EU prospectus law : new perspectives on regulatory competition in securities markets / Pierre Schammo.

Format:

Book

Author/Creator:

Schammo, Pierre, 1976- author.

Series:

International corporate law and financial market regulation

Language:

English

Subjects (All):

Securities--European Union countries.

Securities.

Prospectus writing--Law and legislation.

Disclosure of information--Law and legislation.

European Union countries.

Disclosure of information--Law and legislation--European Union countries.

Disclosure of information.

Prospectus writing--Law and legislation--European Union countries.

Prospectus writing.

Physical Description:

1 online resource (xxviii, 385 pages) : digital, PDF file(s).

Place of Publication:

Cambridge : Cambridge University Press, 2011.

System Details:

text file

PDF

Summary:

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.

Contents:

Part I Prospectus disclosure in a wider institutional context 5

1 Actors and institutions 7

I Introduction 7

II Policy-and rule-making actors 8

A Level 1 decision-making 9

B Level 2 decison-making 12

1 Comitology prior to the entry into force of the Lisbon Treaty 12

2 Delegated and implementing acts under the Lisbon Treaty 14

III Collective securities actors 19

A CESR 20

1 The nature and organisation of CESR 20

2 Problems with CESR 21

a The absence of legally binding powers 22

b Adverse behaviour 23

B ESMA 28

1 Beginnings: the de Larosiére proposals 29

2 Establishing ESMA: Constitutional limits 30

3 The nature and organisation of ESMA 36

4 Tasks and functions 40

IV National securities authorities 54

v Conclusion: evolutionary or revolutionary change? 57

Part II Prospecuts disclosure regulation 61

2 Introduction 63

3 (Maximum) harmonisation 69

I Indroduction 69

II Harmonisation and prospectus disclosure 70

III Obligation to draw up a prospectus 77

A Scope and exceptions 78

1 scope 78

2 Exceptions 86

B Content, format and validity of the prospectus 90

1 Content 90

a Factors affecting the disclosure content of a prospectus 90

b How to deal with increasingly complex disclosure 93

2 Formats 95

a Prospectus formats 96

b Summaries 99

c Formats for correcting or updating prospectus disclosure 102

3 Validity of the prospectus 105

C Incorporation by reference 106

D Omission of information 108

1 Main issues 108

2 Grounds for omitting information 108

a Omission of information under the PD 108

b Omission of information under the PR 110

c The use of the rules governing disclosure omissions as a 'short-term fix' 111

E Language requirements 112

IV Obligation to seek prior approval with the competent authority of the home Member State 115

V Obligation to publish a prospectus and comply with the PD's provisions relating to advertisement 119

A Obligation to publish a prospectus 119

1 Publication arrangements 120

2 Ensuring access to the prospectus and the integrity of the information 122

3 Exemptions from the obligation to publish a prospectus 124

a Private placements 124

b Article 4 130

B Advertisement 134

1 Basic provisions 134

2 Exempt offers: selective disclosure 136

VI The passport system 137

VII Conclusion: evolutionary or revolutionary change? 139

4 Equivalence-bases regulation 142

I Introduction 142

II Equivalence-based regulation and prospectus disclosure 145

III Third country GAAP 150

A Assessment of equivalence 152

B Recognition of equivalence 158

IV Employee share schemes 160

A Article 4(1) (e) and employee share schemes 160

B The equivalence condition of Article 4(1) (e) 163

V Third country prospectuses 165

A Prior approval as a means to recognise epuivalence 166

B Limits to prior approval 169

C Equivalence-based regulation in Member States 172

D The merits of Article 20 PD: a shadow regime in need of reform? 179

1 Pathology 179

a Mutual trust and the functioning of the internal market 179

b Transparency and legal certainty 180

c Safeguarding the EU's 'unity of action' 181

2 Remedies 182

a Strategies 182

b Actors 183

VI Conclusion 189

Part III Prospectus disclosure enforcement 191

5 Introduction 193

6 Prospectus disclosure enforcement: strategy and arrangements 200

I Introduction 200

II Enforcement and prospectus disclosure 201

III Administrative enforcement of prospectus disclosure 208

A Actors 208

B Instruments of enforcement 212

1 The prospectus approval, an ex ante enforcement instrument 213

2 Limits of a prior approval system 217

3 The merits of a prior approval system 219

a Prior approval and investors 220

b Prior approval and issuers 224

C Powers 225

IV Prospectus disclosure enforcement and collective securities actors 226

A CESR 226

1 CESR's tasks 226

a Coordinated enforcement 227

b Mediation 229

2 The merits of CESR's Level 3 tasks 230

B ESMA 232

1 ESMA's tasks 233

2 The merits of ESMA's tasks 234

V Private enforcement and prospectus liability 240

VI Conclusion: evolutionary or revolutionary change? 243

7 Enforcement: national implementation 245

I Introduction 245

II Administrative enforcement in France and the UK 247

A Existence of powers 248

1 Power to approve: ex ante enforcement 248

a Power to approve in france 248

b Power to approve in the UK 253

2 Power to request information, investigate and sanction 257

3 Power to bring criminal proceedings 262

B Exercise of powers 263

III Private enforcements in France and the UK 268

A Personal scope 268

B Common vs special statutory regimes 272

IV Conclusion: lessons for the legal origins literature 275

Part IV Prospectus disclosure and regulatory competition 281

8 Introduction 283

9 Regulatory competition and EU decision-making 288

I Introduction 288

II Regulatory competition as a regulatory problem in the securities markets fields 289

A Regulatory competition and market integration 289

B The 'threat of exit' and EU decision-making 292

III Actor preferences and institutions 299

A Actor preferences 299

B Institutions 302

10 Regulatory competition and the prospectus directive: the issuer choice policy dispute 309

I Introduction 309

II Introducing the issuer choice policy dispute 311

A The context 312

B Policy frames on issuer choice 314

1 The cost frame 314

2 The merit frame 316

III Unpacking the issuer choice policy dispute: the regulatory problem 318

A Differing interests and ideas? 319

B The substantive and institutional dimension of the regulatory problem 321

1 The substantive dimension of the regulatory problem 321

2 The institutional dimension of the regulatory problem 324

IV Reconstructing the policy outcome 328

A The distribution of competences between Member States: a status quo decision? 328

B The distribution of competences between Member states: bargaining or problem-solving? 331

V The 2010 revision of the directive 338

VI Conclusion 340

PartV Conclusions and suggestions for the future 343

11 Conclusions 345.

Notes:

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

Other Format:

Print version:

ISBN:

9780511862700

Access Restriction:

Restricted for use by site license.