Regulating EU Capital Markets Union Volume I: Fundamentals of a European Code

The current framework of EU regulation concerning capital markets is complex and partly inconsistent in the way that it is applied in the various Member States. Through the Capital Markets Union (CMU) project the European Union is pursuing the goal of establishing a true single market for capital in Europe. Regulating EU Capital Markets Union: Fundamentals of a European Code is the first of a two-volume series proposing the codification of EU legislature as a way to establish this goal.

This book analyses all existing capital markets regulation. It explains the idea of codification, looks at the added value of a European Capital Markets Code, discusses key concepts of the current regimes and elaborates on the goals of the future codification act. The work explores the idea that the provisions spread over numerous rulebooks should be brought together in a single legal act in the form of a regulation and organized in a systematic way to reduce complexity thereby facilitating accessibility of capital markets law.

Drawing on the experience of academics from various European countries, this volume discusses possible contents of a European Capital Markets Code, addresses approaches to regulatory reforms and explores the role of private enforcement.

Part 1: Idea of Codification, Legislative Competencies and Legislative Style1. The Idea of Codification of European Capital Markets Law, R"udiger Veil2. The Draft US Federal Securities Code - Lessons for Codifying EU Capital Markets Law, Azur Coulmas3. European Capital Markets Code: The Treaty Framework, J"orn Axel K"ammerer4. The Legislative Style of Codification: the example of compliance within investments firms, Vassilios Tountopoulos5. Sanctions and Degree of Harmonization, Hans Christoph GrigoleitPart 2: General Part of a European Securities Code: Regulatory Objectives and StrategiesSection 1: Regulatory Objectives and Strategies6. Efficient and Properly Functioning Capital Markets - Regulatory Objectives in a European Capital Markets Code, Rüdiger Veil7. Regulatory Objectives and Strategies: Investor Protection, Mathias Habersack8. Market Transactions and the Case of Insider Dealing - Drawing the Line between Legal and Illegal Behaviour, Jesper Lau Hansen9. Regulatory Objectives: Financial Stability, Jacek JastrzÄ?bski10. Sustainability and ESG Aspects, Birgit SpieÃ?hofer11. Managing the Conflicts Between Regulatory Goals, Jennifer Payne12. Regulatory Goals in Capital Markets Law - Reflections on the Value of Provisions on Goals in a Codification Act, Marco Ventoruzzo13. Proportionality in a European Capital Markets Code, Iris H-Y ChiuSection 2: Basic Concepts14. Defining 'Securities' in the European Capital Markets Code, Jacek DybiÅ?ski and Krzysztof Oplustil15. DLT-based instruments in the context of securities definitions, Matthias Casper and Patrick LeopoldPart 3: Content of Special Parts16. Prospectuses: Primary Markets Law in a European Capital Markets Code, Rüdiger Veil17. Market Abuse - Codifying the Core Elements of the Market Abuse Regime in the MAR and the CRIM-MAD, Morten Kinander18. The Limits of Including Financial Disclosure Rules in a European Capital Markets Code, Giovanni Strampelli19. Investment Services, Veerle Colaert20. Public Takeovers, Andrés Recalde Castells and Martin WinnerPart 4: Conclusion21. Conclusion, Rüdiger Veil