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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

Results in this title

Article 15 Prohibition of market manipulation S. 770-772

„… unlikely to jeopardise the market integrity rationale of MAR. However, it is clear that any preliminary …” „… EU law. Article 15 Prohibition of market manipulation A person shall not engage in or attempt to …” „… the supply or demand function or of prices. Art. 16 MAR 2. Market Behaviour 772 Carsten …”

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

„… in the Market Abuse Directive mirror the tripartite nature of the administrative prohibitions …” „… information is unlikely to jeopardise the market integrity rationale of MAR. However, it is clear that any …” „… EU law. Article 15 Prohibition of market manipulation A person shall not engage in or attempt to …”

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

„… benchmarks (Art 5(2)(d)).30 In contrast to the administrative prohibition of market manipulation in MAR …” „… offences also mirrors closely the scope of the insider dealing prohibition under MAR. Insiders within the …” „… prohibition under MAR, the requirement that a recommendation or inducement be made ‘on the basis of ’ inside …”

Article 8 Insider dealing S. 692-705

„… MAR Carsten Gerner-Beuerle 693 1 2 it. The Market Abuse Directive of 20031 abolished the distinction …” „… the 2003 Market Abuse Directive, the CJEU held, accordingly, that the prohibition consisted of two …” „… of the 2003 Market Abuse Directive. Art. 8 MAR 2. Market Behaviour 694 Carsten Gerner-Beuerle 3 4 …”

Introduction S. 644-650

„… Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 of the European Parliament and of the …” „… ESMA (Arts 22 through 29), and enforcement of the prohibitions of market abuse (Arts 30 through 34 …” „… funds on capital markets.1 The prohibition against market abuse is a cornerstone of the EU’s regulatory …”

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

„… Market Abuse Directive of 2003,2 and MAR prohibits any insider within the meaning of Art 8(4) from …” „… effect is contained in the Market Conduct rules of the UK Financial Conduct Authority (FCA), MAR 1.4.2 …” „… the Insider Dealing Directive of 1989, the disclosure prohibition applied only to so-called ‘primary …”

Article 9 Legitimate behaviour S. 705-711

„… dealing, market manipulation Art. 9 MAR Carsten Gerner-Beuerle 709 9 10 strategy of the acquirer will be …” „… paragraphs 1 to 5 of this Article, an infringement of the prohibition of insider dealing set out in Article …” „… obligations, Art 9(3) Persons in possession of inside information do not violate the prohibition on insider …”

Article 13 Accepted market practices S. 756-767

„… of this section above in the relevant context. Legal persons, Art 12(4) The prohibition on market …” „… determination of what is an accepted practice 1. 1 Moloney, VIII.8.3.1. Art. 13 MAR 2. Market Behaviour 758 …” „… deemed it undesirable to exclude whole categories of activities from the prohibition on market …”

Article 2 Scope S. 650-654

„… markets.1 The prohibition against market abuse is a cornerstone of the EU’s regulatory framework …” „… (see also paragraph 30 of Art 7).16 Second, pursuant to Art 2(2)(a) and (b), the prohibition on market …” „… credit default swap. Finally, the scope of MAR reflects the extension of the market abuse regime to …”

Article 23 Powers of competent authorities S. 838-843

„… ) to impose a temporary prohibition on the exercise of professional activity; and 8 Recital 8 MAR. Art …” „… the basic rights of the addressee of such a broad prohibition, a general ban on engaging in market …” „… Republic of Germany. Art. 23 MAR 2. Market Behaviour 842 Jörn Axel Kämmerer 10 11 12 Effectiveness …”

Article 7 Inside information S. 673-692

„… account specificities of those markets. Art. 7 MAR 2. Market Behaviour 674 Carsten Gerner-Beuerle I …” „… pending orders as inside information pursuant to Art 7(1)(d) of MAR stems from the 2003 Market Abuse …” „… set of CESR guidance and information, ibid, paras 3.1-3.17. Art. 7 MAR 2. Market Behaviour 676 …”

Article 12 Market manipulation S. 730-756

„… dealing, market manipulation Art. 12 MAR Carsten Gerner-Beuerle 733 2 3 II. Commentary Definition of …” „… indicators of market manipulation: 44 FCA Handbook, MAR 1.6.16G. 45 Commission Delegated Regulation 2016/522 …” „… MAR 2. Market Behaviour 742 Carsten Gerner-Beuerle Quote stuffing: Entering large number of orders …”

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

„… within the ambit of some of the prohibitions of the market abuse regime. For example, stabilisation …” „… ) and (2) and Article 26(1), (2) and (3) of Regulation (EU) No 600/2014. 4. The prohibitions in Articles …” „… regulation supplementing Art 5 of MAR specifies trading conditions that buy-back transactions have to satisfy …”

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

„… management and of central banks in third countries. 64 See also ibid, para 57. Art. 6 MAR 2. Market …” „… market manipulation prohibitions if they have been entered into by a Member State, the members of the …” „… instruments within the meaning of the Market Abuse Regulation.11 Both the insider dealing prohibition and the …”

Article 11 Market soundings S. 718-730

„… information, the steps needed to comply with the insider dealing prohibitions (Arts 8 and 10 of MAR), and the …” „… , market manipulation Art. 11 MAR Carsten Gerner-Beuerle 721 3 4 5 lic and private placements of large …” „… of Arts 8 and 10 of MAR. Furthermore, importantly, the receiving market participant is not required …”

Article 19 Managers’ transactions S. 808-824

„… competent authority of the home Member State in accordance with Art. 19 MAR 2. Market Behaviour 808 …” „… . 19 MAR 2. Market Behaviour 810 Wolf-Georg Ringe them during a closed period of 30 calendar days …” „… margin no 11. 18 See Knuts, ‘The Optimal Scope of Disclosure by Association Regime under MAR’ [2016] ECFR …”

Article 1 Subject matter S. 650

„… markets.1 The prohibition against market abuse is a cornerstone of the EU’s regulatory framework …” „… manipulation (see → Arts 12 and 13). The prohibition of these activities is supplemented by the requirement to …” „… regulatory framework on insider dealing, the unlawful disclosure of inside information and market …”

Index S. 1785-1803

„… – definition MAR 12 4 – manipulation of benchmarks MAR 12 18 – prohibition MAR 15 1 – types of manipulative …” „… Duties of market operators and investment firms MAR 16 3 Effects doctrine MAD 10 2, 6; MAR 22 6 …” „… – mark-to-market EMIR 11 12 – mechanism of recognition EMIR 25 1 – non-discrimination EMIR 82 4 – non-financial …”

