:In order to avoid bailouts or public ownership of financial institutions8 and (hence)to protect …”

Art. 8 SSM Framework Regulation Supervision on a consolidated basis Framework Regulation S. 253-254

„… financial services law, the home State authority where the credit institution isestablished has the …” „… institutions, financialholding companies or mixed financial holding companies that are significant on …” „… perform the task of the supervisor on a consolidatedbasis in respect of credit institutions, financial …”

Art. 10 SSMR Request for information Klaus Lackhoff and Mikulas Prokop S. 158-171

„… financial situation of a credit institution and to per-form on-site inspections at those entities7. A more …” „… institutions and (mixed) financial/activity holding companies established in the participating Member States …” „… , wherev-er they are located,28 belonging to credit institutions, (mixed) financial holding com-panies and …”

Art. 13 SRMR Early intervention Christos V. Gortsos S. 608-619

„… institutions controlled by a parent financial holding company or a parentmixed financial holding company in a …” „… D’Ambrosio (ed), Law and Practice of the Banking Union and of its governing Institutions(Cases and Materials …” „… Institutions’,International Banking Center, Wharton School, University of Pennsylvania,(1987), mimeo; MatthiasHaentjens …”

Art. 4 SRMR Participating Member States Christoph Ohler S. 479-483

„… in aMember State– A mixed financial holding company– It is not itself a subsidiary of an institution …” „… financial holding company in a Member State– It is not a subsidiary of an institution authorised in any …” „… Board will have the same powers vis-à-vis all credit institutions,regardless of the Member State in …”

Art. 20 SRMR Valuation for the purposes of resolution Christos V. Gortsos S. 699-717

„… in a participating Member State: credit institutions;parent undertakings, including financial holding …” „… any provision of extraordinary public financial support to an institu-tion under resolution.Article 1 …” „… out by the ECBpursuant to Art. 4(1)(g) SSMR; and investment firms and financial institutions if …”

Art. 5 SSMR Macro-prudential tasks and tools Kern Alexander S. 85-89

„… assets. Forward-looking loss provisions: Financial institutions can be requiredto set aside provisions …” „… further in integration bycentralising the supervision for significant credit institutions; likewise, in …” „… capital buffers to beheld by credit institutions at the relevant level in accordance with relevant Union …”

Arts. 103–105 SSM Framework Regulation Procedural provisions for the use of macro-prudential tools Kern Alexander S. 89-92

„… assets. Forward-looking loss provisions: Financial institutions can be requiredto set aside provisions …” „… financial20 See European Commission, Report of the High-level Expert Group on financial supervision in theEU …” „… : ; see also UK Financial Services Authority, The Turner Review – a regulatory response to theglobal …”

Art. 19 SSMR Independence Fabian Amtenbrink S. 277-288

„… of credit institutions and the stability of the financial system within theUnion and each Member …” „… to all financial institutions butalso all competent authorities, thus including the ECB in its role …” „… toone or more financial institutions. It becomes clear from Art. 16 (3) Regulation1093/2010 that …”

Art. 5 SRMR Relation to Directive 2014/59/EU and applicable national law Jens-Hinrich Binder S. 483-497

„… of the institution’s critical financial and economicfunctions, while minimising the impact of an …” „… institution’s failure on the economyand financial system’4 or, in other words, with mechanisms that could …” „… , generally, Schillig, Resolution and Insolvency of Banks and FinancialInstitutions (2016), paras. 16.17–16.33 …”

Art. 58 SRMR Budget Andreas Witte S. 1023-1030

„… financial autonomy of the SRB is thusvery far-reaching and more extensive than that of the EU institutions …” „… financialoperations only through financial institutions designated by the Member States.III. Financial yearThe …” „… would risk putting the Board at the whim of an outside body which pro-vides its financial foundation.Art …”

Art. 25 SSMR Separation from monetary policy function Christos V. Gortsos S. 341-354

„… credit institutions and the stability of the financial system.They should therefore be carried out in …” „… authorities relating to the prudential supervision of credit in-stitutions and the stability of the financial …” „… Hadjiemmanuil, ‘Institutional Structureof Financial Regulation, A Trend towards “Megaregulators”?’, Yearbook of …”

Art. 73 SRMR Alternative funding means Christos V. Gortsos S. 1114-1115

„… forms of support fromthose institutions, financial institutions or other third parties, which offer …” „… contract for the SRFborrowings or other forms of support from institutions, financial institutions or …” „… otherthird parties, if those offer better financial terms at the most appropriate time. The pur-pose is to …”

Art. 71 SRMR Extraordinary ex-post contributions Christos V. Gortsos S. 1109-1112

„… institution’s financial position.3. The Commission shall be empowered to adopt delegated acts in accordance …” „… contributionsI. The provisions of Art. 71(2)-(3) SRMRIf deemed necessary to protect an institution’s financial …” „… period to the extent necessary to avoid risksto the financial position of the institution or its group …”

Titelei/Inhaltsverzeichnis

„… Systemically Important BanksG-SIFI Global Systemically Important Financial InstitutionG-SII Global Systemically …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Art. 15 631Resolution of financial institutions and parent undertakings …” „… Center (World Bank)FMIR Financial markets, institutions, and risksFn FootnoteFOLTF Failing or likely to …”

Art. 77 SRMR Use of the Fund Georgios Psaroudakis S. 1136-1140

„… Financial Institutions”,section 6 (Funding of firms in resolution …” „… ), financial-institutions/#6fundingoffirmsinresolution>.6 See also Ferran, ‘European Banking Union: Imperfect, but It Can …” „… institutions that are supervised by the ECB (in other words, for all euro area institu-tions).On the basis of …”

