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Hans-Helmuth Gander, Walter Perron, Ralf Poscher, Gisela Riescher, Thomas Würtenberger - Resilienz in der offenen Gesellschaft

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Hans-Helmuth Gander (ed.), Walter Perron (ed.), Ralf Poscher (ed.), Gisela Riescher (ed.), Thomas Würtenberger (ed.)

Resilienz in der offenen Gesellschaft

Series: Sicherheit und Gesellschaft. Freiburger Studien des Centre for Security and Society

Volume 1 2012

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Jürgen Bengel Security Concepts and Risk Behaviour (statement) S. 229-232

„… 229 Security Concepts and Risk Behaviour Jürgen Bengel Clinical Psychology deals with mental …” „… disasters Resilience and protective factors in health promotion In Clinical Psychology risk behaviour or …” „… risk taking behaviour is mostly referred to health and illness. Risk taking behaviour such as smoking …”

Hans Spada, Kristin Reisse Cognition and Emotion in Risk Perception and Behavior – Security Awareness/Need for Security S. 195-211

„… . Furthermore, we discuss processes that influence risk-related behavior after information has been received …” „… , and anger on risk-related behavior are highlighted, as well as feelings of pride as a result of group …” „… risk-taking, perceived personal control as well as mitigation possibilities are other variables influencing …”

Stefan Kaufmann, Sabine Blum Governing (In)Security: The Rise of Resilience S. 233-259

„… ‘International Handbook on Risk Analysis and Management’ states “is not about building a risk-free society, but …” „… addresses and aims to produce risk-conscious citizens. 1. Genealogy and currency of the concept The …” „… to innovate and an entrepreneurial risk-taking mentality, which he sums up in the recurrent succinct …”

Wolfgang Hochbruck Security and Society in Cultural Studies (statement) S. 101-113

„… cultural construction that implies the possibility of risk-taking not as necessity but from a spirit of …” „… network have shown since 1988 (Pidgeon/Kasperson/Slovic 2003).4 American culture is more risk-oriented …” „… political amalgam that mixes, and oscillates between, elements of risk and safety. If security is a …”

Jens-Peter Schneider Data protection in European Law (statement) S. 191-195

„… risk-related behavior after information has been received. Besides cognitive biases like the omission and …” „… the influence of negative emotions like anxiety, fear, and anger on risk-related behavior are …” „… seqq.; for a critical analysis: Britz, (Fn. 6), 4-6, 11. 195 Cognition and Emotion in Risk …”

Jean-Pierre Galland A critique of the notion of critical infrastructure S. 301-321

„… approach for everything” to tackle both intentional threats and natural or technological risks; “an …” „… another, but the list of risks and threats – or rather how these are ranked (in response to the question …” „… initially – to combat terrorism15, others (Canada, Germany) set out with a multi-risk strategy and each …”

Wolf R. Dombrowski Resilience from a sociological viewpoint S. 281-291

„… science would lapse back into a twin-fold risk measurable as financial loss and, even worse, immeasurable …” „… for many sciences: ecology, economy, bio- __________________ 9 “Risk society” once was such a …” „… (BMFSFJ) seized on the concept and based social work programs on the fashionable combination of risk …”

Patricia H. Longstaff Complexity and Resilience: Concepts for Community Security S. 259-281

„… sometimes encourage trial-and-error type learning by allowing “errors and risk-taking behavior.”32 Other …” „… share a common physical environment, resources, and services, as well as risks and threats. It is also a …” „… essentially the same function, structure, identity, and feedbacks. Risk An unacceptable outcome in a system …”

Christopher Slobogin Regulation of Government Surveillance Under the United States Constitution S. 149-167

„… doctrine, and the assumption of risk doc- __________________ 1 See, e.g., Silverman v. United States, 365 …” „… , is found in a series of cases holding that people assume the risk that any information they disclose …” „… Smith v. Maryland. In Miller the Court held that an individual “takes the risk, in revealing his affairs …”

Titelei/Inhaltsverzeichnis S. 2-8

„… Privacy“ und „Security Concepts and Risk Behavior“. Der feierlichen Eröffnung ging ein Workshop voran …” „… and Risk Behavior Hans Spada & Kristin Reisse Cognition and Emotion in Risk Perception and Behavior …” „… Society in the Face of Existential Threat 211 Jürgen Bengel Security Concepts and Risk Behaviour …”

Klaus Thoma, Tobias Leismann, Daniel Hiller The Concept of Resilience in the Context of Technical Sciences S. 321-341

„… unprecedented scale, today’s societies are much more vulnerable to a complex set of risks and threats that …” „… characterizing the security environment of the 21st century. Not only have the threats and risks we are facing …” „… unpredictability of modern risks is not possible. Instead, the concept of resilience aims at increasing the general …”

Andrew A. Abeyta, Tom Pyszczynski Maintaining a Free and Open Society in the Face of Existential Threat S. 211-229

„… soldiers and civilians from diverse nations at risk. Even though these recent American counterterrorist …” „… Psychology, 97, 334-350. 229 Security Concepts and Risk Behaviour Jürgen Bengel Clinical …” „… Psychology risk behaviour or risk taking behaviour is mostly referred to health and illness. Risk taking …”

Meir Elran Societal Resilience: A Key Response to Severe Terror S. 291-301

„… and emergencies alike. __________________ 10 "We cannot reduce the risk of terrorist attacks to …” „… citizens for disasters hamper the capacity of the community to stand up to the immediate risks. Moreover …”

Walter Perron Grußwort des Direktors des Centre for Security and Society S. 19-23

„… Beiträgen aus der Ökonomie und Soziologie sowie drittens „Security Concepts and Risk Behaviour“ aus der …”

Gerhard J. A. Schneider Some thoughts on harming privacy by protecting critical infrastructures (statement) S. 133-139

„… freedom it may at least reduce the risks considerably. Thus such a solution deserves more discussion in …”

Günter Müller Mit sicheren IT-Infrastrukturen zu einem beherrschbaren Finanzsystem S. 113-125

„… unternehmensbedingten Risken veranschaulicht und zum anderen die möglichen Zeitpunkte zur Überprüfung von …”

Johannes Masing Die Ambivalenz von Freiheit und Sicherheit S. 39-55

„… Sicherheit 2. Information Society, Security and Privacy 3. Security Concepts and Risk Behavior 41 …”

Bernd Becker, Günter Müller, Ilia Polian Digital Tarnkappe: Stealth Technology for the Internet of Things S. 139-149

„… immediately, thus risking panic and alerting the suspect? Should they be informed afterwards? Should the …”

doi.org/10.5771/9783845238098

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 15 Risk management S. 1493-1496

„… consistently effective. 2. AIFMs shall implement adequate risk-management systems in order to identify, measure …” „… measures specifying the risk-management systems referred to in point (a) of the first subparagraph shall …” „… prime broker and reused by the prime broker. Article 15 Risk management 1. AIFMs shall functionally and …”

Article 52 Risk management S. 1653-1654

„… into account sufficient coverage and need to limit contagion. 2. Where the risk-management models used …” „… , only in order to control any risk arising from that arrangement or access. Article 52 Risk management 1 …” „… , procedures and systems to effectively identify, monitor and manage the risks arising from the arrangement so …”

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

„… company shall employ a risk-management process which enables it to monitor and measure at any time the …” „… risk-management process employed by the management or investment company in accordance with the first subparagraph …” „… Risk management, exposure limits, reliance on credit rating agencies 1. A management or investment …”

Article 70 Disclosures on categories and volatility of assets, risk management S. 1412-1413

„… understandable explanation of the fund’s risk profile and information concerning the remuneration policy. The …” „… assets, risk management 1. The prospectus shall indicate in which categories of assets a UCITS is …” „… the use of financial derivative instruments on the risk profile. 2. Where a UCITS invests principally …”

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

„… , providing changes in the way the clearing thresholds are calculated. Article 11 Risk-mitigation techniques …” „… counterparties shall have risk-management procedures that require the timely, accurate and appropriately …” „… 16 August 2012. Non-financial counterparties referred to in Article 10 shall have risk-management …”

Article 5 b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board S. 1249

„… Risk Board 1. The European Supervisory Authority (European Banking Authority) (EBA) established by …” „… Systemic Risk Board (ESRB) established by Regulation (EU) No 1092/2010 of the European Parliament and of …” „… and establishing a European Systemic Risk Board shall not refer to credit ratings in its warnings and …”

Article 8 S. 1054-1063

„… titled ‘What are the risks and what could I get in return?’, a brief description of the risk-reward …” „… ’ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 d) ‘risk-reward profile, summary risk indicator and performance scenarios …” „… 8 9 PRIIP, (iv) a description of the risk-reward profile including a summary risk indicator and …”

Chapter 1 Organisational requirements S. 1628-1637

„… non-voting capacity. Competent authorities may request to attend risk-committee meetings in a non-voting …” „… admission criteria and the election mechanism for risk-committee members. The governance arrangements shall …” „… contain systemic risks that a CCP default would trigger in the EU financial markets. In view of the global …”

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

„… senior management, risk takers, control functions and any employee receiving total remuneration that …” „… falls within the remuneration bracket of senior management and risk takers whose professional activities …” „… have a material impact on the risk profiles of the management companies or of the UCITS that they …”

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

„… liquidity of the AIF; (c) the current risk profile of the AIF and the risk management systems employed by …” „… the AIFM to manage the market risk, liquidity risk, counterparty risk and other risks including …” „… operational risk; (d) information on the main categories of assets in which the AIF invested; and (e) the …”

Article 5 The prospectus S. 974-984

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2. Assessment of the materiality of the risk factors …” „… the purpose of enabling them to understand the nature and risks of the issuer, guarantor and …” „… description of the risks associated with, and essential characteristics of, (i) the issuer and any guarantor …”

Article 13 Remuneration S. 1489-1492

„… encourage risk-taking which is inconsistent with the risk profiles, rules or instruments of incorporation of …” „… control the risk-taking by relevant individuals. II. Commentary Art 13(1) requires AIFM to have sound …” „… categories of staff, including senior management, risk takers, control functions, and any employees receiving …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… ) EMIR, if the risk-management models used by the interoperating CCPs are different – in terms of …” „… explanations in writing regarding its risk considerations to the other competent authorities and the CCPs …” „… involved. It shall also notify ESMA, which shall issue an opinion on the effective validity of the risk …”

Introduction S. 1563-1574

„… repositories with regard to regulatory technical standards for risk-mitigation techniques for OTC derivative …” „… standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty …” „… : (i) risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty;30 …”

Article 17 Algorithmic trading S. 120-134

„… provider shall carry out an annual risk-based reassessment of the adequacy of its clients’ systems and …” „… algorithmic trading shall have in place effective systems and risk controls suitable to the business it …” „… place effective systems and risk controls to ensure the trading systems cannot be used for any purpose …”

Chapter 3 Prudential requirements S. 1643-1653

„… that capture the risk characteristics of the products cleared and take into account the interval …” „… cover the risk stemming from the positions registered in each account kept in accordance with Article 39 …” „… have limited exposures toward the CCP. Article 44 Liquidity risk controls 1. A CCP shall at all times …”

Article 50 a Investment in securitisation positions S. 1385-1386

„… rating agencies 1. A management or investment company shall employ a risk-management process which …” „… has published an opinion9 on how limits on counterparty risk should be calculated by UCITS and its …” „… Regulation (EU) No 648/2012.10 It also adresses whether the same risk measurement rules apply to these …”

Article 10 Non-financial counterparties S. 1600-1603

„… Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP 1. Financial counterparties and …” „… . Financial counterparties shall have risk-management procedures that require the timely, accurate and …” „… risk-management procedures that require the timely, accurate and appropriately segregated exchange of collateral …”

Article 16 Organisational requirements S. 65-120

„… function shall conduct an assessment on the basis of which it shall establish a risk-based monitoring …” „… financial instrument’s risk/reward profile is consistent with the target market; and (b) financial …” „… category of clients for each financial instrument and shall ensure that all relevant risks to such …”

Article 2 Definitions S. 1317-1323

„… Council as regards organisational requirements, conflicts of interest, conduct of business, risk …” „… objectives or the investment policy, or both, of the UCITS pursuant UCITSD; (g) the risks presented by the …” „… securities are adequately captured by the risk management process of the UCITS. For the purposes of Arts 2(1 …”

Article 23 Disclosure to investors S. 1514-1517

„… assets in which the AIF may invest, the techniques it may employ and all associated risks, any applicable …” „… leverage permitted and the associated risks, any restrictions on the use of leverage and any collateral and …” „… description of the AIF’s liquidity risk management, including the redemption rights both in normal and in …”

Article 2 S. 1684-1691

„… only minimise systemic risk, but also offer incentives to financial institutions to participate in …” „… II. Commentary As the main source of systemic risk is the default or insolvency of the participating …” „… enormous importance. Since the purpose of providing collateral security is to reduce risk in case of the …”

