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European Banking and Financial Law 2e.

By: Contributor(s): Material type: TextTextPublisher: Oxford : Taylor & Francis Group, 2020Copyright date: ©2020Edition: 2nd edDescription: 1 online resource (329 pages)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9781351701792
Subject(s): Genre/Form: Additional physical formats: Print version:: European Banking and Financial Law 2eDDC classification:
  • 346.4082
LOC classification:
  • KJC2188 .H346 2020
Online resources:
Contents:
Cover -- Half Title -- Title -- Copyright -- Outline contents -- Contents -- Preface to the Second Edition -- Table of Legislation -- Part A Introduction -- 1 Sources of EU financial law -- 1.1 Introduction -- 1.2 EU statutes and their hierarchy -- 1.2.1 The Treaties -- 1.2.2 Regulations and Directives -- 1.3 EU financial regulation -- 1.3.1 Introduction -- 1.3.2 Banking Directives -- 1.3.3 EU passport -- 1.3.4 Financial regulation in the making: Lamfalussy Report -- 1.4 Financial supervision in the EU -- 1.4.1 De Larosière Report -- 1.4.2 European Banking Union -- 1.5 Recent developments -- 1.6 Further reading -- 1.7 Questions -- Part B Financial markets -- 2 The primary market -- 2.1 A practical and historical perspective on capital markets -- 2.1.1 History of offering securities -- 2.1.2 Capital markets and securities: the basics -- 2.2 The offering of securities: rules and regulations -- 2.2.1 Introduction -- 2.2.2 From Directives to Regulation -- 2.2.3 Duty to publish a prospectus and rules for drafting, approving and distributing the prospectus -- 2.2.4 Scope and exemptions of the Prospectus Regulation -- 2.2.5 Enforcement and liability -- 2.3 Crowdfunding -- 2.4 Credit rating agencies -- 2.4.1 Introduction -- 2.4.2 Financial crises and credit rating agencies -- 2.4.3 CRA Regulations -- 2.5 Further reading -- 2.6 Questions -- 3 The secondary market -- 3.1 Introduction -- 3.2 Investment firms, services and activities -- 3.3 Trading venues -- 3.3.1 Multilateral trading facilities -- 3.3.2 Organised trading facilities -- 3.3.3 Systematic internalisers -- 3.4 Listing and liabilities -- 3.4.1 Listing Directive -- 3.4.2 Securities -- 3.5 Clearing and settlement -- 3.6 Further reading -- 3.7 Questions -- 4 Market abuse -- 4.1 Market abuse and its effects -- 4.2 Market abuse regulation -- 4.2.1 Introduction -- 4.2.2 Scope of the Regulation.
4.2.3 Insider dealing -- 4.2.4 Unlawful disclosure of inside information -- 4.2.5 Market manipulation -- 4.2.6 Five main obligations -- 4.3 MAD II: enforcement and criminal sanctions -- 4.4 Further reading -- 4.5 Questions -- 5 Consumer and investor protection -- 5.1 Introduction -- 5.2 Unfair Terms Directive -- 5.2.1 Introduction -- 5.2.2 Main terms and provisions -- 5.3 Distance financial services -- 5.4 Consumer Credit and Mortgage Credit Directives -- 5.4.1 Consumer Credit Directive -- 5.4.2 Mortgage Credit Directive -- 5.5 Markets in Financial Instruments legislation -- 5.5.1 Introduction -- 5.5.2 Investment services and investment activities -- 5.5.3 Client identification and classification -- 5.5.4 Investor protection rules -- 5.6 Further reading -- 5.7 Questions -- Part C Financial institutions -- 6 Banking, EU supervision and bank structures -- 6.1 Introduction -- 6.2 Societal benefits and costs: rationale for regulation -- 6.3 EU banking supervision and enforcement -- 6.3.1 ECB and its monetary role -- 6.3.2 EBA, ESMA and EIOPA -- 6.3.3 ECB and its supervisory role -- 6.3.4 National supervision -- 6.4 Organisational structures of banks -- 6.4.1 Commercial banks and investment banks -- 6.4.2 Multifunctional groups versus universal banks -- 6.4.3 Branches and subsidiaries -- 6.4.4 Banking groups -- 6.5 Bank and "industry" -- 6.5.1 Bank owning an "industry" -- 6.5.2 Commercial businesses owning a bank -- 6.6 Shadow banking -- 6.7 Further reading -- 6.8 Questions -- 7 Authorisation, capital requirements and governance rules -- 7.1 Introduction -- 7.2 EU banking activities -- 7.2.1 Definition and authorisation -- 7.2.2 The EU passport -- 7.3 Prudential regulation -- 7.3.1 Introduction -- 7.3.2 Liquidity regulation -- 7.3.2.1 Liquidity requirements -- 7.3.2.2 Emergency liquidity assistance -- 7.3.3 Capital regulation.
