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Stephan Wollbrink - A Violation of International Law as a Necessary Element of a "Threat to the Peace" under the UN Charter

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Stephan Wollbrink

A Violation of International Law as a Necessary Element of a "Threat to the Peace" under the UN Charter

Series: Nomos Universitätsschriften - Recht

Volume 840 2014

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Criteria for compliance with legal obligations S. 118-126

„… Criteria for compliance with legal obligationsBelow, various theories will be outlined concerning …” „… legal regime be self-enforcing through voluntary compliance of the involved parties.392 The compliance …” „… effectiveness125Conclusion regarding criteria for compliance with legal obligationsCompliance theories do not …”

Conclusion regarding criteria for compliance with legal obligations S. 126

„… Conclusion regarding criteria for compliance with legal obligationsCompliance theories do not …” „… provide criteria whose fulfillment would serveas a guarantee for compliance with obligations. However …” „… aspects will lead to increased compliance withChapter VII measures by the Member States.Enhancing morality …”

European Court of Justice and its extensive interpretation of own competences S. 114-118

„… legal obligation, there is no guaranteedcompliance, however. In fact, compliance with obligations is an …” „… , International legal compliance: Surveying the field, Georgetown Journalof International Law 36 (2004-2005), p …” „… effectiveness117Criteria for compliance with legal obligationsBelow, various theories will be outlined …”

Enhancing morality and legitimacy S. 126-136

„… Conclusion regarding criteria for compliance with legal obligationsCompliance theories do not …” „… adjusted with respect to Chapter VII inorder to improve compliance.To be clear, the term “legalization …” „… States for non-compliancewith Chapter VII, one has to rely on voluntary compliance. This …”

Conclusion regarding requirements regarding the unlawful act S. 113-114

„… legal obligation, there is no guaranteedcompliance, however. In fact, compliance with obligations is an …” „… , International legal compliance: Surveying the field, Georgetown Journalof International Law 36 (2004-2005), p …” „… approach avoids the potential addressee having to prove its compliance with its respective international …”

Conclusion regarding the maximization of effectiveness S. 136-137

„… chapter has shown that complete compliance with international obligations cannot be guaranteed. However …” „… , there are certain factors that canhave a positive influence on compliance. With no possibility to …” „… voluntary compliance. This voluntarycompliance can most effectively be achieved if the involved parties …”

Summary and final remarks S. 196-202

„… not only causes legal issues but is also undesirable with respect tothe Member States’ compliance with …” „… be considered precedents supporting a legal opinion of the SecurityCouncil according to which a …” „… Chapter VII Resolutions.The legal issues, however, are not a result of the wording of Chapter VII.Despite …”

Determinations of Article 39 situations in the past S. 33-43

„… resolutions)cannot be traced back to preceding unlawful conduct. Those will be outlinedbelow:Non-compliance with …” „… Chapter VI ResolutionIn three cases, the Security Council determined non-compliance with a nonbinding …” „… non-compliance with a Chapter VI Resolution, but rather the attempt tofight incidents of international terrorism …”

Bibliography S. 307-318

„… .Bradford, William: International legal compliance: Surveying the field, in: GeorgetownJournal of …” „… (30.12.2011)].Alter, Karen J.: The European Union's Legal System and Domestic Policy: Spillover orBacklash? in …” „… Mission in Liberia. S/2011/497, 2011.Baxter, Richard R.: Forces for Compliance with the Law of War, in …”

Method and structure S. 25-28

„… compliance with legal obligations. Those factors are subsequently applied to the Chapter VII context inorder …” „… the resolutions it has passed even raise objectionswith respect to the legal findings of subsequent …” „… criteria for a threat to the peace.Even though from a legal point of view the findings of the thesis up to …”

Weapons of Mass Destruction and withdrawal from arms control treaty S. 173-185

„… adopted unanimously.The latter judgment implies that the mere possession of nuclear weaponsis legal as …” „… , humanitarian law only becomes an issue if nuclear weapons are actually used. Thefinding of legal possession is …” „… also in line with the judgment quoted first,according to which armament of states is generally legal …”

Vorwort S. 5-17

„… compliance with legal obligationsII. 118Theories regarding compliance with internationallegal obligations …” „… Preliminary remark1. 33Breaches of the peace2. 36Threats to the peace3. 36Non-compliance with Chapter VI …” „… legitimacycc) 125Table of Contents9Conclusion regarding criteria for compliance with legalobligationsIII.126 …”

Teleological interpretation S. 69-98

„… : Menk, Gewalt für den Frieden, p. 141; assuming even apunitive character Joyner, Sanctions, Compliance …” „… as defined in theOxford English Dictionary is “the act of compelling observance of or compliance with …” „… requirements.190 If the Security Council were undera legal obligation to determine a Chapter VII situation or …”

Conclusion regarding the element of a violation of international law with respect to a potential lawmaking competence of the Security Council S. 195-196

„… States’ compliance with Chapter VII Resolutions.The legal issues, however, are not a result of the …” „… statements. However, not all of thesecases can be considered precedents supporting a legal opinion of the …” „… of the SecurityCouncil not only causes legal issues but is also undesirable with respect tothe Member …”

Background S. 263-264

„… forces with a Chapter VIImandate as the legal framework for their mission.927 The Security Councilmet …” „… subjectsof international law. Accordingly, the mentioned non-compliance with theprovisions of this convention …”

Analysis S. 264-265

„… Republicrequested the Security Council to equip the MISAB forces with a Chapter VIImandate as the legal framework …” „… non-compliance with theprovisions of this convention amounted to a breach of international law. InII.926 …”

Possibility of global governance by the Security Council S. 187-189

„… accordance with sanctions regimes. The non-Member States have always stated that there is no legal obligation …” „… to adhere tothe sanctions regimes, but that they only acted as a matter of voluntary compliance.656 …”

Definition of Chapter VII Resolutions S. 28-33

„… of customary law or at least legal certainty in regard to the addressees of resolutions. In that case …” „… Council and the content of such resolutions are in compliancewith the UN Charter is outside the scope of …”

doi.org/10.5771/9783845252285

Paul Weismann - Soft Law and its Importance in Ensuring Member States' Compliance with Union Law

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Paul Weismann

Soft Law and its Importance in Ensuring Member States' Compliance with Union Law

Series: Beiträge zum ausländischen öffentlichen Recht und Völkerrecht

Volume 321 2024

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V. CLASSIFICATION AND LEGAL ASSESSMENT OF COMPLIANCE MECHANISMS S. 487-636