Art. 33 SSMR Transitional provisions Christos V. Gortsos S. 445-451

„… %20on%20Financial%20Assistance%20for%20the%20Direct%20Recapitalisation%20of%20Institutions.pdf>. On …” „… Regulation other thanadopting supervisory decisions in respect of any credit institution, financial …” „… requests the ECB to takeover direct supervision of a credit institution, financial holding company or …”

Art. 68 SRMR Requirement to establish resolution financing arrangements Christos V. Gortsos S. 1095-1097

„… that pro-cyclicalcontributions may have on the financial position of contributing institutions.3. The …” „… crisis‘, in: Gortsos, Christos V. and Georg Ringe (eds), Pandemic Crisis and Financial Stability(European …” „… BRRD (World Bank Group, Finance & Markets, Financial Sector Advisory Center,2017), 143; Dieter Huber …”

Art. 1 SRMR Subject matter Jens-Hinrich Binder S. 453-461

„… , ‘The Establishment of a EU-Wide Framework for the Resolutionof Banks and Financial Institutions’ in …” „… protect ‘the safetyand soundness of credit institutions and the stability of the financial system within …” „… concerning policies relating to the pru-dential supervision of credit institutions and other financial …”

Art. 6 SRMR General Principles Jens-Hinrich Binder S. 497-506

„… Financial Institution Insolvencies’ in: Gabriel Moss, Bob Wesselsand Matthias Haentjens (eds), EU Banking …” „… Challenges of Resolving Cross-Border Financial Institutions, Yale JREG 31 (2014), 853, at pp. 867–72(Lehman …” „… assessing alternative remedies for impediments to the resolvability of institutions(Art. 10(10)(2) SRMR …”

Art. 13 SSMR Authorisation by a judicial authority On-site inspections/Authorisation by a judicial authority S. 178-189

„… institutions,financial holding companies, mixed financial holding companies and undertakings in-cluded in the …” „… consolidated financial situation of a credit institution even with respect tosignificant supervised entities.2 …” „… prudential consolida-tion includes institutions,9 financial institutions10 and ancillary services …”

Art. 25 SRMR Bridge Institution Tool Jens-Hinrich Binder S. 754-763

„… Regimes for Financial In-stitutions, which in turn reflect past experience, particularly in US banking …” „… Attributes of Effective Resolution Regimes for Financial Institutions’ (2011/2014); Marco Lamandini,Giuseppe …” „… BridgeInstitution ToolI. Structural characteristics and use of a Bridge Institution(Art. 25(1) SRMR)Bridge …”

Art. 31 SSMR Staff and staff exchangeThe views expressed in this publication are the personal views of the author and not necessarily the ones of the ECB. Georgios Zagouras S. 421-428

„… supervisory actions regarding a credit institution, financialholding company or mixed financial holding …” „… regarding a credit institu-tion, financial holding company or mixed financial holding company located in one …” „… than credit institutions, financial holdingcompanies or mixed financial holding companies;(d) the …”

Art. 67 SRMR General provisions Christos V. Gortsos S. 1088-1095

„… an institution of a Contracting Party from whose compartment financial meanshave been transferred is …” „… (World Bank Group, Finance & Markets, Financial Sector Advisory Center, 2017),148; Carl Otto Lenz and …” „… contributions to a bridge institution, the Fund maybe used for the capitalisation (establishment) of such an …”

Art. 12k SRMR Transitional and post-resolution arrangements Minimum Requirements S. 589-608

„… FinancialInstitutions: Perspectives from International Insolvency Law’, Norton Journal of Bankruptcy Law andPractice 27 …” „… , Resolution and Insolvency of Banks and Financial Institutions (Oxford University Press,Oxford 2016); Dominik …” „… with Art. 4(1)(g)SSMR; and (c) investment firms and financial institutions established in a …”

Arts. 8–17 SSM Framework Regulation Introduction Framework Regulation S. 252-253

„… in respect of credit institutions, financialholding companies or mixed financial holding companies …” „… credit institutions, financial holding companies or mixed financialholding companies that are less …” „… Banking Union, the ECB shall act as the “consolidated supervisor”over credit institutions and financial …”

Art. 27 SSMR Professional secrecy and exchange of informationThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. The autho... S. 381-404

„… State’s policy relating to the prudential super-vision or credit institutions and other financial …” „… “contribute to the safety and soundness of credit institutions andthe stability of the financial system within …” „… the ECB asan institution.Nevertheless, by virtue of Art. 340(4) TFEU, members of ECB staff may be held …”

Art. 32 SSMR Review Christos V. Gortsos S. 428-445

„… institutions, financial holdingcompanies or mixed financial holding companies;(d) the appropriateness of the …” „… Regulation other thanadopting supervisory decisions in respect of any credit institution, financial …” „… requests the ECB to takeover direct supervision of a credit institution, financial holding company or …”

Art. 34 SRMR Requests for information Klaus Lackhoff and Mikulas Prokop S. 927-932

„… request information from investment firms and financial in-stitutions established in a participating …” „… recog-nized if they contribute positively to financial stability in the said host country (ratherthan that …” „… they do not harm financial stability there, as the first criterion in Art. 33(3)SRMR is formulated …”

Art. 64 SRMR Financial rules Andreas Witte S. 1061-1069

„… requesting institution.It will have been noted by the reader that the present annotations to the SRMR …” „… consulting the Court of Auditors and the Commission, adoptinternal financial provisions specifying, in …” „… and 63.As far as is compatible with the particular nature of the Board, the financial provi-sions …”

