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Rosolino A. Candela, Kristen R. Collins, Christopher J. Coyne - Market Process and Market Order

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Rosolino A. Candela (ed.), Kristen R. Collins (ed.), Christopher J. Coyne (ed.)

Market Process and Market Order

2022

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Part IV SOCIAL CHANGE AND THE MARKET ORDER S. 207-274

Part II CULTURAL AND SOCIAL EMBEDDEDNESS OF A MARKET ORDER S. 73-126

doi.org/10.5771/9781666915020

Andreas Stefanski - Eigenhandel für andere

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Andreas Stefanski

Eigenhandel für andere

Series: Nomos Universitätsschriften - Recht

Volume 628 2009

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Die Order Handling Rules der SEC S. 73-78

„… anderenMarket-Makermuss der Auftrag entsprechendder Limit Order Display Rule angezeigt werden und sämtliche Konditionen …” „… limitierten Auftrag nach der Limit OrderDisplay Rule anzeigt, ist das Mindestquotierungsvolumen ein Vielfaches …” „… onezerofour.onezero(six).two. Die Order Handling Rules der SECDie vorstehend vorgestellte Rule oneoneb-one mit der Pf_licht …”

Ausführungsbezogene Wohlverhaltensregeln S. 86-105

„… order-routing-Vereinbarungen ausdrücklich statuiert, dass der Empfänger des Order-Flow die Aufträgegerade nicht als …” „… Order Handling Rules sei gesagt, dass inzwischen das Handelndes Market-Makers in derManning-Entscheidung …” „… schon wegen der Limit Order DisplayRule verboten wäre. Diese schreibt demMarket-Maker vor, dass er seine …”

Bei Specialists der NYSE S. 70-73

„… for his own accountto assist in the maintenance, so far as practicable, of a fair and orderly market …” „… „[maintain] so far as practicable [. . .] a fair and orderly market“, in Zif_f. four.fourseven der …” „… permit himto maintain a fair and orderly market or necessary to permit him to act as an odd-lot dealer …”

Quotierungspflichten der Nasdaq S. 78-79

„… onezerozeroAktien sind.eightseven Wenn der Market-Maker einen limitierten Auftrag nach der Limit OrderDisplay Rule …” „… den Preis erwartet. In diesem Fall könnte er wollen, dass der Market-Maker ihn nach undnach …” „… Vereinbarung zwischen Kunde und Market-Maker erfolgen, nichtnotwendigerweise jedoch einzeln für jeden Auftrag …”

Überblick S. 63-70

„… . Diese lassen sich, was die Nasdaq betrif_f_t,weiter einteilen in Market-Maker und order entry f_irms …” „… B. Market-Making in den Vereinigten StaatenI. ÜberblickBevor die US-amerikanischen Regeln über die …” „… Regulierung vonMarket-Makern untersuchtwerden, ist zunächst auf einige Besonderheiten des amerikanischen …”

Begriff der Internalisierung S. 28-33

„… InternalisierungEine besondere Kategorie von Market-Makern stellen die so genannten Internalisierer dar.Als …” „… Marktplatzessixthree. Auch die Tätigkeit des Internalisierens kannals Market-Making begrif_fen werdensixfour, denn auch …” „… hier steht der Market-Maker als eineInstanz bereit, die kontinuierlich verbindliche Kurse nennt und zum …”

Literaturverzeichnis S. 259-272

„… , threesixfiveConroy,RobertM./Winckler, Robert L., InformationalDif_ferences Between Limit andMarketOrders for a Market Maker. Journal of …” „… LiteraturverzeichnisAkerlof, George A., T_he Market for Lemons: Quality, Uncertainty and Market …” „… , T_homas S.Y./Schwartz, Robert A. (Hrsg.), Market Making and the Changing Structure of the Securities …”

Ausführungsbezogene Wohlverhaltensregeln S. 182-221

„… besteht trotz der insoweit vergleichbaren Limit OrderDisplay Rule gleichwohl noch ein Bedürfnis nach einer …” „… grundsätzlichvorgesehen.three. AusführungsbezogeneWohlverhaltensregelnWohlverhaltensregeln für Market-Maker f_inden sich im …” „… börsliche Market-Maker betrif_f_t. Wie üblich gelten die ausführungsbezogenen Wohlverhaltensregeln nur …”

Funktion im Effektenhandel S. 48-52

„… weltweiten Rechtswirklichkeit gibt es demnach börsliche nur-quotierende Market-Maker wie imXetra-System, und …” „… außerbörsliche auch-ausführende Market-Maker wie etwa das frühere PIP-System. Auch-ausführendeMarket …” „… Fallonefivetwo eines Internalisierers ein auch-ausführenderMarket-Maker. Xetra BEST ist demgegenüber ein …”

Ausgestaltungsvarianten S. 133-148

„… OrderDisplay Rule.seventwo Diese Auslegung mag zunächst nicht auf der Hand liegen, wenn man denbloßen Wortlaut …” „… er dortins of_fene Orderbuch eingestellt, oder, wenn es sich um ein reines Market …” „… verschiedenePf_lichtstrukturen gebräuchlich. Einige Börsen verlangen, dass der Market-Maker kontinuierlich oder doch nahezu …”

Wirtschaftlich neutrale Geschäfte S. 114-117

„… Wertpapierkurses.Nun sind dies Techniken, die nicht unbedingt fürMarket-Maker spezif_isch sind. Allerdingsbef_inden …” „… sich Market-Maker durch ihre funktionsbedingt rege Handelstätigkeit in einerPosition, die …” „… Handeln nur gegen Market-Maker gegeben ist. Unabhängig davon könnenMarket-Maker durch ihr typisches …”

Titelei/Inhaltsverzeichnis S. 2-10

„… Nomos UniversitätsschriftenRechtBand 628Andreas StefanskiEigenhandel für andereMarket-Making und …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51. Begrif_f des Market-Makers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52. Börsen …” „… Internalisierung . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164. Market-Maker und Skontroführer …”

Allgemeine Wohlverhaltensregeln S. 105-109

„… Insbesondere müssten sich Market-Maker weiterhin an dem NBBO messen lassen, auchwenn sie die …” „… Trade-T_hroughs nur vermieden werden „sollten“, schreibt die Order Protection Rule nun vor, dass schrif_tliche …” „… zu beseitigen.twosixthree Anderseits gilt die Order Protection Rule nurnoch für Quotes, die durch …”

Konzeption S. 162-169

„… aufdie Ausführung von Aufträgen und sind damit nur bei auch-ausführendenMarket-Makernrelevant. Für alle …” „… Market-Maker, also auch für nur-quotierende, gelten demgegenüber dieallgemeinen Wohlverhaltensregeln. Diese …” „… damit im Zusammenhangstehende Verhalten. Da nur-quotierende Market-Maker wie normale …”

Zusammenfassung S. 255-258

„… ZusammenfassungMarket-Maker lassen sich einteilen in „nur-quotierende“ und „auch-ausführende …” „… “ Market-Maker. Während nur-quotierende Market-Maker lediglich Teilnehmer eines Handelssystems sind, durch …” „… welches die Kurse festgestellt werden, sind auch-ausführende Market-Maker durch die endogene …”

Bewertung S. 150-154

„… Quotierungssysteme auseinander.Zum Teil werden sie als unverzichtbar für die Tätigkeit des Market …” „… Ef_fekt, dass Market-Maker ihre Quotierungen systematisch anpassen, umAbschlüssen auszuweichen, zu …” „… Stellung als Market-Maker eine Möglichkeit des Verbots, soweit diesemanipulativ eingesetzt werden.four …”

Durchsetzung der Quotierungspflichten S. 79-81

„… starre Grenze für die Quotierung mehr. Vielmehr müssendie Quotes der Market-Maker nach Rule …” „… foursixonethree(c) in vernünf_tigem Verhältnis zum vorherrschenden Markt (prevailing market) stehen. Ist das nicht …” „… mehr der Fall, kann die FINRAden Market-Maker auffordern, seine Quotes anzupassen. Tut er dies nicht …”

Durchsetzung der Quotierungspflichten S. 154-162

„… der externen Bestausführungspf_licht (Order Protection Rule)nineeight um eine Marktverknüpfung auf der …” „… Eingrif_f in die Quotierungsfreiheit des Market-Makers als eingradlinigerer und weniger einschneidender Weg …” „… aus der Börsenordnung durch börslicheMarket-Maker geht derSanktionsausschuss der Börse nach. Dieser …”

Rechtsgrundlagen S. 81-86

„… Wohlverhaltensregeln für Market-Maker liegen im Recht derBroker. Das Verhältnis zwischen dem Broker und seinem Kunden …” „… f_iduziarischen Pf_lichten.Anwendbar ist die shingle-T_heorie nicht nur auf Market-Maker, sondern vor allem …” „… order to make thestatements made, in light of the circumstances under which they were made, not …”

Abkürzungsverzeichnis S. 11-12

„… District of IllinoisNMS National Market SystemNQDS Nasdaq Quotation Dissemination ServiceNTM Notice to …” „… ServiceSIA Securities Industry AssociationSIB Securities and Investment BoardSOES Small Order Execution …”

Market-Making im Ablauf des Effektenhandels S. 36-40

„… übrigenHandelsteilnehmer, indem er Aufträge in das zentrale Orderbuch einstellt. Der Charakterdieses Market-Making ist …” „… derSkontroführer die Vermittlung von Aufträgen und das Führen des Orderbuches.onezeroone Auchist der Skontroführer …” „… auszuübende Ergänzung zur primären Funktion der Preisfeststellung ist, ist primäre Aufgabe vonMarket …”

Positive Erscheinungsformen des Market-Making S. 40-47

„… limitierte Kundenaufträge mitden Quotierungen des Market-Makers. Wurde ein solcher Auftrag im Orderbuch …” „… Market-Maker an manchen Börsen Anlegern ein Entgelt in Rechnung.oneonesix An anderen Börsen ist ein …” „… Market-Making für die Notierung obligatorisch, so dass EmittentenMarket-Maker beauftragen und …”

Nebenpflichten bei der Quotierung S. 148-150

„… demWesender Tätigkeit noch weitere, die Ziele der Quotierung und damit des Market-Making insgesamt …” „… unterstützende und sichernde Nebenpf_lichten ableiten. Ein Tätigwerden als Market-Maker kann sich aus dem Sinn …” „… erschöpfen. Der Zweck des Market-Making istes, Sofortigkeit und damit Handelsmöglichkeiten zu bieten. Dieser …”

Abgrenzung zulässiges von unzulässigem Handeln S. 249-254

„… Informationen zuzumuten, ist illusorisch. Daher liegt bei „normalem“ Market-Making unabhängig von derHerkunf_t …” „… , Market-Maker nur dann auszunehmen,wenn sie Kurse auf Anfrage eines Skontroführers stellen, nicht jedoch, wenn …” „… nichtmehrbrauchbarthreeninefive,da auch nur-quotierendeMarket-MakerKurse nicht nur aufgrund einerQuote-Anfrage vonSkontroführern …”