„… mechanism and hence the2122 See III.3.4.3.2. above.2123 The legal bases of compliance mechanisms shall be …” „… recapitulated and analysed inmore depth in the chapter on the legal assessment of the compliance mechanisms(see …” „… 3.2. below).V. CLASSIFICATION AND LEGAL ASSESSMENT OF COMPLIANCE MECHANISMS488genuine point of …”

IV. MECHANISMS IN EU LAW TO ENSURE LEGAL COMPLIANCE OF MEMBER STATES S. 397-486

„… case of specific legal acts, eg directives, the question of compliance may encom‐pass various aspects …” „… TO ENSURE LEGAL COMPLIANCE398on the one hand, and to ensure compliance with EU law (possibly …” „… 384–386; for a less problematicIV. MECHANISMS IN EU LAW TO ENSURE LEGAL COMPLIANCE400and Verification …”

VI. CONCLUSION S. 637-650

„… account of the concrete legal history of the compliance mechanismsaddressed here.The chapter on legal …” „… , and for compliance mechanisms inparticular. But also other Treaty provisions used as legal bases for …” „… ornamentation.Finally, the legal protection which a MS may avail itself of in the contextof compliance mechanisms was …”

I. INTRODUCTION S. 67-74

„… ’ or even to provide the reasonsfor non-compliance, which may again emanate from the legal order of …” „… of a high authority resulting in high compliance-rates, that isto say in a large measure of …” „… ’ – try to ensure MS’ compliancewith EU law (compliance mechanisms). A profound understanding of …”

Titelei/Inhaltsverzeichnis S. 1-20

„… compliance mechanisms2.1. 490The policy fields and the primary legal bases concerned2.2. 495The sequence and …” „… to be heard2.5.4. 524Why the compliance mechanisms ‘look the way they look’2.6. 526Legal assessment3 …” „… primary legal bases of compliance mechanismsestablished through secondary law3.2.564Introduction3.2.1. 564 …”

Bibliography S. 651-708

„… (ed),Commitment and Compliance. The Role of Non-Binding Norms in the InternationalLegal System (Oxford University …” „… ), Commitment and Compliance. The Roleof Non-Binding Norms in the International Legal System (Oxford University …” „… (ed), Commitment and Compliance. The Role of Non-Binding Norms in theInternational Legal System …”

II. SOFT LAW: TERMINOLOGY AND LOCALISATION S. 75-148

„… thisbe done by the competent authority. Compliance with legal requirements tobe met in order to be …” „… (funda‐mental) ideas used in legal scholarship, ‘law’ and ‘soft law’, however, donot appear to be exceptional in …” „… , national or international, legal, customary, or moraletc. The separation of powers conveys a picture of …”

III. FUNDAMENTAL QUESTIONS OF EU SOFT LAW S. 149-396

„… upon compliance withthe MoU552 – have been made ‘subject to the (EU) EFSM legal regime andsources’.553 …” „… it was said above that the (lack of ) legal quality of the MoU –due to the strict compliance …” „… relevant case law of the CJEU, we shall alsotake into account the explicit legal bases for the adoption of …”

No title S. 709-714

„… – opinions 247–251communication 195competition and effective functioning of theenergy market 433compliance …” „… – concepts 397compliance mechanisms– addressees 522– approximation of laws 495, 567–579– categorial overlaps …” „… intervention 531, 555–561, 563,575, 581– judicial review 493–495, 574, 597–599– legal basis (in primary law …”

Table of Acts (Selection) S. 55-66

„… for lifelong learning [2006] OJ L394/10European Parliament, Resolution on institutional and legal …” „… Commission on certain legal aspects concerningintra-EU investment’, 97/C 220/06Commission, ‘Freedom to …” „… Opinion 9/2015 of 23 September 2015 on the compliance of NRAs’ decisionsapproving methods of cross-border …”

doi.org/10.5771/9783748935865

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

„… the regulated market.20 Article 54 Monitoring of compliance with the rules of the regulated market and …” „… with other legal obligations 1. Member States shall require that regulated markets establish and …” „… of the compliance by their members or participants with their rules. Regulated markets shall monitor …”

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

„… Section 2 Market transparency and integrity Article 31 Monitoring of compliance with the rules of …” „… the MTF or the OTF and with other legal obligations 1. Member States shall require that investment …” „… procedures, relevant to the MTF or OTF, for the regular monitoring of the compliance by its members or …”

Index S. 1785-1803

„… – compliance function MiFID II 48 8 – compliance-outsourcing MiFID II 48 9 – conflicts of interest MiFID II …” „… , 15; MiFID II 70 4, 8 – against legal persons MiFID II 70 7 Administrative sanctions MAR 30 2, 7 et …” „… seq., 10, 12, 15; MiFID II 70 4, 5, 8; PRIIPR 29 2 – against legal persons MiFID II 70 7 …”

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

„… through that legal representative. The legal representative shall perform the compliance function relating …” „… compliance with a provision of this Directive is incompatible with compliance with the law to which the …” „… to combine such compliance with compliance with a mandatory provision in the law to which the non-EU …”

Article 36 Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM S. 1539-1541

„… legal representative shall perform the compliance function relating to the management and marketing …” „… and most fundamental requirement is the full compliance of the AIFM with the requirements of AIFMD …” „… ) must be fulfilled. Apart from compliance by the EU AIFM with the applicable AIFMD requirements, Art 36 …”

Article 5 Determination of the AIFM S. 1477-1478

„… shall have a single AIFM, which shall be responsible for ensuring compliance with this Directive. The …” „… AIFM shall be either: (a) an external manager, which is the legal person appointed by the AIF or on …” „… ); or (b) where the legal form of the AIF permits an internal management and where the AIF’s governing …”

Article 47 Equivalence decision S. 566-571

„… examination procedure referred to in Article 51(2) in relation to a third country stating that the legal and …” „… implementing measures adopted under this Regulation and under those Directives and that the legal framework of …” „… authorised under third-country legal regimes. The prudential and business conduct framework of a third …”

Article 1 S. 1680-1684

„… and Compliance 154; Devos D, ‘Legal Protection of Payment and Securities Settlement Systems and of …” „… PvP, Netting and Collateral Arrangements’ (1996) 4 Journal of Financial Regulation and Compliance 170 …” „… International Law 423; Thévenoz L, ‘Intermediated Securities, Legal Risk, and the International Harmonization of …”

Article 10 Competent authorities S. 1771-1773

„… binding migration to SEPA with fixed end-dates and a coherent legal framework would be compromised. Art …” „… transnational payment account identifier. Legal relationship between payer and payee Art 9 influences the legal …” „… for ensuring compliance with this Regulation public authorities, bodies recognised by national law or …”

