Subjects:

Company Law, Banking and Finance

Contents:

I Competition and Harmonisation in Securities Regulation

1. Regulatory Competition in Securities Regulation: A European Perspective , E. Wymeersch

2. Structuring Securities Regulation in the European Union: Lessons from the U.S. Experience , D. Langevoort

II The New Directive on markets in financial instruments (MiFID)

General

3. The MiFID: Competition in a New European Equity Market Regulatory Structure , R. Davies, A. Dufour and B. Scott-Quinn

4. The European Securities Industry. Further Evidence on the Roadmap to Integration , B. Alemanni- G. Lusignani- M. Onado

5. Financial Market Integration in the post-FSAP Era. In Search of Overall Conceptual Consistency in the Regulatory Framework , M. Tison

Conduct of Business and Conflicts of interest

6. Promoting the Retail Investor: The EU's Emerging Strategy and Conduct of Busines , N. Moloney

7. The Eclipse of Contract Law in the Investment- Firm- Client Relationship , P. O. Mü

lbert

8. Conflicts of Interest in Investment Services: The Price and Uncertain Impact of MiFID's Regulatory Framework , L. Enriques

Internalisation

9. The MiFID and the Lamfalussy Regulatory Structure: the case of Internalization , G. Ferrarini- F. Recine

10. Internalization under the MiFID: Regulatory Overreach or Landmark in Investor Protection? , J. Kö

ndgen- E. Theissen

Clearing and Settlement

11. Aspects of European Clearing and Settlement , E. Wymeersch

III Prospectuses and Disclosure

12. The European Prospectus Directive: The Public Offering Concept , A. Pietrancosta

13. Nonfinancial Disclosure between nullShareholder Valuenull and nullSocial Responsible Investingnull , F. Denozza

IV EC Company Law

14. Political Yardstick Competition and Corporate Governance in the European Union , P. Salmon

15. Beyond Competition for Incorporations , E. Kamar

16. Default Rules in EC Company Law , G. Hertig- J. A. Mc Cahery

V The role of Litigation and Extraterritorial Courts

17. The Role of Litigation and Corporate Scandals Structures in the Parmalat Case , G. Ferrarini- P. Giudici

18. Extraterritorial Courts for Corporate Law , J. Dammann- H. Hansmann

This collection explores the topical issue of investor protection in Europe from both a capital market and a company law perspective, and offers a broad and coherent perspective on regulatory competition and harmonisation concerning companies and securities markets in the EU. Follwing the unitary approach to investor protection, increasingly justified and adopted in Europe after the Enron, and Parmalat scandals, the volume follows recent EU developments in both capital markets and company law, and analyses how these have stimulated academic discussion on regulatory competition and regulatory harmonisation, particularly in the securities area.

Part I of the book deals with competition in securities regulation both from an EU and US perspective. Part II analyses the recent Markets in Financial Instruments Directive, which carries the new regulation of investment services and trading systems and covers the main regulatory issues including conduct of business and internalization. The issue of clearing and settlement, often neglected in academic studies, is also explored.

Part III is dedicated to prospectuses and transparency regulation, while Part IV deals with competition in company law from new angles, such as 'yardstick competition' and 'competition for investments'. Part V deals with the problems of enforcement in the light of Parmalat and other recent scandals, and the collection as a whole concludes with a radical chapter on developing a proposal for extraterritorial courts.