Market-Maker und Insiderinformationen S. 243-246

„… . Inwieweit Market-Maker überhaupt einen Einblick in das Orderbuch haben, hängt vomMarktdesign ab. InXetra …” „… verzichtet werden zugunsten der relevanten Bezüge zum Insiderhandel von Market-Makern, die in den allgemeinen …” „… Darstellungen selten eingehend diskutiert werden. Das spezif_ische Problem des Insiderhandelsbei Market …”

Börsen und multilaterale Handelssysteme S. 22-28

„… Ein Market-Maker ist ein Marktteilnehmer mit der Pf_licht, dem Gesamtmarktoder einem Teil davon …” „… Begrif_f „freiwilligesMarket-Making“ (fair weathermarketmaking) verwendet.threezero Da wesentliches Merkmal …” „… des Market-Making im eigentlichen Sinnegerade eine wie auch immer geartete Pf_lichtenbindung …”

Market-Maker und Skontroführer S. 33-36

„… zunehmendem Handelsvolumen. Aber selbst, wenn Market-Maker nicht an derSpitze des Orderbuchs quotieren …” „… , Anlageberatungoder des Depotgeschäf_ts erbringen.Problematisch schließlich ist der Fall eines Market-Makers, der an …” „… , keine systematischen Internalisierer im Sinne derRichtlinie.four. Market-Maker und …”

Manipulation anlässlich des Market-Making S. 242-243

„… . Innerhalb dieser Spannen ist der Anleger freilich weitgehend demMarket-Makerausgeliefert. Dies ist …” „… Market-Makers in den Papieren. Das Ausnutzen der Spanne istdaher als notwendiges Übel hinzunehmen.two …” „… . Manipulation anlässlich des Market-MakingSodann stellt sich die Frage, wie tatbestandliche Manipulationen von …”

doi.org/10.5771/9783845217123

Sibylle Mutschler - Internalisierung der Auftragsausführung im Wertpapierhandel

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Sibylle Mutschler

Internalisierung der Auftragsausführung im Wertpapierhandel

Series: Nomos Universitätsschriften - Recht

Volume 517 2007

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Erscheinungsformen im Wertpapierhandel S. 33-49

„… Buch________________OrderbuchhandelBeziehungstabelleMarket MakerOrder Flow ProviderSuper MontageAusführungXontro-Orderrouting40 nalisierungsangebot …” „… for order flow, internalization and total trading cost, Journal of Financial Markets 2001, 4, 1, 33-71 …” „… of directing an order to a market maker who is not posting the best price but who has agreed in …”

Bewertung in der Wissenschaft S. 76-116

„… Market Orders: Assessing Differences between the NYSE and the Nasdaq Third Market, Indiana University …” „… Internalisierungsprogramme gab und teilweise nicht. Während für Bestensaufträge (market orders) die New York Stock Exchange …” „… for Order Flow and Internalization in the Options Markets. 2000 und Securities and Exchange Commission …”

Einordnung der Internalisierung nach strukturellen und zeitlichen Gesichtspunkten S. 49-62

„… , indem über ein geschlossenes Orderbuch negative Preiseffekte (Market-Impact) ausgeschlossen werden, der …” „… Technologien im Wertpapierhandel, 2000, 21 mit weiteren Nachweisen. Vgl. zu den order-getriebenen Märkten …” „… Elemente von quote- und order-getriebenen Märkten.138 Der order-getriebene Markt wird häufig als …”

Notwendigkeit der Folgenabschätzung und Grenzen gesetzgeberischen Handelns S. 119-123

„… für Internalisierer11% Order-Management-Systeme23%Interne Order-Matching-Systeme für Internalisierer37 …” „… %Kundeninformationssysteme4%Handling von Marktdaten7%Order-Routing-System8%Handelshistorie10%122 Marktteilnehmer haben …” „… Parliament and of the Council of Investment Services and Regulated Markets, and amending Council Directives …”

Debatte von Mitgliedstaaten, Parlament, Rat und Marktteilnehmern S. 159-166

„… trading on a regulated market 3. on own account or by means of matching with other client orders 4. within …” „… on own account by executing orders outside a regulated market or an MTF.“538 Erst durch eine …” „… the Council on investment services and regulated markets, 26. Mai 2003, 0756/03, 1f. Die Übersicht auf …”

Zur Entstehung des Begriffs Internalisierung im Vorfeld der Richtlinie S. 151-153

„… from incidental order-matching. In establishing the extent to which an investment firm/bank seeks to …” „… Representatives Committee/Council on the Proposal for a Directive of the European financial instruments markets, 6 …” „… Council on financial instruments markets, amending Council Directives 85/611/EC and 2000/12/EC and …”

Organisiert, häufig und systematisch S. 176-208

„… Markets in Financial Instruments (1st Consultation on 2nd Set of Mandates), Januar 2005, 19. Ebenso …” „… Technical Advice on Possible Implementing Measures of the Directive 2004/39/EC on Markets in Financial …” „… 2004/39/EC on Markets in Financial Instruments. Second Consultation Paper, März 2005, CESR/05-164, 38. 178 …”

Vorhandelstransparenzvorschriften für systematische Internalisierer, MTF und geregelte Märkte S. 215-221

„… Handel diejenigen, die als Market Maker in einem MTF oder geregelten Markt registriert sind …” „… ist. 670 Ibid. 671 Ein Market Maker ist nach Art. 1 Abs. 1 Nr. 8 der Richtlinie eine …” „… Märkte und MTF beziehen sich auf den Market Maker: siehe Art. 29 Abs. 3(a) und Art. 44 Abs. 3(a), nicht …”

Bekanntmachung von Kundenlimitaufträgen S. 253-256

„… sie also zwischen 26 und 28 Euro (inside-the-market). Diese wird eine Wertpapierfirma in der Regel …” „… Briefkurs beim Verkauf, den Geldkurs beim Kauf einhalten (at-the-market). Hier ist es möglich, dass die …” „… (behind-the-market oder (far) away from the market). Weil sich ständig verändert, welcher Preis „innerhalb des …”

Überarbeitete Leitlinien im März 2002 S. 153-154

„… client order flow could be distinguish (sic!) systematic from incidental order-matching. In establishing …” „… the extent to which an investment firm/bank seeks to match or execute client orders on a systematic …” „… support internalisation of order flow.486 Was mit Internalisierung selbst gemeint ist, ergibt sich eher …”

Gemeinsame Position des Rates vom 8. Dezember 2003 S. 166-167

„… systematic basis, deals on own account by executing client orders outside a regulated market or an MTF.“ 544 …” „… - 541 House of Lords. Select Committee on the European Union, Towards a single market for finance: the …” „… financial instruments markets, amending Council Directives 85/611/EC and 2000/12/EC and European Parliament …”

Zweite Position des Europäischen Parlaments S. 167-168

„… client orders outside a regulated market or an MTF.“ 544 Securities Industry Association, Schreiben an …” „… Derivatives Association, Investment Services Directive ("ISD2"), now called Financial Instruments Markets …” „… markets in financial instruments, amending council Directives 85/611/EEC and Directive 2000/12/EC of the …”

Argumentation der Marktteilnehmer S. 72-76

„… and of the Council of Investment Services and Regulated Markets, and amending Council Directives …” „… : Position Paper on the Proposal for a Directive on Investment Services and Regulated Markets (amending …” „… Proposal for a Directive on Investment Services and Regulated Markets (amending council directives 85/611 …”

Titelei/Inhaltsverzeichnis S. 2-16

„… Graduiertenkollegs „Information Management and Market Engineering“ der Universität Karlsruhe (TH) entstehen konnte …” „… Herrn Prof. Christof Weinhardt, Leiter des Graduiertenkollegs 7 „Information Management and Market …” „… . Internalisierung in Märkten mit mehreren Market Makern an deutschen Beispielen 38 a) NASDAQ Deutschland - BestEx 38 …”

Literaturverzeichnis S. 303-312

„… Market Orders: Assessing Differences between the NYSE and the Nasdaq Third Market, Indiana University …” „… , Robert und Selway, Jamie, The Relationship between Market-making Revenue, Payment for Order Flow, and …” „… Trading Costs for Market Orders, Kelley School of Business. Indiana University. Artikel unter …”

Materialverzeichnis S. 313-321

„… Issues Relating to Market Fragmentation. Release No. 34-42450; File No. SR-NYSE-99-48, 2000. • Order …” „… , 1997. • Special Study: Payment for Order Flow and Internalization in the Options Markets, Washington …” „… , CESR LEVEL 2 – Directive on Markets in Financial Instruments Response to Consultation Paper, 4. April …”

Best Execution nach Art. 21 S. 276-288

„… . Das Problem sieht nicht Guido Ferrarini, Contract Standards and the Markets in Financial Instruments …” „… Ansatz Sinn. Dennoch wurde er von Marktteilnehmern hinterfragt.801 b) Order Execution Policy Art. 21 Abs …” „… entwickelt, wie sie ihre Aufträge so ausführen kann, dass das bestmögliche Ergebnis erzielt wird (Order …”

Faktoren für eine Best Execution S. 288-294

„… des National Market Systems zu formulieren. Allerdings wird er in dem Gesetz nicht definiert. Folglich …” „… Markets in Action/The Fundamentals of Liquidity, Market Structure & Trading, 2004, 325ff. Nach Rule 605 …” „… Handelszentrum angezeigt werden, nach einem wirksamen National-Market-System-Plan verbreitet sind und die beste …”

Systematischer Internalisierer und Market Maker S. 208-209

„… Internalisierer und Market Maker Die Transparenzvorschriften des Art. 27 enthalten Bestimmungen, die dem …” „… klassischen Verständnis eines Market Makers ähnlich sind, weil der systematische Internalisierer regelmäßig …” „… Advice on Possible Implementing Measures of the Directive 2004/39/EC on Markets in Financial Instruments …”

Forderungen an den Gesetzgeber S. 123-125

„… International Organization of Securities Commissions (IOSCO), 1993, Transparency on Secondary Markets: A …” „… Markets, Milan, April. Zititert nach John Board, Charles Sutcliffe und Stephen Wells, Transparency and …” „… Fragmentation. Financial Market Regulation in a Dynamic Environment, 2002, 179. 364 Ibid, 180f. 365 Larry …”

Empfehlungen, nicht nur im Hinblick auf Internalisierung S. 116-118

„… : Payment for Order Flow and Internalization in the Options Markets. 2000. Für europäische Märkte: The Forum …” „… , Transparency and Fragmentation. Financial Market Regulation in a Dynamic Environment, 2002, und Financial …” „… Rescind Exchange Rule 390. Commission Request for Comment on Issues Relating to Market Fragmentation …”