Article 47 Organisational requirements S. 264-268

„… reputation poses a risk that the person will interfere with the operation and management of the market. On …” „… manage the risks to which it is exposed, to implement appropriate arrangements and systems to identify …” „… all significant risks to its operation, and to put in place effective measures to mitigate those risks …”

Article 14 a Remuneration policy S. 1338-1339

„… business, risk management and content of the agreement between a depositary and a management company, OJ …” „… , sound and effective risk management and that neither encourage risk taking which is inconsistent with …” „… the risk profiles, rules or instruments of incorporation of the UCITS that they manage nor impair …”

Article 17 Access to quotes S. 463-465

„… considerations such as the client credit status, the counterparty risk and the final settlement of the …” „… transaction. 2. In order to limit the risk of exposure to multiple transactions from the same client …” „… have a commercially viable reason (such as the credit status or counterparty risk) if they want to deny …”

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

„… Risk Board 1. The European Supervisory Authority (European Banking Authority) (EBA) established by …” „… Systemic Risk Board (ESRB) established by Regulation (EU) No 1092/2010 of the European Parliament and of …” „… and establishing a European Systemic Risk Board shall not refer to credit ratings in its warnings and …”

Article 53 Provision of margins among CCPs S. 1654-1655

„… coverage and need to limit contagion. 2. Where the risk-management models used by the CCPs to cover their …” „… (c) identify, monitor and effectively manage credit and liquidity risks so that a default of a …” „… credit and liquidity risks relating to clearing member concentrations, and pooled financial resources …”

Article 3 Exclusions from the scope S. 1323-1324

„… Liquidity risk. In accordance with first paragraph of Art 3 of Commission Directive 2010/43/EU …” „… , list number 8, ‘liquidity risk’ means the risk that a position in the UCITS portfolio cannot be sold …” „… comply at any time with Art 84(1) of UCITSD is thereby compromised. Market risk. In accordance with first …”

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

„… leverage contributes to the build-up of systemic risk in the financial system, risks of disorderly markets …” „… or risks to the long-term growth of the economy. 2. The competent authorities of the home Member …” „… source of counterparty risk to a credit institution or other systemically relevant institutions in other …”

Article 1 S. 1680-1684

„… International Law 423; Thévenoz L, ‘Intermediated Securities, Legal Risk, and the International Harmonization of …” „… (Routledge-Cavendish 2011); Vereecken M, ‘Reducing systemic risk in payment and securities settlement systems’ (1998) 6 …” „… the important systemic risk inherent in payment systems which operate on the basis of several legal …”

Article 30 Indirect clearing arrangements S. 513-517

„… limits set by the CCP in order to mitigate the exposure risk have been exceeded.9 Importantly, Level 2 …” „… permissible provided that those arrangements do not increase counterparty risk and ensure that the assets and …” „… . Stability risks …”

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

„… including his ability to bear losses, and his investment objectives including his risk tolerance so as to …” „… financial instruments that are suitable for him and, in particular, are in accordance with his risk …” „… difficult for the client to understand the risk involved; (iii) money-market instruments, excluding those …”

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

„… default swap does not serve to hedge against: (a) the risk of default of the issuer where the natural or …” „… default swap relates; or (b) the risk of a decline of the value of the sovereign debt where the natural or …” „… swap transaction is considered to be hedging against a default risk or the risk of a decline of the …”

Article 78 Mandatory key investor information document for each UCITS; format and content of key investor information document S. 1418-1421

„… presentation or, where relevant, performance scenarios; (d) costs and associated charges; and (e) risk/reward …” „… investors so that they are reasonably able to understand the nature and the risks of the investment product …” „… profile of the investment, including appropriate guidance and warnings in relation to the risks associated …”

Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives S. 465-471

„… as the client credit status, counterparty risk and the final settlement of the transaction can be the …” „… internaliser is exposed to concentration risk due to the multiple transactions with the same client. To manage …” „… this risk, systematic internalisers are allowed to limit, on a non-discriminatory basis, the number of …”

Article 20 Delegation S. 1502-1504

„… sufficiently experienced; (c) where the delegation concerns portfolio management or risk management, it must be …” „… management or risk management and is conferred on a third-country undertaking, in addition to the …” „… or risk management shall be conferred on: (a) the depositary or a delegate of the depositary; or (b …”

Chapter 2 Conduct of business rules S. 1637-1643

„… accordance with the best interests of such clearing members and clients and sound risk management. 2. A CCP …” „… of admissible clearing members and the admission criteria, upon the advice of the risk committee …” „… that restrict access shall be permitted only to the extent that their objective is to control the risk …”

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

„… market assessment: the financial instrument’s (a) risk/reward profile must be consistent with the target …” „… risk/reward profile of the product with the target market. Since some of these categories are already used to …” „… 157 ships, so close as to pose a risk of impairing the independent basis of the advice provided; (iii …”

Article 3 Intragroup transactions S. 1579-1584

„… risk-mitigation techniques for non-CCP-cleared derivative contracts (Article 11); and (iii) reporting obligations …” „… subject to an appropriate centralised risk evaluation, measurement and control procedures and that …” „… counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures; (b) an …”

Article 35 Non-discriminatory access to a CCP S. 526-529

„… Regulatory Reform: Risks of the Clearing Obligation From a Competition Perspective’, Risk & Regulation summer …” „… procedures; and (b) cross-margining with correlated contracts cleared by the same CCP under a risk model that …” „… with the operational and technical requirements established by the CCP including the risk management …”

Article 10 S. 1065-1067

„… exchange-traded derivatives it is not necessary to continuously update a KID because the risks, rewards and costs …” „… PRIIP manufacturer shall monitor the data points used to prepare the KID, such as the market risk or …” „… credit risk measures, costs and performance scenarios. The PRIIP manufacturer also needs to monitor …”

Article 23 Conflicts of interest S. 151-155

„… , that risks of damage to client interests will be prevented, the investment firm shall clearly disclose …” „… mitigate those risks before undertaking business on its behalf. 1 Article 4(1)(26) of MiFID II. 2 …” „… ) of MiFID II. Risks posed by conflicts of interest are further addressed by the MiFID II provisions …”

Article 4 Clearing obligation S. 1584-1588

„… the Commission in accordance with Article 5(2) (c). 2. Without prejudice to risk-mitigation techniques …” „… Where intra-group risk management applies, the risk reducing obligations imposed by EMIR are …” „… obligation and bilateral risk mitigation regime see comments related to → Art 4(1)(a) and → Art 11(12). In …”

Article 17 Investment in securitisation positions S. 1496-1498

„… enable them to monitor the liquidity risk of the AIF and to ensure that the liquidity profile of the …” „… , under normal and exceptional liquidity conditions, which enable them to assess the liquidity risk of the …” „… AIFs and monitor the liquidity risk of the AIFs accordingly. 2. AIFMs shall ensure that, for each AIF …”

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

„… arrangements within the EU and mitigate the risks associated to third country CCPs, the Commission, in the …” „… ) objective criteria and thresholds and (ii) proportionate to the risks posed by third country CCPs to the EU …” „… , in relation to the degree of systemic risk presented by a third-country CCP. The Commission proposes …”

Article 69 Minimum content of mandatory disclosures S. 1410-1412

„… proposed to them, and, in particular, of the risks attached thereto. The prospectus shall include …” „… , independent of the instruments invested in, a clear and easily understandable explanation of the fund’s risk …” „… clear and easily understandable explanation of the fund’s risk profile and information concerning the …”

Article 31 Portfolio compression S. 517-519

„… together.27 Stability risks The CCP must identify, monitor and manage any material risk that may arise for …” „… . Portfolio compression reduces non-market risks in existing derivatives portfolios without changing the …” „… market risk of the portfolios.1 Art 31 MiFIR contains a number of exceptions from general rules the …”

Article 13 S. 1163-1172

„… risk-decoupling’,46 was also discussed in the run-up to the 2013 TD reform.47 A number of different proposals by …” „… ) 11 Croatian Yearbook of European Law and Policy 133; Ringe, ‘Hedge Funds and Risk-Decoupling – The …” „… negative risk-decoupling was transferred from the European Commission to ESMA. The latter published a ‘Call …”

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

„… MiFIR, it also includes the existence and disparity between the expected return and the risk of loss …” „… performance of shares of issuer I. In addition to the business risk of I, the investor also bears the risk of …” „… detrimental effect could e.g. be the drying up of liquidity, the hampering of risk transfers and allocation …”

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

„… of Article 4(1) shall make their own credit risk assessment and shall not solely or mechanistically …” „… , monitor the adequacy of their credit risk assessment processes, assess the use of contractual references …” „… European Supervisory Authorities and the European Systemic Risk Board 1. The European Supervisory Authority …”

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

„… non-financial counterparty's overall hedging and risk-mitigation strategy.50 A Level 2 act lists the specific …” „… . Risk-reducing transactions do however not count towards the position limit, see → mn 25-28. Explaining “Position …” „… equivalent” contracts.65 Risk-reducing contracts will not be aggregated as they do not count in the context …”

Article 1 Scope and UCITS definition S. 1304-1317

„… , Dick DP and Schneberger GS, ‘An Exploration of the Proposed Changes to Fee Disclosure and Risk/Reward …” „… 50(1) of capital raised from the public and which operate on the principle of risk-spreading; and (b …” „… is no likelihood of default, the risk-spreading prerequisite does not apply. Art 1(2)(b) of UCITSD …”

Article 14 Conflicts of interest S. 1492-1493

„… instruments, retention, deferrel and ex-post risk adjustments and (b) the requirement to establish a …” „… management and members of staff who have a material impact on the risk profile of the AIFM Article 14 …” „… interest are not sufficient to ensure, with reasonable confidence, that risks of damage to investors …”

Article 9 Initial capital and own funds S. 1485-1486

„… cover potential professional liability risks resulting from activities AIFMs may carry out pursuant to …” „… funds which are appropriate to cover potential liability risks arising from professional negligence; or …” „… which is appropriate to the risks covered. 8. Own funds, including any additional own funds as referred …”

I. General features S. 1628

„… contain systemic risks that a CCP default would trigger in the EU financial markets. In view of the global …” „… consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to …” „… maintain a clear separation between the reporting lines for risk management and those for the other …”

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

„… when compared to EU/EEA firms is designed to prevent regulatory arbitrage. Formally, the risk of …” „… the door for all kinds of sales practices that would put investors at risk. For instance, two …” „… difficult for the client to understand the risk involved a debt instrument admitted to trading on a …”

Overview of Articles 12-15 S. 908-910

„… order to reduce the risk of settlement failure and volatility1 Chapter III of the SSR contains general …” „… the restrictions as a significant risk to market liquidity while providing uncertain benefits. While …” „… strike a balance between the interest in retaining well-established hedging and risk management tools and …”

Article 21 Review and evaluation S. 1617-1621

„… risks to which CCPs are, or might be, exposed. 2. The review and evaluation referred to in paragraph 1 …” „… fiscal implications, and the need to ensure effective supervision of CCPs.1 In fact, when a CCP risks …” „… fiscal risks associated with the CCPs suggested to maintain the competence over the national competent …”

Introduction and overview S. 874-881

„… address the ‘potential risks’ of short selling. The Commission’s Proposal for the SSR identifies three …” „… . Market Behaviour 878 Klaus Ulrich Schmolke 7 8 9 risks: (1) Short selling could ‘in extreme market …” „… systemic risks’. (2) Furthermore, short selling may be used ‘as part of an abusive strategy’, i.e. in …”

Article 5 Clearing obligation procedure S. 1588-1593

„… clearing of those classes of derivatives. 4. With the overarching aim of reducing systemic risk, the draft …” „… anticipated impact on the levels of counterparty credit risk between counterparties as well as the impact on …” „… relevant CCPs to handle the expected volume and to manage the risk arising from the clearing of the …”

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

„… must undertake a risk-based assessment to determine that each member is in compliance with the …” „… for imposing sanctions, the initial due diligence, the annual risk-based assessment of members, the …” „… members that failed the annual risk-based assessment and any sanctions imposed must be recorded for at …”

Article 2 Definitions S. 958-965

„… , and which operate on the principle of risk-spreading; ii. the units of which are, at the holder’s …” „… provided to investors with a view to enabling them to understand the nature and the risks of the issuer …” „… short description of the risks associated with and essential characteristics of the issuer and any …”

Article 19 Specific requirements for MTFs S. 142-145

„… operators operating an MTF to have arrangements: (a) to be adequately equipped to manage the risks to which …” „… Kumpan and Ronny Grütze 23 24 25 risks to its operation, and to put in place effective measures to …” „… mitigate those risks; (b) to have effective arrangements to facilitate the efficient and timely …”

Article 1 Subject matter and scope S. 1574-1576

„… risk-management requirements for over-the counter (‘OTC’) derivative contracts, reporting requirements for …” „… important jurisdictions as regards volumes of contracts traded, and the risk-management standards applicable …” „… requirements for OTC transactions that are not centrally cleared that mitigate systemic risks. 60 EMIR Review …”

