Regulating and Supervising Investment Services in the European Union

This book provides an extensive and critical assessment of the current regulatory and supervisory framework of investment services in the European Union (EU) and proposes alternative institutional structures. Recent trends in financial services at EU level as well as regulatory and institutional developments at a national level make the focus of this book very timely. The book contributes to the debate by making specific suggestions with regard to the institutional structure and the operational sphere of a central pan-European regulator. Cover......Page 1 Table of Contents......Page 8 Foreword......Page 15 Preface......Page 18 Table of Acronyms......Page 20 Table of Cases......Page 23 B: The background......Page 28 C: Formulation of the problematique......Page 30 1 Three steps for effective supervision and two criteria for EU action......Page 34 2 The need for a pan-European Securities Regulator......Page 35 E: Approach and structure of the book......Page 36 Part I: Why Supervise?......Page 40 A: Introduction......Page 42 B: Theoretical underpinning......Page 43 C: The objectives of supervision......Page 45 D: Key principles of financial supervision......Page 50 E: Concluding remarks......Page 51 Part II: How to Supervise?......Page 54 A: Introduction......Page 56 C: European economic integration......Page 57 D: European market integration and liberalisation......Page 59 E: Concluding remarks......Page 75 B: Conceptual background......Page 77 C: The EU paradigm......Page 79 D: The origin and legal status of the principle......Page 82 E: Home country control and investment services......Page 90 F: Concluding remarks......Page 107 A: Introduction......Page 109 B: International non-legislative initiatives......Page 110 C: The EU policy-making on securities regulation and supervision......Page 118 D: Constitutional concerns about the institutional design......Page 125 E: Concluding remarks......Page 127 A: Introduction......Page 129 B: Advantages and the importance of the principles......Page 130 C: Disadvantages and problems of application: The antilog......Page 135 D: Concluding remarks......Page 167 Part III: Moving Ahead......Page 170 A: Introduction......Page 172 B: The legal basis for a single supervisor......Page 174 C: The rationale for a single regulator......Page 183 D: The political conundrum: real drawbacks or political unwillingness?......Page 218 E: Concluding remarks......Page 220 A: Introduction......Page 223 B: Lessons from the ESCB and the SEC......Page 224 C: Structure and tasks of the ESR......Page 232 D: Concluding remarks......Page 250 A: Introduction......Page 252 B: Putting an end to sectoral supervision?......Page 253 C: Concluding remarks......Page 264 Epilogue......Page 266 A: Free provision of services and competition promotion......Page 267 B: Burdensome lawmaking: 'starting the ball rolling'......Page 269 C: Electronic trading and the 'virtual' future of financial services......Page 270 D: Financial stability and consumer protection......Page 271 E: Politics into practice and the prospects for reform......Page 273 Annex I......Page 276 Annex II......Page 280 Notes......Page 282 References......Page 363 Index......Page 386 This text provides an extensive and critical assessment of the current regulatory and supervisory framework of investment services in the European Union (EU) and proposes alternative institutional structures. Trends in financial services at EU level, as well as regulatory and institutional developments at national level, make the focus of this book very timely. It contributes to the debate by making specific suggestions with regard to the institutional structure and the operational sphere of a central pan-European regulator "This is the first book to provide an in-depth examination of the current supervisory structure of EU investment services and the first to propose the establishment of a single pan-European regulator in an effort to enhance the legal, economic and political environment for the creation of a single European financial market."--Jacket