Zum Verhältnis von Interessenkonflikten nach Art. 18 und Best Execution nach Art. 21 und 19 Abs. 1 S. 272-275

„… Parliament and of the Council of Investment Services and Regulated Markets, and amending Council Directives …” „… Council as regards recordkeeping obligations for investment firms, transaction reporting, market …” „… die Auftragsausführung relevant sein: Kunden müssen, wie sogleich erläutert wird, über die Order …”

Preisverbesserung S. 249-252

„… close to market conditions“) verdeutlicht besser, dass der bessere Kurs immer noch mit den …” „… Richtlinie eine Rolle (limit order display rule) und bei der verzögerten Veröffentlichung von …” „… proposal for a European Parliament and Council directive on Investment Services and regulated markets, and …”

Umfassende Regelung der Auftragsausführung in der Richtlinie S. 267-269

„… Investment Services and Regulated Markets, and amending Council Directives 85/611/EEC, Council Directive 93/6 …” „… European Parliament and of the Council of Investment Services and Regulated Markets, and amending Council …” „… Commission working document on conduct of business rules, best execution, client order handling rules …”

Abbildungsverzeichnis S. 17-18

„… Securities Dealers Automated Quotations NBB National Best Bid NBO National Best Offer NMS National Market …” „… Automated Quotation SEC Securities and Exchange Commission SOES Small Order Execution System (der NASDAQ …”

Zusammenfassung und Ausblick S. 297-302

„… . Systematische Internalisierer ähneln, weil sie verbindlich quotieren und entsprechend ausführen müssen, Market …” „… andere, da es kein dem amerikanischen National Market System vergleichbares europäisches Marktsystem gibt …” „… Grundsätzen zur Auftragsausführung aus Art. 21 der Richtlinie (Order Execution Policy) und Art. 19 sowie die …”

Best Execution – bestmögliche Ausführung und Interessenkonflikte S. 129-131

„… Einzelheiten und Gegenargumente bei Ruben Lee, Capital Markets that Benefit Investors. A Survey of the Evidence …” „… on Fragmentation, Internalisation and Market Transparency, Oxford Finance Group, 22. Juni 2005, 21 …” „… und 33. 392 Scott McCleskey, Achieving Market Integration: Best Execution, Fragmentation and the Free …”

Vorbild in US-amerikanischer Gesetzgebung S. 222-224

„… National Market Systems (NMS). Das National Market System geht auf eine Änderung des Securities and …” „… Exchange Act aus dem Jahr 1975 zurück, in dem Section 11-A [78k-1] die Etablierung eines National Market …” „… and of the Council of Investment Services and Regulated Markets, and amending Council Directives …”

Der ökonomische Hintergrund des Begriffs S. 31-33

„… Handelssystem anderen Marktteilnehmer auferlegen kann: Individual trading systems are part of an overall market …” „… effect on the whole market and, arguably, may impair overall market quality, reduce confidence and damage …” „… market participants).32 2. Internalisierung von Transaktionen durch Unternehmen Wann ein Unternehmen eine …”

Beschränkung der Ausführungspflicht S. 252-253

„… proposal for a European Parliament and Council directive on Investment Services and regulated markets, and …” „… financial instruments markets, 6. Oktober 2003, 13121/03 EF 51 ECOFIN 276 CODEC 1283, 3. 253 D …” „… sie also zwischen 26 und 28 Euro (inside-the-market). Diese wird eine Wertpapierfirma in der Regel …”

Einleitung Internalisierung – die Problemstellung S. 21-29

„… Market Fragmentation. Release No. 34-42450; File No. SR-NYSE-99-48, 2000. 2 Vgl. die Übersicht über die …” „… Paper 154, London, 2002, Annex E 1. Siehe auch Robert A. Schwartz und Reto Francioni, Equity Markets in …” „… Action/The Fundamentals of Liquidity, Market Structure & Trading, 2004, 89. 3 Die Elektronisierung des …”

Voraussetzungen der Quotierungspflicht S. 224-235

„… Investment Services and Regulated Markets (amending council directives 85/611/EEC, Council directive 93/6/EEC …” „… Parliament and Council directive on Investment Services and regulated markets, and amending Council …” „… Parliament and of the Council of amending Directive 2004/39/EC on markets in financial instruments, as …”

Richtlinienentwurf im November 2002. S. 154-159

„… , Achieving Market Integration: Best Execution, Fragmentation and the Free Flow of Capital, 2004, 110. 493 …” „… Parliament and of the Council of Investment Services and Regulated Markets, and amending Council Directives …” „… and of the Council of Investment Services and Regulated Markets, and amending Council Directives …”

Inhalt der Quotierungen S. 235-244

„… keine Market Maker seien, weil sie nur in bereits liquiden Märkten quotieren müssen, ist ihre Rolle die …” „… a European Parliament and Council directive on Investment Services and regulated markets, and …” „… Sutcliffe und Stephen Wells, Transparency and Fragmentation. Financial Market Regulation in a Dynamic …”

Veröffentlichung der Quotierungen S. 244-249

„… werden müssen, ist eine Selbstverständlichkeit. 734 The Bond Market Association, Re: European …” „… Marktstruktur zu reflektieren. Kursofferten werden in Abständen abgegeben, bei ordergetriebenen Märkten in MTF …” „… diese an einen geregelten Markt oder ein MTZF mit einem Orderbuch weiterleitet. Unterabs. 2 enthält die …”

doi.org/10.5771/9783845202204

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Rudolf Moegele, Friedrich Erlbacher

Single Common Market Organisation

2011

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COUNCIL REGULATION (EC) No 13/2009 of 18 December 2008 amending Regulations (EC) No 1290/2005 on the financing of the common agricultural policy and (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) in order to set up a School Fruit Scheme S. 1023-1026

„… Management Committee for the Common Organisation of Agricultural Markets, … 6. COUNCIL REGULATION (EC) No …” „… agricultural policy and (EC) No 1234/2007 establishing a common organisation of agricultural markets and on …” „… specific provisions for certain agricultural products (Single CMO Regulation) in order to set up a School …”

Animal diseases S. 128-155

„… exceptional support measures for the affected market in order to take account of restrictions on …” „… market system of the respective CMO but to take action in order to supplement the respective CMO in …” „… restrictions. Accordingly, in order to combat the recurring market crisis the recourse to Art. 39 of Regulation …”

h Repeal of the extension of rules S. 563-565

„… Commission level. In order to enable the Commission to assess these rules according to Art. 125h, Member …” „… a substantial part of the internal market or jeopardises free trade, or that the objectives of …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1. Exclusion of competition in substantial part of internal market or jeopardy to free trade …”

Financing S. 158-166

„… , (EC) No 1182/2005 and (EC) No 315/2007, OJ 2009 L 30, p. 1. Sect. I Exceptional market support …” „… that, first, the beef and veal CMO did not authorise the Commission to order mandatory cofinancing of …” „… lack of budgetary resources, the EU could order mandatory co-financing and, by that, force the Member …”

Titelei/Inhaltsverzeichnis

„… , OR 97213-3786, USA, eMail: orders@isbs.com ISBN 978-3-406-60318-1 (Beck) ISBN 978-1-84113-994-4 (Hart …” „… 15:22:35 3B2 9.1.431; Page size: 160.00mm 240.00mm Mo¨gele/Erlbacher (eds) Single Common Market …” „… Common Market Organisation – Article-by-Article Commentary of the Legal Framework for Agricultural …”

a Aids to producer organisations S. 345-349

„… products, in order to address specific market situations.3 In the case of hops, Member States could …” „… retain a certain percentage of their uncoupled aid, in order to make additional payments for specific …” „… size: 160.00mm 240.00mm cer groups was granted in order to finance the activities referred to in Art …”

ga Aid for the supply of fruit and vegetable, processed fruit and vegetable and banana products to children S. 367-375

„… organisation of agricultural markets and on specific provisions for certain agricultural products, in order to …” „… Commission Regulation (EC) No 288/2009. 2. Member States’ strategies 7 In order to ensure the orderly …” „… establishing a common organisation of agricultural markets and on specific provisions for certain agricultural …”

i Financial contributions of non-member producers S. 565-566

„… not respected, it shall order the repeal of the extension. III. Effects of the Commission Decision 9 …” „… The Commission can order a Member State to repeal the extension of the rules if one of the conditions …” „… Community law in the legal order of the Member States,11 it can be argued that the Member State’s act by …”

s Procedure and budget S. 320-321

„… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …” „… , in this order, (ii) applicants who are older than 55 years with a possibility for Member States to …” „… amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on …”

z Cross-compliance S. 404-406

„… sugar for identical purpose (chaptalisation). 2In order to take account of differing production …” „… where chaptalised wines would no longer fall under the common market organisation for wine, and thus …” „… rules for implementing Council Regulation (EC) No 479/2008 on the common organisation of the market in …”

u Exemptions S. 321-323

„… order, (ii) applicants who are older than 55 years with a possibility for Member States to increase that …” „… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …” „… (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific …”

t Cross-compliance S. 321

„… order, (ii) applicants who are older than 55 years with a possibility for Member States to increase that …” „… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …” „… (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific …”

COUNCIL REGULATION (EC) No 1234/2007: Recitals, list of amendments S. 2-24

„… should, therefore, be incorporated into this Regulation. (10) In order to stabilise the markets and to …” „… prices were fixed in order to contribute to stabilising the market in instances where the market price in …” „… into the framework of this Regulation. (19) In order to contribute to balancing the milk market and to …”

COUNCIL REGULATION (EC) No 72/2009 of 19 January 2009 on modifications to the Common Agricultural Policy by amending Regulations (EC) No 247/2006, (EC) No 320/2006, (EC) No 1405/2006, (EC) No 1234/2007, (EC) No 3/2008 and (EC) No 479/2008 and repealing Regulations (EEC) No 1883/78, (EEC) No 1254/89, (EEC) No 2247/89, (EEC) No 2055/93, (EC) No 1868/94, (EC) No 2596/97, (EC) No 1182/2005 and (EC) No 315/2007 S. 1026-1032

„… to their objectives and to analyse their effects on the relevant markets. In this context, the …” „… be simplified and aligned by extending tendering in order to achieve a harmonised approach insofar as …” „… skimmed milk powder may require rapid action. In order to provide for this, and since closing buying-in at …”

Introduction to Section I S. 125-128

„… order to be stored or destroyed. The scale of the market disturbance and hence of the measures may …” „… health risks.” Recital 22 goes on saying: “The exceptional market support measures in order to remedy …” „… order to avoid serious disruption on the markets concerned.” Apart from a few changes in the wording …”

g Approval of operational programmes S. 355-367

„… strategy for sustainable operational programmes in the fruit and vegetable market. Such a strategy shall …” „… and market orientation of the sector so as to contribute to achieving sustainable production that is …” „… competitive both on internal and external markets; reducing fluctuations in producers’ income resulting from …”