Article 5 S. 1695-1697

„… . II. Commentary The need for irrevocability Eliminating systemic risk cannot be achieved by merely …” „… institutions, finality is not guaranteed and financial risk still exists. The reason is that institutions in a …” „… participants may face serious shortfalls which may trigger a risk of default throughout the system.1 …”

Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing S. 511-513

„… to ensure proper management of operational or other risks. ESMA shall have ongoing authority to …” „… reduce risks for the counterparties during the trading and the post-trading phase.3 In contrast to Art …” „… counterparty risk. 4 See Art 29(2) 2 MiFIR. 5 Art 3 and 4 Commission Delegated Regulation (EU) 2017/582. Art …”

Article 47 Equivalence decision S. 566-571

„… ); Griffith, ‘Substituted Compliance and Systemic Risk: How to Make a Global Market in Derivatives Regu- Title …” „… risks for the stability of the financial system.7 Recently the principle has become more widespread …” „… suspect means of addressing systemic risk” and “that a better approach to derivatives regulation would be …”

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

„… risk that the person will interfere with the operation and management of the market. On the other hand …” „… the regulated market by the competent authority; (b) to be adequately equipped to manage the risks to …” „… which it is exposed, to implement appropriate arrangements and systems to identify all significant risks …”

Article 36 Non-discriminatory access to a trading venue S. 529-531

„… fragmentation, or would not adversely affect systemic risk. Title VI Non-discriminatory clearing access Art …” „… and the risks to which the incumbent CCP is exposed to arising from inter-CCP positions are …” „… volume of transactions, the number of users, arrangements for managing operational risk and complexity or …”

Article 88 Prohibition to guarantee loans S. 1429-1430

„… investors against the risk stemming from the acquirors’ solvency; if units were issued prior to receipt of …” „… the equivalent, the fund bears the acquirors’ insolvency risk. The process foresees that the …” „… due to the risks implied and from utilising a guarantee to circumvent the borrowing limits. On that …”

Article 9 Management body S. 43-50

„… , products and operations offered or provided, in accordance with the risk tolerance of the firm and the …” „… into account the firm’s business and risk profile.” In particular, the management body as part of its …” „… areas: – the identification and definition of the strategic objectives; – the risk strategy and internal …”

Article 14 Conduct of business rules S. 1337-1338

„… Council as regards organisational requirements, conflicts of interest, conduct of business, risk …” „… policies and practices that are consistent with, and promote, sound and effective risk management and that …” „… neither encourage risk taking which is inconsistent with the risk profiles, rules or instruments of …”

Article 4 S. 1039-1046

„… limited to, altering its risk and reward profile or the costs associated with an investment in a PRIIP; (5 …” „… payment nor any risk of future commitments, are not considered an ‘investment’ and therefore not in scope …” „… . Delivery of currency exposes the investor to an unlimited FX risk, however, the risk does not result in a …”

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

„… certain conditions. In particular, they must comply with the operational, technical and risk management …” „… threaten the ‘smooth and orderly functioning of the markets’ or ‘adversely affect systemic risk’.13 As one …” „… Level 2 are operational and legal risks as well as complexity.15 In particular, access may be denied …”

Article 15 Initial capital endowment S. 64-65

„… compensation scheme subject to Art 2 Directive 97/9/EC. Those schemes tend to cover the operational risks of …” „… somewhere in between financial instruments and deposits, Art 14 second para MiFID allows for risks relating …” „… financial instrument and shall ensure that all relevant risks to such identified target market are assessed …”

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

„… ) CRA Regulation, to warnings and recommendations issued by the European Systemic Risk Board (ESRB …” „… being rated, has led to an increase in the risk of conflicts of interest.6 The “issuer pays”-model …” „… risk that conflicts of interest will arise. Rating shopping occurs when an issuer obtains an opinion …”

Articles 83 to 91 S. 1679-1680

„… , ‘Intermediated Securities, Legal Risk, and the International Harmonization of Commercial Law’ (2008) 13 Stanford …” „… , ‘Reducing systemic risk in payment and securities settlement systems’ (1998) 6 Journal of Financial …” „… systemic risk inherent in payment systems which operate on the basis of several legal types of payment …”

Article 3 Optional exemptions S. 18-22

„… derivatives thereof for the sole purpose of hedging the commercial risks of their clients, where those clients …” „… derivatives thereof for the sole purpose of hedging the commercial risks of their clients, where those clients …” „… into account the size, risk profile and legal nature of the persons exempt in accordance with paragraph …”

Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives S. 428-432

„… objectively measurable as reducing risks directly relating to the commercial activity or treasury financing …” „… counterparties, which are considered to reduce risks relating to commercial activity, or treasury financing …” „… commercial risks6). Trading venues and investment firms must ensure that published information enables the …”

Article 25 Professional secrecy and cooperation between Member States S. 1208-1210

„… from transmitting information to, other competent authorities, ESMA and the European Systemic Risk …” „… establishing a European Systemic Risk Board.1 Information thus exchanged shall be covered by the obligation of …” „… . Also, it does not prevent an NCA to share such information with ESMA or the European Systemic Risk …”

Article 13 a Aggregation S. 1172-1174

„… At the same time, the regulatory responsibility for negative risk-decoupling was transferred from …” „… , inserted in 2010. On the background, see Ringe, ‘Hedge Funds and Risk-Decoupling – The Empty Voting Problem …” „… negative risk decoupling. Voting rights without economic risk thus are not separately disclosed under EU …”

Article 2 S. 1036-1038

„… third-country retail clients because of the different treatment of clients. Such risk could be addressed by …” „… investment risk, Article 2(2) contains an enclosed list of products excluded from the scope of the PRIIP …” „… risks, accidents, fires and natural forces. Article 2(2)(b) excludes term life insurance contracts, i.e …”

Titelei/Inhaltsverzeichnis

„… Systemic Risk Board …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 50 a 1385 Risk management, exposure limits, reliance on credit rating agencies …”

Article 51 Interoperability arrangements S. 1653

„… , only in order to control any risk arising from that arrangement or access. Article 52 Risk management 1 …” „… , procedures and systems to effectively identify, monitor and manage the risks arising from the arrangement so …”

Chapter 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013 S. 1653

„… , only in order to control any risk arising from that arrangement or access. Article 52 Risk management 1 …” „… , procedures and systems to effectively identify, monitor and manage the risks arising from the arrangement so …”

Article 16 Liquidity management S. 1496

„… enable them to monitor the liquidity risk of the AIF and to ensure that the liquidity profile of the …” „… , under normal and exceptional liquidity conditions, which enable them to assess the liquidity risk of the …” „… AIFs and monitor the liquidity risk of the AIFs accordingly. 2. AIFMs shall ensure that, for each AIF …”

Article 7 Access to a CCP S. 1594

„… risk-management requirements; 2. A CCP shall accede to or refuse a formal request for access by a trading venue …” „… contracts cleared by the same CCP under a risk model that complies with Article 41. A CCP may require that a …” „… smooth and orderly functioning of the markets or would adversely affect systemic risk. 5. ESMA shall …”

Index S. 1785-1803

„… objectives at risk MAR 17 76 – financial stability MAR 17 92 – guarantee of confidentiality MAR 17 94 …” „… – exemptions AIFMD 3 1 et seq. – family office AIFMD 5 5 – marketing of units AIFMD 31 3 – risk management …” „… 22 – risk management EMIR 54 10 – segregation and portability EMIR 36-39 10 – small financial …”

Article 19 Valuation S. 1499-1502

„… sufficiently experienced; (c) where the delegation concerns portfolio management or risk management, it must be …” „… management or risk management and is conferred on a third-country undertaking, in addition to the …” „… or risk management shall be conferred on: (a) the depositary or a delegate of the depositary; or (b …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… as equivalent to those laid down in Union law. 7. To cover potential professional liability risks …” „… liability risks arising from professional negligence; or (b) hold a professional indemnity insurance against …” „… liability arising from professional negligence which is appropriate to the risks covered. 8. Own funds …”

Article 45 Position management powers of ESMA S. 555-558

„… delegated act referred to in paragraph 10(a) of this Article; (b) does not create a risk of regulatory …” „… benefits of the measure: reducing liquidity in those markets, restraining the conditions for reducing risks …” „… referred to in paragraph 1(b) of this Article; (c) the situations where a risk of regulatory arbitrage as …”

Article 2 Exemptions S. 10-18

„… Article 3 of Regulation (EU) No 648/2012 that serve group-wide liquidity or risk management purposes; (b …” „… ) transactions in derivatives which are objectively measurable as reducing risks directly relating to the …” „… source of a counterparty risk to other market participants, entities which deal on own account in …”

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

„… the risk of insider trading by limiting the number of persons who are in possession of inside …” „… disclosure, the fact that each additional disclosure increased the risk of the information ‘being exploited …” „… operational goal cannot be achieved without disclosing inside information, and the increased risk of insider …”

Article 7 Authorisation of deferred publication S. 425-428

„… position risks1 by postponing the publication of transaction data.2 The risks Art 7 is intended to reduce …” „… 30(3) and 45(3) MiFID I. 1. 2. 1 Position risk is the probability of loss associated with a particular …” „… objectively measurable as reducing risks directly relating to the commercial activity or treasury financing …”

Article 7 S. 1051-1054

„… possible to lose capital, the costs and risk profile of the product, as well as relevant …” „… consider that risks may be different in different locations (see below, → Art 8 mn 16). However, the …” „… not be exceeded. Particularities arise when the PRIIP has different risks when it is distributed in …”

Article 1 S. 1033-1036

„… investors to understand and compare the key features and risks of the PRIIP. I. General features Purpose …” „… compare the key features and the risks of the PRIIP.2 1. 1 Regulation (EU) No. 1286/2014 of the European …” „… risk to investors resulting from diverging rules on disclosures and distribution for different types of …”

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

„… market operator’s activities, including the main risks. (c) Each member of the management body shall act …” „… company.2 Its members as a whole need to understand the company’s activities and the associated risks …” „… body as well as the associated risks. Moreover, the management board as a whole must have expertise …”

Article 14 Authorisation of a CCP S. 1612-1613

„… this Regulation. Overview As the clearing, reporting and risk mitigation obligations also apply when …” „… proportionate to the risk stemming from the activities of the CCP. It shall at all times be sufficient to ensure …” „… adequate protection of the CCP against credit, counterparty, market, operational, legal and business risks …”

Article 6 Public register S. 1593-1594

„… established by the CCP, including the risk-management requirements; 2. A CCP shall accede to or refuse a …” „… ) cross-margining with correlated contracts cleared by the same CCP under a risk model that complies with Article 41 …” „… adversely affect systemic risk. 5. ESMA shall settle any dispute arising from a disagreement between …”

Article 16 S. 1086-1087

„… markets or on investors that is disproportionate to the benefits of the action; or (b) create a risk of …” „… sufficiently address the risks referred to in point (a) and the issue would not be better addressed by improved …” „… nature of the risks identified, the level of sophistication of investors or market participants concerned …”

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

„… , UCITS depositaries bear enormous liability risks. In turn, we expect UCITS depositary to carefully …” „… control mechanisms, effective procedures for risk assessment and effective control and safeguard …” „… , including the main risks; (i) each member of its management body and senior management shall act with …”

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

„… , operational and other risks. 2. A clearing firm shall monitor its clearing clients’ positions against the …” „… post-trade procedures for managing the risk of breaches of the position limits, by way of appropriate …” „… effective contingency arrangements to cope with risks of systems disruption. 7. Art. 18 MiFID II 1 …”

Article 77 Marketing communications S. 1417-1418

„… ) risk/reward profile of the investment, including appropriate guidance and warnings in relation to the risks …” „… risks of the investment product that is being offered to them and, consequently, to take investment …”

Article 79 Consistency of key investor and regulated information; liability for key investor information disclosures S. 1421-1422

„… investment policy,6 risk and reward profile,7 charges,8 past performance,9 practical information10 and …” „… methodology for the calculation of the synthetic risk and reward indicator as well as the calculation of the …” „… calculation of the synthetic risk and reward indicator in the Key Investor Information Document; CESR/10-674 …”

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

„… committed or attempted, or that the proposed acquisition could increase the risk thereof. Pursuant …” „… schemes tend to cover the operational risks of investment firms up to at least 20.000 EUR (see Art 4 …” „… , Art 14 second para MiFID allows for risks relating to structured deposits to be deemed as being …”

Article 9 Reporting obligation S. 1596-1600

„… ), European Systemic Risk Board, Occasional Paper n. 11, 9, underlie that UTIs serve two purposes: “First, two …” „… Systemic Risk Board, Occasional Paper n. 11, quantifies in 85 the variables requested. 9 See ESMA, ‘ESMA’s …” „… non-financial counterparty belongs, which are not objectively measurable as reducing risks directly relating to …”