Art. 22 SRMR General principles of resolution tools Jens-Hinrich Binder S. 732-738

„… Effective Resolution Regimes for FinancialInstitutions (2011/2014); Tobias H. Tröger, ‘Too Complex to Work …” „… institution tool;(c) the asset separation tool;(d) the bail-in tool.3. When adopting the resolution scheme …” „… and liabilities of the institution under resolution on the basis of thevaluation pursuant to Article …”

Art. 10a SRMR Power to Prohibit Certain DistributionsAs amended by Art. 1(5) SRMR II. Matthias Haentjens S. 552-562

„… conservation buffer extended by the following as applicable:(a) an institution-specific countercyclical capital …” „… devel-opment and not an institution-specific development. In such cases, it would not be justi-fied to impose …” „… the organizational, legal and business structure of an institution (Art. 10(11)(a), (g) and(h) SRMR …”

Art. 28 SSMR ResourcesThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. Martina Almhofer S. 404-409

„… . 28 SSMRResources*The ECB shall be responsible for devoting the necessary financial and human …” „… Area Policies,Financial System Stability Assessment’, Country Report no. 18/226 (June 2018); Michel …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8II. Necessary financial resources …”

Art. 4 SSMR Tasks conferred on the ECB Klaus Lackhoff and Andreas Witte S. 37-85

„… supplementary supervision of a financial conglomerate inrelation to the credit institutions included in it and …” „… authorities, structural changes required from credit in-stitutions to prevent financial stress or failure …” „… or Directives, suchas those on capital requirements for credit institutions and on financial …”

Art. 16 SSMR Supervisory powers Christos V. Gortsos S. 235-251

„… in paragraph 2 of this Article to require any credit institution, financial holdingcompany or mixed …” „… only cover credit institutions, financial holding companies and mixedfinancial holding companies but …” „… com-pany or an institution or a mixed financial holding company, the subsidiaries of which include at least …”

Art. 66 SRMR Anti-fraud measures Andreas Witte S. 1075-1079

„… Pays When FinancialInstitutions Fail?’, IMF Monetary and Capital Markets Department, Technical Notes …” „… the contributory institutions by theSRB (Art. 8 of the Delegated Act). It is fair to assume that the …” „… (total assets ≤ EUR 10bn) significant institutions receive (Art. 10(6)(b) ofRegulation (EU) No …”

Art. 20 SSMR Accountability and reporting Fabian Amtenbrink S. 288-302

„… Cisotta, ‘The Quest for Financial Stability andDemocracy in the Banking Union: Promoting Institutional …” „… Rosa Maria Lastra, ‘Securing Democratic Account-ability of Financial Regulatory Agencies – A …” „… Athanassiou, ‘Financial SectorSupervisor’s Accountability. A European Perspective’, ECB Legal Working Paper …”

Art. 65 SRMR Contributions to the administrative expenditures of the Board Andreas Witte S. 1069-1075

„… of the requesting institution.It will have been noted by the reader that the present annotations to …” „… Union insti-tutions to request information from the SRB (Art. 102 SRB-FR). This provision appearsto be …” „… is financial stability a goal of public policy?’, Economic Review(FRB Kansas City) 82 (1997), 5 …”

Art. 45 SRMR Accountability Fabian Amtenbrink S. 955-965

„… Councilbeing respectively directly and indirectly democratically legitimized Union institutions,is not …” „… 267 TFEU permitting theCJEU to review the compatibility of acts of the Union’s institutions, bodies …” „… . Also Art. 51(1) of the EU Charter of Fundamental Rights confirms the obligationof the institutions …”

Art. 47 SRMR Independence Fabian Amtenbrink S. 968-973

„… shallexpress their own views and vote independently.3. Neither the Member States, the Union's institutions or …” „… Amtenbrink and Rosa Maria Lastra, ‘Securing Democratic Accountability of Finan-cial Regulatory Agencies – A …” „… Health Check-Up toEurope’s Financial Heart’ (28 September 2020), available at

Art. 62 SRMR Internal audit and control Andreas Witte S. 1047-1054

„… . Art. 44 of the Union Financial Regu-lation thus permits the possibility to adopt amending budgets …” „… implementation of operationsand promoting sound financial management.3. The responsibility for putting in place …” „… of the financial provisions is ostensibly a result of the factthat the verification of the budget …”

Art. 79 SRMR Use of deposit guarantee schemes in the context of resolution Georgios Psaroudakis S. 1141-1148

„… the institution is affiliat-ed shall be liable for the amounts specified in Arts. 109(1) and (4) of …” „… /EU,taking fully into account the urgency of the matter.4. Where eligible deposits at an institution under …” „… resolution are transferred toanother entity through the sale of business tool or the bridge institution tool …”

Art. 59 SRMR Part I of the budget on the administration of the Board Andreas Witte S. 1030-1035

„… 72(1);(c) loans received from financial institutions or other third parties in accordancewith Articles …” „… )) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6III. Loans received from financial institutions or other third parties(Art. 60(1)(c …” „… )) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19IV. Interest paid on loans received from financial institutions or other thirdparties (Art. 60(2)(d …”

Art. 8 SSMR International relations Christoph Ohler S. 141-146

„… the inter-national financial institutions and conferences. The Council shall act after consulting …” „… legitimate interests of credit institutions.Further reasons to terminate a close cooperation may result from …” „… of internationalcooperation with other countries and international institutions.In the field of EMU …”