Emergency S. 859-861

„… emergency, in order to resolve specific practical problems. Such measures may derogate from provisions of …” „… to adopt, under the Management procedure laid down in Art. 195 sCMO,1 measures in order to resolve …” „… market situations which are not already addressed by the intervention mechanisms provided for in the sCMO …”

COUNCIL REGULATION (EC) No 247/2008 of 17 March 2008 amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) S. 1015-1016

„… scheme and in order to contribute to consolidating innovative products and their market outlets …” „… agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation)1 THE …” „… . Nevertheless, in view of the favourable trends on the market for this kind of fibre under the current aid …”

Distribution to the most deprived persons in the Community S. 98-104

„… ) allows the purchase of products on the EU market in order to avoid transport of small quantities of …” „… 2 9.1.431; Page size: 160.00mm 240.00mm resold on the market as soon as market trends allow for it …” „… in order to avoid a long storage period with risks of deterioration of quality. It is considered …”

Export refund distribution S. 727-729

„… suited to the nature of the product and the situation on the market in question, allowing the most …” „… export refund must be (i) the most suited to the nature of the product and the situation on the market in …” „… organisation of the market in wine, amending Regulations (EC) No 1493/1999, (EC) No 1782/2003, (EC) No …”

Commentary on Arts 180–182a S. 799-820

„… internal market are laid down in Art. 107(2) and (3) TFEU. In order to be authorised, such measure should …” „… down. 2In order to determine the extent of applicability of State aid rules in a given case, it must be …” „… repealed and replaced by Regulation (EC) No 1184/200612. For the area of agricultural market policy the …”

COUNCIL REGULATION (EC) No 248/2008 of 17 March 2008 amending Regulation (EC) No 1234/2007 as regards the national quotas for milk S. 1016-1017

„… France. In order to continue enabling gradual adaptation of farm structures to the new market conditions …” „… market outlets have developed it is required to guarantee a minimum level of raw material supply. So in …” „… order to continue to ensure reasonable production levels in each Member State, it is necessary to extend …”

Specific rules S. 675-690

„… appropriate method: (a) a method based on the chronological order of the lodging of applications (‘first come …” „… Community market and the need to safeguard the equilibrium of that market. Article 145 Opening of tariff …” „… disposal on the markets of those Member States. Recitals: Recital 70 of Regulation (EC) No 1234/2007 …”

Introduction to Section III S. 235-240

„… the accumulation of excess quantities to distort the balance on the EU sugar market.4 Therefore, the …” „… on the world market reached the level of $ 500, and just over $ 400 for raw sugar, but that the …” „… of a CMO since 1964. The latter has put in place different mechanisms in order to guarantee the …”

Marketing standards for milk and milk products S. 440-445

„… standardizing cow milk in order to achieve more uniform conditions on the European market. This objective has …” „… recital 51 state the marketing standards for milk and milk products have been established in order to …” „… defend the position of milk and milk products on the markets, to achieve more clarity for the consumer …”

Introduction to Part IV S. 776-778

„… and literature: See introduction to Part IV, Ch. I 1In order to take account of the particular …” „… features of the markets for agricultural products, the Treaty has conferred on the EU-legislator the power …” „… particularities of the agricultural markets which are characterised on the one hand by particular structures and …”

Introduction to Chapter II S. 528-534

„… measures may be adopted by the Commission in order to implement the provisions of this Chapter. 3For the …” „… producer and interbranch organisations in the agricultural markets, including their recognition, rules on …” „… interbranch organisations may have a positive impact on the organisation of agricultural markets, particularly …”

Calculation of import duties for broken rice S. 654-658

„… Basmati rice to the Union market a 0 % duty access for the main suppliers; India and Pakistan. 12In order …” „… 2 9.1.431; Page size: 160.00mm 240.00mm 2. In order to calculate the imports referred to in point …” „… duty is fixed, the duty previously fixed shall apply. 2. In order to calculate imports referred to in …”

Surplus levy S. 280-287

„… about grounds of economic order and market management. 13 Recital 38 of Regulation (EC) No 1234/2007. 14 …” „… Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 I. Purpose 1 As explained earlier2 the surplus levy was created in order to limit and control the …”

a Entry price system for the fruit and vegetables and the processed fruit and vegetables sectors S. 658-664

„… Basmati rice to the Union market a 0 % duty access for the main suppliers; India and Pakistan. 12In order …” „… 2 9.1.431; Page size: 160.00mm 240.00mm Art. 138 offers, in order to have a continuous supply of …” „… market persists”15, the duty for husked rice may be extended to imports under this regime. 13Concerning …”

Scope of export refunds S. 720-727

„… to enable exports on the basis of world market quotations or prices and within the limits resulting …” „… quota on imports, necessary to stabilise the Union market. Export refunds moreover, serve to safeguard …” „… between prices within the Union and on the world market. 2 However, subsidised exports are subject to …”

Marketing standards for products of the eggs and poultry meat sectors S. 448-454

„… “vegetal” or “traditional”, “reduced-fat”, “light” or “low-fat” are used in order to avoid misleading …” „… position on the market, these products have not been substituted by mixed spreadable. A reduction of …” „… refunds and exceptional market support measures in case of animal diseases. 2 Moreover, it was decided by …”

Scope S. 44-52

„… ) No 1782/2003 implies that, in order to safeguard the proper working of the single market based on …” „… be read. Article 11 Scope 1. This Regulation establishes a common organisation of the markets for the …” „… establishing a common organisation of agricultural markets and on specific provisions for certain agricultural …”

Quota systems and production potential S. 204-216

„… facilitate the adjustment of supply to market requirements In order to encourage action by trade …” „… that was eligible for support in order to keep the expenses of the Community in the sugar market as low …” „… supply of sugar and restructure the sugar market during the period 2006/2010 in order to prepare the …”

f Extension of rules S. 557-562

„… . Implementing provisions: Arts 38–51 of Regulation (EC) No 1580/20072. 1 In order to grant the farmers of the …” „… organization of the market in the fruit and vegetables as regards producers’ organizations, OJ 1983 L 325, p. 1 …” „… 3284/835, the ECJ had ruled that the CMO of the fruit and vegetables market in force at that time did not …”

Price reporting in the sugar market S. 74-76

„… order to achieve reliable information on Community market prices for sugar, a price reporting system …” „… introduced by Regulation 361/2008 in Art. 8(1)(e)(ii) sCMO48. Article 9 Price reporting in the sugar market …” „… The Commission shall set up an information system on prices in the sugar market, including a system …”

Additional import duties S. 664-672

„… and grape must, in order to prevent or counteract adverse effects on the Community market which may …” „… markets of the Member States. 17This similarity has led to litigation as these provisions raise the issue …” „… (the trigger volume). The trigger volume shall be based on market access opportunities defined, where …”

General introduction S. 24-44

„… products in order to sustain market prices. 10 As set-out in Art. 38(3) TFEU, the special Treaty-provisions …” „… common organisation of agricultural markets (CMO) in the strict sense …” „… Union adopted Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets …”

Introduction to Subsection I S. 216-217

„… supply of sugar and restructure the sugar market during the period 2006/2010 in order to prepare the …” „… situated in its territory in order to safeguard competition, this does not automatically result in a right …” „… regulation of the market such as the quotas in the sugar sector, which are capable of varying over time …”

a Special security in the wine sector S. 638-643

„… General for Agriculture and Rural Development, Expost evaluation of the Common Market Organisation for …” „… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …” „… April 2008 on the common organisation of the market in wine, amending Regulations (EC) No 1493/1999, (EC …”

v By-product distillation S. 399-400

„… receive support as promotion measures on third markets under Art. 103p.8 Article 103v By-product …” „… withdraw production surpluses from the market at a guaranteed minimum price by means of four different …” „… grape marc and wine lees4. – The potable alcohol distillation aimed at supporting the market in wines …”

Introduction to Chapter II S. 122-125

„… intervention measures in various product sectors. Whilst the other chapters of Title I “Market intervention …” „… ” cover specific market intervention measures – public intervention and private storage (Ch. I), systems …” „… market intervention measure but constitutes a kind of catchall chapter within the scope of Title I.1 …”

Reference prices S. 67-74

„… quantities exceeding a certain threshold “in order to preserve the structural balance of the market at a …” „… the intervention mechanism for cereals, in order to ensure competitiveness and market orientation …” „… “in order to improve market fluidity”43. They were finally eliminated by the “Health Check” with their …”

COUNCIL REGULATION (EC) No 1047/2009 of 19 October 2009 amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets as regards the marketing standards for poultrymeat S. 1035-1036

„… 2009 amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets …” „… agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation)91 …” „… order to avoid any distortion of competition between fresh poultrymeat and fresh poultrymeat …”

Marketing standards for fats S. 445-448

„… that only limited modifications are possible in the production process. They are allowed only in order …” „… on the transparency of the markets? Could it be left to self-regulating mechanisms within the …” „… not rely on the requirements of consumer protection in order to prohibit the importation and sale of …”

Aid for skimmed milk and skimmed milk powder for use as feedingstuffs S. 338-341

„… powder) in order to replace other dairy products. The requirement that there should be (a threat of) a …” „… serious imbalance in the market would indicate that prices for skimmed milk (powder) would be rather low …” „… of casein by granting an aid would have a significant additional effect. Furthermore, market …”

Carry forward of surplus sugar S. 232-234

„… syrup can be processed in order to benefit from Art. 61 lit. a sCMO. II. Exceptional arrangements for …” „… (EC) No 318/2006 of 20 February 2006 on the common organisation of the markets in the sugar sector, OJ …” „… can be stored and registered as part of the quota production of the following marketing year, in order …”

w Potable alcohol distillation S. 400-401

„… overproduction of wines not intended to be placed on the market. However, it was obvious that equilibrium between …” „… result from the abrupt abolition of market mechanism so financed by the EU budget. 3With particular …” „… , the objective is to dispose of all the by-products of wine making in order to guarantee the quality of …”

a Transfer of amounts available in the wine sector to rural development S. 858-859

„… 1493/1999 for intervention measures to regulate agricultural markets as referred to in Article 3(1)(b) of …” „… Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific …” „… Regulation (EC) No 479/2008 of 29 April 2008 on the common organisation of the market in wine, amending …”

Calculation of import duties for cereals S. 649-653

„… the given product (Art. 136), domestic market prices (Art. 140a) or data from actual imports …” „… European cereals market, the Community negotiated access to his market and a limitation of its production …” „… the market in oils and fats, OJ 1966 L 172, p. 3025. 7 Cahiers de la PAC: cultures arables, p. 18 …”

Introduction S. 458-466

„… appropriate opening system, which requires, in order to guarantee the authenticity of the olive oil, that the …” „… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …” „… the products. 2 The significance attached to a geographical indication in a globalised market …”

a Withdrawal of sugar in the 2008/2009 and 2009/2010 marketing years S. 198-203

„… market before the end of the period of withdrawal according to paragraph 4, the minimum price of the …” „… reform of the common organisation of the markets in the sugar sector, and amending Regulations (EC) No …” „… market. This is a fundamental tool for management of the quota system, allowing the Commission to …”

