EU Prospectus Law: New Perspectives on Regulatory Competition in Securities Markets (International Corporate Law and Financial Market Regulation)

✍ Scribed by Pierre Schammo

• Publisher: Cambridge University Press
• Year: 2011
• Tongue: English
• Leaves: 415
• Series: International Corporate Law and Financial Market Regulation
• Edition: Reissue
• Category: Library

✦ Synopsis

Pierre Schammo provides a detailed analysis of EU prospectus law (and the 2010 amendments to the Prospectus Directive) and assesses the new rules governing the European Securities and Markets Authority, including the case law on the delegation of powers to regulatory agencies. In a departure from previous work on securities regulation, the focus is on EU decision-making in the securities field. He examines the EU's approach to prospectus disclosure enforcement and its implementation at Member State level and breaks new ground on regulatory competition in the securities field by providing a 'law-in-context' analysis of the negotiations of the Prospectus Directive.

✦ Table of Contents

Half-title......Page 3
Series-title......Page 4
Title......Page 5
Copyright......Page 6
Dedication......Page 7
Contents......Page 9
Preface and acknowledgements......Page 15
Abbreviations......Page 17
Table of cases......Page 18
Table of legislation......Page 20
Introduction......Page 31
PART I: Prospectus disclosure in a wider institutional context......Page 35
I Introduction......Page 37
II Policy- and rule-making actors......Page 38
A Level 1 decision-making......Page 39
1 Comitology prior to the entry into force of the Lisbon Treaty......Page 42
2 Delegated and implementing acts under the Lisbon Treaty......Page 44
III Collective securities actors......Page 49
1 The nature and organisation of CESR......Page 50
2 Problems with CESR......Page 51
a The absence of legally binding powers......Page 52
b Adverse behaviour......Page 53
B ESMA......Page 58
1 Beginnings: the de Larosière proposals......Page 59
The institutional balance of powers as a constitutional principle governing the delegation of powers......Page 60
The constitutional limits on the delegation of powers: the Court’s case law......Page 61
3 The nature and organisation of ESMA......Page 66
Introduction......Page 70
Level- and circuit-switchers......Page 71
A single rulebook – regulatory technical standards......Page 72
Implementing technical standards......Page 74
Remedying breaches of EU law......Page 75
Conciliation and dispute settlement powers......Page 77
Emergency situations......Page 79
Consumer protection and policing financial activities......Page 81
Day-to-day supervision......Page 82
Additional tasks: peer reviews, tasks with respect to colleges, etc.......Page 83
IV National securities authorities......Page 84
V Conclusion: evolutionary or revolutionary change?......Page 87
PART II: Prospectus disclosure regulation......Page 91
2 Introduction......Page 93
I Introduction......Page 99
II Harmonisation and prospectus disclosure......Page 100
III Obligation to draw up a prospectus......Page 107
1 Scope......Page 108
2 Exceptions......Page 116
a Factors affecting the disclosure content of a prospectus......Page 120
b How to deal with increasingly complex disclosure......Page 123
2 Formats......Page 125
a Prospectus formats......Page 126
b Summaries......Page 129
c Formats for correcting or updating prospectus disclosure......Page 132
3 Validity of the prospectus......Page 135
C Incorporation by reference......Page 136
a Omission of information under the PD......Page 138
b Omission of information under the PR......Page 140
c The use of the rules governing disclosure omissions as a ‘short-term fix’......Page 141
E Language requirements......Page 142
IV Obligation to seek prior approval with the competent authority of the home Member State......Page 145
A Obligation to publish a prospectus......Page 149
1 Publication arrangements......Page 150
2 Ensuring access to the prospectus and the integrity of the information......Page 152
a Private placements......Page 154
b Article 4......Page 160
1 Basic provisions......Page 164
2 Exempt offers: selective disclosure......Page 166
VI The passport system......Page 167
VII Conclusion: evolutionary or revolutionary change?......Page 169
I Introduction......Page 172
II Equivalence-based regulation and prospectus disclosure......Page 175
III Third country GAAP......Page 180
A Assessment of equivalence......Page 182
B Recognition of equivalence......Page 188
A Article 4(1)(e) and employee share schemes......Page 190
B The equivalence condition of Article 4(1)(e)......Page 193
V Third country prospectuses......Page 195
A Prior approval as a means to recognise equivalence......Page 196
B Limits to prior approval......Page 199
C Equivalence-based regulation in Member States......Page 202
a Mutual trust and the functioning of the internal market......Page 209
b Transparency and legal certainty......Page 210
c Safeguarding the EU’s ‘unity of action’......Page 211
a Strategies......Page 212
b Actors......Page 213
VI Conclusion......Page 219
PART III: Prospectus disclosure enforcement......Page 221
5 Introduction......Page 223
I Introduction......Page 230
II Enforcement and prospectus disclosure......Page 231
A Actors......Page 238
B Instruments of enforcement......Page 242
1 The prospectus approval, an ex ante enforcement instrument......Page 243
2 Limits of a prior approval system......Page 247
3 The merits of a prior approval system......Page 249
a Prior approval and investors......Page 250
b Prior approval and issuers......Page 254
C Powers......Page 255
1 CESR’s tasks......Page 256
a Coordinated enforcement......Page 257
b Mediation......Page 259
2 The merits of CESR’s Level 3 tasks......Page 260
B ESMA......Page 262
1 ESMA’s tasks......Page 263
2 The merits of ESMA’s tasks......Page 264
V Private enforcement and prospectus liability......Page 270
VI Conclusion: evolutionary or revolutionary change?......Page 273
I Introduction......Page 275
II Administrative enforcement in France and the UK......Page 277
a Power to approve in France......Page 278
b Power to approve in the UK......Page 283
2 Power to request information, investigate and sanction......Page 287
3 Power to bring criminal proceedings......Page 292
B Exercise of powers......Page 293
A Personal scope......Page 298
B Common vs special statutory regimes......Page 302
Defences to compensation claims......Page 303
IV Conclusion: lessons for the legal origins literature......Page 305
PART IV: Prospectus disclosure and regulatory competition......Page 311
8 Introduction......Page 313
I Introduction......Page 318
A Regulatory competition and market integration......Page 319
B The ‘threat of exit’ and EU decision-making......Page 322
A Actor preferences......Page 329
B Institutions......Page 332
I Introduction......Page 339
II Introducing the issuer choice policy dispute......Page 341
A The context......Page 342
1 The cost frame......Page 344
2 The merit frame......Page 346
III Unpacking the issuer choice policy dispute: the regulatory problem......Page 348
A Differing interests and ideas?......Page 349
1 The substantive dimension of the regulatory problem......Page 351
2 The institutional dimension of the regulatory problem......Page 354
A The distribution of competences between Member States: a status quo decision?......Page 358
B The distribution of competences between Member States: bargaining or problem-solving?......Page 361
V The 2010 revisions of the directive......Page 368
VI Conclusion......Page 370
PART V: Conclusions and suggestions for the future......Page 373
11 Conclusions......Page 375
Select bibliography......Page 381
Index......Page 402