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

„… reporting on the national level within the strict limits of Article 3(1 a).44 Secondly, the prohibition does …” „… whether the disclosed information falls under the definition of inside information according to MAR …” „… information by financial institutions.46 Finally, the operator of the regulated market is not bound by the …”

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

„… other parts of MAR, the new disclosure requirements apply inside and outside of regulated markets and …” „… 2(1)(b). 38 City of London Law Society, Market Abuse Regulation (EU MAR) Q&A (updated 30 October 2017 …” „… ) paras 220, 221; City of London Law Society, Market Abuse Regulation (EU MAR) Q&A (updated 30 October …”

Article 20 Investment recommendations and statistics S. 824-833

„… market manipulation, Art 20 forms part of MAR’s efforts to regulate dissemination of information. Article …” „… MAR 2. Market Behaviour 830 Wolf-Georg Ringe 28 29 30 31 32 33 34 35 36 of interest, on the part of …” „… European Parliament and to the Council on the application of MAR by 3 July 2019. Inter alia, that report …”

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

„… repealed by Art 37 MAR and has been replaced by Delegated Regulation (EU) 2016/1052 of 8 March 2016 …” „… satisfy the conditions of the exemption. Any prohibition shall be imposed within the 30 calendar day …” „… supervisory frameworks of third countries, Art 17(2) SSR refers to the requirements of MiFID II,2 MAR3 and the …”

Article 24 Cooperation with ESMA S. 843-844

„… ensure compliance with duties imposed by MAR. Considering the margin of appreciation at the Member States …” „… the enforcement of MAR by the competent authorities. This principle of EU law may require Member …” „… exempt the providing of such information from any prohibition against disclosing information that may …”

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

„… the definition of inside information according to MAR Article 7. In such a case, it may qualify as …” „… yield significant capital market benefits. Article 5 Half-yearly financial reports (1) The issuer of …” „… take account of technical developments on financial markets, measures to specify the requirements and …”

Article 22 Competent authorities S. 835-838

„… ) to impose a temporary prohibition on the exercise of professional activity; and 8 Recital 8 MAR. Art …” „… recital 77 of MAR makes clear, this refers in particular to the two freedoms as guaranteed by the EU, the …” „… of the enforcement of MAR by each Member State. Since the TFEU declares each Member State competent …”

Titelei/Inhaltsverzeichnis

„… 14 767 Prohibition of market manipulation …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 13 756 Prohibition of insider dealing and of unlawful disclosure of inside information . .Article …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 55 1393 Prohibition of controlling stakes …”

Article 2 Definitions S. 624-627

„… administrative prohibition under Art 2(2) of MAR, but is not sufficient for the criminal offence as set out in …” „… matter and scope The scope of the MAD 2014 mirrors closely that of the Market Abuse Regulation (MAR).6 …” „… securities or associated instruments as defined in Art 3(2) of MAR. The exemptions of the Market Abuse …”

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

„… subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010. Art. 4 MAR 2. Market Behaviour …” „… reference data submission under Article 4(1) of Regulation (EU) No 596/2014 on market abuse (MAR), 30 May …” „… technical standards and implementing technical standards developed by ESMA under Art 4 of MAR and its MiFIR …”

Article 34 Publication of decisions S. 869-874

„… Parliament and of the Council on insider dealing and market manipulation (market abuse) (MAR) – Progress …” „… hinting that the identity was expected to be disclosed in general. In the drafting of Article 34 MAR, the …” „… . Commentary Article 34 of MAR deals with the publication of decisions to impose administrative measures or …”

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

„… ), first subparagraph of MAR, and Art 2(3)(a) of Regulation (EU) 2016/957). Pursuant to the implementing …” „… STORs relating to any financial instrument falling within the scope of MAR, irrespective of whether the …” „… attempted market manipulation within the meaning of Art 12(1)(a) include the transmission of matched orders …”

Article 5 Market manipulation S. 628-629

„… disclosure qualifies as a market sounding made in compliance with Article 11(1) to (8) of Regulation (EU) No …” „… the freedom of expression. Article 5 Market manipulation 1. Member States shall take the necessary …” „… least in serious cases and when committed intentionally. 2. For the purposes of this Directive, market …”

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

„… prohibition of inducements; (10) the clear distinction between independent and non-independent advice; (11 …” „… ) the prohibition of non-paid research by investment services; (12) rules on product governance and …” „… et financier, Novembre 2017 – n° 6; Busch D and Ferrarini G, Regulation of the EU Financial Markets …”

Article 10 Disclosure and presentation of credit ratings S. 1277-1280

„… 80-199-153, p. 36, margin no 118. Title II Issuing of credit ratings Art. 10 CRAR Christoph Kumpan and …” „… business hours of regulated markets and at least one hour before their opening”,17 in accordance with Art …” „… annually, by 31 March, to ESMA information relating to matters set out in point 2 of Part II of Section E …”

Article 16 Organisational requirements S. 65-120

„… authorisation or prohibition in connection with such a transaction. In the case of outsourcing arrangements, the …” „… condition for authorisation, but also for protection of clients’ interests.20 This prohibition of letter-box …” „… weakens enforcement of Union financial law. In light of the prohibition of letter-box entities, MiFID only …”

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

„… Directive (MAD) and the Market Abuse Regulation (MAR).29 The prohibitions of insider dealing and market …” „… must then publish an up-to-date list of all regulated markets on its website, identified with a …” „… hedging: Evidence from commodity markets’, [2013] 109(2) Journal of Financial Economics 441-465; Büscher P …”

Article 40 ESMA temporary intervention powers S. 542-544

„… with certain specified features; or (b) a type of financial activity or practice. A prohibition or …” „… specify details of the prohibition or restriction and specify a time after the publication of the notice …” „… prohibition or restriction and specify a time after the publication of the notice from which the measures will …”

Article 17 S. 1087-1089

„… proposed action relates; (b) the precise nature of the proposed prohibition or restriction and when it is …” „… shall publish on its website notice of any decision to impose any prohibition or restriction referred to …” „… in paragraph 1. That notice shall specify details of the prohibition or restriction, a time after the …”