Article 44 Authorisation and applicable law S. 247-252

„… regulated market that is a legal person and that is managed or operated by a market operator other than the …” „… authorities keep under regular review the compliance of regulated markets with this Title. They shall also …” „… . Supervision by the competent authority (Art 44(2) MiFID II) . . . . . . . . . . . . 11 3. Compliance …”

Chapter 1 Organisational requirements S. 1628-1637

„… effective so as to ensure compliance with this Regulation, including compliance of its managers and …” „… competent authority to monitor the CCP’s compliance with this Regulation. 2. A CCP shall maintain, for a …” „… , natural or legal persons, that have qualifying holdings and of the amounts of those holdings. 2. The …”

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

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

Article 25 Recognition of a third-country CCP S. 1623-1628

„… supervision and enforcement ensuring full compliance with the prudential requirements applicable in that third …” „… of Regulation (EU) No 182/2011, determining that the legal and supervisory arrangements of a third …” „… legal framework of that third country provides for an effective equivalent system for the recognition of …”

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

„… Internal AIFM are only conceivable where the legal form of the AIF permits an management of the AIF …” „… established in corporate form (e.g. Luxembourg SICAV/ SICAFs) but is also conceivable for other legal forms …” „… retain ultimate regulatory responsibility for ensuring compliance with AIFMD. If an AIFM is unable to …”

Article 9 Payment accessibility S. 1770-1771

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

Articles 21 to 25 a S. 1288-1291

„… technical standards for the assessment of compliance of credit rating methodologies, 30 May 2012, Official …” „… Regulation, ESMA is responsible for ensuring compliance with the CRA Regulation. However, ESMA should not …” „… Legal Framework for Credit Rating Agencies after Its Second Reform’, European Business Law Review 25 (2 …”

Articles 83 to 91 S. 1679-1680

„… impact on netting’ (1997) 5 Journal of Financial Regulation and Compliance 154; Devos D, ‘Legal …” „… Arrangements’ (1996) 4 Journal of Financial Regulation and Compliance 170; Haentjens M and de Gioia-Carabellese …” „… , ‘Intermediated Securities, Legal Risk, and the International Harmonization of Commercial Law’ (2008) 13 Stanford …”

Article 22 Competent authorities S. 835-838

„… authorities Bibliography: Avgouleas E, ‘The Mechanics and Regulation of Market Abuse, A Legal and Economic …” „… abuse’ (2014) Compliance Officer Bulletin 1; Sandler M, Baker M, Tuson A and Evans S, ‘The EU market …” „… abuse Regulation’ (2016) Compliance Officer Bulletin 1; Schmolke KU, ‘Private Enforcement und …”

Article 16 Organisational requirements S. 65-120

„… circumstances and with the prior approval of a member of the firm’s legal or compliance function; (c) a physical …” „… than verifying compliance with the firm’s legal obligations, where the draft includes a recommendation …” „… firm shall establish adequate policies and procedures sufficient to ensure compliance of the firm …”

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

„… carry out the outsourced functions effectively and in compliance with their legal obligations. (h …” „… compliance by investment firms with the requirements of such binding written agreements. The regulated market …” „… authority to satisfy itself of compliance by the regulated market with this paragraph. 4. Member States …”

Article 18 Insider lists S. 799-808

„… writing the legal and regulatory duties entailed and is aware of the sanctions applicable to insider …” „… information acknowledges the legal and regulatory duties entailed and is Chapter 3 Disclosure requirements …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2. Ensuring compliance …”

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

„… supervising compliance with the MiFID/MiFIR framework if the group is more oriented towards the group interest …” „… ) than towards compliance with the Union law. Relations to Third Countries (Art 10(2) MiFID) A particular …” „… or members in question. Following such orders, the legal basis of the influence is likely undermined …”

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

„… (c) controlled by the same person, whether natural or legal, who controls a credit institution or …” „… granting of an authorisation as well as for the ongoing assessment of compliance with operating conditions …” „… to provide the information necessary for the monitoring of their compliance with the standards set by …”

Article 84 Consultation prior to authorisation S. 383-384

„… the same natural or legal persons who control an investment firm or credit institution authorised in …” „… II Jörn Axel Kämmerer 383 (c) controlled by the same person, whether natural or legal, who controls a …” „… , for the granting of an authorisation as well as for the ongoing assessment of compliance with …”

Article 38 Peer review of authorisation and supervision of non-EU AIFMs S. 1550-1552

„… reference is the appointment of a legal representative (Art 37(3)). The role of the legal representative is …” „… to perform jointly with the AIFM the compliance function to the extent the AIFM’s management or …” „… . Art 37(6), in addition to the requirement of compliance with AIFMD as set out in Art 37(2), contains a …”

Article 48 Consequences of merger S. 1377-1380

„… cases where UCITS have not designated a management company, Member States shall ensure that any legal …” „… for such legal forms. The UCITSD IV provisions override any national law which effectively sets aside …” „… provisions (statement of compliance). The depositary of the merging UCITS has very little interest to verify …”

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

„… the compliance of the trade repository with Articles 78 to 81 and shall adopt a fully reasoned …” „… adoption of a decision under paragraph 1. I. General features Purpose Trade repositories1 are legal …” „… . Commentary ESMA’s competence and effect of registration As stated under Article 55 EMIR, the legal person …”

Article 23 Powers of competent authorities S. 838-843

„… , to enter the premises of natural and legal persons in order to seize documents and data in any form …” „… authorisation to enter premises of natural and legal persons referred to in point (e) of the first subparagraph …” „… between MAR and other legal instruments. The fourth paragraph does not address the function of the …”

Article 19 Specific requirements for MTFs S. 142-145

„… trading and the rules and procedures to ensure compliance with Arts 24, 25, 27 and 28 MiFID II. The …” „… not relevant to its compliance with MiFID II and MiFIR.46 In addition, MTFs that have already been …” „… operating the OTF or from any entity that is part of the same group or legal person as the investment firm …”

Article 5 Requirement for authorisation S. 35-37

„… their compliance with this Chapter. 3. Member States shall register all investment firms. The register …” „… : (a) any investment firm which is a legal person have its head office in the same Member State as its …” „… registered office; (b) any investment firm which is not a legal person or any investment firm which is a …”

Article 20 Home member state supervision S. 1348-1350

„… authorities of the UCITS home Member State shall be responsible for supervising compliance with paragraphs 3 …” „… arrangements and organisational decisions which are necessary to ensure compliance with the rules which relate …” „… provided shall be sufficient. 2. In so far as it is necessary to ensure compliance with the rules for which …”

Article 46 General provisions S. 560-566

„… is subject to effective supervision and enforcement ensuring a full compliance with the requirements …” „… the adoption by the Commission of the decision referred to in Article 47 determining that the legal …” „… protection and which are better qualified to assess the legal complexities associated with contracting with a …”