COUNCIL REGULATION (EC) No 1140/2009 of 20 November 2009 amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) S. 1036-1037

„… agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation)93 THE …” „… production and place the individual quotas thus released in the national reserve. (2) In order to stimulate …” „… periods starting on 1 April 2009 and 1 April 2010 and only as regards milk deliveries in order to limit …”

Introduction to Section II S. 166-167

„… be necessary in order to react efficiently and effectively against threats of market disturbances in …” „… guardian of the internal market had been empowered to regulate the question of producer contributions in …” „… overcome the market crisis and therefore does not make an application according to Art. 44(2) subpara. 1 …”

Public intervention periods S. 80-83

„… market support measures, notably public intervention, continue to apply as long as necessary in order to …” „… 31 July. This four-month intervention timespan was introduced in 1995 “in order to preserve the …” „… intervention system should be kept in place to contribute to stabilising the market” under certain conditions …”

Special market measures in the cereals sector S. 167-171

„… be necessary in order to react efficiently and effectively against threats of market disturbances in …” „… the cereals sector and in order to prevent large-scale application of public intervention in certain …” „… co-financing, unless expressly empowered to do so by the Council1. Article 47 Special market measures in the …”

Interprofessional agreements S. 184-190

„… , in order for Member States to monitor the market evolution. 2Recital 25, sCMO, explains that the aim …” „… by Council Regulation (EC) No 1782/2003 of 29 September 2003 establishing common market rules for …” „… organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO …”

Export refund fixation S. 729-733

„… world market situation, the specific requirements of certain markets, or obligations resulting from …” „… availabilities of that product on the Community market, – prices for that product on the world market. (b) the …” „… aims of the common market organisation which are to ensure equilibrium and the natural development of …”

h Implementing rules S. 375-376

„… agricultural policy and (EC) No 1234/2007 establishing a common organisation of agricultural markets and on …” „… specific provisions for certain agricultural products (Single CMO Regulation) in order to set up a School …” „… , other such measures may be adopted by the Commission in order to implement the provisions of this …”

Minimum beet price S. 180-184

„… quota. IV. The 2006 market reform 19As of 2003, the market organisation, until then focussed mainly on …” „… February 2006 (EC) No 318/2006 on the common organisation of the markets in the sugar sector13, reforming …” „… the traditional market support mechanism, and Council Regulation (EC) No 320/2006 of 20 February 2006 …”

Calculation of import duties for husked rice S. 653-654

„… are considered by the Commission and the importers themselves as relevant for the market and as the …” „… . The Commission adds to this f.o.b. price freight costs quoted on freight markets between United States …” „… . In order to adapt better to commercial reality, standard adjustments are made for freights arriving …”

Loss in consumer confidence S. 155-158

„… and eggs sector, the Commission may adopt exceptional market support measures in order to take account …” „… co-financed market measure.144 This incident gives further ground for the already uttered criticism145 that …” „… of serious market disturbances directly attributed to a loss of consumer confidence due to public …”

Individual quotas S. 247-258

„… expiry of the regime if the situation on the dairy market so required. In this respect Art. 184(6 …” „… evaluate the dairy market situation. In this regard the concept of legitimate expectations has to be duly …” „… particular the shift from production for on-farm consumption to production for the market. 10 Para. 5 of Art …”

Financial provisions S. 844-858

„… apply to it as with all other EU expenditure. This means that in order to finance market expenditure …” „… responsible for the implementation and management on the ground of the market policy measures set out in or …” „… for the entire first pillar of the CAP including market policy, direct income support and other …”

Implementing rules S. 56-58

„… so far: in order to ensure that technical details or clarifications which were not always foreseeable …” „… order to allow further involvement of the European Parliament as regards the control of the exercise of …” „… 15:57:00 3B2 9.1.431; Page size: 160.00mm 240.00mm PART II INTERNAL MARKET Part II of the sCMO Regulation …”

Interbranch organisations S. 539-544

„… markets should be organised from the bottom up29 and balances the powers between the different actors …” „… common organization of the market in fruit and vegetables, OJ 1972 L 118, p. 1. 29 Cfr. Olmi, p. 109. 30 …” „… agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation), OJ …”

b Marketing of the meat of bovine animals aged 12 months or less S. 430-437

„… the operation of the common market in wines 1. In order to improve and stabilise the operation of the …” „… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …” „… a common organisation of the agricultural markets and on specific provisions for certain products …”

COUNCIL REGULATION (EC) No 491/2009 of 25 May 2009 amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) S. 1033-1035

„… organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO …” „… management committee for the common organisation of agricultural markets,… 10. COUNCIL REGULATION (EC) No …” „… agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation)82 THE …”

Introduction to Section Ib S. 500-502

„… rules (i.e. WTO-TBT rules). 4 In order to avoid the heterogeneity of legal instruments, the EU …” „… itself. 5 In order to improve the flexibility of labelling and presentation of grapevine products and the …” „… ) and the vintage year, allowing wine farmers in the EU to produce and market “varietal wines”4; – the …”

Production charge S. 190-197

„… Withdrawal of sugar 1. In order to preserve the structural balance of the market at a price level which is …” „… production from the internal market. The starting point was the pre-existing production levy that amounted to …” „… organisation of the markets in the sugar sector, OJ 2001 L 178, p. 1. Sect. III Measures in the sugar sector …”

COMMISSION REGULATION (EC) No 510/2008 of 6 June 2008 amending Annex VI to Council Regulation (EC) No 1234/2007 for the 2008/09 marketing year S. 1022-1023

„… cooperation between agriculture and health policies. In order to ensure the continuation of those actions, and …” „… agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation)43 …” „… accordance with the opinion of the Management Committee for the Common Organisation of Agricultural Markets …”

a Special import requirements for wine S. 709-712

„… amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on …” „… . 158a] Council Regulation (EC) No 479/2008 of 29 April 2008 on the common organisation of the market in …” „… ) No 479/2008 on the common organisation of the market in wine as regards support programmes, trade …”

Producer organisations S. 534-539

„… structure of the market concerned and the actual conditions in which it functions.22 This approach further …” „… governed by the common organisation of the market for the sector in question, they are under an obligation …” „… ) No 1234/2007 establishing a common organisation of agricultural markets and on specific provisions …”

g Notification S. 562-563

„… industrial processing are objectively different from goods intended for the fresh-product market.19 14Art …” „… for its market conditions.24 Article 125g Notification Member States shall notify the Commission …” „… and at Commission level. In order to enable the Commission to assess these rules according to Art. 125 …”

z Optional particulars S. 507-511

„… 479/2008 of 29 April 2008 on the common organisation of the market in wine, amending Regulations (EC) No …” „… amending Regulation (EC) No 1234/ 2007 establishing a common organisation of agricultural markets and on …” „… for implementing Council Regulation (EC) No 479/2008 on the common organisation of the market in wine …”

zb Enforcement S. 512-513

„… national markets. In order to avoid national legislation imposing national language(s), which constitutes a …” „… from, the market. Recitals: Recitals 39 and 4 of Council Regulation (EC) No 479/20081; recital 4 of …” „… organisation of the market in wine, amending Regulations (EC) No 1493/1999, (EC) No 1782/2003, (EC) No 1290 …”

COUNCIL REGULATION (EC) No 361/2008 of 14 April 2008 amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) S. 1017-1021

„… amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on …” „… CAP in the framework of the establishment of common organisations of the markets for the agricultural …” „… common organisation of the markets in the sugar sector7 was amended mainly with a view to achieving a …”

Exceptions S. 783-791

„… other practices in order to ensure that they are not caught by Arts 101 to 106. II. Application of …” „… agreements which affect or are likely to affect an agricultural market, regulated by a CMO, at Union level …” „… the market in question and from taking decisions which conflict with competition decisions of the …”

Withdrawal of sugar S. 197-198

„… 2 9.1.431; Page size: 160.00mm 240.00mm Article 521 Withdrawal of sugar 1. In order to preserve …” „… the structural balance of the market at a price level which is close to the reference price, taking …” „… Article 300 of the Treaty, the Commission may decide to withdraw from the market, for a given marketing …”

k Recognition and withdrawal of recognition S. 567-571

„… vegetables in order to mitigate the risk that it abuses its power in order to strengthen its own market …” „… 1983 amending Regulation (EC) No 1035/72 on the common organization of the market in the fruit and …” „… Regulation (EC) No 2200/96 of 28 October 1996 on the common organization of the market in fruit and …”

Implementing rules S. 203-204

„… supply Article 54 Measures to facilitate the adjustment of supply to market requirements In order to …” „… allocations, as far as not voluntarily renounced, and even if temporarily withdrawn from the market. With this …” „… minimum price where the withdrawn sugar is being sold on the Community market under Article 52(4). 1 This …”

Application of Articles 81 to 86 of the Treaty S. 779-783

„… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …” „… the particular characteristics of the agreements and markets at issue. In this regard, as laid down in …” „… agreement have a combined market share of less than 5 % on any relevant market affected by such agreement …”

Granting of export refund S. 734-756

„… the market of the territory of destination in order to be marketed there. Otherwise the objective of …” „… organization of the market in cereals.1 2Art. 165 sCMO provides for the export refund applicable in the first …” „… year. 3Art. 166 sCMO confers the power to the Commission to adjust refunds for cereals in order to keep …”

Quota allocation S. 217-218

„… in order to take due account of the interests of sugar beet and cane growers. Recitals: Recital 8 of …” „… 1 Council Regulation (EC) No 318/2006 of 20 February 2006 on the common organisation of the markets …” „… . 57 sCMO provides that in order to be able to efficiently control production, undertakings producing …”

Aid for the acquisition of quotas S. 279-280

„… 2 9.1.431; Page size: 160.00mm 240.00mm production structures. In order to strengthen the …” „… regulatory effect of the quotas on the market for milk and milk products, Member States were allowed to …” „… authorities in the form of an interest-rate rebate on loans contracted in order to finance such acquisition …”

r Green harvesting S. 393-394

„… wine in the Community in order to prevent market crises. 3. Support for green harvesting may be granted …” „… for green harvesting shall contribute to restoring the balance of supply and demand in the market in …” „… on the common organisation of the market in wine, amending Regulations (EC) No 1493/1999, (EC) No …”

Retention of quotas S. 278-279

„… and is released into the national reserve. Member States may vary the siphon rates in order to …” „… : 160.00mm 240.00mm production structures. In order to strengthen the regulatory effect of the quotas on …” „… the market for milk and milk products, Member States were allowed to revert quota belonging to a …”