Article 42 Product intervention by competent authorities S. 549-554

„… shall publish on its website notice of any decision to impose any prohibition or restriction referred to …” „… in paragraph 1. The notice shall specify details of the prohibition or restriction, a time after the …” „… each of the conditions in paragraph 2 are met. The prohibition or restriction shall only apply in …”

Article 16 S. 1086-1087

„… financial activity or practice of an insurance or reinsurance undertaking. A prohibition or restriction may …” „… Article 9(2) of Regulation (EU) No 1094/2010, EIOPA shall monitor the market for insurance-based …” „… prohibit or restrict in the Union: (a) the marketing, distribution or sale of certain insurance-based …”

Article 41 EBA temporary intervention powers S. 544-545

„… prohibition or restriction and specify a time after the publication of the notice from which the measures will …” „… or restrict in the Union: (a) the marketing, distribution or sale of certain structured deposits or …” „… and integrity of financial markets or to the stability of the whole or part of the financial system in …”

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

„… market, especially by increasing the cost of borrowing for sovereign issuers or affecting the sovereign …” „… impact’ that uncovered sovereign CDS could have ‘on the stability of sovereign debt markets’.1 The …” „… purchase markets.19 ESMA published its draft ITS in March 2012.20 The Commission adopted the …”

Commentary on Articles 40 and 41 Art. 40, 41 S. 545-549

„… powers. These comprise an outright prohibition of the financial instruments, activities or practices. The …” „… , in: Busch and Ferrarini (eds), Regulation of the EU Financial Market, p. 146-147, margin no 5.48-5.50 …” „… , distributed or sold to clients.17 The prohibition must comply with the principle of proportionality.18 In …”

Article 15 S. 1086

„… financial activity or practice of an insurance or reinsurance undertaking. A prohibition or restriction may …” „… Article 9(2) of Regulation (EU) No 1094/2010, EIOPA shall monitor the market for insurance-based …” „… prohibit or restrict in the Union: (a) the marketing, distribution or sale of certain insurance-based …”

Article 39 Market monitoring S. 541-542

„… Others have been more sceptical. In particular, it was bemoaned that the prohibition of products …” „… criticised that product prohibition will reduce the choice of investors by limiting the range of financial …” „… with certain specified features; or (b) a type of financial activity or practice. A prohibition or …”

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

„… to which the general prohibition of entering into an uncovered position in a sovereign CDS may be …” „… are made subject to the condition that the prohibition of entering into the relevant position in …” „… Article 8 Notification to competent authorities of uncovered positions in sovereign credit default …”

Article 69 Supervisory powers S. 358-362

„… ; (f) require the temporary prohibition of professional activity; Art. 69 MiFID II 1. Security …” „… proportionate.6 Article 69(2) subpara 1 (f) (temporary prohibition of professional activity) Article 69(2 …” „… prohibition on professional activities. Article 69(2) subpara 2 The last subparagraph of Article 69(2) has …”

Article 8 S. 581-583

„… interpenetration of securities markets.1 Chapter II More stringent or additional conditions and obligations Article …” „… . Given that the structures of securities markets in the Member States differed significantly at the time …” „… needed to take account of the specifics of their national securities market.1 However, Member States are …”

Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings S. 1261-1263

„… prohibition includes the case when the objective risk of a conflict of interest exists, so that an actual …” „… prohibitions is to cover conflicts of interest that may arise as the result of a potential future employment …” „… its lack of competition.10 However, the rotation requirement for issuers does not differentiate …”

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

„… 39-43) allow a temporary or permanent prohibition of the marketing, distribution and sale of dangerous …” „… of the EU Financial Market, margin no 5.74, p. 146. 11 See, e.g., Avgouleas, ‘The Global Financial …” „… particular, it was bemoaned that the prohibition of products would amount to ‘hard paternalism’ and deeply …”

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

„… to which the general prohibition of entering into an uncovered position in a sovereign CDS may be …” „… are made subject to the condition that the prohibition of entering into the relevant position in …” „… sovereign issuer, and the average size of positions held by market participants relating to the sovereign …”

Article 88 Prohibition to guarantee loans S. 1429-1430

„… 88 Prohibition to guarantee loans 1. Without prejudice to the application of Articles 50 and 51, the …” „… 89 Prohibition of naked short sales The following shall not carry out uncovered sales of transferable …” „… securities, money market instruments or other financial instruments referred to in points (e), (g) and (h) of …”

Article 26 Right of appeal S. 1030-1031

„… requiring the responsible person to remedy an infringement, suspension of trading, prohibition against or …” „… suspension of a public offer, suspension of a licence or activity, public reprimand, prohibition or …” „… the CESR, An Evaluation of Equivalence of Supervisory Powers in the EU under the Market Abuse …”

Article 25 Sanctions S. 1029-1030

„… of trading, prohibition against or suspension of a public offer, suspension of a licence or activity …” „… , public reprimand, prohibition or suspension of advertisements, and publication of sanctions imposed as …” „… well as the identities of the responsible persons.1 European securities and markets regulations have …”

Article 14 S. 1081-1086

„… notice shall specify details of the prohibition or restriction Art. 16 PRIIPR 3. Market Transparency …” „… Regulation. 7 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in …” „… to the orderly functioning and integrity of financial markets or to the stability of the whole or …”

Article 11 S. 1067-1072

„… the given information. The wording of Article 11(1) does not clarify whether the prohibition against …” „… integral part of the European capital markets regulation and can be found, inter alia, in Article 6(2) of …” „… §§ 22 VermAnlG or 306 Abs. 2 KAGB. 5 Fuchs, WpHG, 2. edn, 2016, § 31 margin no 113, re the prohibition …”

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

„… trading venues can never be justified. Art 37(3) MiFIR therefore contains an absolute prohibition of such …” „… agreements. Terms of access The prohibition of discrimination is accompanied by the requirement of …” „… .24 The prohibition of discrimination does not mean the trading venue, CCP or benchmark owner would …”

Article 6 a Conflicts of interest concerning investments in credit rating agencies S. 1257-1258

„… the business activity of a rating agency are exempted from the prohibition against holding 5% or more …” „… requirement regarding the neutrality and independence of rating analysts is reiterated in Art 7. In …” „… summary, the intent of the rules regarding conflicts of interest is to avoid all potential conflicts and …”

Article 9 S. 1063-1065

„… order to prevent likelihood of confusion.1 The prohibition against diminishing the significance of the …” „… document or diminishes the significance of the key information document. Marketing communications shall …” „… . Commentary Article 9, first sentence The first sentence of Article 9 states that it applies to marketing …”