Article 9 S. 1702-1706

„… Collateral plays a crucial role for the risk management in payment and securities settlement systems. It …” „… increase systemic risk. Therefore, effectively reducing systemic risk requires not only the enforceability …” „… Law 423. 5 Thévenoz, ‘Intermediated Securities, Legal Risk, and the International Harmonization of …”

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

„… investors with a view to enabling them to understand the nature and risks of the issuer, guarantor, and …” „… include a short description of (i) the risks associated with and essential characteristics of the issuer …” „… guarantors; (ii) the risks associated with and essential characteristics of the securities, including any …”

Article 2 Definitions S. 396-403

„… to securitise and transfer credit risk associated with a pool of financial assets entitling the …” „… as defined in Article 4(1)(61) of Directive 2014/65/EU; (47) ‘portfolio compression’ means a risk …” „… more counterparties; (ii) each component of the transaction bears meaningful economic or financial risk …”

Article 8 Access to a trading venue S. 1594-1596

„… risk-management requirements; 2. A CCP shall accede to or refuse a formal request for access by a trading venue …” „… contracts cleared by the same CCP under a risk model that complies with Article 41. A CCP may require that a …” „… smooth and orderly functioning of the markets or would adversely affect systemic risk. 5. ESMA shall …”

Article 77 Recognition of trade repositories S. 1673-1675

„… obligation, the suspension of the clearing obligation, the reporting requirements, the risk mitigation …” „… that their objective is to control the risk to the data maintained by a trade repository. 8. A trade …” „… risk and minimise them through the development of appropriate systems, controls and procedures. Such …”

Article 17 Procedure for granting and refusing authorisation S. 1613-1615

„… proportionate to the risk stemming from the activities of the CCP. It shall at all times be sufficient to ensure …” „… adequate protection of the CCP against credit, counterparty, market, operational, legal and business risks …” „… ) the coordination of supervisory examination programmes based on a risk assessment of the CCP; and (e …”

Article 2 Scope S. 1234-1236

„… ratings provided by export insurance agencies which issue consensus risk scores subject to the …” „… , used in a credit rating to provide a relative measure of risk to distinguish the different risk …”

Article 17 S. 1087-1089

„… sufficiently address the risks referred to in point (a) and the issue would not be better addressed by improved …” „… nature of the risks identified, the level of sophistication of investors or market participants concerned …” „… measure by other competent authorities is necessary to address the risk, it shall state this in its …”

Article 22 a Delegation by depositary S. 1357-1359

„… country, of the circumstances justifying the delegation and of the risks involved in such a delegation; (b …” „… risks. In turn, we expect UCITS depositary to carefully select their sub-depositaries, ensuring an …” „… for risk assessment and effective control and safeguard arrangements for information processing …”

Overview of Articles 5-11 S. 894-895

„… position has to be beta-adjusted to hedge the associated risk: 1.5 x € 10 m = € 15 m. Adding up both …” „… value of the risks hedged have to be calculated. For further details on the proportionality requirement …” „… monitor short selling in order to prevent ensuing systemic risks, abusive market behaviour or the creation …”

Article 40 ESMA temporary intervention powers S. 542-544

„… the risk of overregulation because the authority with the strictest standards will prevail. For this …” „… investors that is disproportionate to the benefits of the action; (b) does not create a risk of regulatory …” „… risk of regulatory arbitrage. Where a competent authority or competent authorities have taken a measure …”

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

„… sound security mechanisms in place designed to minimise the risk of data corruption and unauthorised …” „… Regulatory Reform: Risks of the Clearing Obligation From a Competition Perspective’, Risk & Regulation summer …”

Article 15 Execution of client orders S. 458-463

„… provide firm quotes would be contrary to prudent risk management.8 That is the case, in particular, when …” „… position-risk that systematic internalisers may incur, they are obligated to execute orders received for …” „… considerations such as the client credit status, the counterparty risk and the final settlement of the …”

Article 3 Short and long positions S. 888-892

„… to hedge against: (a) the risk of default of the issuer where the natural or legal person has a long …” „… ) the risk of a decline of the value of the sovereign debt where the natural or legal person holds …” „… transaction is considered to be hedging against a default risk or the risk of a decline of the value of the …”

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

„… , structured deposit or activity or practice do not sufficiently address the risks referred to in point (a) and …” „… requirements; (c) the action is proportionate taking into account the nature of the risks identified, the level …” „… , structured deposit, financial activity or practice would leave the national economy vulnerable to risks.7 In …”

Article 43 Marketing of AIFs by AIFMs to retail investors S. 1561-1563

„… from the new EU-wide OTC derivatives datasets’ (2016), European Systemic Risk Board, Occasional Paper n …” „… of collateral’ (2014) Systemic Risk Centre, Discussion Paper No 12, London School of Economics; Awrey …” „… Central Clearing Counterparty Reduce Counterparty Risk?’ (2011) 1 Re of Asset Pricing Studies 74 …”

Article 22 Annual report S. 1512-1514

„… have a material impact on the risk profile of the AIF. 3. The accounting information given in the …” „… associated risks, any applicable investment restrictions, the circumstances in which the AIF may use leverage …” „… , the types and sources of leverage permitted and the associated risks, any restrictions on the use of …”

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

„… Systemic Risk Board (hereinafter the ‘ESRB’), subject to constraints relating to firm-specific information …” „… macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (1) respectively …” „… exchanging confidential information or transmitting such information to ESMA or the European Systemic Risk …”

Article 4 Annual financial reports S. 1118-1124

„… taken as a whole, together with a description of the principal risks and uncertainties that they face …” „… the [issuer’s] business and of its position, together with a description of the principal risks and …” „… risks and uncertainties that they face. Investors should be in a position to know exactly who is …”

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF S. 212-217

„… trading venue against the risks of algorithmic trading. System disruptions may occur when there is (7) any …” „… may create systemic risk undermining the financial stability; (b) the continuation of trading is …” „… critical to post-trade risk management because there is a need for the liquidation of financial instruments …”

Article 1 Scope S. 881-883

„… ESMA70-145-386, 45 para 209. 47 ESMA70-145-386, 47 para 231, 233; as to the risk of circumvention …” „… provide for a ‘proportionate response’ to the risks that short selling could represent ‘in exceptional …” „… ‘where there are clearly identified risks that need to be addressed’, the NCAs and ESMA are entitled to …”

Article 13 S. 1073-1081

„… retail investor acquires any position which exposes the retail investor to new risks. The meaning of …” „… risks similar to those arising from the PRIIP’; (ii) ‘the complexity of the PRIIP’; (iv) ‘where the …” „… relevant PRIIP, or with PRIIPs of a similar nature or with risks similar to those arising from the relevant …”

Article 5 Notification to competent authorities of significant net short positions in shares S. 895-897

„… requirement intends to enable the NCAs to monitor short selling in order to prevent ensuing systemic risks …” „… monitor short selling activities that could create systemic risks, be abusive or create disorderly markets …” „… , these rules create the risk of double counting and double reporting.8 Regarding the scope of application …”

Article 9 Waivers for non-equity instruments S. 432-441

„… financial instrument, which would expose liquidity providers to undue risk and takes into account whether …” „… determining the size specific to the financial instrument that would expose liquidity providers to undue risk …” „… sizes, liquidity providers would be able to hedge their risks; (ii) where a market in the financial …”

Article 8 Methodologies, models and key rating assumptions S. 1263-1269

„… valuation objects with the same risk factors that are sensitive for the rating methods; and (4) include …” „… measures the ordinal ranking of default risk. See Kiff, Kisser and Schumacher, ‘Rating Through-the-Cycle …” „… . 19; for more information see for example Lando, Credit Risk Modeling, 2004, p. 104. 12 Kürüm …”

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

„… of their size and potentially shorter track record, SMEs might carry a specific investment risk …” „… a significant risk for cross-border offers, and results in higher reputational risk and potential …”

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

„… or mitigate significant consumer risks, for example, the ability to temporarily limit or suspend the …” „… little benefit for investors, but carried a high downward risk, such as the insolvency of the issuer.8 In …” „… interfere with the principle of freedom of contract under private law.13 It was remarked that risks are …”

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

„… the reputation of two responsible managers is at risk. Deviations from the principle are allowed only …” „… instance, a depositary bank). Interestingly, while deviation from Art 9(6) MiFID leads to greater risks …” „… increase the risk thereof. Note that tax fraud is deemed to be a pre-offence in relation to money …”

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

„… investors against the risk stemming from the acquirors’ solvency; if units were issued prior to receipt of …” „… the equivalent, the fund bears the acquirors’ insolvency risk. The process foresees that the …”

Article 86 Distribution and reinvestments of income S. 1429

„… investors against the risk stemming from the acquirors’ solvency; if units were issued prior to receipt of …” „… the equivalent, the fund bears the acquirors’ insolvency risk. The process foresees that the …”

Article 16 Obligations of competent authorities S. 463

„… considerations such as the client credit status, the counterparty risk and the final settlement of the …” „… transaction. 2. In order to limit the risk of exposure to multiple transactions from the same client …”

Article 78 General requirements S. 1675

„… that their objective is to control the risk to the data maintained by a trade repository. 8. A trade …” „… risk and minimise them through the development of appropriate systems, controls and procedures. Such …”

Article 50 Eligible assets S. 1381-1385

„… opinion9 on how limits on counterparty risk should be calculated by UCITS and its management companies …” „… 648/2012.10 It also adresses whether the same risk measurement rules apply to these instruments as do those …” „… . Overview Art 50 a of UCITSD shall ensure sound risk management procedures and alignment of interests when …”

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

„… individual exemptions bears the risk of divergent standards. To this end, Article 23(4)-(5) provide for ample …” „… information to, other competent authorities, ESMA and the European Systemic Risk Board (ESRB) established by …” „… Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board …”

Article 16 Capital requirements S. 1613

„… proportionate to the risk stemming from the activities of the CCP. It shall at all times be sufficient to ensure …” „… adequate protection of the CCP against credit, counterparty, market, operational, legal and business risks …”

Article 15 Extension of activities and services S. 1613

„… proportionate to the risk stemming from the activities of the CCP. It shall at all times be sufficient to ensure …” „… adequate protection of the CCP against credit, counterparty, market, operational, legal and business risks …”

Article 34 Register of derivatives subject to the trading obligation S. 526

„… Regulatory Reform: Risks of the Clearing Obligation From a Competition Perspective’, Risk & Regulation summer …”

Article 22 General obligation in respect of on-going supervision S. 151

„… , that risks of damage to client interests will be prevented, the investment firm shall clearly disclose …” „… mitigate those risks before undertaking business on its behalf. 1 Article 4(1)(26) of MiFID II. 2 …”

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

„… . Commentary Under Art 88 of UCITSD, the UCITS is prohibited from guaranteeing loans due to the risks implied …” „… . I. Purpose In addition to Art 88 of UCITSD, the goal is to avoid the risks implied by naked short …”

Article 33 Addressees S. 1032-1033

„… investors to understand and compare the key features and risks of the PRIIP. I. General features Purpose …” „… compare the key features and the risks of the PRIIP.2 1. 1 Regulation (EU) No. 1286/2014 of the European …”

Article 1 Subject matter S. 1231-1234

„… Weber G-W, ‘A classification problem of credit risk rating investigated and solved by optimisation of …” „… ; Eijffinger SCW, ‘Rating Agencies: Role and Influence of Their Sovereign Credit Risk Assessment in the …” „… “Kumpan, Festschrift Hopt”); Lando D, Credit Risk Modeling: Theory and Applications (Princeton Series in …”

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

„… order to identify cases where a particular class of contracts may pose systemic risk and to prevent …” „… derivatives pose considerable credit, liquidity, operational and systemic risk, and that the OTC market is …” „… out those that may pose systemic risk or be used for purposes of regulatory arbitrage, i.e. to avoid …”

Article 18 Entry into force S. 1784-1785

„… objectives at risk MAR 17 76 – financial stability MAR 17 92 – guarantee of confidentiality MAR 17 94 …” „… – exemptions AIFMD 3 1 et seq. – family office AIFMD 5 5 – marketing of units AIFMD 31 3 – risk management …”

Article 68 Mandatory disclosure instruments S. 1409-1410

„… proposed to them, and, in particular, of the risks attached thereto. The prospectus shall include …” „… , independent of the instruments invested in, a clear and easily understandable explanation of the fund’s risk …”

Article 85 Valuation rules S. 1428-1429

„… investors against the risk stemming from the acquirors’ solvency; if units were issued prior to receipt of …” „… the equivalent, the fund bears the acquirors’ insolvency risk. The process foresees that the …”

Article 3 S. 1691-1695

„… systemic risk, Art 3 has been framed so that the enforceability of netting is its primary focus. Thus, the …” „… Directive aims to eliminate systemic risk, and since this risk first of all stems from unmet obligations of …”