Art. 19 SRMR State aid and Fund aid Seraina Neva Grünewald and Christos V. Gortsos S. 690-699

„… ESM-Treaty; Guideline on Recapitalisation of Financial Institutions) and direct bank recapitalisations …” „… (Guide-line on Financial Assistance for Direct Recapitaliation of Institutions) by the European Stability …” „… separation within Union institutionsThe Commission has a double role to play in the SRM. As a resolution …”

Art. 63 SRMR Implementation of the budget, presentation of accounts and discharge Andreas Witte S. 1054-1061

„… illustrates that the role of internal audit in any institution is ultimately that ofadvising the top …” „… “external auditor” provided for is distinct from theCourt of Auditors as a public sector institution. It …” „… . By 1 March of the following financial year, the Board's Accounting Officer shallsend the provisional …”

Art. 94 SRMR Review Christos V. Gortsos S. 1209-1219

„… credit and financial institutions;(iii) with regard to deposit guarantee schemes, bodies which administer …” „… institutionson the market – which are the main source of external financial support, and the tasks ofthe SRF.II …” „… from eligible credit institutions;eligibility for simplified obligations must be determined on the …”

Art. 14 SSMR Authorisation Elke Gurlit S. 189-215

„… nolonger a credit institution within the meaning of the CRR and the SSMR. Other cat-egories of financial …” „… institutions such as financial holding companies and mixed financialholding companies are – despite their …” „… applicationI. Credit institutionsThe procedure set out in Art. 14 SSMR is applicable for all undertakings to …”

Art. 75 SRMR Investments Georgios Psaroudakis S. 1123-1129

„… : non-financial corporations, financial corporations, gener-al government, households, non-profit institutions …” „… bridge institution,the interests and other earnings on investments and any other earnings shall …” „… institution-building,12or in other words the so-called agencification at the EU level, seems generally ableto be …”

Art. 90 SRMR Access to documents Christos V. Gortsos S. 1195-1199

„… relating to the res-olution of credit institutions and other financial firms; international financial …” „… the above-mentioned EU institutions is granted,subject to the principles, conditions and limits …” „… official languages and in a sufficiently precise mannerto enable the EU institution to identify the …”

Art. 72 SRMR Voluntary borrowing between resolution financing arrangements Christos V. Gortsos S. 1112-1114

„… institutions, financial institutions or other third parties, which offer betterfinancial terms at the most …” „… support from institutions, financial institutions or otherthird parties, if those offer better financial …” „… that period. Upon the institution’srequest and determination that the conditions for deferral continue …”

Art. 23 SSMR Reporting of violations Ann-Katrin Kaufhold S. 318-321

„… employees of financial institutions arethe ones who know best about possible offences of the institutions or …” „… supervised entities. In 18 % of the reports, fi-nancial institutions were accused of an inadequate …” „… ensure that effective mechanisms are put in place for reportingof breaches by credit institutions …”

Art. 33 SRMR Recognition and enforcement of third-country resolution proceedings Georgios Psaroudakis S. 921-927

„… par-ticipating Member State where a third-country institution or parent undertaking op-erates, and in particular …” „… finan-cial stability in a participating Member State;(b) creditors, including in particular depositors …” „… institution or parent undertaking under third-country resolu-tion has one or more subsidiaries in …”

Art. 29 SRMR Implementation of decisions under this Regulation Christos Hadjiemmanuil S. 854-881

„… institution’sshareholders. The intense effect of the decision of the ECB on the shareholders’ econo-mic interest in securing …” „… insti-tutional balance, which seeks to preserve the Treaties’ scheme concerning the EU insti-tutions’ roles and …” „… cording to that proposal, the placement of an institution under resolution would be de-cided by the …”

Art. 29 SSMR Budget and annual accountsThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. Martina Almhofer S. 409-413

„… . Separation of supervisory costs in the ECB budgetIn general, following the principle of financial …” „… permitted total amount of the annualsupervisory fees levied on credit institutions by virtue of Art. 30 …” „… upon a proposal from the Executive Board) shalladopt the budget of the ECB for the subsequent financial …”

Art. 26 SRMR Asset separation tool Jens-Hinrich Binder S. 763-767

„… tool shall consist of the transferof assets, rights or liabilities of an institution under resolution …” „… . 13; Financial Stability Board,‘Key Attributes of Effective Resolution Regimes for Financial …” „… Institutions’ (2011/2014); Marco Lamandini,Giuseppe Lusigniani and David Ramos Muñoz, ‘Does Europe Have What It …”

Art. 12d SRMR Determination of the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 579-584

„… institutions orentities or with the rest of the financial system.2. Where the resolution plan provides that …” „… institutions or entities referred to in Article 12(1) and (3) butare not resolution entities have sufficient …” „… contagion to other institutions or entities,due to the interconnectedness of the entity with those other …”

Art. 9 SSM Framework Regulation The ECB as chair of a college of supervisors Framework Regulation S. 254

„… parent institution is established is responsible for supervising the same financial entitiesthat …” „… country supervisor of a credit institution or finan-cial conglomerate that has activities and operations …” „… companies of financial conglomerates, subsidiarycredit institutions and significant branches are established …”

Art. 61 SRMR Establishment and implementation of the budget Andreas Witte S. 1041-1047

„… ).IV. Interest paid on loans received from financial institutions or otherthird parties (Art. 60(2 …” „… stitute a cross-subsidisation of contributory institutions subject to one financing ar-rangement by …” „… the fact that theCourt of Justice should not act as the financial authority,3 but these concerns did …”