Article 8 Interchange fees for direct debit transactions S. 1768-1770

„… competition between PSPs” (recital 20). The general prohibition of multilateral interchange fees became …” „… allocating costs to the PSP which, or the PSU of which, has caused the R-transaction, as appropriate, while …” „… taking into account the existence of transaction costs and ensures that the payer is not automatically …”

Overview of Articles 12-15 S. 908-910

„… market participants, or information that can be derived therefrom.4 Article 4 of Delegated …” „… Regulation (EU) No 826/2012 sets out the contents of this information in detail, which are the following: (a …” „… identified by the relevant competent authority, (b) the end of quarter aggregated net short position for each …”

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

„… entering into such positions. The underlying rationale of Art 4 SSR and the corresponding prohibition in …” „… a market participant to disclose details of his or her net short position in issued shares to the …” „… ) Delegated Regulation (EU) No 918/2012 which eases the burden of justification lying with the market …”

Article 32 Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM S. 1530-1533

„… , including, if necessary, the express prohibition of marketing of the AIF. 5. In order to ensure uniform …” „… measures in accordance with Article 46, including, if necessary, the express prohibition of marketing of …” „… . General features Art 31 encompasses the requirements applicable to the marketing of EU AIF managed by a EU …”

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

„… prohibition is designed to reduce the risk of conflicts of interest. The prohibition creates the condition …” „… non-monetary benefits are excluded from the prohibition if they are (a) capable of enhancing the quality of …” „… the needs of an identified target market of end clients within the relevant category of clients, the …”

Article 46 General provisions S. 560-566

„… comprehensive reading of that prohibition is justified as a means to effectuate the Single Market ideal of EU …” „… law, the scope of this prohibition is limited to rules governing investment services. For instance …” „… entitle the third-country firm to market new categories of investment product or investment service to …”

Article 87 Issue of unit equivalent to net asset value S. 1429

„… 88 Prohibition to guarantee loans 1. Without prejudice to the application of Articles 50 and 51, the …” „… Article 86 Distribution and reinvestments of income The distribution or reinvestment of the income …” „… of a UCITS shall be effected in accordance with the law and with the fund rules or the instruments of …”

Article 86 Distribution and reinvestments of income S. 1429

„… 88 Prohibition to guarantee loans 1. Without prejudice to the application of Articles 50 and 51, the …” „… Article 86 Distribution and reinvestments of income The distribution or reinvestment of the income …” „… of a UCITS shall be effected in accordance with the law and with the fund rules or the instruments of …”

Article 19 S. 1089

„… integrity of financial markets, the size or the notional value of an insurance-based investment product …” „… competent authorities. 2. After receiving notification under Article 17 of any action that is to be imposed …” „… under that Article, EIOPA shall adopt an opinion on whether the prohibition or restriction is justified …”

Article 18 S. 1089

„… integrity of financial markets, the size or the notional value of an insurance-based investment product …” „… competent authorities. 2. After receiving notification under Article 17 of any action that is to be imposed …” „… under that Article, EIOPA shall adopt an opinion on whether the prohibition or restriction is justified …”

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

„… ; (f) require the temporary prohibition of professional activity; Art. 69 MiFID II 1. Security …” „… to avoid conflict of interest and so that information obtained from carrying out the delegated tasks …” „… competent authorities of other Member States of any arrangements entered into with regard to delegation of …”

Article 7 S. 581

„… interpenetration of securities markets.1 Chapter II More stringent or additional conditions and obligations Article …” „… admission of securities to official listing, the CARD differentiates between shares (Arts 42 through 51) and …” „… specifics of debt securities. Article 6(3) (previously Art 4(3) LCD) provides that the certificates …”

Article 89 Prohibition of naked short sales S. 1430-1431

„… by funds is basically only feasible for alternative investment funds.1 Article 89 Prohibition of …” „… market instruments or other financial instruments referred to in points (e), (g) and (h) of Article 50(1 …” „… established Article 91 Enabling of marketing in host member states 1. UCITS host Member States shall ensure …”

Article 85 Valuation rules S. 1428-1429

„… 88 Prohibition to guarantee loans 1. Without prejudice to the application of Articles 50 and 51, the …” „… the short-term financing markets in which money market funds usually invest. Under Art 84(3) of UCITSD …” „… prices at the main market of the financial instruments (if any). 2. 2 Cf. ESMA/2014/937, Guidelines on …”

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

„… principle follows from related principles under EU law, including freedom of establishment, the prohibition …” „… right of membership or have access to regulated markets established in their territory by means of any …” „… becoming remote members of or having remote access to the regulated market without having to be established …”

Article 38 Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs S. 235-236

„… discrimination. Article 37(2) MiFID II enables all members or participants of a regulated market to designate the …” „… market does not affect the smooth and orderly functioning of financial markets. Article 38 Provisions …” „… systems. 2. The competent authority of investment firms and market operators operating an MTF may not …”

Article 20 S. 1089-1090

„… integrity of financial markets, the size or the notional value of an insurance-based investment product …” „… competent authorities. 2. After receiving notification under Article 17 of any action that is to be imposed …” „… under that Article, EIOPA shall adopt an opinion on whether the prohibition or restriction is justified …”

Article 55 Investment limits for UCI target investments S. 1393-1394

„… . Article 56 Prohibition of controlling stakes 1. An investment company or a management company acting in …” „… single issue shall not account for more than 30 % of its total assets. 2. The UCITS referred to in …” „… paragraph 1 shall make express mention in the fund rules or in the instruments of incorporation of the …”

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

„… prohibition against discrimination. Article 37(2) MiFID II enables all members or participants of a regulated …” „… regulated market that technical conditions for settlement of transactions concluded on the regulated market …” „… smooth and orderly functioning of financial markets. That assessment of the competent authority of the …”

Article 67 Designation of competent authorities S. 357-358

„… ; (f) require the temporary prohibition of professional activity; Art. 69 MiFID II 1. Security …” „… : van Erp J, ‘Naming without shaming: the publication of sanctions in the Dutch financial market’ (2011 …” „… G (eds), Regulation of the EU Financial Markets – MiFID II and MiFIR (OUP 2017); Moloney N …”