7.3.3.1 Quality of the capital buffer -- 7.3.3.2 Size of the buffer -- 7.3.3.3 Leverage ratio -- 7.3.3.4 Large exposure regime -- 7.3.4 Basel -- 7.4 Bank governance -- 7.5 Further reading -- 7.6 Questions -- 8 Bank insolvency -- 8.1 Introduction -- 8.2 EU bank insolvency law -- 8.2.1 Winding­up Directive -- 8.2.2 BRRD and SRM -- 8.2.2.1 Recovery and resolution plans -- 8.2.2.2 Early intervention measures -- 8.2.2.3 Resolution and resolution tools -- 8.2.3 Resolution tools and fundamental rights -- 8.3 Protection of the depositor -- 8.3.1 Introduction -- 8.3.2 The Deposit Guarantee Scheme Directives -- 8.4 Further reading -- 8.5 Questions -- 9 The investment firm and the investment fund -- 9.1 Introduction -- 9.2 The investment firm -- 9.2.1 Introduction -- 9.2.2 The investment firm under MiFID II -- 9.2.3 Authorisation and initial capital -- 9.2.4 The EU passport -- 9.2.5 Fitness of directors and qualifying shareholders -- 9.3 The investment fund -- 9.3.1 Introduction -- 9.3.2 Structure of an investment fund -- 9.3.3 Undertakings for the Collective Investment in Transferable Securities -- 9.3.4 UCITS and rules of transparency -- 9.3.5 Alternative Investment Funds -- 9.3.5.1 Introduction -- 9.3.5.2 Authorisation -- 9.3.5.3 Organisational requirements -- 9.4 EU passport for UCITS and AIFs -- 9.5 Further reading -- 9.6 Questions -- Part D Financial Transactions -- 10 Custody and transfer of cash and securities -- 10.1 Introduction -- 10.2 Clearing and settlement -- 10.2.1 Depositum and indirect holding -- 10.2.2 Clearing and settlement -- 10.2.3 Settlement Finality Directive -- 10.3 Custody and transfer of cash -- 10.3.1 Segregation -- 10.3.2 Payment Services Directive II -- 10.4 Custody and transfer of securities -- 10.4.1 Segregation -- 10.4.2 Regulatory law -- 10.4.3 Private law -- 10.5 Further reading -- 10.6 Questions -- 11 Loan finance.