Article 85 Powers for host Member States S. 384

„… (c) controlled by the same person, whether natural or legal, who controls a credit institution or …” „… granting of an authorisation as well as for the ongoing assessment of compliance with operating conditions …” „… to provide the information necessary for the monitoring of their compliance with the standards set by …”

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

„… legal person, see arts 7-9, paras 1, 7. 2 Moloney, EU Securities and Financial Markets Regulation (3rd …” „… liability for insider trading.14 However, in contrast to the legal context pertaining in Spector Photo Group …” „… of MAR is to establish a safe harbour. Actions carried out in compliance with Art 11 and the …”

Article 58 Examination of the application S. 1659-1660

„… repository as well as for the supervision of the entity’s compliance with the conditions of its registration …” „… supervision of trade repositories Art. 58 EMIR Paola Lucantoni 1659 the compliance of the trade repository …” „… paragraph 1. I. General features Purpose Trade repositories1 are legal persons that centrally collect and …”

Titelei/Inhaltsverzeichnis

„… formidable challenges for the legal practitioner. Yet locating the relevant provision is insufficient; it is …” „… existing case law are provided, and bibliographies invite further reading. The method of explaining a legal …” „… constructed in a uniform way, independent from the legal systems of the Member States. Bearing this principle …”

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

„… of Market Abuse, A Legal and Economic Analysis’ (OUP, Oxford 2005); v. Buttlar J, ‘Die Stärkung der …” „… and Clay E, ‘Market abuse’ (2014) Compliance Officer Bulletin 1; Sandler M, Baker M, Tuson A and Evans …” „… S, ‘The EU market abuse Regulation’ (2016) Compliance Officer Bulletin 1; Schmolke KU, ‘Private …”

Article 4 Use of credit ratings S. 1242-1246

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

Article 13 Accepted market practices S. 756-767

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

Article 29 Publication of decisions S. 1223-1226

„… nature of the breach and the identity of natural persons or legal entities responsible for it. However …” „… that publication of sanctions improves both compliance and transparency, and that it more generally …” „… . In most cases, this will be a company or other legal entity. However, where the responsibility of a …”

Article 12 Transparency report S. 1283

„… a summary of key data that demonstrates compliance with the CRA Regulation annually. The summary …” „… shall be presented as a report that includes detailed information on the legal nature and ownership of …” „… , archival information, a compliance report, a description of the rotation policy for rating analysts, the …”

Article 4 Definitions S. 1471-1477

„… Directive 2009/65/EC; (b) ‘AIFMs’ means legal persons whose regular business is managing one or more AIFs …” „… no legal personality and which provides the services for which the AIFM has been authorised; all the …” „… into the AIF; (e) ‘close links’ means a situation in which two or more natural or legal persons are …”

Article 11 Market soundings S. 718-730

„… been disclosed, including but not limited to the legal and natural persons acting on behalf of the …” „… . Non-compliance with Art 11 does not imply that a disclosure was not made in the normal exercise of an employment …” „… account of any of the aforementioned persons. Issuers are defined in Art 3(1)(21) as legal entities …”

Article 20 Specific requirements for OTFs S. 145-149

„… OTF or from any entity that is part of the same group or legal person as the investment firm or market …” „… shall establish arrangements ensuring compliance with the definition of matched principal trading in …” „… allow the operation of an OTF and of a systematic internaliser to take place within the same legal …”

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

„… of compliance with the rules of the regulated market and with other legal obligations 1. Member …” „… credit institutions. 6. Member States shall, without further legal or administrative requirements, allow …” „… recital 15 MiFID II, a CCP is defined as a legal person that interposes itself between the parties to the …”

Article 34 Publication of decisions S. 869-874

„… of the legal person subject to the decision, or of the personal data of a natural person, would be …” „… ) Compliance Officer Bulletin 1, 12. Art. 34 MAR 2. Market Behaviour 870 Jörn Axel Kämmerer 1 Legislative …” „… person cannot be associated with a legal person (or employer) he or she has acted for; if so, “the person …”

Articles 14 to 20 S. 1284-1288

„… closing of branches.7 Changes to the business structure, personnel changes in the compliance and internal …” „… important operational tasks, such as the provision of ratings or credit analyses, compliance, rating method …” „… the company (name, seat, board of directors, compliance officer, ownership and organisational …”

Article 13 Public disclosure fees S. 1283-1284

„… a summary of key data that demonstrates compliance with the CRA Regulation annually. The summary …” „… shall be presented as a report that includes detailed information on the legal nature and ownership of …” „… , archival information, a compliance report, a description of the rotation policy for rating analysts, the …”

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

„… compliance by the CCPs’. 2016 ESRB Final Report13 has interpreted ESMA guideline as suggesting that any …” „… this Article, a trade repository shall be a legal person established in the Union and meet the …” „… registration of the trade repository as well as for the supervision of the entity’s compliance with the …”

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

„… 35-36-794. II. Commentary Compliance with MiFID (Art 7(1) MiFID) The authorisation is subject to compliance …” „… 4(1), second para MiFID and comments thereon) and of investment firms that are legal persons managed …” „… compliance with the conditions set out in Regulation (EU) No 575/2013; (d) has seriously and systematically …”

Article 11 S. 1067-1072

„… Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency …” „… Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation …” „… legal grounds, as well as the legal consequences in civil claims. ’Loss’ and ‘damages’ are only examples …”

Article 40 Obligation to provide information S. 239-240

„… . Particularly noteworthy are the following authorization requirements: – compliance with FATF recommnedations …” „… respective areas of competence shall be provided; (b) all relevant details of the firm (name, legal form …” „… management of the branch and the relevant documents to demonstrate compliance with requirements laid down in …”

Article 2 S. 1684-1691

„… The method to reach this goal is by eliminating, at least to some degree, the legal uncertainties …” „… Compliance 170, 171; Vereecken, 123; Ruzik, 202-204. 7 Recital 3; Ruzik, 201, 205. 8 Recital 9; Vereecken …” „… courts and legal practitioners must seek guidance from the European origins of the legislation and not …”

Article 32 Reporting of infringements S. 865-868

„… other pre-existing legal or contractual duties to report such information, and provided that the …” „… compliance strategy. See Malte Wundenberg ‘Compliance in Wertpapierfirmen’ in Veil (ed), Europäisches …” „… authority or if the latter does not share the legal assessment of the person (which is not unlikely …”

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

„… to provide services, to provide the information necessary for the monitoring of their compliance with …” „… management companies authorised in that Member State for the monitoring of their compliance with the same …” „… company's host Member State pursuant to paragraph 2, or persists in breaching the legal or regulatory …”