Article 6 S. 580-581

„… exchange listing in other Member States and the interpenetration of securities markets.1 Chapter II More …” „… integration in the European Securities Markets’ (1981) 3 University of Pennsylvania Journal of International …” „… )22, 23 or Austria (§ 41(2) 2 BörseG).24, 25 However, the rules of the CARD will apply to securities …”

Article 31 Marketing of units or shares of EU AIFs in the home Member State of the AIFM S. 1529-1530

„… , including, if necessary, the express prohibition of marketing of the AIF. 5. In order to ensure uniform …” „… voidable. Chapter VI Rights of EU AIFMs to market and manage EU AIFs in the Union Article 31 Marketing of …” „… authorised EU AIFM may market units or shares of any EU AIF that it manages to professional investors in the …”

Article 15 Buy-in procedures (deleted) S. 920-921

„… lead to an uncovered position in a sovereign CDS within the meaning of Art 4 SSR. This ban on uncovered …” „… temporarily suspend the ban.9 The power to temporarily suspend the prohibition lies with the NCA concerned …” „… an initial period of no longer than twelve months and may be renewed for periods not exceeding six …”

Article 43 Coordination by ESMA and EBA S. 554-555

„… of financial markets, including commodity derivative markets in accordance with the objectives listed …” „… to be a drafting error, as the next paragraph (Art 42(4) MiFIR) refers to both types of products and …” „… both authorities. One must thus complement the text of Art 42(3) MiFIR by the rule according to which …”

Article 56 Prohibition of controlling stakes S. 1394-1396

„… UCITS assets in the aggregate. Article 56 Prohibition of controlling stakes 1. An investment company or …” „… the money market instruments of a single issuing body. The limits laid down in points (b), (c) and (d …” „… or of the money market instruments, or the net amount of the securities in issue, cannot be …”

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

„… temporary prohibition of professional activity; (h) require authorised investment companies, management …” „… (e) require the cessation of any practice that is contrary to the provisions adopted in the …” „… implementation of this Directive; (f) request the freezing or the sequestration of assets; (g) request the …”

Article 41 Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs S. 1558-1560

„… prohibition of marketing of the AIF. If the changes are acceptable because they do not affect the compliance …” „… in Art 33. Article 42 Conditions for the marketing in Member States without a passport of AIFs …” „… AIFMs to market to professional investors, in their territory only, units or shares of AIFs they manage …”

Article 22 a Delegation by depositary S. 1357-1359

„… benefit of, creditors of the third party; and (e) complies with the general obligations and prohibitions …” „… and liquid collateral received by the UCITS under a title transfer arrangement. The market value of …” „… the collateral shall always amount to at least the market value of the reused assets plus a premium …”

Article 39 Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM S. 1552-1554

„… measures in accordance with Article 46, including, if necessary, the express prohibition of marketing of …” „… changes concern the termination of the marketing of certain AIFs or additional AIFs being marketed and, in …” „… Article 39 Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU …”

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

„… requiring suspension or prohibition of trading for securities traded in various Member States in order to …” „… of the issuer, offeror or person asking for admission to trading on a regulated market, as well as …” „… markets to suspend trading on a regulated market for a maximum of 10 consecutive working days on any …”

Article 8 Exemptions S. 1137-1140

„… Accordingly, they are subject to overall general disclosure provisions, such as the prohibition of the …” „… securities admitted to trading on a regulated market, the denomination per unit of which is at least EUR …” „… Member State or by one of its regional or local authorities, on a regulated market. (4) By way of …”

Article 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM S. 1536-1539

„… prohibition of marketing of the AIF. If the changes are acceptable because they do not affect the compliance …” „… established. Article 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by …” „… shares of the non-EU AIF are intended to be marketed, which fully complies with the standards laid down …”

Article 6 b Maximum duration of the contractual relationship with a credit rating agency S. 1258-1261

„… significant influence on the business activity of a rating agency are exempted from the prohibition against …” „… , the rotation rule is intended to increase the confidence of market participants in the work of rating …” „… impact on the overall structure of the rating market, in particular on 2. 3 Article 6 a CRA Regulation. 4 …”

Article 21 Powers S. 1020-1023

„… to Article 13(5). They shall also closely cooperate when requiring suspension or prohibition of …” „… that the provisions of this Directive have been infringed; h. prohibit trading on a regulated market if …” „… which may have an effect on the assessment of the securities admitted to trading on regulated markets in …”

Article 19 Specific requirements for MTFs S. 142-145

„… obligations of Arts 24, 25, 27(1), (2), (4) through (10) and 28 MiFID II, regarding the market-client duties …” „… this prohibition is intended to avoid conflicts of interest which endanger the neutral execution of …” „… to the SME growth market.43 Operators of OTFs must submit additional information, such as whether …”

Foreword: The new transparency regime under MiFIR S. 389-392

„… market-impact costs.18 On the other hand, there is an increasing number of traders using algorithms to gain …” „… Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 of the European …” „… Parliament and of the Council of 15 May 2014 on markets in financial instruments (OJ L 173, 12.6.2014, p …”

Article 40 Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM S. 1554-1558

„… due measures in accordance with Article 46, including, if necessary, the express prohibition of …” „… changes concern the termination of the marketing of certain AIFs or additional AIFs being marketed and, in …” „… marketed only to professional investors. I. General features Art 40 frames the conditions for marketing of …”

Article 3 Short and long positions S. 888-892

„… positions. The underlying rationale of Art 4 SSR and the corresponding prohibition in Art 14 SSR is the …” „… respect of assets with a liquid market price (see Art 8(4)). For assets without a liquid market price, or …” „… Article 3 Short and long positions 1. For the purposes of this Regulation, a position resulting …”

Articles 18 to 26 S. 930-934

„… efficiency of financial markets which is disproportionate to its benefits. The adverse events and …” „… and integrity of financial markets or the stability of the financial system in the EU, (b) a rating …” „… market operations.8 Notification and disclosure of net short positions (Art 18) If the conditions …”

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

„… dominant influence over any other credit rating agency. The prohibition referred to in point (a) of the …” „… credit ratings by competent authorities or other financial market actors. The aim of monitoring and …” „… . 2. 32 Fuchs, WpHG-Commentary/Fuchs (2016), § 17 margin no 11. 1 For details on the conflicts of …”

Article 35 Establishment of a branch S. 227-233

„… under EU law, including freedom of establishment, the prohibition of discrimination and the free …” „… 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard …” „… markets established in their territory by means of any of the following arrangements: (a) directly, by …”

Article 21 Depositary S. 1504-1512

„… shares of the non-EU AIF are intended to be marketed, and, in so far as different, of the home Member …” „… intended to be marketed, and, in so far as different, the home Member State of the AIFM, have signed an …” „… ) of Directive 2006/73/EC, or another entity of the same nature, in the relevant market where cash …”

Introduction and overview S. 874-881

„… Prohibition is Inefficient and Disclosure Insufficient’ (2010) 15 Stanford Journal of Law, Business & Finance …” „… Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 86, 24.3.2012 …” „… , The Law of Capital Markets in the EU: Disclosure and Enforcement (Palgrave, London 2018) (cited as …”

doi.org/10.5771/9783845279893

Gordian N. Hasselblatt - Community Trade Mark Regulation

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Gordian N. Hasselblatt (ed.)