11.1 Introduction -- 11.2 Corporate finance -- 11.3 Syndicated loans -- 11.4 Facilities, types and purposes -- 11.4.1 Facilities -- 11.4.1.1 Term loan -- 11.4.1.2 Revolving credit -- 11.4.1.3 Demand loan -- 11.4.1.4 Stand­by loan -- 11.4.1.5 Overdraft facility -- 11.4.1.6 Contingent liability facility -- 11.4.2 Types of finance -- 11.4.2.1 Corporate finance -- 11.4.2.2 Asset finance -- 11.4.2.3 Project finance -- 11.4.2.4 Limited recourse financing -- 11.4.3 Purposes -- 11.4.3.1 Acquisition finance -- 11.4.3.2 Bridge finance -- 11.4.3.3 Mezzanine finance or venture capital -- 11.4.3.4 Refinancing -- 11.4.3.5 Mismatch facilities -- 11.5 Documentation clauses -- 11.5.1 Structure of the documentation -- 11.5.2 Purpose and conditions of utilisation -- 11.5.3 Payment, repayment and prepayment -- 11.5.4 Interest, margin, costs and fees -- 11.5.5 Guarantees, representations and undertakings -- 11.5.5.1 Guarantees -- 11.5.5.2 Representations and warranties -- 11.5.5.3 Undertakings -- 11.5.6 Events of defaults -- 11.5.6.1 Effects and classification of defaults -- 11.5.6.2 Cross­default -- 11.5.6.3 Material adverse change -- 11.5.6.4 Change of control -- 11.5.7 Boilerplate -- 11.5.7.1 Changes to parties -- 11.5.7.2 The agent -- 11.5.7.3 Waivers -- 11.5.7.4 Governing law -- 11.5.7.5 Conditions precedent -- 11.6 Security -- 11.6.1 Purposes of security -- 11.6.2 Security trustee and parallel debt -- 11.7 Further reading -- 11.8 Questions -- 12 Derivatives -- 12.1 Introduction -- 12.2 Main categories of derivatives -- 12.2.1 Options -- 12.2.2 Forwards -- 12.2.3 Swaps -- 12.3 Contractual frameworks -- 12.3.1 ISDA master agreement -- 12.3.2 Principal terms and conditions -- 12.3.3 Events of default -- 12.3.4 Automatic termination versus termination by notice -- 12.3.5 Netting -- 12.3.5.1 Settlement netting -- 12.3.5.2 Close­out netting -- 12.3.5.3 Insolvency netting.
12.4 Statutory framework -- 12.4.1 General -- 12.4.2 EMIR -- 12.4.3 MiFIR -- 12.5 Further reading -- 12.6 Questions -- 13 Collateralised finance -- 13.1 Introduction -- 13.1.1 Examples -- 13.1.1.1 Repurchase agreements -- 13.1.1.2 Securities lending transactions -- 13.1.1.3 Derivatives -- 13.2 Principal terms and conditions -- 13.2.1 Master agreements -- 13.2.1.1 Repurchase agreements -- 13.2.1.2 Securities lending transactions -- 13.2.2 Title transfer and security interest -- 13.2.3 Flow of cash -- 13.2.4 Stabilisation instruments -- 13.2.4.1 Margin transfers -- 13.2.4.2 Repricing and adjustment -- 13.2.5 Substitution, income payments and interest -- 13.2.6 Events of default, early termination and close­out netting -- 13.3 Collateral Directive -- 13.3.1 Scope of the Collateral Directive -- 13.3.2 Derogations from national private law -- 13.3.2.1 No formalities -- 13.3.2.2 Right of use -- 13.3.2.3 Recharacterisation and fiduciary transfers -- 13.3.2.4 Close­out netting and insolvency -- 13.4 Securities Financing Transactions Regulation, MiFID II -- 13.5 Further reading -- 13.6 Questions -- 14 Structured finance -- 14.1 Introduction -- 14.2 Securitisation -- 14.2.1 Global financial crisis and Securitisation Regulation -- 14.2.2 Transaction -- 14.2.3 Objectives -- 14.2.4 Receivables and parties -- 14.2.4.1 Receivables -- 14.2.4.2 Originator -- 14.2.4.3 Debtors -- 14.2.4.4 Servicer -- 14.2.4.5 SPV -- 14.2.4.6 Investors -- 14.2.4.7 Bonds -- 14.2.4.8 Security trustee -- 14.2.4.9 Swap counterparty -- 14.2.4.10 GIC and liquidity provider -- 14.2.4.11 Rating agencies -- 14.2.4.12 Profit extraction -- 14.2.5 Legal issues -- 14.2.5.1 True sale -- 14.2.5.2 Security rights -- 14.2.5.3 Assignability, notice and applicable law -- 14.2.5.4 Set­off -- 14.2.5.5 Regulatory issues -- 14.2.6 Alternative structures -- 14.3 Covered bonds -- 14.3.1 Transaction.