Article 21 Powers S. 1020-1023

„… responsibility for supervising compliance with this Directive and with its implementing measures and for …” „… on-site inspections in its territory in accordance with national law, in order to verify compliance with …” „… shall be without prejudice to the possibility for a Member State to make separate legal and …”

Article 9 Management body S. 43-50

„… that are natural persons or to investment firms that are legal persons managed by a single natural …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1. Compliance with Art 88, 91 CRD IV (Art 9(1) MiFID) . . . . . . . . . . . . . . . . . . . 4 2 …” „… Directive 2014/65/EU, EBA/GL/2017/12. II. Commentary Compliance with Art 88, 91 CRD IV (Art 9(1) MiFID …”

Article 57 Exemptions from Art 52, 56 in certain cases S. 1396-1397

„… than operating a business. This is because additional legal obligations are prompted once the …” „… delay of any measure designed to ensure compliance with investment limits. Chapter VIII Master-feeder …” „… is an investment company. For the purposes of compliance with Article 51(3), the feeder UCITS shall …”

Article 1 Purpose and scope S. 951-958

„… between investor protection and mitigating administrative burden and compliance and legal costs on small …” „… lower compliance and legal costs in case they decide to issue securities for a total consideration …” „… issued by associations with legal status or non-profit-making bodies, recognised by a Member State, with …”

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

„… final responsibility for supervising compliance with the provisions of this Directive and implementing …” „… compliance with the provisions of this Directive and its implementing measures. Where necessary under …” „… ) Paragraphs 1 to 4 shall be without prejudice to the possibility for a Member State to make separate legal and …”

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

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

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

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

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

„… interest; the information technology resources; and the transparency about access rules and compliance …” „… which are subject to legal privilege. Article 61 Request for information 1. ESMA may by simple request …” „… under paragraph 1, ESMA shall: (a) refer to this Article as the legal basis of the request; (b) state …”

Article 11 a European rating platform S. 1281-1283

„… compliance with the CRA Regulation annually. The summary shall be presented as a report that includes …” „… detailed information on the legal nature and ownership of the rating agency (and any shareholdings …” „… ), descriptions of internal control mechanisms, statistics, archival information, a compliance report, a …”

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

„… by internal conduct of business rules ensuring compliance with the requirements set out in this …” „… I. Purpose Despite being separate legal entities, the master and feeder UCITS are closely …” „… compliance shall not give rise to any liability on the part of such depositary or any person acting on its …”

Article 61 Request for information S. 1661-1662

„… interest; the information technology resources; and the transparency about access rules and compliance …” „… which are subject to legal privilege. Article 61 Request for information 1. ESMA may by simple request …” „… under paragraph 1, ESMA shall: (a) refer to this Article as the legal basis of the request; (b) state …”

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

„… firm or any other legal or economic relationships, such as contractual relation- 13 Brenncke, Regelung …” „… has such close legal or economic relationships, such as contractual relationships, as to pose a risk …” „… be judged to impair compliance with the investment firm’s duty to act in the best interest of the …”

Article 39 Establishment of a branch S. 237-239

„… noteworthy are the following authorization requirements: – compliance with FATF recommnedations regarding …” „… respective areas of competence shall be provided; (b) all relevant details of the firm (name, legal form …” „… management of the branch and the relevant documents to demonstrate compliance with requirements laid down in …”

Introduction S. 644-650

„… and Public Policy 101; Harry McVea, ‘What’s wrong with insider dealing?’ (1995) 15 Legal Studies 390 …” „… ; Kennth E Scott, ‘Insider Trading: Rule 10b-5, Disclosure and Corporate Privacy’ (1980) 9 Journal of Legal …” „… is problematic considering the importance of legal certainty and the formidable sanctions that a …”

Article 47 Organisational requirements S. 264-268

„… legal arrangements have to be concluded and the responsibilities have to be allocated. At the time of …” „… MiFID II, a CCP is defined as a legal person that interposes itself between the parties to the contracts …” „… compliance by investment firms with the requirements of such binding written agreements. The regulated market …”

Article 14 Authorisation of a CCP S. 1612-1613

„… recognition as equivalent of the third country legal framework in question. Where an implementing act on …” „… empowers the Commission to declare a third country’s legal, supervisory and enforcement arrangements to be …” „… , firms using a third country CCP for clearing are considered to be in compliance with EU law, provided …”

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

„… Commission may adopt implementing acts declaring that the legal, supervisory and enforcement arrangements of …” „… presentation of the report, withdraw the recognition as equivalent of the third country legal framework in …” „… legal, supervisory and enforcement arrangements to be equivalent to the EU provisions in Articles 4, 9 …”

Article 33 Mechanism to avoid duplicative or conflicting rules S. 524-526

„… established in that third country and the counterparties are in compliance with those legal, supervisory and …” „… legal, supervisory and enforcement arrangements of the relevant third country: (a) are equivalent to the …” „… withdraw the recognition as equivalent of the third-country legal framework in question. Where an …”

Introduction to Chapter I S. 34-35

„… this sense Barsan, ‘Legal Challenges of Initial Coin Offerings (ICO)’, Revue trimestrielle de droit …” „… their compliance with this Chapter. 3. Member States shall register all investment firms. The register …” „… : (a) any investment firm which is a legal person have its head office in the same Member State as its …”

Article 4 Definitions S. 22-34

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

Article 26 Cooperation with third countries S. 846-849

„… the Central Administrator, and other public bodies charged with the supervision of compliance under …” „… abuse Regulation’ (2016) Compliance Officer Bulletin 1, 17. 4 Charter of Fundamental Rights of the …” „… information may be disclosed or such disclosure is necessary for legal proceedings. 3. The obligation of …”

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

„… competent authorities. II. Commentary The provision shall ensure that competent authorities have the legal …” „… ) compliance with the request is likely to affect adversely its own investigation, enforcement activities or …” „… such companies; (e) in the case of a legal person, maximum administrative pecuniary sanctions of at …”

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

„… compliance with the rules of the MTF or the OTF and with other legal obligations 1. Member States shall …” „… compliance by its members or participants or users with its rules. Investment firms and market operators …”

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

„… independent internal review for compliance with policies and procedures for remuneration adopted by the …” „… management and compliance functions is overseen directly by the remuneration committee, where such a …” „… the legal structure of the UCITS and its fund rules or instruments of incorporation, a substantial …”

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

„… Novak P, ‘Brexit and the EU: General Institutional and Legal Considerations – Study for the AFCO …” „… Committee’ (January 2017); Eleftheriadis P, Armour J, Enriques L, Mooney R, Williams R and Young A, ‘Legal …” „… Aspects of Withdrawal from the EU: A Briefing Note’, Oxford Legal Studies, Research Paper No. 47/2016 …”