Article 79 Operational reliability S. 1675-1676

„… that their objective is to control the risk to the data maintained by a trade repository. 8. A trade …” „… risk and minimise them through the development of appropriate systems, controls and procedures. Such …”

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

„… enhancing the transparency of derivative markets and reducing risks to financial stability. Articles 55-59 …” „… , board members and staff employed in risk and control functions; the policies and procedures to …”

Article 1 S. 576-577

„… risk spreading, and (ii) the units of which are, at the holders' request, repurchased or redeemed …” „… principle of risk spreading, and (ii) the shares of which are, at the holders' request, repurchased or …”

Article 20 Withdrawal of authorisation S. 1616-1617

„… competent authority shall conduct a risk assessment of the CCP and submit a report to the college. Within 30 …” „… with this Regulation and evaluate the risks to which CCPs are, or might be, exposed. 2. The review and …”

Article 18 College S. 1615-1616

„… based on a risk assessment of the CCP; and (e) the determination of procedures and contingency plans to …” „… authority shall conduct a risk assessment of the CCP and submit a report to the college. Within 30 calendar …”

Article 62 Communication between feeder’s and master’s auditors S. 1403-1404

„… UCITS; (b) the investment objective and policy, including the risk profile and whether the performance …” „… master UCITS, its organisation, its investment objective and policy, including the risk profile, and an …”

Article 54 Investment limits for state-backed target investments S. 1392-1393

„… risk-spreading up to 100 % of their assets in different transferable securities and money market instruments …” „… principle of risk-spreading. In this case, the UCITS must hold securities from at least six different issues …”

Article 12 General principles S. 1488-1489

„… categories of staff, including senior management, risk takers, control functions, and any employees receiving …” „… total remuneration that takes them into the same remuneration bracket as senior management and risk …”

Article 18 Notification for cross-border services S. 1346-1347

„… arrangements, risk-management procedures, prudential rules and supervision, procedures referred to in Article …” „… shall include a description of the risk management process put in place by the management company. It …”

Article 6 Recognition of title transfer financial collateral arrangements S. 1731-1732

„… risk is close-out netting.1 Close-out netting, also known as netting by close-out or default netting …” „… State insolvency laws, thereby encouraging the use of close-out netting as a risk management 1. 6 …”

Article 63 Additional disclosures to investors and feeder’s competent authority S. 1404-1405

„… ) the investment objective and policy, including the risk profile and whether the performance of the …” „… master UCITS, its organisation, its investment objective and policy, including the risk profile, and an …”

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

„… observe the principle of risk-spreading at this stage, the hard investment limits do not apply;1 b) the …” „… assets. While ensuring observance of the principle of risk spreading, Member States may allow recently …”

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

„… risks. As such, Art 9(7) allows AIFM to cover potential liability risks either by its own additional …”

Article 82 Submission of key investor information to UCITS competent authority; duty to keep key investor information up to date S. 1425-1426

„… must be kept up to date in its material elements. The material elements refer at least to the risk and …” „… from receiving credit. The leverage ban is due to the risks implied from leverage, which could wipe out …”

Article 35 Addressees S. 1230-1231

„… , Yildirak K and Weber G-W, ‘A classification problem of credit risk rating investigated and solved by …” „… , 529-557; Eijffinger SCW, ‘Rating Agencies: Role and Influence of Their Sovereign Credit Risk Assessment in …”

Article 39 Market monitoring S. 541-542

„… private law.13 It was remarked that risks are inherent and unavoidable for any kind of investment, that …” „… the risk of overregulation because the authority with the strictest standards will prevail. For this …” „… the criteria for the identification of overly risky products are vague and that the real problems …”

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

„… , Member States may authorise UCITS to invest in accordance with the principle of risk-spreading up to 100 …” „… a certain risk exposure level which is 10% of its assets when the counterparty is a credit …”

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

„… consolidation on a full basis and they are subject to an appropriate centralised risk evaluation, measurement …” „… consolidation on a full basis; and (iv) both counterparties are subject to appropriate centralised risk …”

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

„… create systemic risks which undermine financial stability, such as in the case of an unwinding of a …” „… continuation of trading on the market is necessary to perform critical post-trade risk management functions …” „… a CCP would be exposed to unacceptable risks as a result 1 Commission Delegated Regulation (EU …”

Article 2 Definitions S. 883-888

„… ‘proportionate response’ to the risks that short selling could represent ‘in exceptional circumstances’. The …” „… clearly identified risks that need to be addressed’, the NCAs and ESMA are entitled to take measures …” „… beneficial owner is, in turn, defined as ‘the investor who assumes the economic risk of acquiring a financial …”

Article 56 Prohibition of controlling stakes S. 1394-1396

„… observe the principle of risk-spreading at this stage, the hard investment limits do not apply;1 b) the …” „… assets. While ensuring observance of the principle of risk spreading, Member States may allow recently …”

Article 12 Prudential regulation S. 1334-1336

„… structured and organised in such a way as to minimise the risk of UCITS’ or clients’ interests being …” „… requirements, conflicts of interest, conduct of business, risk management and content of the agreement between …”

Article 7 Recognition of close-out netting provisions S. 1732-1734

„… risk is close-out netting.1 Close-out netting, also known as netting by close-out or default netting …” „… State insolvency laws, thereby encouraging the use of close-out netting as a risk management 1. 6 …”

Article 6 S. 1697-1699

„… immediately notify the European Systemic Risk Board, other Member States and the European Supervisory …” „… , again immediately, inform the European Systemic Risk Board, ESMA, and ‘other Member States’ (Art 6(3 …”

Article 2 Scope S. 1467-1469

„… . Due to the broad definition of AIF in Art 4 (1) lit. a AIFMD, there is a risk that structures for …” „… enable the competent authorities to monitor systemic risk effectively; and Chapter I General provisions …”

Article 17 Cross-border services by virtue of a branch S. 1344-1346

„… organisational structure of the branch, which shall include a description of the risk management process put in …” „… risk management process put in place by the management company. It shall also include a description of …”

Article 65 Organisational requirements S. 349-351

„… minimise the risk of data corruption and unauthorised access. The home Member State shall require the CTP …” „… guarantee the security and authentication of the means of transfer of information, minimise the risk of data …”

Article 3 Definitions S. 1236-1242

„… , used in a credit rating to provide a relative measure of risk to distinguish the different risk …” „… particular credit risk. More generally, the purpose of credit ratings is 1. 2. 1. 1 Wambach, Kirchmer and …”

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

„… of financial statements, together with a description of the principal risks and uncertainties for the …” „… insolvency risks.5 This leaves other securities, such as convertible or exchangeable bonds or covered …” „… with a description of the principal risks and uncertainties for the remaining six months of the …”

Article 2 Definitions S. 1576-1578

„… ) their primary purpose is to provide retirement benefits; (11) ‘counterparty credit risk’ means the risk …”

Article 52 Diversification S. 1389-1391

„… assets in deposits made with the same body. The risk exposure to a counterparty of the UCITS in an OTC …” „… ; and c) not invest into derivatives that exceed a certain risk exposure level which is 10% of its …”

Article 3 Exemptions S. 1469-1471

„… they manage in order to enable the competent authorities to monitor systemic risk effectively; and …” „… provide information in order to allow effective monitoring of systemic risk as set out in paragraph 3; and …”

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

„… 4(1) shall make their own credit risk assessment and shall not solely or mechanistically rely on …” „… adequacy of their credit risk assessment processes, assess the use of contractual references to credit …”

Article 13 Assessment S. 61-63

„… been committed or attempted, or that the proposed acquisition could increase the risk thereof. The …” „… , or that the proposed acquisition could increase the risk thereof. Pursuant to Art 13(1), second para …”

Article 4 Definitions S. 22-34

„… between the buyer and the seller to the transaction in such a way that it is never exposed to market risk …” „… or a premium will be paid or is at risk, according to a formula involving factors such as: (a) an …” „… short-term volatility, it also warns against its risks, such as the overloading of trading venues or …”

Article 19 Managers’ transactions S. 808-824

„… investment risk is borne by the policyholder, and (iii) the policyholder has the power or discretion to make …” „… ‘managers’ transactions’, which are vulnerable to insider-dealing risk (formerly also known as ‘directors …” „… sometimes criticised for increasing the risk of (irrational) noise trading. Nevertheless, empirical research …”

Article 24 Obligation to uphold integrity of markets S. 492-494

„… prevent that.50 Given the current state of MiFIR, there is a risk that public authorities give Art 23 …” „… between the buy and the sell side to the transaction without being exposed to market risk throughout the …”

Article 21 Regular review of conditions for initial authorisation S. 149-151

„… sufficient to ensure, with reasonable confidence, that risks of damage to client interests will be prevented …” „… conflicts of interest and the steps taken to mitigate those risks before undertaking business on its behalf …”

Article 15 Prohibition of market manipulation S. 770-772

„… 14(c). In light of the objective of the prohibition to reduce the risk of insider trading by limiting …” „… communication of inside information or that do not increase the risk of insider trading, for example, the fact …”

Introduction S. 574-576

„… investment of capital provided by the public, and which operate on the principle of risk spreading, and (ii …” „… collective investment of capital provided by the public, and which operate on the principle of risk spreading …”

Article 12 Assessment procedures S. 58-61

„… sound management of the investment firm at risk where management focuses on the transactions rather than …” „… or attempted, or that the proposed acquisition could increase the risk thereof. The Commission shall …”

Article 11 Market soundings S. 718-730

„… participants are conscious that the risk of insider trading may be increased by a disclosure. To this effect, a …” „… minimise the risk of improper disclosures and facilitate the enforcement of the regulatory prohibitions in …” „… the overall aims of Art 11 (see → mn 8-10 above), the guidelines have two aims: to reduce the risk of …”

Article 6 S. 1048-1051

„… description of the investment objectives, a summary risk indicator, the presentation of costs, and a …” „… Rothenhöfer 6 7 8 9 possible to lose capital, the costs and risk profile of the product, as well as relevant …”

Article 21 Depositary S. 1504-1512

„… risk management. Neither the portfolio management, nor the risk management may be delegated to the …” „… requirements for operational risks and authorised in accordance with Directive 2004/39/EC and which also …”

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

„… those bodies and central banks within the legal framework of third countries, and the risk management …” „… bodies, their risk management standards and internal rules of conduct, which was prepared by the …”

Article 26 Obligation to report transactions S. 495-498

„… indicate whether the transaction reduces risk in an objectively measurable way in accordance with Article …” „… risk of data corruption and unauthorised access and Art. 26 MiFIR 1. Security Markets and Services …”

Article 28 Client order handling rules S. 202-205

„… order to avoid risk of abuse by an investment firm, Art 67(2) of the MiFID II Delegated Regulation …” „… client. Article 67(3) of the MiFID II Delegated Regulation addresses the risk of market abuses and …”

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

„… Art 14(c). In light of the objective of the prohibition to reduce the risk of insider trading by …” „… communication of inside information or that do not increase the risk of insider trading, for example, the fact …”

Article 49 Tick sizes S. 292-296

„… strategies in due time to avoid abusive strategies and risks to the orderly functioning of the market.200 …” „… standards for, is to counter the risk of an ever-decreasing tick size.1 Recitals; level 2 and 3 measures …”

Article 13 Restrictions on uncovered short sales in sovereign debt S. 914-918

„… of Art 13 SSR is to reduce the potential risk of settlement failure and volatility caused by such …” „… threshold of liquidity of 1. 2. 3. 1 Recital 18 SSR. 2 Cf. Moloney, 556-558. The trade-off between the risks …”

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

„… Article 12 SSR restricts uncovered short sales of shares in order to reduce the potential risk of …” „… changes result- 1. 2. 3. 1 Recital 18 SSR. Apart from these risks, some view “naked” short sales as …”

Article 2 Scope S. 650-654

„… derivative instruments for the transfer of credit risk, where the transaction, order, bid or behaviour has or …” „… European legislator seeks to diminish the risk of regulatory arbitrage and capture behaviour that 1 …”

Article 32 Trading obligation procedure S. 519-524

„… risk reduction techniques such as portfolio compression. This is true, in particular, of the obligation …” „… subject to a trading obligation where it creates systemic risk or where such an obligation is necessary to …”

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

„… positions which in an objectively measurable way reduce risks directly relating to commercial activities …” „… represented by each category.13 It must also identify positions that reduce risk directly relating to …”

Introduction S. 941-951

„… useful for retail investors – and the prospectus shall only mention specific and material risk-factors …” „… investors to assess the likely nature of the risks that the company will face, and how it is likely to fare …” „… , i.e. risks which the issuer considers to be of most relevance to the investor when the investor is …”

Article 4 Definitions S. 1471-1477

„… are not set up with the purpose of establishing a conventional investment fund risk qualifying as AIF …” „… and restrictions designed to provide risk diversication. Despite the guidance provided by ESMA, in …”

Article 23 Trading obligation for investment firms S. 487-492

„… prevent that.50 Given the current state of MiFIR, there is a risk that public authorities give Art 23 …” „… between the buy and the sell side to the transaction without being exposed to market risk throughout the …”