Community Trade Mark Regulation

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2015

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Prohibition of use of Community trade marks S. 1038-1045

„… prohibiting the use of Community trade marks Article 110 Prohibition of use of Community trade marks 1. This …” „… laws of the Member States on trade Prohibition of use of Community trade marks Art. 110 CTMR Wolter …” „… apply independently of whether national law allows prohibition of a subsequent trade mark on the basis …”

Prohibition on the use of a Community trade mark registered in the name of an agent or representative S. 406-407

„… the trade for a product or service in respect of which it is registered. Article 11 Prohibition on the …” „… 2006, Volume 41 Issue 473, pp. 55–57. Prohibition of the use of a CTM Art. 11 CTMR Emmanuel …” „… of the use to the phrase ‘registered trade mark’ or appropriate shortened versions of this phrase …”

Table of Cases S. 1554-1598

„… 05.11.99 66 23 Oberlandesgericht Mu¨nchen 29 U 3755/00; MarkenR 2001, 218 Habana 22.03.01 66 22 Table of …” „… Slovenia Supreme Court of Slovenia III Ips 21/2008 prohibition of future infringements 17.05.11 Slovenia 31 …” „… 217; 66 31 C-307/10 Chartered Institute of Patent Attorneys v Registrar of Trade Marks 1 39, 60; 4 21 …”

Use of Community trade marks S. 439-465

„… its prohibitions against ‘bad faith’ registrations (see below mn. 45), but the role of intent is a …” „… cosmetics, the use of the mark by a single client who imported the marketed products was found to indicate …” „… Socie´te´ des produits Nestle´ SA v Mars UK Ltd. [Nestle´] [2005] ECR I-06135, mn. 49. 63 See the case of …”

Rights conferred by a Community trade mark S. 322-405

„… essential function of trade mark that is to guarantee the identity of origin of the marked goods or services …” „… marks that are beneficial for the market economy based on fair competition and protection of consumer …” „… to the proprietors of those trade marks or to operators entitled to market their goods or services …”

Relative grounds for refusal S. 225-322

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 3. Coexistence of trade marks on the market …” „… use of trade marks or of lack of trade mark-wise use are of no issue. 25 CJ Case C-291/00 LTJ …” „… identity of the origin of the marked product56, to a violation of the origin function of a trade mark.57 51 …”

Sanctions S. 1004-1010

„… goods marked illegally (Art. 8 Dir. 2004/48) to the sanctions of Art. 102. III. Issuing a prohibition …” „… Community trade mark unless there are special reasons opposing such prohibition. The territorial scope of …” „… such a prohibition is determined by Artt. 97, 98. 1. Infringement of a Community trade mark 8The …”

Slovenia S. 1450-1460

„… to use a collective mark or exclusive licensees may file a lawsuit claiming23: – prohibition of …” „… . Consequently, when speedy resolution of the infringement on the market is required, the trade mark holders will …” „… d/LIEUMS_Slovenia.3d from 22.06.2015 18:56:26 3B2 9.1.580; Page size: 160.00mm 240.00mm 31While prohibition of the …”

Applicable law S. 1000-1004

„… applicable law in the event of coercive measures to enforce the prohibition, the scope of application of Art …” „… Community trade mark to be revoked, the effects of the Community trade mark specified in the CTMR are deemed …” „… one of the parties (Art. 55 (1) 2). Where a Community trade mark court declares a Community trade mark …”

Provisions relating to the enlargement of the Community S. 1251-1259

„… ): Prohibition of use of the CTM . . . . . . . . . . . . . . . . . . . . . . . . . . 22 IV. OHIM Practice …” „… ): Prohibition of use of the CTM 22 The wide protection foreseen in Art. 165 (4) is tempered in Art. 165 (5) CTMR …” „… 111 CTMR. Following these articles, the prohibition of use of an earlier CTM in the new Member States …”

Simultaneous and successive civil actions on the basis of Community trade marks and national trade marks S. 1034-1038

„… Prohibition of use of Community trade marks 1. This Regulation shall, unless otherwise provided for, not …” „… laws of the Member States on trade Prohibition of use of Community trade marks Art. 110 CTMR Wolter …” „… 1 Civil actions on the basis of more than one trade mark Article 109 Simultaneous and successive …”

Bulgaria S. 1290-1297

„… months. 24The prohibition of activities is imposed by a court notice thereof while the seizure of the …” „… . Other injunctions 25 Besides the prohibition of activities and seizure of goods as well as of other …” „… the infringement is or will be made. 26 The prohibition of activities may be imposed also in respect …”

Luxembourg S. 1406-1413

„… hand. 35a) Measures aimed at ceasing the infringement. – Prohibition to use of the infringing CTM The …” „… prohibition to use of the infringing CTM is the first measure that shall in principle be ordered by the CTM …” „… years of prison and by the prohibition to exercise some civic rights.34 45A reform of the criminal …”

Croatia S. 1297-1305

„… infringement and prohibition of such and similar future infringements. The holder of a trade mark may institute …” „… act concerned and prohibition of the infringement of the trade mark. 26b) Claim for seizure and …” „… or desist from, the acts infringing a trade mark; or order the seizure or removal from the market of …”

Reproduction of Community trade marks in dictionaries S. 405-406

„… the trade for a product or service in respect of which it is registered. Article 11 Prohibition on the …” „… 2006, Volume 41 Issue 473, pp. 55–57. Prohibition of the use of a CTM Art. 11 CTMR Emmanuel …” „… to that mark. 334 The CJ in cases Interflora and Red Bull in the interpretation of due cause seems to …”