Special transfer measures S. 275-278

„… legislator sets out in Art. 75a list of special measures in order to enable Member States to respond to the …” „… the possibility to transfer milk quota without land, in order to complete the restructuring of dairy …” „… of the market in milk and milk products, OJ 1987 L 285, p. 1. 2 Bianchi, p. 663. Sect. III Subsect …”

Implementing rules S. 120-122

„… storage may be submitted; (e) the adoption of the list of representative markets referred to in Articles …” „… referred to in Article 27(1); (h) the condition of mobilisation on the Community market referred to in …” „… production to the local market, – any derogations which may be granted to Member States which so request for …”

Suspension of outward processing arrangements S. 773-776

„… introduction to Part IV, Ch. I 1In order to take account of the particular features of the markets for …” „… the Community market is disturbed or is liable to be disturbed by outward processing arrangements, the …” „… market in live trees and other plants, bulbs, roots and the like, cut flowers and ornamental foliage, OJ …”

j Compatibility and consistency S. 379-381

„… supply and demand, the need for the development of a competitive and sustainable market featuring …” „… are deemed most suitable to achieve the objectives of the new market organization. This constitutes …” „… 479/2008 of 29 April 2008 on the common organisation of the market in wine, amending Regulations (EC) No …”

Measures to facilitate the adjustment of supply to market requirements S. 204

„… facilitate the adjustment of supply to market requirements In order to encourage action by trade …” „… organisations and joint trade organisations to facilitate the adjustment of supply to market requirements, with …” „… the exception of action relating to withdrawal from the market, the Commission may take the following …”

Imports of hemp S. 703-706

„… Regulation (EC) No 828/2009. 10 The implementing Regulation also sets rules in order to guarantee that the …” „… authorised by the Member State in order to ensure that such seeds are not intended for sowing. 2. Without …” „… the markets in flax and hemp grown for fibre, OJ 2008 L 149, p. 38. 2 Council Regulation (EC) No …”

Introduction to Section IVb S. 376-379

„… , other such measures may be adopted by the Commission in order to implement the provisions of this …” „… of the Common Market Organisation for wine: Final report prepared for European Commission-DG …” „… Agriculture, Innova Spa, 2004. 1The complexity of the common organization of the wine market (wine CMO) not …”

Transfers of quotas together with land S. 268-275

„… market of quotas the access to which would be determined by the purchasing power of stakeholders to the …” „… order to help dairy farmers who reduce or abandon their production to transfer their milk quota to other …” „… of milk, but to draw purely financial benefits because of their market value.4 In cases where part of …”

Aid for skimmed milk processed into casein and caseinates S. 341-343

„… to create a serious imbalance in the market, the Commission may decide that aid shall be granted for …” „… Commission taking into account the development of the market situation for skimmed-milk powder and the …” „… milk products creating or likely to create serious imbalance in the market. 3The aid may be fixed in …”

Introduction to Section III S. 336-338

„… intended to contribute to balancing the milk market and stabilizing the market prices by increasing the …” „… promoting of a more market oriented agriculture, intervention prices (now referred to as reference prices2 …” „… and 12 Council Regulation (EEC) No 804/68 of 27 June 1968 on the common organisation of the market in …”

Conditions for granting S. 333-336

„… sugar which the industry would have to bear in the event of supply on the world market and the price of …” „… the surplus sugar available on the Community market or the reference price if there is no surplus …” „… Council Regulation (EC) No 318/2006 of 20 February 2006, on the common organisation of the markets in the …”

o Recognition S. 576-580

„… rules of the interbranch organisation are actually extended. In order to keep this provision practicable …” „… Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific …” „… organisation of the market in wine, amending Regulations (EC) No 1493/1999, (EC) No 1782/2003, (EC) No 1290 …”

Security S. 625-638

„… management of the markets concerned and, in particular, for monitoring the imports of the products in …” „… measures concerning the market in ethyl alcohol of agricultural origin, OJ 2003 L 346, p. 19. Sect. I …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1. Licences as a market monitoring tool …”

Sugar disposal S. 96-98

„… market as soon as market trends allow for it in order to avoid a long storage period with risks of …” „… ” Article, thus completing the pre-existing notions of avoidance of disturbance of the market and ensuring …” „… full respect of the general principles of Art. 25, in such a way as to avoid disturbing the market and …”

Surplus levy S. 234-235

„… 2 9.1.431; Page size: 160.00mm 240.00mm market before the beginning of the marketing year to which …” „… withdrawn from the market in accordance with Articles 52 and 52a and for which the obligations provided for …” „… high level in order to avoid the accumulation of quantities referred to in paragraph 1. 3. The surplus …”

Opening of public intervention S. 83-87

„… 2 9.1.431; Page size: 160.00mm 240.00mm support price levels. It is essential that these market …” „… support measures, notably public intervention, continue to apply as long as necessary in order to avoid …” „… further deterioration of prices and disturbance of the Community market”19. 15 By way of derogation from …”

Definitions S. 52-54

„… , in order to safeguard the proper working of the single market based on common prices, the provisions …” „… Council Regulation (EC) No 1290/ 2005 of 21 June 2005 on the financing of the CAP.2 In order to implement …” „… market support measures, the quota-regimes, aid schemes and export refunds. 6Finally, the term …”

l Content of support programmes S. 383-384

„… programmes contain exhaustive details in order for the Commission to be able to assess their consistency and …” „… organisation of the market in wine, amending Regulations (EC) No 1493/1999, (EC) No 1782/2003, (EC) No 1290 …” „… implementing Council Regulation (EC) No 479/2008 on the common organisation of the market in wine as regards …”

Industrial sugar S. 230-232

„… the Commission.17 However, if in future the world market price reaches a level corresponding to the EU …” „… organisation of the markets in the sugar sector, OJ 2006 L 58, p. 1. Sect. II Subsect. II Quota overrun Art. 62 …” „… lit a sCMO. 2 In order to benefit from Art. 61 lit. a sCMO, even when producer and processor are part …”

Promotional levy in the milk and milk products sector S. 820-822

„… equivalent in order to finance the measures on promoting consumption in the Community, expanding the markets …” „… products on the internal market and in third countries6. Hence, despite the changes in the EU’s policy on …” „… ) No 804/68 on the common organization of the market in milk and milk products, OJ 1994 L 30, p. 1. 2 …”

c Marketing rules to improve and stabilise the operation of the common market in wines S. 437-438

„… stabilise the operation of the common market in wines 1. In order to improve and stabilise the operation of …” „… the common market in wines, including the grapes, musts and wines from which they derive, producer …” „… (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific …”

Products eligible for public intervention S. 76-80

„… months in order to obtain indications on the short-term outlook13. 11These prices shall be transmitted …” „… 14. 12Each month, the Commission shall inform the Management Committee of the average market price …” „… for quota and out of quota sugar15. In order to guarantee confidentiality, there is a three month …”

Suspension of inward processing arrangements S. 717-719

„… . Article 1601 Suspension of inward processing arrangements 1. Where the Community market is disturbed or is …” „… ) No 1234/2007 establishing a common organisation of agricultural markets and on specific provisions …” „… be adopted in cases where the internal market is disturbed or is liable to be disturbed by inward …”

za Languages S. 511-512

„… national markets. In order to avoid national legislation imposing national language(s), which constitutes a …” „… April 2008 on the common organisation of the market in wine, amending Regulations (EC) No 1493/1999, (EC …” „… Regulation (EC) No 1234/ 2007 establishing a common organisation of agricultural markets and on specific …”

Intervention limits S. 87-90

„… market price for beef and veal in a Member State or region thereof, over a representative period is below …” „… paragraph if the market situation and, in particular, the development of market prices, so requires …” „… and market orientation, while maintaining the role of safety net. II. Intervention limits 2Art. 13(1 …”

Introduction to Chapter II S. 620-624

„… a substantial role in the management of the access of third country products to the EU market. A …” „… disturbances on the EU market due to imports, where the bound tariff level does not provide enough protection …” „… agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation), OJ …”

a Scope S. 466-467

„… ; (b) ensuring the smooth operation of the common market in the products concerned; and (c) promoting …” „… of the quality of the EU’s wine products in order to strengthen their competitiveness and facilitate …” „… their access to third-country markets. The relevant rules relate to the protection, on the one hand, of …”

National quotas S. 244-247

„… ” means a limitation of the right to market milk and milk products. Dairy farmers remain free to produce …” „… any quantity of milk they want. However, if they market milk above their individual quota they run the …” „… possible review in the light of the general market situation and particular conditions existing in certain …”

Quota management S. 222-225

„… Regulation (EC) No 320/20068, in order to prevent market imbalances from the marketing year 2010/2011 onwards …” „… sugar and isoglucose per Member State or region with a view to avoiding market imbalances in the …” „… desired (lower) level that will bring the sugar market in balance but according to the first para. of Art …”

Definitions S. 240-244

„… Member State, who produces and markets milk or who is preparing to do so in the very near future; (d …” „… ), adjust the definition of ‘direct sale’ in order to ensure, in particular, that no quantity of marketed …” „… , the determination of a milk equivalent is necessary in order to calculate the milk used when other …”

Single CMO Regulation and WTO rules S. 586-614

„… . II) and one concerning exports (Ch. III). In order to provide the reader with the appropriate …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 3. WTO aspects of Regulation (EC) No 1234/2007 (sCMO Regulation) 25 II. Market access …” „… . Market access …”

q Restructuring and conversion of vineyards S. 389-393

„… and demand in the market in wine in the Community in order to prevent market crises. 3. Support for …” „… conditions such as: – the existence of potential new market outlets and export opportunities for the products …” „… Regulation (EC) No 479/2008 of 29 April 2008 on the common organisation of the market in wine, amending …”

a Rules of association of producer organisations S. 547-551

„… ) market their entire production concerned through the producer organisation; (d) provide the information …” „… . 2004 on the common organisation of the market in olive oil and table olives, OJ 2004 L 161, p. 97. 1 …” „… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …”

j National and regional reserve of planting rights S. 313-314

„… rights 1. In order to improve management of the production potential, Member States shall create a …” „… reserve. This has actually created a market of sorts for such rights in Member States where they fetch a …” „… establishing a common organisation of agricultural markets and on specific provisions for certain agricultural …”

Introduction S. 518-519

„… 2008 on the common organisation of the market in wine, amending Regulations (EC) No 1493/1999, (EC) No …” „… wine (Commission Regulation (EC) No 1507/20063). In order to enable this change the Council common …” „… market organisation regulation had to be changed (see Council Regulation (EC) No 2165/20054). 5 Last but …”

s Existing protected wine names S. 494-496

„… Regulation (EC) No. 479/2008 on the common organisation of the market in wine, amending Regulations (EC) No …” „… the use of such terms. 2 Art. 118s provides that these names, having been published in the OJ in order …” „… common organisation of the market in wine, amending Regulations (EC) No. 1493/1999, (EC) No. 1782/2003 …”