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

„… /EU; or (c) another legal entity, authorised by the competent authority under the law of the Member …” „… . A legal entity as referred to in point (c) of the first subparagraph shall be subject to prudential …” „… procedures sufficient to ensure compliance of the entity, including its managers and employees, with its …”

Article 18 General principles S. 1498-1499

„… legal provisions in force. 2. The Commission shall adopt, by means of delegated acts in accordance with …” „… , accounting procedures, internal governance, the AIFM’s compliance and internal audit function, personal …” „… , being a legal or natural person independent from the AIF, the AIFM and any other persons with close …”

Article 17 Algorithmic trading S. 120-134

„… , the key compliance and risk controls that it has in place to ensure the conditions laid down in …” „… that those records be sufficient to enable its competent authority to monitor compliance with the …” „… competent authority to monitor compliance with the requirements of this Directive. 6. An investment firm …”

Article 16 Additional information S. 1177-1179

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

Article 26 Precautionary measures S. 1210-1211

„… the right to bring legal action against the non-cooperating Member State under TFEU Article 258 …” „… security holder persists in infringing the relevant legal or regulatory provisions, the competent authority …” „… State is responsible for monitoring compliance with all requirements under the TD. This can lead to …”

Article 7 Conditions for authorisation S. 1328-1331

„… links exist between the management company and other natural or legal persons, the competent authorities …” „… administrative provisions of a third country governing one or more natural or legal persons with which the …” „… provide them with the information they require to monitor compliance with the conditions referred to in …”

Article 22 a Delegation by depositary S. 1357-1359

„… investment, of the fact that such a delegation is required due to legal constraints in the law of the third …” „… institution authorised in accordance with Directive 2013/36/EU; or (c) another legal entity, authorised by the …” „… capital under Article 28 (2) of Directive 2013/36/EU. A legal entity as referred to in point (c) of the …”

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

„… and/or nature of [the reporting person’s] business’, ibid, para 150. Benchmark for compliance with Art 16 …” „… facilitate future detection of trading patterns and demonstrating a person’s compliance with the STOR regime …” „… to take into account the elements and legal concepts constituting actual and attempted insider …”

Introduction S. 574-576

„… stock exchange listing. Its other components were significantly revised and transferred into other legal …” „… , and certain compliance duties (Arts 65 through 104 of the original version of the CARD) were …” „… other legal persons and any undertaking whose securities are the subject of an application for admission …”

Article 73 Reporting of infringements S. 373-375

„… people within a legal entity to report violations of EU(-based) law by the entity to authorities. The …” „… ensure that its national competent authority establishes legal instruments for the protection of …” „… Wundenberg ‘Compliance in Wertpapierfirmen’ in Veil (ed), Europäisches Kapitalmarktrecht (Mohr Siebeck 2014 …”

Article 77 Recognition of trade repositories S. 1673-1675

„… decision rendered by the Commission stating that the legal and supervisory arrangements of the third …” „… jurisdictions should, by June 2018 at the latest, have a legal framework to permit access by both domestic and …” „… establish adequate policies and procedures sufficient to ensure its compliance, including of its managers …”

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

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

Introduction S. 1563-1574

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

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

„… head office …, which has no legal personality and which provides investment services and/or activities …” „… , ‘The EU market abuse Regulation’ (2016) 135 Compliance Officer Bulletin 1-29; Ventoruzzo M, ‘Comparing …” „… of monitoring information in their possession and seeking legal advice about whether and when …”

Article 8 Conditions for granting authorisation S. 1482-1485

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

Article 38 Enabling of cross-border mergers S. 1371-1372

„… according to the instruments of incorporation and the legal provisions in force. Section 3 Obligations …” „… receiving UCITS confirming that, in accordance with Article 41, they have verified compliance of the …”

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

„… compliance with the provisions falling outside the field governed by this Directive and …” „… competent authorities. II. Commentary The provision shall ensure that competent authorities have the legal …”

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

„… those bodies and central banks within the legal framework of third countries, and the risk management …” „… The delegated regulation is based on an analysis of the legal framework governing the foreign public …” „… Commission in compliance with the second and third subparagraphs of Art 6(5).3 Furthermore, Art 6(6) empowers …”

Article 79 Operational reliability S. 1675-1676

„… establish adequate policies and procedures sufficient to ensure its compliance, including of its managers …” „… legal person that has a parent undertaking or a subsidiary relationship with the trade repository shall …”

Article 32 Trading obligation procedure S. 519-524

„… counterparties is established in that third country and the counterparties are in compliance with those legal …” „… legal effects.8 This agreement must be preceded by information of the clients and include the full set …” „… of legal documentation.9 After the execution of the portfolio compression, the investment firms and …”

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

„… the different levels of segregation shall include a description of the main legal effects of the …” „… intent or legal basis to 2. 3. 1. 1 Lutter, Bayer, Schmidt, Europäisches Unternehmens- und …” „… compliance with Arts 24, 25, 27 and 28 MiFID II. The obligations of Arts 24, 25, 27(1), (2), (4) through (10 …”

Article 5 Market manipulation S. 628-629

„… disclosure qualifies as a market sounding made in compliance with Article 11(1) to (8) of Regulation (EU) No …” „… legal person, see arts 7-9, paras 1, 7. 2 Moloney, EU Securities and Financial Markets Regulation (3rd …”

Article 69 Supervisory powers S. 358-362

„… is not used unfairly or to prevent competition. The final responsibility for supervising compliance …” „… to comply with legal requirements; (m) require the suspension of trading in a financial instrument …” „… and may pose legal problems. Most powers included in Article 69(2) subpara 1 have typically been held …”

Article 70 Sanctions for infringements S. 362-368

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

Article 12 Assessment procedures S. 58-61

„… Sanctions (Art 11(4) MiFID) In the event of non-compliance, NCAs shall have the same enforcement …” „… 58 Dirk Zetzsche 14 15 (a) a natural or legal person situated or regulated outside the Union; (b) a …” „… natural or legal person not subject to supervision under this Directive or Directives 2009/65/EC, 2009/138 …”

Article 30 Transitional provisions S. 1226-1227

„… is to be published immediately after it has been adopted by the NCA, in compliance with the relevant …” „… legally binding. That is to say, the NCA is required to publish its decision even where legal remedies or …”

Article 11 Penalties S. 1773-1774

„… authorities have to take “all necessary measures” to ensure compliance with the SEPA Regulation in their …” „… consequences only on the basis of the private law governing their legal relationship. Art 11(2) does not lead …”