Lithuania S. 1395-1406

„… cases: (1) seizure of goods; (2) prohibition to use the mark; (3) seizure of defendant’s real estate or …” „… damages in return to the release of goods or prohibition to use the mark. 54 If the ruling of the court to …” „… as a part of damages (see mn. 69 below). 8 Law on Trade Marks of the Republic of Lithuania. B …”

Prior rights applicable to particular localities S. 1045-1047

„… prohibition will be limited to the territory where the earlier right is protected at the date of application …” „… only applies to a particular locality may oppose the use of the Community trade mark in the territory …” „… Community trade mark in the territory where his right is protected for a period of five successive years …”

Index S. 1598-1627

„… measures to enforce prohibition 102 13 et seq. Coexistence of trade marks on the market – distinctiveness 8 …” „… 10 – knowledge transferred 54 8 – limitation of CTM rights 54 1 et seq. – prohibition of use of CTM …” „… trade mark 7 324 – proof of investments 7 330 – proof of market share 7 329 – refusal of registration …”

Malta S. 1413-1419

„… consists in a general prohibition of trade in products/services deemed to be infringing on a prima facie …” „… prohibition of any further infringment, (c) a declaration to the effect that the infringing acts exposed the …” „… regard as a ‘Community Trade Mark Court’ in terms of regulation 9 (a) of the Community Trademark Rules …”

Provisional and protective measures S. 1010-1021

„… , proceedings leading to a decision on the merits of the case, the prohibition is to be revoked after the end of …” „… of access in the ordering state, thus if the measure applied for 23 View shared by Hopf, MarkenR 2012 …” „… be made to the courts of a Member State, including Community trade mark courts, for such provisional …”

Czech Republic S. 1311-1319

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 I. Prohibition of use of automatically extended pre-accession CTM. . . 32 II. Customs …” „… The Community trade mark court of first instance is the Maritime and Commercial Court. The Danish High …” „… trade mark litigation has grown along with the speed and quality of the court decision making. The …”

Obligation of the national court S. 1031-1033

„… irrefutable presumption of validity of the Community trade mark2 and a prohibition to treat or declare the …” „… protection of a Community trade mark, but the protection of a national right or the enforcement of national …” „… national rights by the use of more recent Community trade marks mentioned in Artt. 110, 111 are provided …”

Supplementary provisions on the jurisdiction of national courts other than Community trade mark courts S. 1029-1031

„… prohibition of the use of a Community trade mark based on the infringement of earlier national rights (Art …” „… appeals) depends on the national law of the Member State in which the Community trade mark court of second …” „… instance is located. Consequently, the issue of when a judgment of a Community trade mark court of second …”

Examination of opposition S. 657-667

„… and marketing capacity of the trade mark owner.32 Use of the mark by a single client can be sufficient …” „… as being abnormal in the industry or marketplace, that make the use of the mark impossible or …” „… , including a State monopoly impeding any kind of use or a State prohibition for reasons of health or national …”

Exclusion and objection S. 1145-1148

„… ) of the Statute of the Court of Justice – which contains the prohibition to base a request for …” „… it suspects a member of a Board or a member of a Decision of Community Trade Mark RegulationCTMR Art …” „… members of the Divisions set up within the Office or of the Boards of Appeal may not take part in any …”

Titelei/Inhaltsverzeichnis S. 1-27

„… ........................................... 378 Article 11 Prohibition on the use of a Community trade mark registered in the name of an agent or …” „… .............................................................................................................. 1011 Article 110 Prohibition of use of Community trade marks …” „… April 1891 MarkenG .................................... Markengesetz (German Act on the Protection of …”

Levy of execution S. 508-511

„… a consequence of the unitary character of the CTM and the general prohibition of partial transfer …” „… Community trade mark may be levied in execution. 2. As regards the procedure for levy of execution in …” „… respect of a Community trade mark, the courts and authorities of the Member States determined in …”

Extent of jurisdiction S. 981-984

„… jurisdiction has to limit the territorial reach of the prohibition declared by it. In such cases, the burden of …” „… without contesting jurisdiction can establish only the jurisdiction of a Community trade mark court. Also …” „… Community. Article 98 Extent of jurisdiction 1. A Community trade mark court whose jurisdiction is based on …”

Sweden S. 1465-1470

„… Act. Sanctions under the Marketing Act include prohibition under penalty of a fine and damages. II …” „… originator of a piece of marketing can therefore be held liable for any marketing contrary to the Marketing …” „… ) Market recall; (v) Destruction, modification or alteration of infringing products; (vi) Order to pay for …”

Cyprus S. 1305-1311

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 I. Prohibition of use of automatically extended pre-accession CTM. . . 32 II. Customs …” „… . 27d) Criminal sanctions. Section 53A of the Trade marks Law, Cap. 268, as amended, provides that the …” „… trade mark litigation has grown along with the speed and quality of the court decision making. The …”

Exhaustion of the rights conferred by a Community trade mark S. 423-438

„… agreement does so without the consent of the proprietor of the trade mark.34 A contractual prohibition to …” „… trade mark proprietor could oppose the further marketing of goods that had first been put on the market …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 A. Introduction 1Exhaustion of trade mark rights occurs if trade marked goods are put on the …”

France S. 1340-1349

„… wide range of measures may be requested by the plaintiff and ordered: – the prohibition of the activity …” „… of the products and attaches them 3 or the owner of exclusive trade mark license rights who is not …” „… infringement proceedings are instituted by the owner of the mark. However, the beneficiary of an exclusive …”

Community trade mark S. 28-62

„… internal market for the benef.it of undertakings, trade marks should be created which are governed by a …” „… and, in particular, on the recognition of the trade mark on the market, the association which can be …” „… prove to be the most effective marketing tools of successful companies. The market success of powerful …”

Community collective marks S. 797-812

„… , e. g., the MarkenG recognises two types of geographical indications, namely simple and qualified …” „… product and there is no link between the quality of the product and its origin. Under the MarkenG …” „… of § 127 (2) MarkenG, because § 127 (2) MarkenG does not provide for protection against deception …”

Dealing with Community trade marks as national trade marks S. 465-482

„… categories of technology transfer agreements. Dealing with CTM as national trade mark Art. 16 CTMR Mary-Rose …” „… 661/11 Martin y Paz Diffusion. 23 Memorandum on the Creation of an EEC trade mark, SEC (76) 2462. 24 But …” „… (eds.), Markenrecht, Art. 16 mn. 33. Community Trade Mark RegulationCTMR Art. 16 450 Mary-Rose McGuire …”