Article 66 Organisational requirements S. 351-357

„… guarantee the security and authentication of the means of transfer of information, minimise the risk of data …” „… efficiency of the allocation of capital and limits the risk of insider trading. The obligation to provide …”

Article 19 Opinion of the college S. 1616

„… competent authority shall conduct a risk assessment of the CCP and submit a report to the college. Within 30 …”

Article 19 S. 1089

„… necessary to address the risk, it shall state this in its opinion. The opinion shall be published on EIOPA …”

Article 18 S. 1089

„… necessary to address the risk, it shall state this in its opinion. The opinion shall be published on EIOPA …”

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

„… staff employed in risk and control functions; the policies and procedures to management conflicts of …”

Article 15 S. 1086

„… markets or on investors that is disproportionate to the benefits of the action; or (b) create a risk of …”

Overview of Articles 1-4 S. 881

„… ESMA70-145-386, 45 para 209. 47 ESMA70-145-386, 47 para 231, 233; as to the risk of circumvention …”

Article 7 Inside information S. 673-692

„… by individual market participants to the exclusion of the trading public, the risk exists that these …” „… nature: the risk of a major accident is real and not implausible, because technical problems have already …” „… arisen. Whether the risk is so small that investors will ignore it depends not only on the probability of …”

Article 67 Duties of competent authority in case of non-compliance by master S. 1408-1409

„… company must be timely met since any delay would put the effectiveness of mandatory disclosures at risk …”

Article 27 Authorisation, legal form, registered office S. 1365-1366

„… of insolvency risks stemming results from divergence in the level of protection for financial …”

Article 26 b Implementing acts S. 1364-1365

„… address various forms of insolvency risks stemming results from divergence in the level of protection for …”

Article 58 Examination of the application S. 1659-1660

„… markets and reducing risks to financial stability. Articles 55-59 EMIR concern the registration process of …”

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

„… /2013/322. 13 ESRB, ‘Report to the European Commission on the systemic risk implications of CCP …”

Article 71 Disclosure of fund rules, instruments of incorporation S. 1413-1414

„… transactions: hedging or the ambition of achieving investment goals. In each instance, the effect on the risk …”

Article 106 Reporting of auditors to competent authorities S. 1458-1459

„… liability for breach of confidentiality. The risk of replacement for pursuing the auditor’s duty remains …” „… the regulator. Art 106(2) of UCITSD ensures that the auditor can meet its obligation without risking …”

Article 16 Freedom to provide services on a cross-border basis S. 1343-1344

„… include a description of the risk management process put in place by the management company. It shall also …”

Article 20 S. 1089-1090

„… necessary to address the risk, it shall state this in its opinion. The opinion shall be published on EIOPA …”

Article 14 S. 1709-1710

„… transactions increased enormously in recent decades. Consequently, market participants’ exposure to credit risk …”

Article 66 Additional tasks vis-à-vis master’s competent authority S. 1407-1408

„… risk. This also applies to the contractual information requirements vis-à-vis the depositary that are …”

Article 59 Exemption procedure regarding feeder’s investments into master S. 1398-1399

„… risks such an exemption could create for investors, both the master’s and the feeder’s documents are …”

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

„… with the principle of risk-spreading. In this case, the UCITS must hold securities from at least six …”

Article 107 Reasoning of negative decisions; standing to sue of consumer protection agencies S. 1459-1460

„… liability for breach of confidentiality. The risk of replacement for pursuing the auditor’s duty remains …” „… the regulator. Art 106(2) of UCITSD ensures that the auditor can meet its obligation without risking …”

Article 83 Borrowing limits S. 1426-1427

„… risks implied from leverage, which could wipe out investors’ assets. 2 See Art 23(3) of Commission …”

Article 19 Notification for cross-border services by virtue of a branch S. 1347-1348

„… the management company, including delegation arrangements, risk-management procedures, prudential …”

Article 40 Obligation to provide information S. 239-240

„… schemes tend to require entry payments that reflect the risks of the new entrant. Application to branch …”

Article 41 EBA temporary intervention powers S. 544-545

„… on investors that is disproportionate to the benefits of the action; and (b) does not create a risk …”

Article 37 Non-discriminatory access to and obligation to licence benchmarks S. 531-532

„… the markets, or would adversely affect systemic risk; (d) the procedure for making a notification …”

Article 11 Authorisation of deferred publication S. 442-450

„… liquidity providers to undue risk and takes into account whether the relevant market participants are retail …” „… venue, which would expose liquidity providers to undue risk, taking into account whether the relevant …”

Article 9 Payment accessibility S. 1770-1771

„… the monetary obligation. A debtor who may perform its obligations by credit transfer risks a default …”

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

„… risk mitigation obligations also apply when one or both parties to a derivative contract is established …”

Article 61 Request for information S. 1661-1662

„… staff employed in risk and control functions; the policies and procedures to management conflicts of …”

Article 8 c Double credit rating of structured finance instruments S. 1273-1274

„… increases the risk that ratings of a single instrument may significantly diverge. However, that result seems …”

Article 1 Subject matter and scope S. 623-624

„… derivative contracts or derivative instruments for the transfer of credit risk, where the transaction, order …”

Article 42 Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM S. 1560-1561

„… purpose of systemic risk oversight and in line with international standards are in place between the …”

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

„… selling.13 Article 15 Buy-in procedures (deleted) To address the risk of settlement failures,1 Art 15 …”

Article 33 Exchange of information with ESMA S. 868-869

„… sanction is required. The whistleblower will thus have to take a high risk: If the relevant information …”

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

„… competent authorities is necessary to address the risk, it shall state this in its opinion. The opinion …”

Introduction S. 1710-1711

„… ’ exposure to credit risk also increased, and collateralisation and collateral transactions have become more …”

Article 109 Cross-border provision of services; collaboration S. 1462-1463

„… host competent authority to properly enforce the UCITSD. Lack of action puts at risk the lead regulator …”

Articles 40 to 41 S. 1303-1304

„… the Proposed Changes to Fee Disclosure and Risk/Reward Disclosure under the UCITS Regime’, (2010) 25 …”

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

„… a risk spreading and market efficiency perspective, it is desirable to facilitate the finalisation …”

Introduction to Chapter I S. 34-35

„… , consisting of mandatory investor compensation for operational risks, and minimum prudential capital …”

Article 1 Subject matter and scope S. 1711-1720

„… also means that the instruments carry the risk of rapidly losing value, which is why financial …” „… parties, particularly by avoiding the risk of fraud. The parties shall not benefit from privileges of the …”

Article 4 Waivers for equity instruments S. 408-417

„… situation presents a low risk of affecting the 1. Art. 4 MiFIR 1. Security Markets and Services 410 …” „… Christoph Kumpan and Finn Schmidt 1 market price formation, while the risk for the individual traders and …”

Article 22 Competent authority S. 1621-1623

„… , considering the potential risks that the malfunctioning of a CCP could pose to the definition and …”

Article 41 Granting of the authorisation S. 240-242

„… firms is designed to prevent regulatory arbitrage. Formally, the risk of arbitrage is low given that the …”

Article 56 List of regulated markets S. 316-317

„… ’, [2012] 19(2) Review of International Political Economy 181-207; Culp CL, Risk Transfer: Derivatives in …”

Article 10 Competent authorities S. 1771-1773

„… the monetary obligation. A debtor who may perform its obligations by credit transfer risks a default …”

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

„… risks such an exemption could create for investors, both the master’s and the feeder’s documents are …”

Article 81 Availability of key investor information S. 1423-1425

„… refer at least to the risk and rewards indicator and the conditions of redemptions, but could also …”

Article 5 Authorisation requirement for the fund S. 1325-1327

„… Art 5(5) of UCITSD. Hence, any risk imposed on foreign investors in other EU Member States is also …”

Article 81 Exchange of information S. 381-383

„… Systemic Risk Board, central banks, the ESCB and the ECB, in their capacity as monetary authorities, and …”

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

„… , including the main risks; (i) each member of its management body and senior management shall act with …”

Article 64 Organisational requirements S. 347-349

„… of transfer of information, minimise the risk of data corruption and unauthorised access and to …”

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

„… are marketed; (b) appropriate cooperation arrangements for the purpose of systemic risk oversight and …”

Article 7 Application for authorisation S. 1480-1482

„… funds, and the AIFM’s policy as regards the use of leverage, and the risk profiles and other …”

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

„… funds, and the AIFM’s policy as regards the use of leverage, and the risk profiles and other …”

Article 108 Delineation of supervisory powers S. 1460-1462

„… host competent authority to properly enforce the UCITSD. Lack of action puts at risk the lead regulator …”

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

„… increases the risk that ratings of a single instrument may significantly diverge. However, that result seems …”

Article 7 Responsibility and liability S. 1135-1137

„… brought in different Member States, or the risk of forum shopping towards a court that appeared more …”

Article 34 S. 1097-1099

„… ), 1-20; Ringe W, ‘Hedge Funds and Risk- Decoupling – The Empty Voting Problem in the European Union …”

Article 23 Precautionary measures S. 1025-1027

„… transmitting such information to ESMA or the European Systemic Risk Board. Article 22(2) provides a key …”

Article 11 Information to be provided to ESMA S. 906-908

„… short sales Overview of Articles 12-15 In order to reduce the risk of settlement failure and volatility1 …”

Article 39 Establishment of a branch S. 237-239

„… schemes tend to require entry payments that reflect the risks of the new entrant. Application to branch …”

Article 5 Requirement for authorisation S. 35-37

„… , consisting of mandatory investor compensation for operational risks, and minimum prudential capital …”

Article 8 Withdrawal of authorisations S. 41-43

„… provided, in accordance with the risk tolerance of the firm and the characteristics and needs of the …”

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

„… arrangements for the purpose of systemic risk oversight and in line with international standards are in place …”

Article 99 a Minimum sanctioning S. 1442-1444

„… company fails to employ a risk-management process or a process for accurate and independent assessment of …”

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

„… selling.13 Article 15 Buy-in procedures (deleted) To address the risk of settlement failures,1 Art 15 …”

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

„… venue against the risks of algorithmic trading. System disruptions may occur when there is (7) any major …”

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 …”

Article 6 Public disclosure of significant net short positions in shares S. 897-899

„… for management activities and legal entities within a group.7 However, these rules create the risk of …”

Article 7 Conditions for authorisation S. 1328-1331

„… operational risk and sustainable finance. Art 7 (1)(d) of UCITSD endorses the principle of home Member State …”

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

„… information entails a risk of undermining the financial stability of the issuer and of the financial system …” „… cumulatively. The requirements are: (a) that timely disclosure entails a risk of undermining the financial …” „… authority, the authority setting the systemic risk buffer under CRD IV,95 or any other national authority …”

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

„… “effective, proportionate and dissuasive” criminal penalties may give rise to the risk of a “forum-shopping …” „… “person responsible for the infringement” – not always required for risk deterrence – appears to lend the …”

Article 13 Accepted market practices S. 756-767

„… . Market Behaviour 756 Carsten Gerner-Beuerle 23 (e) whether the market practice does not create risks for …” „… instrument without increasing the risk borne by retail investors.39 Procedure, Arts 13(3) through(6) The …”

Article 9 Method of notification and disclosure S. 903-906

„… the holder in order to reduce the risks of herding and retaliation. However, this suggestion was …”

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

„… efficiency.2 Conduct that increases risk, or appears to, for clients may lead to loss of investor confidence3 …”

Article 5 Right of use of financial collateral under security financial collateral arrangements S. 1728-1731

„… only has a claim against the collateral taker and therefore is exposed to the credit risk of that party …”

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

„… systemic risk oversight and in line with international standards are in place between the competent …”

Articles 21 to 25 a S. 1288-1291

„… rating procedures; (ii) results of the review of methodologies; (iii) compliance, internal audit, risk …”

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

„… 4(1)(63) CRR Regulation, “re-securitisation” is defined as a securitisation where the risk associated with …”

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

„… systemic risks or are used for abusive purposes.1 Context A ‘net short position’ relating to issued …”

Article 2 Definitions S. 624-627

„… contracts or derivative instruments for the transfer of credit risk, where the transaction, order, bid or …”

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

„… on the markets.6 The information should enable competent authorities to identify risks, react …”

Article 32 Reporting of infringements S. 865-868

„… whistleblower will thus have to take a high risk: If the relevant information happens to be already known to the …”

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

„… risk of their investments is limited.1 The obligations of investment firms to assess the suitability …”

Article 21 Access to regulated information S. 1193-1197

„… which ensures the security of the communication, minimises the risk of data corruption and unauthorised …”

Article 3 Integration of securities markets S. 1114-1118

„… taken as a whole, together with a description of the principal risks and uncertainties that they face …”

Articles 27 to 31 S. 934-937

„… threat, (b) does not create a risk of regulatory arbitrage, and (c) does not have a detrimental effect on …”

