Regulating and Supervising Investment Services in the European Union

Cover......Page 1
Table of Contents......Page 8
Foreword......Page 15
Preface......Page 18
Table of Acronyms......Page 20
Table of Cases......Page 23
B: The background......Page 28
C: Formulation of the problematique......Page 30
1 Three steps for effective supervision and two criteria for EU action......Page 34
2 The need for a pan-European Securities Regulator......Page 35
E: Approach and structure of the book......Page 36
Part I: Why Supervise?......Page 40
A: Introduction......Page 42
B: Theoretical underpinning......Page 43
C: The objectives of supervision......Page 45
D: Key principles of financial supervision......Page 50
E: Concluding remarks......Page 51
Part II: How to Supervise?......Page 54
A: Introduction......Page 56
C: European economic integration......Page 57
D: European market integration and liberalisation......Page 59
E: Concluding remarks......Page 75
B: Conceptual background......Page 77
C: The EU paradigm......Page 79
D: The origin and legal status of the principle......Page 82
E: Home country control and investment services......Page 90
F: Concluding remarks......Page 107
A: Introduction......Page 109
B: International non-legislative initiatives......Page 110
C: The EU policy-making on securities regulation and supervision......Page 118
D: Constitutional concerns about the institutional design......Page 125
E: Concluding remarks......Page 127
A: Introduction......Page 129
B: Advantages and the importance of the principles......Page 130
C: Disadvantages and problems of application: The antilog......Page 135
D: Concluding remarks......Page 167
Part III: Moving Ahead......Page 170
A: Introduction......Page 172
B: The legal basis for a single supervisor......Page 174
C: The rationale for a single regulator......Page 183
D: The political conundrum: real drawbacks or political unwillingness?......Page 218
E: Concluding remarks......Page 220
A: Introduction......Page 223
B: Lessons from the ESCB and the SEC......Page 224
C: Structure and tasks of the ESR......Page 232
D: Concluding remarks......Page 250
A: Introduction......Page 252
B: Putting an end to sectoral supervision?......Page 253
C: Concluding remarks......Page 264
Epilogue......Page 266
A: Free provision of services and competition promotion......Page 267
B: Burdensome lawmaking: \'starting the ball rolling\'......Page 269
C: Electronic trading and the \'virtual\' future of financial services......Page 270
D: Financial stability and consumer protection......Page 271
E: Politics into practice and the prospects for reform......Page 273
Annex I......Page 276
Annex II......Page 280
Notes......Page 282
References......Page 363
Index......Page 386