Art. 17 SRMR Order of priority of claims Jens-Hinrich Binder S. 653-666

„… financial institution or a parent un-dertaking is failing or likely to fail within the meaning of Art. 18(1 …” „… (eds), EU7 Cf. Schillig, Resolution and Insolvency of Banks and Financial Institutions (2016), para …” „… , complexity, or in-terconnectedness of that entity with other market participants. For financial …”

Art. 10 SSM Framework Regulation The ECB and NCAs as members of a college of supervisors Framework Regulation S. 254-255

„… parent institution is established is responsible for supervising the same financial entitiesthat …” „… country supervisor of a credit institution or finan-cial conglomerate that has activities and operations …” „… companies of financial conglomerates, subsidiarycredit institutions and significant branches are established …”

Art. 95 SRMR Amendment to Regulation (EU) No 1093/2010 Christos V. Gortsos S. 1219-1222

„… Direc-tives by credit and financial institutions;(iii) with regard to deposit guarantee schemes, bodies which …” „… EU Financial System’, European Banking Institute Working PaperSeries – No. 57 (2020); Christos V …” „… Financial Law: The Global Crisis (OxfordUniversity Press, Oxford/New York 2010), 146; Pierre Schammo …”

Art. 86 SRMR Actions before the Court of Justice Ann-Kathrin Kaufhold S. 1173-1178

„… judicial control. Typically, financial institutions are reluctant to bring actionagainst supervisory acts …” „… hundred actionsagainst the Board have been brought before the General Court by credit institutions,their …” „… Panel, by the Board.2. Member States and the Union institutions, as well as any natural or legal …”

Art. 87 SRMR Liability of the Board Ann-Kathrin Kaufhold S. 1178-1187

„… Institutions in the EuropeanBanking Union’ in: Danny Busch and Guido Ferrarini (eds), European Banking Union …” „… of law at Union level2 that the Union makes good for damages caused byits institutions. The right to …” „… institution is located.8 Hence, contracts concluded by theSRB will most likely be governed by Belgian law.9C …”

Art. 24 SSMR Administrative Board of Review René Smits S. 321-341

„… , fi-nancial institutions were accused of an inadequate calculation of their own funds andcapital requirements …” „… , to a sufficiently high levelin the fields of banking or other financial services, excluding current …” „… EU Financial Markets Architecture’, Journal of Financial Regulation 1 (2015),226.A. Administrative …”

Art. 30 SSMR Supervisory feesThe views expressed in this publication are the personal views of the author and not necessarily the ones of the ECB. Georgios Zagouras S. 413-421

„… Important Financial Institution (G-SIFI) would pay the same supervisoryfees as a small savings bank. Art. 8 …” „… Art. 30 SSMRSupervisory fees*1. The ECB shall levy an annual supervisory fee on credit institutions …” „… credit institution established in a non-participating Member State. Thefees shall cover expenditure …”

Art. 23 SRMR Resolution SchemeThe information and views set out in this publication are those of the author and do not necessarily reflect the official opinion of the Commission. The Commission does n... S. 738-741

„… applied to the institution under resolution concerning at least the mea-sures referred to in Article 24(2 …” „… European FDIC?’, Financial Stability Institute (2019).A. IntroductionArt. 23 SRMR requires first that …” „… resolution scheme should establish the details of the resolu-tion tools to be applied to the institution …”

Art. 22 SSMR Due process for adopting supervisory decisions Ann-Katrin Kaufhold S. 307-318

„… not apply if urgent action is needed in order to preventsignificant damage to the financial system. In …” „… Supervised Credit Institutions in the EuropeanBanking Union’ in: Danny Busch and Guido Ferrarini (eds …” „… truth and relevanceof the facts, charges and circumstances relied on” by the Community institutions …”

Art. 92 SRMR Court of Auditors Christos V. Gortsos S. 1202-1206

„… processing of personal databy the Union institutions, bodies, offices and agencies and on the free movement …” „… financial year. The Court of Auditors shall, in particu-lar, report on any contingent liabilities (whether …” „… prepare a Report on itsfindings by 1 December following each financial year. In this respect, it must, in …”

Art. 85 SRMR Appeal Panel Ann-Kathrin Kaufhold S. 1163-1173

„… Board, as wellas current staff of resolution authorities or other national or Union institutions,bodies …” „… sufficiently high level in the fieldsof banking or other financial services, excluding current staff of the …” „… Lamandini, ‘The ESAs’ Board ofAppeal as a Blueprint for the Quasi-Judicial Review of European Financial …”

Art. 9 SSMR Supervisory and investigatory powersThis contribution should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and d... S. 146-158

„… supervision, i.e. credit institutions, (mixed) financial holding companies andbranches that are classified as …” „… supervisory powers vis-à-vis financial institutions that are not credit institutions within the meaning of …” „… a credit institution(Art. 14 and Art. 4(1)(a) SSMR). The ECB’s competence covers all credit …”

Art. 7 SRMR Division of tasks within the SRMThe views expressed by the author are strictly personal and do not engage the Single Resolution Board or the European Commission or its services in any way.... S. 506-518

„… will always form part of a group), and– investment firms and financial institutions12 established in a …” „… toArt. 4(1)(21) CRR.12 The term “financial institution” is defined in Art. 3(1)(15) SRMR by reference to …” „… of credit institutions and certain investment firms inthe framework of a Single Resolution Mechanism …”