Article 50 Synchronisation of business clocks S. 296-299

„… (ITU-R) to minimize these risks. See ESMA, Guidelines on transaction reporting, order record keeping and …” „… systems (other than UTC) are risky due to solar flares, interferences, jamming or multipath reflections as …”

Articles 14 to 20 S. 1284-1288

„… . europa.eu/supervision/credit-rating-agencies/risk (15.6.2018). 5 See Recital 13 CRA Regulation. 6 See Recital 15 CRA Regulation. Title III …”

Article 23 Third countries S. 1200-1204

„… powers Allowing national competent authorities to grant individual exemptions bears the risk of divergent …”

Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 454-458

„… arbitrage risks.7 Article 9 of the Commission Delegated Regulation (EU) 2017/587 sets up conditions …”

Article 1 Scope S. 6-10

„… reasoning behind this extension of the MiFID to a non-investment firm are the risks of algorithmic trading …”

Commentary on Articles 25-27 Art. 25-27 S. 499-503

„… are risk reducing in the sense of Art 57 MiFID II (Art 26(3) 3 MiFIR).13 The investment firm must …”

Article 33 SME growth markets S. 217-221

„… a risk spreading and market efficiency perspective, it is desirable to facilitate the finalisation …”

Article 20 Specific requirements for OTFs S. 145-149

„… to risk nor makes a profit.4 Under Art 20(2) MiFID II, matched principal trading is allowed only in …”

Article 44 Authorisation and applicable law S. 247-252

„… across the EU are subject to the same standards and reducing the regulatory risk that occurs when each …”

Article 14 S. 1081-1086

„… the action; or (b) create a risk of regulatory arbitrage. Where a competent authority or competent …”

Article 12 Market manipulation S. 730-756

„… interests or market risk or where beneficial interest or market risk is transferred between parties who are …” „… 2016/522, the term also covers cases where beneficial ownership or market risk changes, but the transfer is …”

Article 1 Subject matter and scope S. 1099-1104

„… Funds and Risk- Decoupling – The Empty Voting Problem in the European Union’ (2013) 36 University of …”

Article 13 Approval of the prospectus S. 999-1004

„… denomination-based difference between bond issues’ and that ‘the risks of bond investment are not related to the …”

Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 403-408

„… risk in relation to the other components. This aims to ensure that a package transaction will be …”

Article 63 Requirements for the management body of a data reporting services provider S. 341-347

„… counterparties” or CCPs) operations. Because a CCP malfunction may pose a risk to the stability of the financial …”

Article 5 Volume Cap Mechanism S. 417-423

„… impact) costs and would expose traders to undue risks.5 The mechanism includes two limits (“double cap …”

Article 35 a Civil Liability S. 1294-1301

„… ) CRA Regulation) to carry out independent credit risk assessments and to prevent mechanistic reliance …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… information Art. 12 TD Wolf-Georg Ringe 1159 5 6 7 8 9 10 11 12 intra-day notifications, citing the risk of …”

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

„… risk of triggering the obligation of making a mandatory bid to the outstanding shareholders.11 Secondly …”

Article 1 Purpose and scope S. 951-958

„… regards to this point was not particularly strong, leading to an increased risk of regulatory arbitrage …”

Article 9 Legitimate behaviour S. 705-711

„… the risk of insider trading by limiting the number of persons who are in possession of inside …”

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

„… issuer. The exemption thus addresses the resulting risk of a high number of irrelevant notifications.51 …”

Article 20 Investment recommendations and statistics S. 824-833

„… risk warning, which must include a sensitivity analysis of any assumptions made.36 The exception for …”

Article 27 Obligation to execute orders on terms most favourable to the client S. 195-202

„… protection because the obligations mitigate against conflict of interest risk inherent when investment firms …”

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

„… associated instruments in different Member States. This system poses both a risk of duplicate or inconsistent …”

Article 2 Definitions S. 1104-1114

„… operate on the principle of risk spreading; and (ii) the units of which are, at the request of the holder …”

Article 8 Insider dealing S. 692-705

„… obvious risk that purchasing further bonds before the information was generally available would result in …”

doi.org/10.5771/9783845279893

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Dennis Bock

Criminal Compliance

Series: Schriften zu Compliance

Volume 1 2011

Results in this title

Nachteile des Unternehmens – »Business Risks« S. 262-274

„… 262 B. Nachteile des Unternehmens – »Business Risks« Bereits im nationalen Rechtsraum drohen einem …” „… unterscheiden sind also Nachteile des Unternehmens als solches (Business Risks) und Nachteile des einzelnen …” „… Unternehmensangehörigen (Personal Risks). I. Eigene Aufwendungen Nicht ganz außer acht bleiben dürfen eigene Aufwendungen …”

Nachteile der Mitarbeiter – »Personal Risks« S. 274-277

„… 274 C. Nachteile der Mitarbeiter – »Personal Risks« Rechtsverstöße haben nicht nur nachteilige …”

Allgemeines S. 585-588

„… , 208, 213. 587 »In implementing subsection (b), the organization shall periodically assess the risk of …” „… forth in subsection (b) to reduce the risk of criminal conduct identified through this process.« § 8 B …” „… ) Assess periodically the risk that criminal conduct will occur, including assessing the following: (i) The …”

Unternehmensbezogene Kriterien als Operationalisierung der Zumutbarkeit zur Bestimmung der Compliance-Anforderungen: Die Einflussfaktoren des Schadenserwartungswerts S. 482-506

„… angebotenen Wertpapierdienstleistungen berücksichtigen.« Auch die MaRisk enthalten aufgrund heterogener …” „… ; vgl. auch MaRisk AT 1; MaRisk AT 4.4 Rn. 1. 2 Pieth, in: Sutter-Somm/Hafner/Schmid/Seelmann (Hrsg …” „… MaRisk AT 1 Rn. 4; zu den Öffnungsklauseln der MaRisk auch Braun, in: Boos/Fischer/Schulte-Mattler, KWG …”

Dokumentation S. 740-742

„… der Bundesverwaltung vom 30. Juli 2004, Pkt. 3.2. 7 Vgl. MaRisk AT 6 Rn. 1. 8 Vgl. Schünemann, in …” „… (angeblich Be- 1 Vgl. Kromschröder/Lück DB 1998, 1573, 1576; MaRisk AT 6 Rn. 1. 2 Oben 1. Abschnitt. 3 …”

Verbesserungsverfahren – Backtesting, Evaluation und Iteration S. 742-744

„… Hierzu Hopson/Graham Koehler CCZ 2008, 208, 211. 4 Vgl. auch MaRisk AT 4.3.2 Rn. 7. 5 Vgl. auch zur …” „… . auch Klinger/Klinger, Das Interne Kontrollsystem (IKS) im Unternehmen, 2000, S. 27. 9 Vgl. auch MaRisk …” „… einer gewissen Unternehmensgröße (genauer: Anzahl zu beaufsichtigender riskanter Mitarbeiterhandlungen3 …”

Aufgabensteuerung S. 607-621

„… . 169; MaRisk AT 4.3.1 Rn. 1; Braun, in: Boos/Fischer/Schulte-Mattler, KWG, 3. Aufl. 2008, § 25a Rn. 264 …” „… , 1989, 629, 637; MaRisk BTO Rn. 3, BTO 1.1. 1 Passarge NZI 2009, 86, 87. 2 Pies/Sass …” „… , Korruptionsprävention als Ordnungsproblem, 2006, S. 13. 3 Vgl. MaRisk BTO 1.1 Rn. 6; Braun, in …”

Strafrechtliche Risikoanalyse und Criminal-Compliance-Audit/Review S. 588-599

„… Risikomanagements Koller, in: Assmann/Schneider, WpHG, 4. Aufl. 2006, § 33 Rn. 3; vgl. auch MaRisk AT 4.3.2 Rn. 1. 4 …” „… , 171. 3 Hauschka ZIP 2004, 877, 879. 4 Zu Szenariobetrachtungen vgl. MaRisk AT 4.3.2 Rn. 3; Braun, in …” „… BB 2005, 565, 566 (»Kumulrisiken«); vgl. auch Scharpf DB 1997, 737, 741; Hegnon CCZ 2009, 560; MaRisk …”

Rezeption ausländischer, insbesondere US-amerikanischer Standards? S. 576-580

„… shall periodically assess the risk of criminal conduct and shall take appropriate steps to design …” „… , implement, or modify each requirement set forth in subsection (b) to reduce the risk of criminal conduct …”

Titelei/Inhaltsverzeichnis S. 2-18

„… Wirtschaftsstrafrechts 261 B. Nachteile des Unternehmens – »Business Risks« 263 I. Eigene Aufwendungen 263 II …” „… – »Personal Risks« 275 I. Kriminalstrafrechtliche Nachteile 275 II. Ordnungswidrigkeitenrecht 276 III …”

Intensivierung der strafrechtlichen Compliance-Veranlassungen S. 246-262

„… Risks« Bereits im nationalen Rechtsraum drohen einem Unternehmen nach unternehmensnützigen Straftaten …” „… Risks) und Nachteile des einzelnen Unternehmensangehörigen (Personal Risks). I. Eigene Aufwendungen …”

Hinweisgeberschutz S. 737-740

„… der Bundesverwaltung vom 30. Juli 2004, Pkt. 3.2. 7 Vgl. MaRisk AT 6 Rn. 1. 8 Vgl. Schünemann, in …”

Organisation und Ausstattung S. 746-762

„… Supervision (Hrsg.): Compliance and the compliance function in banks, 2005, S. 10, 12; vgl. auch MaRisk BT 2.2 …” „… Vgl. auch MaRisk AT 4.4 Rn. 4. 4 Schmidt Bies BIS Review 26/2003, 1, 4; Lösler, Compliance im …”

Zum Begriff der Compliance, insbesondere der Criminal Compliance S. 19-23

„… Responsibility, Risk-Management, Legal Management, Value-Management, Integrity-Codes, Codes of Conduct, Best …”

Die einzelnen Personalführungspflichten S. 621-732

„… Rn. 152; Bussmann/Matschke CCZ 2009, 132, 134; vgl. auch MaRisk AT 7 Rn. 2; zum Medizinstrafrecht …” „… »Risk Seekers« ist aber sowohl für legale als auch illegale Wirtschaftstätigkeit von Vorteil. Ganz …” „… Hegnon CCZ 2009, 57, 60. 4 So MaRisk AT 5 Rn. 1. 5 Hermanns/Kleier, Grenzen der Aufsichtspflicht in …”

Gesetzgeber: Komplexität und Vielfalt S. 441-448

„… , Die strafrechtliche Verantwortlichkeit von Unternehmen, 1995, S. 248. 4 Vgl. MaRisk …” „… betriebswirtschaftlich optimal vorgehen müssen, wird ihnen auferlegt, das Maß der erlaubt riskant unbeaufsichtigten …” „… , würde das Verbot aufgestellt, unerlaubt riskante Handlungen vorzunehmen, selbst wenn diese nicht in …”

Zumutbarkeit (als Nutzenüberschuss) S. 463-482

„… ; Wolf DStR 2002, 1729, 1730 (»Value at Risk« als Bestimmung des maximalen Schadens innerhalb einer …” „… ergibt. Strafnormen sind ja auch gerade der gesetzgeberische Versuch, ein Verbot riskanter Handlungen zu …” „… Eingriff in auch grundrechtliche Freiheiten als das schon hinreichend problematische Unterlassen riskanter …”

Öffentlich-rechtliche Organisationsgesetzgebung S. 511-537

„… . Besonders zu erwähnen sind die MaRisk (Rundschreiben 15/2009 vom 14.08. 2009) sowie die …” „… riskant sind) sind mehrere vertretbare Entscheidungen möglich. Der Selektionsprozess selbst als Verfahren …” „… zur rechtssicheren Abwägung zwischen riskanten Alternativen gewinnt sachliches Gewicht.4 4. Abschnitt …”

Literaturverzeichnis S. 793-827

„… Kapitalgesellschaften in den USA, in: RIW 1993, S. 544-547. Risk Management Association (Hrsg.): RMA Standard »Risiko …” „… und Riskcontrol durch das Unternehmensmanagement nach dem Gesetz zur Kontrolle und Transparenz im …”

Die rechtspolitischen Prämissen und ihre Zweifelhaftigkeit S. 27-129

„… Gesellschaft sicherer als je zuvor. Schon die vermeintliche Neuheit riskanten Lebens ist eine historisch …” „… naturwüchsig wie häufig angenommen. Die Einordnung des heutigen Gütervertriebs als besonders riskante Tätigkeit …” „… Unterschied zu klassischer Kriminalität, als bei letzterer an der Vornahme des riskanten Verhaltens in aller …”

Die Legitimation der strafrechtlich determinierten Aufsicht in Unternehmen – Ewigkeitsfragen, Grundentscheidungen und Zeitgeist S. 129-222

