EC Securities Regulation

Provides a clear and consolidated account of the substantive rules of EC securities regulation
Explores the far-reaching impact of regulatory reform under the Financial Services Action Plan and law-making reform under the Lamfalussy process
Provides an important and novel exploration of the policies, economic rationale, and market context underlying the new regime for regulating financial markets
Examines the theoretical basis and overarching themes which govern the new regime and its development
New to this edition

Almost every aspect of EC securities regulation has changed since the first edition, following reforms to the law-making process and substantive reforms under the Financial Services Action Plan. This edition has been completely rewritten to reflect these far-reaching changes.
Considers key measures, including the 2003 Prospectus Directive, the 2003 Market Abuse Directive, the 2004 Transparency Directive, the reforms to the UCITS regime, and the groundbreaking 2004 Markets in Financial Instruments Directive
A new chapter addresses the treatment of gatekeepers
New chapters have also been added on law-making and supervision
In the wake of radical and far-reaching legal, market, and institutional reforms which followed the completion of the Financial Services Action Plan, the EC regime for securities regulation now governs Community financial markets and has almost replaced national law in this area. This long-awaited second edition of EC Securities Regulation considers the extensive new regime in its legal, institutional, political, and market context and assesses the forces which have shaped it.
Far-reaching reforms have followed from the coincidence of law-making reform under the Lamfalussy process with the regulatory reforms adopted under the Financial Services Action Plan. The new edition considers key measures, including the 2003 Prospectus Directive, the 2003 Market Abuse Directive, the 2004 Transparency Directive, the reforms to the UCITS regime,the groundbreaking 2004 Markets in Financial Instruments Directive, and the extensive developments in clearing and settlement. A new chapter addresses the treatment of gatekeepers. Detailed attention is given throughout the book to the extensive rules which apply at level 2 and to the level 3 process. New chapters have also been added on law-making and supervision, following the dramatic developments which followed the establishment of the Committee of European Securities Regulators. The influence wielded by the CESR on EC securities regulation is a key undercutting theme of the book.


Readership: Advanced students and scholars and practitioners of EC law, company law, securities regulation, and financial regulation.


Niamh Moloney, Professor of Capital Markets Law, University of Nottingham


Part I Introduction
1: Introduction
Part II Capital Raising
2: Capital Raising
Part III Collective Investment Schemes
3: Collective Investment Schemes
Part IV The EC Investment-services Regime
4: The Regulation of Investment Services providers: the EC Regime
5: The Investment-services Passport
6: The Prudential Regulation of Investment Services Providers and Conflict-of-Interest Regulation
7: Protective Regulation
8: Gatekeepers
9: Investor Compensation
Part IV Trading Markets
10: Order Execution
11: The Settlement of Securities Transactions
Part V Market Abuse
12: Market Abuse
Part VI The Institutional Structure of EC Securities Regulation
13: The Rule-making Structure
14: Supervision

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