Art. 21 SSMR National parliaments Fabian Amtenbrink S. 302-307

„… of alleged contraventions or maladministration “which would appear to bethe act of an institution or …” „… this is that the ECB as aUnion institution, regardless of its independent position as a monetary policy …” „… /EC specifies the conditions under which institu-tions or bodies of the Union can be invited to appear …”

Art. 93 SRMR Exercise of the delegation Christos V. Gortsos S. 1206-1209

„… ; deter-mine the contribution system for institutions that have been authorised to operate after the Fund …” „… finan-cial means of the Fund diminishes below its target level after the initial period; determine the …” „… deferredfor individual institutions; and determine the detailed rules for the administration of the Fund and …”

Art. 7 SSMR Close cooperation with the competent authorities of participating Member States whose currency is not the euro Christoph OhlerClose cooperation with the competent authorities of participat... S. 133-141

„… concernedMember State in relation to a credit institution, financial holding company ormixed-financial holding …” „… institutions;(c) the Member State concerned has adopted relevant national legislation to ensurethat its national …” „… consid-eration of supervisory effectiveness and legitimate interests of credit institutions.The decision shall be …”

Art. 28 SRMR Monitoring by the Board Christos Hadjiemmanuil S. 847-854

„… the following:(i) the operation and financial situation of the institution under resolution,the bridge …” „… institution under resolution20; the specificamounts and purposes for which financial assistance may be …” „… requirements set out inthe next, and final, paragraph of Art. 28 SRMR.Due to their institution-specific …”

Art. 21 SRMR Write-down and conversion of capital instruments or eligible liabilities Andreas Witte S. 717-732

„… instruments, the group will nolonger be viable;(e) extraordinary public financial support is required by the …” „… write-down CoCos and the incentive to monitor and discipline’ Law and Financial MarketsRev 9/2 (2015), 159 …” „… ; Andreas Witte, ‘Standing and Judicial Review in the New EU FinancialMarkets Architecture’ JFR 1/2 (2015 …”

Art. 34 SSMR Entry into force Christos V. Gortsos S. 451-453

„… EU-Wide Framework for the Resolutionof Banks and Financial Institutions’ in: Luis Hinojosa-Martínez and …” „… Körner andBenjamin Weigert, ‘Towards Deeper Financial Integration in Europe: What the Banking Union …” „… (Oxford University Press, Oxford 2016), Ch. 9; Chris-tos Hadjiemmanuil, ‘Financial Stability and …”

Art. 48 SRMR Seat Janina Heinz S. 973-975

„… 2016); Paul Weismann, European Agenciesand Risk Governance in EU Financial Market Law (Routledge, New …” „… to the organisational separation of an agency fromother administrative institutions and the …” „… Financial Market Law (2016), at p. 6.4 Weismann, European Agencies and Risk Governance in EU Financial …”

Art. 50 SRMR Tasks Janina Heinz S. 980-988

„… thebudget;(h) adopt the financial rules applicable to the Board in accordance with Article 64;(i) adopt an …” „… disagrees with the ini-tial proposal.2 Having said that, the limited input from external institutions is …” „… resolution framework. Apart from the information requirement vis-à-vis specificUnion institutions, the Board …”

Art. 41 SRMR Disclosure, nature, enforcement and allocations of fines and periodic penalty payments Chryssa PapathanassiouDisclosure, nature, enforcement and allocations of fines S. 948-950

„… Institutions and Member States (Wolters Kluwer, Alphen aan den Rijn 2014); KatjaMichel, Institutionelles …” „… dispro-portionate;(b) where publication would jeopardise the stability of financial markets or anongoing criminal …” „… Franssen (eds), Challenges in the Field of Economic and Financial Crime in Europe and the US(Hart …”

Art. 38 SRMR Fines Chryssa Papathanassiou S. 941-946

„… financial benefit.Where an act or omission of an entity referred to in paragraph 1 constitutes morethan one …” „… and Financial Crime in Europe and the US(Hart Publishing, Oxford 2017), 233.Fines Art. 38 SRMRChryssa …” „… Economic and Financial Crime in Europe and the US (2017), at p. 255.Art. 38 SRMR Fines944 Chryssa …”

Art. 31 SRMR Cooperation within the SRM Christos Hadjiemmanuil S. 895-918

„… institution-specific decisions46;– the implementation of SRB decisions by the NRAs and the SRB’s monitoringthereof47 …” „… in relation to particular institutions,which they can exercise by submitting a reasoned proposal to …” „… Fund, Law and Financial Stability(International Monetary Fund, Washington, DC, 2020), 10; Nikos …”

Art. 52 SRMR General provisions on the decision-making process Janina Heinz S. 994-997

„… the use of the financial means available in the Fund,shall be taken by a simple majority of the Board …” „… financial means available in the Fund,shall be taken by a majority of two thirds of the Board members …” „… with Art. 78 SRMR), limited to the use of the financial means availablein the Fund.Those decisions are …”

Art. 16 SSM Framework Regulation Competent authority of the host Member State for freedom to provide services Framework Regulation S. 259-260

„… ) SSM Framework RegulationWhere the institution is less significant, the ECB allocates supervisory …” „… RegulationNotification of the exercise of the freedom to provide serviceswithin the SSM by credit institutions …” „… hostMember State in respect of credit institutions established in the non-participatingMember States which …”

Art. 11 SSMR General investigations Klaus Lackhoff and Mikulas Prokop S. 171-177

„… requirements on credit institutions as a part of the pillar 1 frameworknor excludes such additional reporting …” „… established by the ECB in Regulation (EU) 2015/534 on reportingof supervisory financial information and by …” „… reporting of institutions and repealing ImplementingRegulation (EU) No 680/2014, OJ L97, 19.3.2021, p. 1.47 …”