Approved undertakings S. 218-219

„… . 57 sCMO provides that in order to be able to efficiently control production, undertakings producing …” „… of 19 June 2001 on the common organisation of the markets in the sugar sector, OJ 2001 L 178, p. 1 …” „… 2006 on the common organisation of the markets in the sugar sector, OJ 2006 L 58, p. 1. 1 [Art. 57 …”

Imports of hops S. 706-709

„… requiring that these fulfill minimum quality criteria in order to be marketed. The provision contributes to …” „… strict criteria are established for the marketing of hops on the internal market. Hops are a traditional …” „… 1696/71 of the Council of 26 July 1971 on the common organisation of the market in hops, OJ 1971 L 175, p …”

a Agreements and concerted practices in the fruit and vegetables sector S. 791-793

„… ) agreements, decisions and concerted practices which may lead to the partitioning of markets in any form …” „… operation of the market organisation; (c) agreements, decisions and concerted practices which may create …” „… common organisation of agricultural markets and on specific provisions for certain agricultural products …”

Scope S. 227-230

„… . This provision makes it possible for new participants to make a new market entry. However, in case the …” „… 318/2006 of 20 February 2006 on the common organisation of the markets in the sugar sector, OJ 2006 L 58, p …” „… therefore not so easily able to control the yields in order to avoid excess production.2 Regulation (EC) No …”

Certification for hops S. 454-456

„… ) in order to satisfy the trade requirements of certain third countries; or (b) for products intended …” „… Council Regulation (EEC) No 1696/71 of 26 July 1971 on the common organisation of the market in hops, OJ …” „… 1696/71 on the common organization of the market in hops, OJ 1977 L 137, p. 7. 4 Council Regulation (EC …”

Export licences S. 719-720

„… the Council for prohibiting these arrangements. In order to do so, however, the Council has to follow …” „… markets concerned and, in particular, for monitoring the exports of the products in question. 2. Articles …” „… 2009 amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets …”

a Transitional rules in the fruit and vegetables and the processed fruit and vegetables sectors S. 890-893

„… 2 9.1.431; Page size: 160.00mm 240.00mm order to ensure the smooth transition from the regime …” „… the fruit and vegetable and the wine sectors. 4In order to adopt rules not directly linked to the …” „… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …”

n Financial contributions of non-members S. 575-576

„… financially liable, Art. 125n provides the conditions that need to be fulfilled in order to hold non-members …” „… common organization of the market in fruit and vegetables, OJ No 297 L 297, p. 1. 2 Cfr. von Rintelen …” „… to which the rules of the interbranch organisation are actually extended. In order to keep this …”

Export refund adjustment for cereals S. 733-734

„… 2 9.1.431; Page size: 160.00mm 240.00mm IV. Advance fixing of refunds 12 In order to ensure …” „… included in Art. 13(8) of Council Regulation (EEC) No 1766/92 on the common organization of the market in …” „… confers the power to the Commission to adjust refunds for cereals in order to keep the refunds in line …”

Transitional rules S. 889-890

„… before the adoption of Regulation (EC) No 1234/20071, laid down specific market Regulations in these …” „… size: 160.00mm 240.00mm order to ensure the smooth transition from the regime contained in the …” „… and the wine sectors. 4In order to adopt rules not directly linked to the transition, recourse must be …”

Implementing rules S. 674-675

„… corresponding to the world price, which has been generally much lower than the EU market price. The suspension …” „… order of the lodging of applications (‘first come, first served’ principle); (b) a method of …” „… , give due weight to the supply requirements of the Community market and the need to safeguard the …”

p Verification of compliance with specifications S. 491-493

„… http://ec.europa.eu/agriculture/markets/wine/lists/index_en.htm. Art. 118p Part II Title II Ch. I Marketing standards and conditions for the production 490 Jimeno …” „… the production or during conditioning of wine2. In order to facilitate controls, each operator wishing …” „… . 258 TFEU4. 3Besides, in order to ensure equal competitive conditions for operators throughout the EU …”

Traditional supply need for refining S. 695-700

„… ) No 1234/2007 establishing a common organisation of agricultural markets and on specific provisions …” „… and in world sugar market, Agricultural Policies in OECD Countries: Monitoring and Evaluation, 2007 …” „… , Organisation for Economic Co-operation and Development, Common organisation of the sugar market – Description …”

Safeguard measures S. 712-717

„… consumption. In order to issue this document, the country of origin has to designate a “body or department …” „… : http://ec.europa.eu/agriculture/markets/wine/lists/06_en.pdf. 12 Art. 40 and 43 of Commission Regulation (EC) No 555/2008. 13 Art. 45 of Commission …” „… , such as the common organisation of the markets in fishery and aquaculture products.6 3Safeguard …”

Marketing standards for olive oils and olive-pomace oils S. 456-458

„… certification procedure also has a marketing aspect on the international market. The minimum requirements …” „… the marketing of these products on the EU market. These descriptions and definitions are in practice …” „… there is a need to protect the retail market. 5 The marketing standards for olive oil referred to in …”

Use of casein and caseinate in the manufacture of cheese S. 513-515

„… relabelled or withdrawn from the market. This applies to products marketed in the EU or, subject to certain …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 This order deals with the temporary derogation of 13 years, expiring on 31. 3. 2007 conferred to …” „… measures concerning the market in ethyl alcohol of agricultural origin.2 These measures included mainly …”

Implementing rules S. 765-769

„… issuing of the compulsory licences upon which the export refunds are conditional. In order to guarantee …” „… placing on the market of a third country complies with the relevant requirements of food law ” unless …” „… and the circumstances in which the food or feed concerned could not be placed on the market in the …”

d Community financial assistance S. 353-354

„… 2 9.1.431; Page size: 160.00mm 240.00mm In order to finance crisis prevention and management …” „… by producer organisations in Member States where producer organisations market less than 20 % of …” „… in paragraph 1 shall be 100 % in the case of market withdrawals of fruit and vegetables which shall …”

y Use of concentrated grape must S. 403-404

„… 479/2008 of 29 April 2008 on the common organisation of the market in wine, amending Regulations (EC) No …” „… sugar for identical purpose (chaptalisation). 2In order to take account of differing production …” „… where chaptalised wines would no longer fall under the common market organisation for wine, and thus …”

b Scope S. 519-520

„… Regulation (EC) No 1507/20063). In order to enable this change the Council common market organisation …” „… (EC) No 1493/1999 on the common organisation of the market in wine, as regards the use of pieces of …” „… common organisation of the market in wine, OJ 2005 L 345, p. 1. Art. 120b Part II Title II Ch. I …”

Agreements and concerted practices in the tobacco sector S. 793-794

„… in the following cases where: (a) they may lead to the partitioning of markets in any form within the …” „… Community; (b) they may affect the sound operation of the market organisation; (c) they may create …” „… trade branches which they represent, in the areas in which the branches operate. In order for their …”

Binding effect of agreements and concerted practices on non members in the tobacco sector S. 794-795

„… the areas in which the branches operate. In order for their rules to be extended, interbranch …” „… market; (b) definition of minimum qualities; (c) use of cultivation methods compatible with the …” „… common organisation of agricultural markets and on specific provisions for certain agricultural products …”

b Definitions S. 467-472

„… the common organisation of the market in wine, amending Regulations (EC) No. 1493/1999, (EC) No …” „… geographical indications, although the current system is not fully developed in this respect. In order to allow …” „… large extent of national interests pending the consolidation of a fully-fledged common market …”

Marketing years S. 54-55

„… Regulation (EC) No 1290/ 2005 of 21 June 2005 on the financing of the CAP.2 In order to implement EU law the …” „… foreseen in the sCMO Regulation, notably public intervention, private storage, exceptional market support …” „… . 47 concerning special market support measures in the cereals sector, Art. 136 concerning the …”

ANNEX XIII MARKETING OF MILK FOR HUMAN CONSUMPTION REFERRED TO IN ARTICLE 114(2) S. 953-955

„… Member States shall report to the Commission on developments in the market in milk products and competing …” „… modifications shall be allowed: (a) in order to meet the fat contents laid down for drinking milk, modification …” „… the final consumer by the producer: (a) on the production site, or (b) in a local public market or by …”

Import duties S. 643-649

„… agricultural market, INRA, 2003; Lyons, EC Customs Law, Oxford University Press, 2008. Contents: I. General …” „… internal market with manufacturers exporting from other countries6. For this purpose, the tariff gives a …” „… for which the internal market prices are above the external market prices. The principle behind the …”

Intervention prices S. 90-95

„… intervention may be fixed per, Member State or region of a Member State on the basis of recorded average market …” „… beef and veal, than the average market price recorded in a Member State or a region of a Member State …” „… Commission in order to ensure that production is orientated towards certain varieties. 5. The intervention …”

Tariff quotas S. 675

„… appropriate method: (a) a method based on the chronological order of the lodging of applications (‘first come …” „… Community market and the need to safeguard the equilibrium of that market. Article 145 Opening of tariff …”

Opening of tariff quotas S. 675

„… appropriate method: (a) a method based on the chronological order of the lodging of applications (‘first come …” „… Community market and the need to safeguard the equilibrium of that market. Article 145 Opening of tariff …”

Commentary on Arts 165, 166 S. 734

„… organization of the market in cereals.1 2Art. 165 sCMO provides for the export refund applicable in the first …” „… year. 3Art. 166 sCMO confers the power to the Commission to adjust refunds for cereals in order to keep …” „… common organization of the market in cereals, OJ 1992 L 181, p. 21. Sect. II Export refunds Art. 167 van …”

i Replanting rights S. 311-313

„… markets and on specific provisions for certain agricultural products (Single CMO Regulation), OJ 2009 L …” „… rights 1. In order to improve management of the production potential, Member States shall create a …” „… reserve. This has actually created a market of sorts for such rights in Member States where they fetch a …”

k Submission of support programmes S. 381-383

„… 479/20082. 1 Council Regulation (EC) No 479/2008 of 29 April 2008 on the common organisation of the market …” „… programmes. 2 Member States must ensure that draft programmes contain exhaustive details in order for the …” „… Regulation (EC) No 479/2008 of 29 April 2008 on the common organisation of the market in wine, amending …”

Circumvention clause S. 861-863

„… information necessary for the application of this Regulation or for market monitoring and analysis and for …” „… enshrined in Art. 4(3) TEU. Besides monitoring the agricultural markets, the Commission depends on the …” „… be effective in order to achieve the aim of the circumvention clause and are to be applied in the …”

a Additional requirements for the marketing of the products of the fruit and vegetables sector S. 419-430

„… Market for goods and services and assist international trade.” Article 113a1 Additional requirements for …” „… marketing standards may not display such products or offer them for sale or deliver or market them in any …” „… 1234/2007 establishing a common organisation of agricultural markets and on specific provisions for certain …”

Controls and administrative measures and administrative penalties and their reporting S. 863-870