Article 3 Integration of securities markets S. 1114-1118

„… institutions. The home Member State may not make a holder of shares, or a natural person or legal entity …” „… information, make a holder of shares, or a natural person or legal entity referred to in Articles 10 or 13 …” „… ), who have struggled with the bureaucratic and financial burden of compliance with disclosure …”

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

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

Article 24 Cooperation with ESMA S. 843-844

„… ensure compliance with duties imposed by MAR. Considering the margin of appreciation at the Member States …” „… in respect of legal persons, to shareholders or competitors. However, the exclusion is confined to …”

Article 28 Data protection S. 850-851

„… for legal proceedings. The term “necessary” indicates that the proportionality of disclosure (assessed …” „… that it requires compliance with otherwise applicable national law transposing Directive 95/46/EC and …”

Article 19 Valuation S. 1499-1502

„… , internal governance, the AIFM’s compliance and internal audit function, personal transactions by employees …” „… , being a legal or natural person independent from the AIF, the AIFM and any other persons with close …” „… external valuer is subject to mandatory professional registration recognised by law or to legal or …”

Article 3 Intragroup transactions S. 1579-1584

„… ) fixes the exemptions from its scope Articles 1(4,5,6); 2a; 3 EMIR). Due to the high compliance costs …” „… exchange-traded derivatives in the context of EMIR and to focus solely on the place of execution.4 For the legal …” „… different actors: CCPs, clearing members and member clients. The CCP is a legal entity that is interposed …”

Article 99 d Protection of whistleblowers S. 1445-1447

„… responsible for the infringement, as indicated, for example, by its total turnover in the case of a legal …” „… . The harmonised sanctions regime shall ensure the same level of compliance in all Member States. Lesser …”

Article 22 Competent authority S. 1621-1623

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

Articles 36 to 39 S. 1301-1303

„… court must be determined by applying the rules of private international law. The European legal user has …” „… the purpose of securing compliance with prudential measures, in particular those under Art 24 CRA …”

Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP S. 1603-1611

„… practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between …” „… transaction; (b) there is no current or foreseen practical or legal impediment to the prompt transfer of own …” „… practical or legal impediment to the prompt transfer of own funds or repayment of liabilities between the …”

Overview of Articles 5-11 S. 894-895

„… relevant NCA, demonstrate compliance with the requirements set out in Arts 15, 18 and 19 of Delegated …” „… significant net short positions in shares 1. A natural or legal person who has a net short position in …”

Article 8 d Use of multiple credit rating agencies S. 1274-1276

„… : Deipenbrock, ‘Trying or Failing Better Next Time? – The European Legal Framework for Credit Rating Agencies …” „… ability of ESMA to supervise the credit rating agency’s compliance with obligations under this Regulation …”

Article 5 Clearing obligation procedure S. 1588-1593

„… obligation while also maintaining compliance with the principle of proportionality, the Commission Proposal …” „… contracts through a CCP; (f) the risk management and the legal and operational capacity of the range of …” „… categorized according to their level of legal and operational capacity and by their OTC derivatives trading …”

Article 23 Third countries S. 1200-1204

„… compliance’. 2 Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the …” „… (or the issuer is subject to another equivalent, ‘fourth’ legal system).6 The decision on equivalence …” „… its legal system – and which is not ‘equivalent’ nor required under EU law – should also be disclosed …”

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

„… the entry into force of the 2013 Transparency Amending Directive. 3 ESMA Legal Opinion ESMA/2013/317 …” „… prevent competition. In any case, the final responsibility for supervising compliance with this Directive …”

Article 7 Validity of mandates and right to a refund S. 1766-1768

„… debits collected by that payee in compliance with this Regulation in the absence of national law or …” „… German banks were therefore amended with a legal fiction: A mandate for the former German …”

Article 3 S. 1691-1695

„… two or more systems is established by a system operator as explained in Art 2(p), which is the legal …” „… netting’ (1997) 5 Journal of Financial Regulation and Compliance 161; Vereecken, 118. 4 Keller, 1271 …” „… arise from the mere fact of insufficient funds and not from legal consequences of insolvency proceedings …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… an interoperability arrangement should not ‘impact on the compliance by the CCPs’. 2016 ESRB Final …” „… legal person established in the Union and meet the requirements laid down in Title VII. 3. The …”

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

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

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

„… remedies for non-compliance with MiFID II’s conduct-of-business rules. The text of MiFID II is silent on …” „… issued or provided by entities having close links with the investment firm or any other legal or economic …”

Article 27 Committee procedure S. 1211-1214

„… issuer’s home Member State is responsible for monitoring compliance with all requirements under the TD …” „… – Effective Regulation, Soft Law and Legal Taxonomy from Lamfalussy to de Larosière’ (2010) 11 EBOR 379, 381 …”

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

„… the predefined and supervised legal framework. Legislative history The predecessor provisions to Arts …” „… Commission Delegated Regulation (EU) 2017/587; although there is no legal obligation for APAs to use MICs …” „… potential to be misleading, may increase compliance costs of investment firms and are likely to harm the …”

Article 2 Definitions S. 624-627

„… violation is ‘serious’).4 The legal basis for the directive is found in Art 83(2) of the TFEU, which …” „… compliance with the respective conditions of MAR. Article 1(4)(a) of MAD 2014 extends the perimeter of the …”

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

„… 2014, 317; Deipenbrock, ‘Trying or Failing Better Next Time? – The European Legal Framework for Credit …” „… it by control. 2. In order to ensure compliance with paragraph 1, a credit rating agency shall comply …”

Article 2 Exemptions S. 10-18

„… by the home Member State of the firm, operator or provider.25 For legal persons, the relevant …” „… Member State of legal persons that have no registered seat under the national law applying to them.28 In …” „… manner in the course of a professional activity and that activity is regulated by legal or regulatory …”

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

„… powers under Art 23 to ensure compliance, and may impose administrative sanctions or take other …” „… feature of German law, which is absent in the French legal tradition and in common law, has led some …”

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

„… issuer in compliance with the principle of equal treatment laid down in paragraph 1. (5) The Commission …” „… to Article 17, but as debtholders’ legal position differs compared to shareholders, a separate …”

Chapter 2 Conduct of business rules S. 1637-1643

„… . A CCP shall conduct, at least once a year, a comprehensive review of compliance with this Article by …” „… include a description of the main legal implications of the respective levels of segregation offered …” „… 2017/2155. On this topic, see Braithwaite, ‘Legal Perspectives on Client Clearing’ (2015) LSE Law, Society …”