Art. 26 SSMR Supervisory boardThis contribution should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and do not necessarily ... S. 354-381

„… experience in banking and financial mattersand who are not members of the Governing Council. The Vice Chair …” „… toconfidential information relating to individual institutions.12. The Governing Council shall adopt internal …” „… Law (Elgar Financial Law 2019), 108; Antonio Luca Riso andGeorgios Zagouras, ‘Single Supervisory …”

Art. 12h SRMR Waiver of the minimum requirement for own funds and eligible liabilities applied to entities that are not themselves resolution entities Minimum Requirements S. 587-588

„… monitored as a whole on the basis of the consolidated accountsof those institutions;(d) in the case of a …” „… institutions;(e) the relevant resolution group complies with the requirement referred to inArticle 12f(3); and,(f …” „… subsidiary, whichever is the earliest;(e) the guarantee is collateralised through a financial collateral …”

Art. 12j SRMR Breaches of the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 588-589

„… consolidated accountsof those institutions;(d) in the case of a waiver for a credit institution which is …” „… to the management of the permanently affiliated institutions;(e) the relevant resolution group …” „… institutions permanentlyaffiliated to a central bodyThe Board may partially or fully waive the application of …”

Art. 37 SRMR Authorisation by a judicial authority Klaus Lackhoff and Mikulas ProkopOn-site inspections/Authorisation by a judicial authority S. 936-941

„… as(iii) investment firms and financial institutions where they are covered by the consoli-dated …” „… financial institutions which arecovered by the consolidated supervision of the parent undertaking carried …” „… ) credit institutions; (ii) their parent un-dertakings; as well as (iii) the investment firms and the …”

Art. 78 SRMR Mutualisation of national financing arrangements in the case of group resolution involving institutions in non-participating Member States Georgios PsaroudakisMutualisation of national fi... S. 1140-1141

„… institutions that are supervised by the ECB (in other words, for all euro area institu-tions).On the basis of …” „… involving institutions in non-participatingMember StatesIn the case of a group resolution involving …” „… institutions established in one or moreparticipating Member States on the one hand, and institutions …”

Art. 55 SRMR Decision-making Janina Heinz S. 1008-1010

„… institutions and certain investment firms in the framework of a Single ResolutionMechanism and a Single Bank …” „… beappointed on the basis of merit, skills, knowledge of banking and financial matters,and of experience …” „… relevant to financial supervision, regulation as well as bank reso-lution. The Chair, the Vice-Chair and …”

Art. 88 SRMR Professional secrecy and exchange of information Christos V. Gortsos S. 1187-1190

„… regards financial, monetary or economic poli-cy, on the commercial interests of natural and legal persons …” „… August 2014.3 Art. 339 TFEU provides that the members of the EU institutions, the members of committees …” „… first, on the public interestas regards financial, monetary or economic policy; second, on the …”

Art. 84 SRMR Internal committees Christos V. Gortsos S. 1162-1163

„… of resolution authorities or other national or Union institutions,bodies, offices and agencies who …” „… Manage-ment Team (PMT), which supported the implementation of the 2019 cycle for certaincredit institutions …” „… fieldsof banking or other financial services, excluding current staff of the Board, as wellas current staff …”

Art. 42 SRMR Legal status Christoph Ohler S. 950-953

„… institutional balance. According to this jurisprudence, the institutions of the EUmay not confer upon the …” „… , Cosimo Monda and Ellen Vos (eds), EuropeanAgencies in between Institutions and Member States (Wolters …” „… andFinancial Crime in Europe and the US (2017), at p. 246.Art. 42 SRMR Legal status950 Christoph Ohler3A …”

Art. 12g SRMR Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities Minimum Requirements S. 585-587

„… . Institutions that are subsidiaries of a resolution entity or of a third-country entity,but are not themselves …” „… ), those credit institutions which are permanently affiliated to a centralbody, but are not themselves …” „… collateralised through a financial collateral arrangement as de-fined in point (a) of Article 2(1) of Directive …”

Art. 46 SRMR National parliaments Fabian Amtenbrink S. 965-968

„… Accountability System in Practice. A Health Check-Up to Europe’s Fi-nancial Heart’ (28 September 2020). Available …” „… , institutions, their customers and employees, and the markets in theparticipating Member States.”3 Finally, the …” „… arrangements on the accountability of the SRB vis-à-vis otherUnion institutions, namely the Council and the …”

Art. 12c SRMR Eligible liabilities for resolution entities Minimum Requirements S. 575-579

„… interconnectedness of the entity with those other institutions orentities or with the rest of the financial system.2 …” „… its sub-sidiaries that are institutions or entities referred to in Article 12(1) and (3) butare not …” „… effect onfinancial stability, including through contagion to other institutions or entities,due to the …”

Art. 49 SRMR Participation in plenary sessions Janina Heinz S. 975-980

„… , European Agencies and Risk Governance in EU FinancialMarket Law (Routledge, New York 2016).A. Overview and …” „… Risk Governance in EU Financial Market Law (2016), at p. 54.Art. 49 SRMR Participation in plenary …” „… task of the day-to-day supervision of the most significant credit institutions in participating …”

Art. 32 SRMR Consultation of, and cooperation with, non-participating Member States and third countries Georgios PsaroudakisConsultation of, and cooperation with, non-participating Member States S. 918-921