„… Überprüfung riskanter unternehmerischer Entscheidungen in der Lage ist. Beispiele seien die Abwägung zwischen …” „… klar benennen, wieso welches konkrete unerlaubt riskante Verhalten den öffentlichen Tadel der ganzen …”

Die »neuen« steuerungstheoretischen Prämissen der Compliance und ihre Zweifelhaftigkeit S. 222-242

„… eigentlichen (Straf)Norm betreffen. Vorfeldhandlungen sind aber prima facie erlaubt riskant. Der …” „… missbilligende Risiko derart schwer sozial nachteilig ist, dass bereits die riskante Handlung als solche eine …” „… Einklang zu bringen, selbst wenn eine präzise Beschreibung eines inadäquat riskanten Verhaltens aufgrund …”

Die rechtsökonomischen Prämissen: Ausgangspunkt Kostenabwägung S. 242-245

„… Einklang zu bringen, selbst wenn eine präzise Beschreibung eines inadäquat riskanten Verhaltens aufgrund …”

Strafrechtliche Determination der Compliance-Anforderungen – normative Grundlagen der Criminal Compliance de lege lata S. 277-372

„… des riskanten Vorverhaltens de facto auf, was auf vehemente Ablehnung stieß.9 In der Tat lässt sich …” „… Beulke/Bachmann JuS 1992, 737, 739; Braum KritV 1994, 179, 185 (»Paradigmenwech- 312 riskantes Vorverhalten nicht …” „… herstellerspezifischen Ingerenz kraft gegenüber alltäglichem Verhalten gesteigert riskantem Vorverhalten ist abzulehnen2 …”

Ausblick: Unternehmensstrafe – strafrechtliche Entindividualisierung der Compliance? S. 372-433

„… nicht erforderlich oder Etikettenschwindel, da es um individuelle riskante Handlungen geht. Die …”

Schutz der Unternehmer durch Rechtssicherheit S. 448-456

„… Rechnung für Fortschritt dann derjenige zahlt, der riskant gefährlich handelt und rechtlich in seinen …”

Schutz der Unternehmen bei Normen mit faktischer Beweislastumkehr S. 456-458

„… riskante Handlungen behindert. Unter Verletzung der verfassungsrechtlich abgesicherten …”

Beurteilungsfehler – Vom Erfolg zur Pflichtverletzung?; ex post vs. ex ante S. 506-511

„… 506 muss auf eine rechtlich missbilligt riskante Delegation verzichtet werden. Ein Unternehmen darf …” „… noch unten 4. Teil 1. Abschnitt (Riskomanagement). 2 Rotsch, Individuelle Haftung in Großunternehmen, …” „… riskant sind) sind mehrere vertretbare Entscheidungen möglich. Der Selektionsprozess selbst als Verfahren …”

Behördliche Entscheidungen und Anordnungen S. 542-546

„… angehen, dem Bürger eine riskante Handlung ob ihrer gesellschaftlichen Vorteile zu erlauben, ihm aber …”

Risikostrategie und Unternehmenspolitik – Risikobewältigung S. 599-600

„… Risiko-Nutzen-Abwägung3 vorausgehen. Die Entscheidung für weniger riskante Investitionen, Finanzierungsmöglichkeiten …”

Allgemeines S. 600-607

„… weniger riskante Investitionen, Finanzierungsmöglichkeiten, Forschungs- und Entwicklungsvorhaben …”

Allgemeines – Aufsichtsabteilungen in Unternehmen S. 744-746

„… gewissen Unternehmensgröße (genauer: Anzahl zu beaufsichtigender riskanter Mitarbeiterhandlungen3) wird die …”

Zusammenfassung der Ergebnisse S. 764-792

„… ein Unterschied zu klassischer Kriminalität, als dort an der Vornahme des riskanten Verhaltens in …” „… Wissensproduzenten. Mit der Begrenzung riskanten unternehmerischen Handelns, gerade durch das Strafrecht, tut man …” „… benennen, wieso welches genaue unerlaubt riskante Verhalten den öffentlichen Tadel der ganzen Person …”

doi.org/10.5771/9783845230412

Gerhard Banse, Gordon L. Nelson, Oliver Parodi - Sustainable Development - The Cultural Perspective

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Gerhard Banse (ed.), Gordon L. Nelson (ed.), Oliver Parodi (ed.)

Sustainable Development - The Cultural Perspective

Series: Gesellschaft - Technik - Umwelt

Volume 15 2011

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János Szlávik, Miklós Füle Risks of Unsustainable Technologies S. 309-320

„… Risks of Unsustainable Technologies János Szlávik, Miklós Füle 1 Circumstances One of the …” „… , as this excerpt strikingly condenses the events. Risks of Unsustainable Technologies 311 “The red …” „… had written a report in the beginning of the 1980s about the environmental risks in relation to the …”

Jürgen Kopfmüller The Integrative Sustainability Concept of the Helmholtz Association. The “Risk Habitat Megacity” Project as a Case of Application S. 137-150

„… The Integrative Sustainability Concept of the Helmholtz Association The “Risk Habitat Megacity …” „… distribution issues (regarding environmental and financial resources, development risks and opportunities …” „… chances for using natural resources Avoiding technical risks with potentially catastrophic impacts …”

Andreas Metzner-Szigeth Key Issues of Integrative Technology Assessment S. 77-108

„… risk-research is being required, not only to reflect the cultural (communicative, symbolic) reality of …” „… Soziales Integrieren. Wiesbaden (in German) Klinke, A.; Renn, O. (2002): A New Approach to Risk-Evaluation …” „… – a mixture of “chances” and “risks” – must therefore be ambivalent by its very nature: progress is …”

Appukuttan N. Damodaran Tsunami in India’s Shorelands. Policy Implications of Learning Sustainability from the Victims S. 321-326

„… - 1 http://www.nerc-bas.ac.uk/tsunami-risks/html/TIntro1.htm. 322 Appukuttan N. Damodaran lutely …” „… hit them and the nature and character of the risks that it entailed. The survey yielded the finding …” „… perceptions of local communities are mapped and the risk factor assessed based on local perceptions of risk …”

Virender K. Sharma Water Issues and Sustainability. A Cultural Aspect S. 177-186

„… and/or vertebrate hosts, there will be an increase in complexity for the risk assessment. Chlamydia …” „… risk of exposure. Examples include nontyphi Salmonella, E. coli, and the bovine species of …” „… can significantly reduce the risk of exposure (cf. Sobsey 2006). 3 Strategies for Achieving Water …”

Titelei/Inhaltsverzeichnis S. 1-8

„… Sustainability Concept of the Helmholtz Association 137 The “Risk Habitat Megacity” Project as a Case of …” „… Sustainable Economy 293 Development in China Ge Yang Risks of Unsustainable Technologies 309 János …”

Renate Hübner Sustainable Culture. A Contrast to an Efficiency Society?! S. 205-224

„… to identifying risk potentials of materials and substances and help to avoid such risks through …” „… trade, hence job security. The great significance of jobs in our society makes politics that risk more …”

Armin Grunwald Sustainable Development. An Issue of the Office of Technology Assessment at the German Bundestag S. 279-290

„… , opportunities and risks of shifts in the automotive value added chains and their impacts on Germany as an …” „… increase travel to Germany. Research into risk and consequences should analyse and evaluate future tourism …”

Silja Graupe Standing on Mount Lu. How Economics Has Come to Dominate Our View of Culture and Sustainability – and Why It Shouldn’t S. 251-278

„… here specifically is the fact that such a vision of responsibility runs the risk not only of …” „… the risk of oversimplifying matters here, it seems to me that East Asian philosophy would regard the …” „… runs the risk of being barred from playing. The Smithian race unfolds within a border, and only those …”

Medardo Tapia Uribe Culture, Ethics and Sustainable Development S. 67-76

„… government of having authorized developmental projects that put vegetal and animal species at risk (cf …”

János Szlávik, Miklós Füle The Role of the Cultural Heritage at the Local Sustainable Development Programs S. 167-176

„… drained in the 19th century, the risk of floods and summer drought has gradually increased as a result of …”

Eduard Müller, Kenyon C. Lindeman Climate Change in Several Central and South American Ecosystems. Challenges and Needs for Effective Management S. 339-348

„… food, clean water, and basic sanitation. Loss of life on a massive scale is a very real risk, and the …”

Verena Holz, Barbara Muraca Introduction: “Culture” as a Challenge to Sustainability Research S. 15-26

„… the “Risk Habitat Megacities” project, an application of the “Integrative Sustainability Concept …”

Gordon L. Nelson What is Green? S. 53-68

„… should be given priority, even at the risk of curbing economic growth”, or “Economic growth should be …” „… risky for both creditors and debtors because of the combination of high interest, bad credit history …”

Ge Yang Scientific Utilization of Energy and Sustainable Economy Development in China S. 293-310

„… least 55% in China by 2020. This will cause increasing risk in security of oil supply in China. Thus …”

Robert Hauser, Gerhard BANSE Culture and Culturality. Approaching a Multi-faceted Concept S. 31-50

„… implies a lower risk of failure. (2) Acceptance: Standardized behavior entails no [or fewer; authors …”

doi.org/10.5771/9783845271156

Alasdair Gordon-Gibson - Humanitarians on the Frontier

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Alasdair Gordon-Gibson

Humanitarians on the Frontier

2021

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5 Risks and Opportunities S. 63-76

„… 63Chapter 5Risks and OpportunitiesIn the preface to his book The Dark Sides of Virtue, David …” „… risks from careless, universalised assumptions described in chapter 1 and the ‘impulsive’ urge for …” „… complex environments of politics and power where the moral emotion of compassion itself is seen as a risk …”

Introduction S. 1-12

„… examination of social scientific and psychological theories on social identity and consider the risks and …” „… is a risk that representation of peoples becomes arbitrary, where there is no Introduction 5anchor …” „… representative of all which, as cautioned by these debates, risk being lost in a humanitarian no-man’s land. By …”

3 Evolving Expressions of Humanitarian Space S. 29-46

„… of Humanitarian Space 31this ideological risk. This call is different from a return to some imagined …” „… important duty of care – of ‘risk management’ in corporate terminology – but maintaining the proximity of a …” „… on security and risk management amongst two of the leading sections of MSF frame similar arguments …”

Index S. 217-232

„… and manipulation risk in, 128; Kropotkin anarcho-communist approach in, 53; legitimacy and, 52 …” „… – 75; humanitarian space framing in, 10; ideological risk awareness in, 30 – 31; institutional …” „… ; Radice on disciplinary perspectives in, 29; risks and opportunities in, 9; shared identities assessment …”

4 The Social Identity of the Niche S. 47-62

„… ) but able to challenge it if the strictly defined param-eters of its humanitarian identity are at risk …” „… orientations are evident, so risks from such instrumentalisation must be lim-ited. One means of mitigating …” „… these risks is to gain a clear understanding of the characteristics of trust. Amongst the most salient …”

9 Changing the Social Order S. 133-154

„… accountability and effectiveness, my study sees the risk of the humanitarian sector losing sight of its ultimate …” „… the risks of minority alienation – at least within the boundar-ies of the humanitarian niche – gives …” „… recognises the risks of an absent narrative and a need to fill any vacuum before new, contesting narratives …”

6 The Spirit of Humanity S. 77-96

„… the risks that a prescriptive identity could bring. For example, minutes of the meeting from a plenary …” „… Red Cross confirms the risks that con-fused interpretations of the identity and purpose of the Red …” „… strengths in diversity that a diverse and pluralist approach would bring, and the risk that an essentialist …”

8 Re-Harbouring the Humanitarians S. 117-132

„… presented so far. The risks of instrumentalisation and manipulation in a niche where a shared purpose is …” „… chapter 5) and so the construction of trust in good intent is fragile. To mitigate these risks, the …” „… moral risks (e.g. those of cooperation) are rewarded and trust is returned. An examination of what kind …”

Preface

„… the Niche 475 Risks and Opportunities 636 The Spirit of Humanity 777 Case Studies 978 Re-Harbouring …”

Notes S. 155-194

„… (2009), 9–26. 20. Caroline Abu Sa’Da and Xavier Crombé, ‘Volunteers and responsibility for risk-taking …” „… ’, International Review of the Red Cross, 19 (1979): 135. In his commentary, Pictet clearly acknowl-edges the risks …” „… . Notes 1735. RISKS AND OPPORTUNITIES 1. David Kennedy, The Dark Sides of Virtue: Reassessing …”

7 Case Studies S. 97-116

„… north of the island and the risks to sovereignty posed by the call for an independent Tamil homeland and …” „… inauguration of the government’s disaster risk management roadmap.38Among uses of the word practice, 4 refer to …”

1 Humanitarian Relations S. 13-20

„… macrocosm, then they lose legitimacy and risk becoming absorbed as state or corporate ‘practice’ instead of …”

Bibliography S. 195-216

„… risk-taking: Changing interpretations of the Charter of Médecins Sans Frontières’. International Review of the …”

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