Licensing S. 515-532

„… market entrance as it may relieve him from the necessity of upfront investments in extensive marketing …” „… doctrine of exhaustion (Art. 13) is whether the marked products have been put onto the market with the …” „… Stro¨bele/Hacker (eds.), Markengesetz, § 30 MarkenG, mn. 121; Stumpf, MarkenR 2005, 425, 427; Zorzi, GRURInt 1997 …”

Absolute grounds for refusal S. 96-225

„… protection of shapes by the Community trade mark’, EIPR 2003, 169–179; Mario Franzosi (ed.), European …” „… 2013, 800, 802, mn. 2.2.5; Bender, MarkenR 2013, 129, 133. 26 S. the opinion of GRUR, in GRUR 2013, 800 …” „… inherent weakness or strength of a mark into account as one of the relevant factors for global appreciation …”

doi.org/10.5771/9783845258904

Isabella Brosig - Benchmark-Manipulation

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Isabella Brosig

Benchmark-Manipulation

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 77 2018

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§ 7 Sanktionierung von Manipulationen S. 240-280

„… Marktmanipulation (Marktmissbrauch) v. 25.7.2012, COM (2012) 421 final (im Folgenden: geänderter MAR-Vorschlag), S …” „… Regulation, 2015, S. 280, 286. 1227 Harrington, in: Ehlermann/Atanasiu, Enforcement of Prohibition of …” „… : Ehlermann/Atanasiu, Enforcement of Prohibition of Cartels, 2007, S. 51, 52 ff. 1252 Ähnliche Größe, Kostenstruktur …”

Literaturverzeichnis S. 389-420

„… Differences, 12 Review of Finance 441–474 (2011). Rohleder, Martin/Wilkens, Marco, Die wirtschaftliche …” „… , Martin/Dunkley, Emma/McClean, Paul, UK Financial watchdogs signals end of Libor in wake of rate-rigging scandal …” „… ec.europa.eu/internal_market/financees/docs/de_larosiere_report_en.pdf. Evans, Martin D.D./Lyons, Richard K., Do currency markets absorb news quickly?, 24 Journal of …”

doi.org/10.5771/9783845291178

Eva Kocher, Doris Neuberger, Geraint Howells, Luca Nogler - Sozialer Verbraucherschutz

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Eva Kocher (ed.), Doris Neuberger (ed.), Geraint Howells (ed.), Luca Nogler (ed.)

Sozialer Verbraucherschutz

2023

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Johanna Niemi Usury – A Forgotten Concept? S. 253-258

„… law usury can be prohibited in the form of a prohibition against extortionate contract stipulations …” „… prohibition may require that the creditor knew about the vulnerable situation of the debtor. The civil law …” „… loss of license, prohibition to use an illegal standard contract clause foe example. Table. Three …”

Doris Neuberger The Money 1-3 S. 55-66

„… regulated in the sense of a prohibition on usury and gambling. If managers in the unregulated gambling of …” „… reduced to a market economy, but should include all forms of practical economic activity.The Money 1-3 57 …” „… . Görgens et al. 2014, p. 201) or the efficiency of capital markets (e.g. Burda and Wyplosz 2017, pp. 184 …”

Christian Joerges Where the Law Ends – Why the OMT Controversy is Undecidable S. 327-342

„… of economic policy. It had suggested that the OMT programme was incompatible with the prohibition of …” „… the Bundestag must have a margin of appreciation and discretion, which the citizen needs to accept …” „… , “The Bank, the Bond, and the Bail-out: On the Legal Construction of Market Discipline in the Eurozone …”

doi.org/10.5771/9783748914648

ZEuS Zeitschrift für Europarechtliche Studien

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ZEuS Zeitschrift für Europarechtliche Studien

Browse Volumes: ZEuS Zeitschrift für Europarechtliche Studien

ZEuS Volume 25 (2022) Issue 3 ISSN Online: 2942-3589

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Tabea Bauermeister A Tool to Investigate M&A Transactions with Regard to Foreign Financial Contributions S. 477-486

„… Inspection processI. 481Scope of applicationII. 482Concentration1. 482Thresholds2. 482Prohibition criteriaIII …” „… inspection process (I.), the respective scope of application (II.),and the different prohibition criteria …” „… work-ing days and may end with a decision of no objection, a decision of prohibition or adecision with …”

Thomas Giegerich Struggling for Europe’s Soul: The Council of Europe and the European Convention on Human Rights Counter Russia’s Aggression against Ukraine S. 519-558

„… International Law, mar-gin notes 37 ff.; Beinlich/Peters, An International Rule of Law (Oxford …” „… Europe as from 16 March 2022.”168 On 17 March,the CM condemned the active participation of Belarus in the …” „… law that first and foremost requires compliance with the prohi-bition of the use of force, taking into …”

François-Charles Laprévote, Wanjie Lin Between State Aid, Trade and Antitrust: The Mixed Procedural Heritage of the Foreign Subsidies Regulation and the Overarching Principle of Non- Discrimination S. 443-452

„… with the object of the establishment or functioning of the inter-nal market.The FSR’s international …” „… the recovery of the aid providedor a prohibition of the grant of aid. There could therefore be less …” „… or joint venture, or the contract award)against the value of the subsidy before issuing a prohibition …”

Simone Ritzek-Seidl The Regulation on Foreign Subsidies Distorting the Internal Market – Outline of the Provisional Agreement S. 423-430

„… countryto distort the internal market.On the assessment of a distortion, the negotiators agreed to add …” „… million, or a largenumber of notifications ended without prohibition or commitments. In addition,the power …” „… The Regulation on Foreign Subsidies Distorting theInternal Market – Outline of the Provisional …”

Shaun Fu Tax Challenges of a Digitalizing Europe – A Comparative Analysis of the Multilateral Two-Pillar Solution with the European Commission’s Proposals S. 651-686

„… . MarioDraghi, lauded key aspects of the method, including transfers of sovereign powers“to common institutions …” „… globally harmonised solution requiring the prohibi-tion of existing or future unilateral measures would …” „… Economic Law of Prof. Dr. Marc Bungenberg, LL.M. at Saarland Uni-versity (Germany). Email: shfu00001 …”

doi.org/10.5771/1435-439X-2022-3

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