„… important institution,identified as such pursuant to Article 131 of Directive 2013/36/EU.3. Each memorandum …” „… par-ticipating Member State where a third-country institution or parent undertaking op-erates, and in particular …” „… finan-cial stability in a participating Member State;(b) creditors, including in particular depositors …”

Art. 56 SRMR Appointment and tasks Janina Heinz S. 1010-1016

„… beappointed on the basis of merit, skills, knowledge of banking and financial matters,and of experience …” „… relevant to financial supervision, regulation as well as bank reso-lution. The Chair, the Vice-Chair and …” „… units Resolution Policy, Processes andMethodology; Cooperation with Stakeholders; Financial Stability …”

Art. 51 SRMR Meeting of the plenary session of the Board Janina Heinz S. 988-994

„… the use of the financial means available in the Fund,shall be taken by a simple majority of the Board …” „… financial means available in the Fund,shall be taken by a majority of two thirds of the Board members …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15A. OverviewArt. 52 SRMR forms part of Part III (Institutional framework), Title II (Plenary …”

Art. 96 SRMR Replacement of national resolution financing arrangements Christos V. Gortsos S. 1222-1223

„… this Article, see Wymeersch, ‘in: Wymeersch/Hopt/Ferrarini (eds), Financial Regulation andSupervision …” „… Approach”endorsed by the Inter-institutional Working Group on EU decentralised agencies1 in Ju-ly 2012, “all …” „… (b) sent. 2 SRF Agreement.1 This Inter-institutional Working Group was set up in 2009 with an aim to …”

doi.org/10.5771/9783845278483

Junhong Meng - Chinese Rural Banking Situation and the Reform of the Main Rural Financial Supplier Rural Credit Cooperatives

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Junhong Meng

Chinese Rural Banking Situation and the Reform of the Main Rural Financial Supplier Rural Credit Cooperatives

Series: Weltwirtschaft und internationale Zusammenarbeit

Volume 14 2014

Results in this title

Financial supply situation and existing structure of formal banking institutions in rural areas S. 31-58

„… 31 2. Financial supply situation and existing structure of formal banking institutions in rural …” „… around 50% of all financial institutions at and below the county level from 2004 to 2009. Unlike other …” „… financial institutions, RCCs are independent financial entities at the county, township, and village levels …”

Supervisory system of the Chinese banking sector S. 59-104

„… CBRC which concentrates on the supervision of the performance of financial institutions at the …” „… [15.4.2012] The CBCR is in charge of the supervisory work of almost all financial institutions in China. As …” „… other new established rural financial institutions Non-bank Financial Institutions Supervision …”

Titelei/Inhaltsverzeichnis S. 1-24

„… financial institutions in China and analyse the effectiveness of the institutional reforms of financial …” „… Existing Structure of Formal Banking Institutions in Rural Areas 29 2. Financial supply situation and …” „… 2.2.4 Rural cooperative financial institutions 49 2.2.5 New types of rural financial institutions 52 …”

Introduction S. 25-30

„… institutional structure of rural financial markets will be described. The main formal financial institutions …” „… non-bank financial institutions emerged to satisfy increasing needs for financial services. In the mid-1990 …” „… . More and more private and foreign financial institutions are also engaging in Chinese financial markets …”

History and performance of Rural Credit Cooperatives S. 105-116

„… 74,707 branches of rural cooperative financial institutions including RCCs, RcoBs and RCBs with assets …” „… agriculture-related loans of rural cooperative financial institutions reaches RMB 5.3 trillion, which is 30% of total …” „… the summary of chapter 2, rural cooperative financial institutions are the most important and …”

Conclusion and prospect for the further development S. 162-164

„… the cooperative financial institutions didnot achieve success and have hardly realized the cooperative …” „… social foundation for cooperative financial institutions was not available in China and the cooperative …” „… financial institutions. The reform of RCCs does not stop here. The CBRC published “Guiding opinions of the …”

Bibliography S. 165-182

„… , R. J. / Szegö, G. P. (1995): The role of capital in financial institutions, available …” „… ): ???????????????????????Provisional risk assessment and risk forewarning index system for rural cooperative financial institutions …” „… regulating purchase of shares of rural cooperative financial institutions, available …”

RCC reform in 1996 S. 117-124

„… 117 5. RCC reform in 1996 RCCs were established in 1951 as cooperative financial institutions owned …” „… the relationship between main rural official financial institutions like the ABC, the ADBC and RCCs so …” „… commercial needs, cooperative financial institutions, farmers and policy banks supporting the agricultural …”

Annex 1: Risk assessment system for JSCBs S. 183-188

„… , market risk and so on. A rating system is designed to show the riskiness of a financial institution. The …” „… , six critical elements of a financial institution’s operation, namely capital (C), asset quality (A …” „… institutions will be grouped into 5 levels. Financial institutions of level 1 should have a least score of 85 …”

RCC reform since 2003 S. 125-161

„… financial institutions responsible for their own risks and development over a period of 3 to 5 years (Chen …” „… together to a countywide financial institution. The management of RCCs was also transferred into the hands …” „… CBRC on regulating purchase of shares of rural cooperative financial institutions (2004) The next …”

Annex 2: Core indicators for prudential supervision S. 189-192

„… indicators. To measure the risk level of a financial institution liquidity risk, credit risk, market risk and …” „… some main indicators to control risks of financial institutions. The maximum or minimum requirements …” „… , core indicators with predictive power to monitor the performance and riskiness of financial …”

doi.org/10.5771/9783845255415

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