14.3.2 Legal issues.
Summary: This book serves as a comprehensive introduction to European banking and financial law. It covers not only regulatory law, but also commercial law that is relevant for the most important financial transactions.
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Cover -- Half Title -- Title -- Copyright -- Outline contents -- Contents -- Preface to the Second Edition -- Table of Legislation -- Part A Introduction -- 1 Sources of EU financial law -- 1.1 Introduction -- 1.2 EU statutes and their hierarchy -- 1.2.1 The Treaties -- 1.2.2 Regulations and Directives -- 1.3 EU financial regulation -- 1.3.1 Introduction -- 1.3.2 Banking Directives -- 1.3.3 EU passport -- 1.3.4 Financial regulation in the making: Lamfalussy Report -- 1.4 Financial supervision in the EU -- 1.4.1 De Larosière Report -- 1.4.2 European Banking Union -- 1.5 Recent developments -- 1.6 Further reading -- 1.7 Questions -- Part B Financial markets -- 2 The primary market -- 2.1 A practical and historical perspective on capital markets -- 2.1.1 History of offering securities -- 2.1.2 Capital markets and securities: the basics -- 2.2 The offering of securities: rules and regulations -- 2.2.1 Introduction -- 2.2.2 From Directives to Regulation -- 2.2.3 Duty to publish a prospectus and rules for drafting, approving and distributing the prospectus -- 2.2.4 Scope and exemptions of the Prospectus Regulation -- 2.2.5 Enforcement and liability -- 2.3 Crowdfunding -- 2.4 Credit rating agencies -- 2.4.1 Introduction -- 2.4.2 Financial crises and credit rating agencies -- 2.4.3 CRA Regulations -- 2.5 Further reading -- 2.6 Questions -- 3 The secondary market -- 3.1 Introduction -- 3.2 Investment firms, services and activities -- 3.3 Trading venues -- 3.3.1 Multilateral trading facilities -- 3.3.2 Organised trading facilities -- 3.3.3 Systematic internalisers -- 3.4 Listing and liabilities -- 3.4.1 Listing Directive -- 3.4.2 Securities -- 3.5 Clearing and settlement -- 3.6 Further reading -- 3.7 Questions -- 4 Market abuse -- 4.1 Market abuse and its effects -- 4.2 Market abuse regulation -- 4.2.1 Introduction -- 4.2.2 Scope of the Regulation.

4.2.3 Insider dealing -- 4.2.4 Unlawful disclosure of inside information -- 4.2.5 Market manipulation -- 4.2.6 Five main obligations -- 4.3 MAD II: enforcement and criminal sanctions -- 4.4 Further reading -- 4.5 Questions -- 5 Consumer and investor protection -- 5.1 Introduction -- 5.2 Unfair Terms Directive -- 5.2.1 Introduction -- 5.2.2 Main terms and provisions -- 5.3 Distance financial services -- 5.4 Consumer Credit and Mortgage Credit Directives -- 5.4.1 Consumer Credit Directive -- 5.4.2 Mortgage Credit Directive -- 5.5 Markets in Financial Instruments legislation -- 5.5.1 Introduction -- 5.5.2 Investment services and investment activities -- 5.5.3 Client identification and classification -- 5.5.4 Investor protection rules -- 5.6 Further reading -- 5.7 Questions -- Part C Financial institutions -- 6 Banking, EU supervision and bank structures -- 6.1 Introduction -- 6.2 Societal benefits and costs: rationale for regulation -- 6.3 EU banking supervision and enforcement -- 6.3.1 ECB and its monetary role -- 6.3.2 EBA, ESMA and EIOPA -- 6.3.3 ECB and its supervisory role -- 6.3.4 National supervision -- 6.4 Organisational structures of banks -- 6.4.1 Commercial banks and investment banks -- 6.4.2 Multifunctional groups versus universal banks -- 6.4.3 Branches and subsidiaries -- 6.4.4 Banking groups -- 6.5 Bank and "industry" -- 6.5.1 Bank owning an "industry" -- 6.5.2 Commercial businesses owning a bank -- 6.6 Shadow banking -- 6.7 Further reading -- 6.8 Questions -- 7 Authorisation, capital requirements and governance rules -- 7.1 Introduction -- 7.2 EU banking activities -- 7.2.1 Definition and authorisation -- 7.2.2 The EU passport -- 7.3 Prudential regulation -- 7.3.1 Introduction -- 7.3.2 Liquidity regulation -- 7.3.2.1 Liquidity requirements -- 7.3.2.2 Emergency liquidity assistance -- 7.3.3 Capital regulation.