„… be effective in order to achieve the aim of the circumvention clause and are to be applied in the …” „… the market but, in essence, burned on the fields. Spain unsuccessfully argued that the EU provisions …” „… 1290/20053 with regard to EU-financed market measures.4 According to the latter provision Member States are …”

x Implementing measures S. 324-325

„… agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation), OJ …” „… Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific …” „… have concluded contracts with producers of fodder for drying. Where a contract is a special-order …”

m Notification and repeal of the extension of rules S. 574-575

„… Regulation (EC) No 2200/96 of 28 October 1996 on the common organization of the market in fruit and …” „… financially liable, Art. 125n provides the conditions that need to be fulfilled in order to hold non-members …” „… common organization of the market in fruit and vegetables, OJ No 297 L 297, p. 1. 2 Cfr. von Rintelen …”

Sugar Protocol commitments S. 700-703

„… market – Description, http://ec.europa.eu/agriculture/ markets/sugar/reports/descri_en.pdf. 13 Art. 10(2 …” „… market for sugar under the Everything But Arms (EBA) initiative as from the 1st of July 2009. 4As Art …” „… Regulation (EC) No 828/2009. 10 The implementing Regulation also sets rules in order to guarantee that the …”

a Aid to producer groups S. 351-352

„… by the Union funding. In order to prevent the application of the State Aid control to these measures …” „… vegetable markets and shall cover in this context: (a) market withdrawal; (b) green harvesting or …”

c Operational programmes S. 352-353

„… vegetable markets and shall cover in this context: (a) market withdrawal; (b) green harvesting or …” „… 240.00mm In order to finance crisis prevention and management measures, producer organisations may take …”

b Recognition S. 551-554

„… accounting management of their activities; and (g) they do not hold a dominant position on a given market …” „… conditions for the fruit and vegetables sector that producer organisations need to fulfil in order to be …” „… Council Regulation (EC) No 2200/96 of 28 October 1996 on the common organization of the market in fruit …”

g Methods of analysis S. 524-525

„… oenological practices and restrictions, Art. 120g foresees a series of rules of reference in cascading order …” „… obtaining statistical information on the markets in the products referred to in Article 115; (d) as regards …” „… markets and on specific provisions for certain agricultural products (Single CMO Regulation), OJ 2008 L …”

COUNCIL REGULATION (EC) No 470/2008 of 26 May 2008 amending Regulation (EC) No 1782/2003 as regards the transfer of tobacco aid to the Community Tobacco Fund for the years 2008 and 2009 and Regulation (EC) No 1234/2007 with regard to financing of the Community Tobacco Fund S. 1021-1022

„… establishing a common organisation of agricultural markets and on specific provisions for certain agricultural …” „… health policies. In order to ensure the continuation of those actions, and taking into account that the …” „… 1234/2007 of 22 October 2007 establishing a common organisation of agricultural markets and on specific …”

y Compulsory particulars S. 504-507

„… market organisation had to be changed in order to avoid any confusion with customs language and the …” „… April 2008 on the common organisation of the market in wine, amending Regulations (EC) No 1493/1999, (EC …” „… Regulation (EC) No 1234/ 2007 establishing a common organisation of agricultural markets and on specific …”

Calculation of import duties for husked basmati rice S. 654

„… 2 9.1.431; Page size: 160.00mm 240.00mm 2. In order to calculate the imports referred to in point …” „… duty is fixed, the duty previously fixed shall apply. 2. In order to calculate imports referred to in …” „… :// ec.europa.eu/agriculture/markets/rice/publi/com2009_314_en.pdf). 1 Commission Regulation (EC) No 172/2009 of 4 March 2009 fixing the import duties …”

Calculation of import duties for milled rice S. 654

„… 2 9.1.431; Page size: 160.00mm 240.00mm 2. In order to calculate the imports referred to in point …” „… duty is fixed, the duty previously fixed shall apply. 2. In order to calculate imports referred to in …” „… :// ec.europa.eu/agriculture/markets/rice/publi/com2009_314_en.pdf). 1 Commission Regulation (EC) No 172/2009 of 4 March 2009 fixing the import duties …”

Export refunds for live animals in the beef and veal sector S. 756-764

„… competition opportunities between the world market and the Union market. Article 168 Export refunds for live …” „… market organisations to operate smoothly. However, where no precise rules are laid down at Union level …” „… barriers to trade in live animals and allowing market organisations to operate smoothly pursued by …”

Aids to operator organisations S. 349-351

„… more of the following areas: (a) the market follow-up and administrative management in the olive oil …” „… organisation of the market in olive oil and table olives, OJ 2004 L 161, p. 97. 4 Cfr. Recital 44 of Regulation …” „… are not covered by the Union funding. In order to prevent the application of the State Aid control to …”

c Content of applications for protection S. 472-474

„… ) No. 479/2008 on the common organisation of the market in wine, amending Regulations (EC) No …” „… protection of industrial and commercial property (….) only if it is needed in order to ensure that the …” „… . 479/2008 on the common organisation of the market in wine, amending Regulations (EC) No. 1493/1999, (EC) No …”

Tariff rates for bananas S. 690-692

„… Preferential Agreements in the EC Legal Order, European Foreign Affairs Review, 1999, pp. 195–214; Mengozzi, La …” „… times since 1993, when Council Regulation (EEC) No 404/933 established a Common Market Organization for …” „… February 1993 on the common organization of the market in bananas, OJ 1993 L 47, p. 1. 4 See Recital 10 of …”

Adoption of standards, implementing rules and derogations S. 525-528

„… the taking of samples; (iv) detailed rules for obtaining statistical information on the markets in the …” „… common organisation of agricultural markets and on specific provisions for certain agricultural products …” „… measures may be adopted by the Commission in order to implement the provisions of this Chapter. 3For the …”

Intervention centres S. 114-116

„… basic principles for tendering procedures used for the application of one of the market intervention …” „… 428/20082; Commission Regulation (EC) No 1173/20093. 1 In order to ensure that the public intervention …” „… of products4. In order to achieve these purposes and in order to allow operators to obtain all the …”

Cases of inactivity S. 264-266

„… market a quantity equal to at least 85 % of their individual quota during at least one twelve-month …” „… scheme in 1999. 2 In order to avoid disturbances of the harmonious development of the milk sector that …” „… . 72(3). In order to facilitate the decision of the Member States the Commission summarised essential …”

Management of tariff quotas opened by third countries S. 769-771

„… , in order to ensure that the object of the checks is fully secured, the ECJ held it imperative that …” „… them or another appropriate method: (a) a method based on the chronological order of the lodging of …” „… organisation of the market in milk and milk products, OJ 1999 L 160, p. 48. 2 Commission Regulation (EC) No …”

f Preliminary national procedure S. 476-477

„… geographical indication originates. 3. The Member State shall examine the application for protection in order …” „… ) No. 479/2008 on the common organisation of the market in wine, amending Regulations (EC) No …”

ANNEX XXII CORRELATION TABLES REFERRED TO IN ARTICLE 202 S. 979-1015

„… a common organisation of agricultural markets and on specific provisions for certain agricultural …” „… until the end of 2007/2008 marketing year. Nevertheless, in view of the favourable trends on the market …” „… for this kind of fibre under the current aid scheme and in order to contribute to consolidating …”

Contribution of producers to the surplus levy due S. 287-288

„… 2009 amending Regulation (EC) No 1234/2007 establishing a common organisation of agricultural markets …” „… the application of Art. 79. Article 801 Surplus levy on deliveries 1. In order to draw up the …”

e Applicants S. 475-476

„… common organisation of the market in wine, amending Regulations (EC) No. 1493/1999, (EC) No. 1782/2003 …” „… indication originates. 3. The Member State shall examine the application for protection in order to verify …”

Implementing rules S. 583-586

„… (EC) No 1234/2007 establishing a common organisation of agricultural markets and on specific …” „… provisions (Ch. I), one related to imports (Ch. II) and one concerning exports (Ch. III). In order to provide …”

Implementing rules S. 411-413

„… Union. The Regulation foresaw the setting up of national programmes for the beekeeping sector in order …” „… Agricultural Markets6. Currently, the detailed rules are laid down in Commission Regulation No 917/2004. The …”

Amounts paid in excess or unpaid S. 294-296

„… procedures in order to recover the amount due. Article 84 Amounts paid in excess or unpaid 1. Where, in the …” „… surplus producers, this would constitute a state aid that would not be compatible with the common market …”

Common provisions concerning producer and interbranch organisations S. 544-546

„… 2 9.1.431; Page size: 160.00mm 240.00mm IV. The conditions that need to be met in order to be …” „… of the market places an obligation on the Member States to refrain from taking any measure which may …”

Temporary transfers S. 266-268

„… determine which cases may be qualified as falling under the force majeure clause in Art. 72(3). In order to …” „… market value. 4 Some producers systematically exceed their quota by a small amount and therefore seek to …”

ANNEX XIa MARKETING OF THE MEAT OF BOVINE ANIMALS AGED 12 MONTHS OR LESS IN ACCORDANCE WITH ARTICLE 113B S. 943-946

„… months or less, operators shall, in order to guarantee the accuracy of labelling information referred to …” „… Article 113b and this Annex. 2. Operators from a third country wishing to place on the Community market …”

Scope S. 59-65

„… intervention and private storage aid, two market management instruments which have characterized Community …” „… market support activities from the early days of the CAP. 3 Public intervention in particular has been …” „… view to ensuring competitiveness and market orientation while maintaining the role of a safety net in …”

ANNEX III DEFINITIONS REFERRED TO IN ARTICLE 2(1) S. 921-926

„… / isoglucose equivalents. In order to avoid restrictions on the market for products with low sweetening power …”

doi.org/10.5771/9783845266466

Daniel Zimmer - Regulierung für Algorithmen und Künstliche Intelligenz

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Daniel Zimmer (ed.)

Regulierung für Algorithmen und Künstliche Intelligenz

Series: Schriften der Wissenschaftlichen Vereinigung für das gesamte Regulierungsrecht

Volume 5 2021

Results in this title

Matthias Lehmann Algorithmenbasiertes Trading und Finanzmarktstabilität S. 209-228

„… Limit Order Markets’ (Social Science Research Network 2017) SSRN Scholarly Paper ID 2352409, erhältlich …” „… Jovanovic/Albert Menkveld, 'Middlemen in Limit Order Markets' (Social Science Research Network 2016) SSRN Scholarly …” „… order market with fast and slow traders' Matthias Lehmann 216 che Entwicklung kann zu einer Entfernung …”

Andreas Heinemann Algorithmenbasierter Handel und Kartellverbot S. 269-292

„… , Northern District of California, 30.4.2015 – U.S. v. Topkins, No. CR 15–00201. 7 Competition and Markets …” „… recognized", ibid., S. 8. 20 Uber-Gründer Travis Kalanick: "We are not setting the price. The market is …” „… setting the price. We have algorithms to determine what that market is", zitiert von Priluck, When Bots …”

doi.org/10.5771/9783748927990

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