Introduction and overview S. 874-881

„… “Sergakis”). Legal instruments and other EU documents: Level 3 measures: ESMA, Guidelines – Exemption for …” „… (cited as ESMA, List of administrative measures and sanctions); ESMA, Guidelines compliance table …” „… selling regime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2. Legal basis …”

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

„… directorships a member of the management body can hold, in any legal entity, at the same time shall take into …” „… accounting and reporting, strategic planning, risk management, compliance and internal audit, information …” „… need to have a formal written policy on conflicts of interest and an objective compliance process for …”

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

„… natural person or legal entity in the meaning of Article 2(1)(d). Whilst the term ‘share’ is not defined …” „… questionable, in particular given their high cost of compliance.38 Besides, it was argued that EU law still has …” „… , disclosed deliberately and without formal legal obligation, should not be regarded as ‘regulated information …”

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

„… must further include the legal entity identifier (LEI) of the issuer or trading venue operator, the …” „… notifications for completeness and accuracy and for compliance with the applicable deadline, standards and …”

Article 33 SME growth markets S. 217-221

„… prejudice to compliance by the investment firm or market operator operating the MTF with other obligations …” „… Union’ and seek to ‘abolish the technical and legal restrictions on access to regulated markets.’1 From …”

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

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

Article 12 Market manipulation S. 730-756

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

Article 8 Insider dealing S. 692-705

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

Article 5 The prospectus S. 974-984

„… relevant securities and keeping the administrative burden and compliance and legal costs as low as possible …” „… costs of translating the prospectus before the legal proceedings are initiated; and d. civil liability …” „… to use prospectuses as ‘ex-post legal documents rather than as exante information sources’. Art. 5 PD …”

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

„… assessing compliance with the limits. Such methodologies shall establish criteria to determine which …” „… Position limits apply to “persons”. These can be natural or legal persons (Recital 26 MiFID II), i.e …” „… over its members. Because of the distinct legal personality of the parent company and its subsidiaries …”

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

„… monitors and assesses the notifications for completeness and accuracy and for compliance with the …” „… for legal certainty for market participants that engage in financially beneficial stabilisation or …” „… the interest of legal certainty, as it was felt that a generally applicable definition of ‘extreme low …”

Introduction S. 941-951

„… EU-Prospektverordnung (2nd edn, Deutscher Fachverlag GmbH 2017); Black BS, ‘The legal and Institutional Preconditions …” „… Law Review (2007) 229; Black, ‘The legal and Institutional Preconditions for Strong Securities Markets …” „… is costly. It entails relevant compliance costs as well as costs related to the fact that it may …”

Article 19 Managers’ transactions S. 808-824

„… . Instruction and documentation obligations In order to ensure compliance and raise awareness of the legal …” „… household for at least one year. The definition also includes a legal person, trust or partnership, whose …” „… associated person) takes part in or influences the decisions of a legal entity other than the issuer to carry …”

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

„… referred to in Article 89a(2), stating whether the legal and supervisory framework of a third country …” „… enforcement in that third country. The competent authority shall indicate why it considers that the legal and …” „… II Martin Brenncke 181 Such third-country legal and supervisory framework may be considered …”

Article 7 Inside information S. 673-692

„… disclosed in accordance with legal or regulatory provisions at the Union or national level, market rules …” „… information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory …” „… is not particularly helpful in establishing legal certainty. In addition, the criteria are so wide …”

doi.org/10.5771/9783845279893

Natascha Chorongiewski - Kartellrechts-Compliance für Manager

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Natascha Chorongiewski

Kartellrechts-Compliance für Manager

Series: Wissenschaftliche Beiträge aus dem Tectum Verlag: Rechtswissenschaft

Volume 155 2021

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Kapitel 7: Internationaler Rechtsvergleich S. 321-334

„… deutlicher Trend zu erkennen, dass Compliance-Programm bußgeldmildernd berücksichtigt werden. Der Blick auf …” „… Implementierung eines effektiven Compliance-Programms sowie die Intensität der Zusammenarbeit mit der Behörde bei …” „… Praxis der Behörden und Gerichte, Compliance-Programme bei der Sanktionierung von Unternehmen zu …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Teil 2: 3 Der Compliance-Gedanke und dessen Bedeutung im Kartellrecht …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .I. 11 Der Anfang des Compliance-Gedankens in Deutschland . . . . . . . . . . . . . . .II. 12 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D. 25 Die Pflicht zur Errichtung von Compliance-Programmen …”

Kapitel 8: Thesen S. 335-342

„… Verpflichtung, Compliance-Systeme und kartellrechtliche Compliance-Programme im Unternehmen zu implementieren …” „… Compliance-Management-Systeme und die in ihr integrierten kartellrechtlichen Compliance-Programme nicht nur zeitaufwändig …” „… Absicht als ein präventiver oder repressiver Gedanke. Die Compliance-Umsetzung und -Gestaltung wird …”

Kapitel 4: Die gesellschaftsrechtliche und zivilkartellrechtliche Haftung von Manager für Kartellrechtsverstöße S. 105-240

„… Pflichtverletzung. Aus ihr lässt sich die Compliance-Verpflichtung ableiten, und dementsprechend die Pflicht, sich …” „… Gesellschaft Hat ein Manager einen Compliance-Verstoß und einen Kartellverstoß zu verantworten, stellt sich die …” „… Zukunft rechtmäßig an das Kartellrecht zu halten und entsprechende Compliance-Systeme zu entwickeln …”

Kapitel 3: Die Haftung von Unternehmen für kartellrechtliche Verstöße S. 67-104

„… zudem die Compliance-Gestaltung von effektiven Systemen und deren Umsetzung innerhalb der Unternehmen …” „… : https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:52006X C0901(01). 302 Sauter, in: Dauses/Ludwigs, Handelsbuch des EU-Wirtschaftsrechts, § 5 …” „… , 109, Rn. 223. 368 Könen, in: NZKart 2017, 15, 16. 369 Brettel/Thomas, Compliance und …”

doi.org/10.5771/9783828877108

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NK Neue Kriminalpolitik

Browse Volumes: NK Neue Kriminalpolitik

NK Volume 34 (2022) Issue 1 ISSN Online: 2942-1624

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Lucia Sommerer Kriminologie der Straftatvermeidung – Creative-Compliance-Delinquenz im Grenzbereich der Legalität – S. 21-41

„… .: „Lawyers may function as “gamesters”, expanding what constitutes “legal” compliance so that their clients …” „… Phänomen der legalen Steuervermeidung herum etabliert. Trotz dieser Verankerung von Creative Compliance in …” „… einer legalen Ausgangslage ist dennoch nicht zu leugnen: Creative-Compliance-Konstruktionen, die die …”

doi.org/10.5771/0934-9200-2022-1

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