7.3.3.1 Quality of the capital buffer -- 7.3.3.2 Size of the buffer -- 7.3.3.3 Leverage ratio -- 7.3.3.4 Large exposure regime -- 7.3.4 Basel -- 7.4 Bank governance -- 7.5 Further reading -- 7.6 Questions -- 8 Bank insolvency -- 8.1 Introduction -- 8.2 EU bank insolvency law -- 8.2.1 Winding­up Directive -- 8.2.2 BRRD and SRM -- 8.2.2.1 Recovery and resolution plans -- 8.2.2.2 Early intervention measures -- 8.2.2.3 Resolution and resolution tools -- 8.2.3 Resolution tools and fundamental rights -- 8.3 Protection of the depositor -- 8.3.1 Introduction -- 8.3.2 The Deposit Guarantee Scheme Directives -- 8.4 Further reading -- 8.5 Questions -- 9 The investment firm and the investment fund -- 9.1 Introduction -- 9.2 The investment firm -- 9.2.1 Introduction -- 9.2.2 The investment firm under MiFID II -- 9.2.3 Authorisation and initial capital -- 9.2.4 The EU passport -- 9.2.5 Fitness of directors and qualifying shareholders -- 9.3 The investment fund -- 9.3.1 Introduction -- 9.3.2 Structure of an investment fund -- 9.3.3 Undertakings for the Collective Investment in Transferable Securities -- 9.3.4 UCITS and rules of transparency -- 9.3.5 Alternative Investment Funds -- 9.3.5.1 Introduction -- 9.3.5.2 Authorisation -- 9.3.5.3 Organisational requirements -- 9.4 EU passport for UCITS and AIFs -- 9.5 Further reading -- 9.6 Questions -- Part D Financial Transactions -- 10 Custody and transfer of cash and securities -- 10.1 Introduction -- 10.2 Clearing and settlement -- 10.2.1 Depositum and indirect holding -- 10.2.2 Clearing and settlement -- 10.2.3 Settlement Finality Directive -- 10.3 Custody and transfer of cash -- 10.3.1 Segregation -- 10.3.2 Payment Services Directive II -- 10.4 Custody and transfer of securities -- 10.4.1 Segregation -- 10.4.2 Regulatory law -- 10.4.3 Private law -- 10.5 Further reading -- 10.6 Questions -- 11 Loan finance.

