III. Financial market regulation in the post-financial services action plan era

International and Comparative Law Quarterly

Volumn 55, Issue 4, 2006, Pages 982-992

  Moloney, Niamh ^a  

^a UNIVERSITY OF NOTTINGHAM   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33846037283     PISSN: 00205893     EISSN: 14716895     Source Type: Journal    
DOI: 10.1093/iclq/lei140     Document Type: Article

References (31)

1. COM(1999)232 final, Financial Services: Implementing the Framework for Financial Markets: Action Plan.
2. Under the Lamfalussy process (proposed in the Final Report of the Committee of Wise Men on the Regulation of European Securities Markets, Feb 2001 (the Lamfalussy Report), the Commission adopts 'level 2' detailed rules in the securities and investment services sphere based on mandates in the related 'level 1' directive or regulation (adopted under normal inter-institutional procedures), advised by the Committee of European Securities Regulators (CESR, composed of national regulators) and supervised by European Securities Committee (ESC, composed of Member State representatives).
3. Directive 2004/39 (OJ (2004) L145/1).
4. Directive 2003/71 (EC QJ 2003 L345/64).
5. Commission Regulation 2004/809 (OJ 2004 L149/1).
6. Directive 2004/109 (OJ 2004 L390/38).
7. IAS Regulation 1606/2002 (OJ 2002 L243/1).
8. Directive 2004/25 (OJ 2004 L142/12).
9. See, eg, the Asset Management Expert Group Report, Financial Services Action Plan: Progress and Prospects, Final Report, May 2004, available at europa.eu.int/comm/internalr̄ket/finances/actionplan. Assets under management in three of the largest new Member States (Poland, Hungary, and the Czech Republic) amount to only 0.4 per cent of the total assets under management by UCITS alone in the EU and EEA.
10. Directive 2001/107 (OJ 2002 L41/20) and Directive 2001/108 (OJ 2002 L41/ 35).
11. Commission Recommendation 2004/384 on the UCITS summary prospectus (OJ 2004 L199/30) and Commission Recommendation 2004/383 on financial derivatives (OJ 2004 L199/24). COM(2005) 314 final, Green Paper on the Enhancement of the EU Framework for Investment Funds.
12. Commission Directive 2003/125 (OJ (2003) L339/73) on Investment Recommendations and Disclosure of Conflicts of Interests.
13. IOSCO, Code of Conduct for Rating Agencies, 2004.
14. COM(2002)625, Explanatory Memorandum to the MIFID Proposal, 5.
15. See, eg, Securities Expert Group Report Financial Services Action Plan: Progress and Prospects, Final Report (May 2004) available at europa.eu.int/comm/internalr̄ket/finances/actionplan.
16. eg the Securities, Asset Management, Banking, and Insurance Expert Group Reports on the FSAP (May 2004), all available at europa.eu.int/comm/ internalr̄ket/finances/actionplan; the Commission's June 2004 conference on European Financial Integration: Progress and Prospects, speeches available at europa.eu.int/comm/internalr̄ket/speeches;
17. Inter-Institutional Monitoring Group Third Report Monitoring the Lamfalussy Process (Nov 2004)
18. Commission Working Document on Application of the Lamfalussy Process to EU Securities Market Legislation (Nov 2004)
19. and European Parliament Report on current state of integration of EU Financial Markets (Apr 2005) A6-0097/2005.
20. A current major school of analysis in securities regulation and corporate theory examines the relationship between law and markets. See, eg, S Choi 'Law, Finance, and Path Dependence: Developing Strong Securities Markets' (2002) Texas Law Review 1657.
21. COM(2005)629 final, Financial Services Policy, 2005-2010 (Dec 2005).
22. It followed the earlier Green Paper (COM (2005) 177, Green Paper on Financial Services, 2005-2010).
23. White Paper (n 18).
24. FIN-USE has emerged as a robust actor in policy-making, if somewhat of a lone voice among the dominant market interests. See, eg, FIN-USE The Consumers' Voice in the European Financial Services Sector (2006)
25. and FIN-USE Financial Services, Consumers and Small Business: A User Perspective on the Reports on Banking, Asset Management, Securities and Insurance of the Post FSAP Stocktaking Groups (2004).
26. See, eg, the Securities Expert Group Report (n 15).
27. Directive 93/22 (OJ (1993) L141/27).
28. Draft Commission Directive implementing Directive 2004/39 (Draft MiFid Level 2 Directive) and Draft Commission Regulation implementing Directive 2004/39, 6 Feb 2006 (Draft MiFid Level 2 Regulation). Revised versions were approved by the ESC in June 2006 and adoption is expected in September 2006.
29. Directive 2000/31 (OJ 2000 L178/1).
30. Directive 2002/65 (OJ 2002 L271/16).
31. CESR Preliminary Progress Report, Which Supervisory Tools for the EU Securities Market? An Analytical Paper by CESR (Oct 2004).