11.1 Introduction -- 11.2 Corporate finance -- 11.3 Syndicated loans -- 11.4 Facilities, types and purposes -- 11.4.1 Facilities -- 11.4.1.1 Term loan -- 11.4.1.2 Revolving credit -- 11.4.1.3 Demand loan -- 11.4.1.4 Stand­by loan -- 11.4.1.5 Overdraft facility -- 11.4.1.6 Contingent liability facility -- 11.4.2 Types of finance -- 11.4.2.1 Corporate finance -- 11.4.2.2 Asset finance -- 11.4.2.3 Project finance -- 11.4.2.4 Limited recourse financing -- 11.4.3 Purposes -- 11.4.3.1 Acquisition finance -- 11.4.3.2 Bridge finance -- 11.4.3.3 Mezzanine finance or venture capital -- 11.4.3.4 Refinancing -- 11.4.3.5 Mismatch facilities -- 11.5 Documentation clauses -- 11.5.1 Structure of the documentation -- 11.5.2 Purpose and conditions of utilisation -- 11.5.3 Payment, repayment and prepayment -- 11.5.4 Interest, margin, costs and fees -- 11.5.5 Guarantees, representations and undertakings -- 11.5.5.1 Guarantees -- 11.5.5.2 Representations and warranties -- 11.5.5.3 Undertakings -- 11.5.6 Events of defaults -- 11.5.6.1 Effects and classification of defaults -- 11.5.6.2 Cross­default -- 11.5.6.3 Material adverse change -- 11.5.6.4 Change of control -- 11.5.7 Boilerplate -- 11.5.7.1 Changes to parties -- 11.5.7.2 The agent -- 11.5.7.3 Waivers -- 11.5.7.4 Governing law -- 11.5.7.5 Conditions precedent -- 11.6 Security -- 11.6.1 Purposes of security -- 11.6.2 Security trustee and parallel debt -- 11.7 Further reading -- 11.8 Questions -- 12 Derivatives -- 12.1 Introduction -- 12.2 Main categories of derivatives -- 12.2.1 Options -- 12.2.2 Forwards -- 12.2.3 Swaps -- 12.3 Contractual frameworks -- 12.3.1 ISDA master agreement -- 12.3.2 Principal terms and conditions -- 12.3.3 Events of default -- 12.3.4 Automatic termination versus termination by notice -- 12.3.5 Netting -- 12.3.5.1 Settlement netting -- 12.3.5.2 Close­out netting -- 12.3.5.3 Insolvency netting.

12.4 Statutory framework -- 12.4.1 General -- 12.4.2 EMIR -- 12.4.3 MiFIR -- 12.5 Further reading -- 12.6 Questions -- 13 Collateralised finance -- 13.1 Introduction -- 13.1.1 Examples -- 13.1.1.1 Repurchase agreements -- 13.1.1.2 Securities lending transactions -- 13.1.1.3 Derivatives -- 13.2 Principal terms and conditions -- 13.2.1 Master agreements -- 13.2.1.1 Repurchase agreements -- 13.2.1.2 Securities lending transactions -- 13.2.2 Title transfer and security interest -- 13.2.3 Flow of cash -- 13.2.4 Stabilisation instruments -- 13.2.4.1 Margin transfers -- 13.2.4.2 Repricing and adjustment -- 13.2.5 Substitution, income payments and interest -- 13.2.6 Events of default, early termination and close­out netting -- 13.3 Collateral Directive -- 13.3.1 Scope of the Collateral Directive -- 13.3.2 Derogations from national private law -- 13.3.2.1 No formalities -- 13.3.2.2 Right of use -- 13.3.2.3 Recharacterisation and fiduciary transfers -- 13.3.2.4 Close­out netting and insolvency -- 13.4 Securities Financing Transactions Regulation, MiFID II -- 13.5 Further reading -- 13.6 Questions -- 14 Structured finance -- 14.1 Introduction -- 14.2 Securitisation -- 14.2.1 Global financial crisis and Securitisation Regulation -- 14.2.2 Transaction -- 14.2.3 Objectives -- 14.2.4 Receivables and parties -- 14.2.4.1 Receivables -- 14.2.4.2 Originator -- 14.2.4.3 Debtors -- 14.2.4.4 Servicer -- 14.2.4.5 SPV -- 14.2.4.6 Investors -- 14.2.4.7 Bonds -- 14.2.4.8 Security trustee -- 14.2.4.9 Swap counterparty -- 14.2.4.10 GIC and liquidity provider -- 14.2.4.11 Rating agencies -- 14.2.4.12 Profit extraction -- 14.2.5 Legal issues -- 14.2.5.1 True sale -- 14.2.5.2 Security rights -- 14.2.5.3 Assignability, notice and applicable law -- 14.2.5.4 Set­off -- 14.2.5.5 Regulatory issues -- 14.2.6 Alternative structures -- 14.3 Covered bonds -- 14.3.1 Transaction.

14.3.2 Legal issues.

This book serves as a comprehensive introduction to European banking and financial law. It covers not only regulatory law, but also commercial law that is relevant for the most important financial transactions.

Description based on publisher supplied metadata and other sources.

Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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