Elgar Commentaries in Financial Law series – serie

This authoritative Commentary analyses the Non-Performing Loans Directive, also known as the Credit Servicers Directive, which represents a notable step forward in achieving a level playing field in the debt recovery framework. It provides a critical examination of this necessary legislative reform that serves to expedite the development of secondary markets for non-performing loans. Key Features:Addresses the potential impact of the Directive across EU Member StatesExplores credit servicing activities for consumers in relation to licensing and authorising requirementsExamines the function and operation of service providers and credit servicers with respect to consumer credit agreementsEvaluates the Directive’s supervisory framework and asset classification, with particular attention to the role of the European Securities and Markets Authority and its convergence with national legislation This Commentary is an essential point of reference for practitioners and legal professionals in law firms with a banking and financial services regulation practice, as well as asset management companies, commercial and investment banks and international financial institutions. It is also a valuable resource for scholars and students of banking law, specifically the regulatory treatment of credit servicers and credit service providers.

This authoritative Commentary examines the EU regulatory regime for environmental, social, and governance (ESG) ratings providers. In doing so, it provides a deep dive into the regulatory framework, evaluating the operation of ESG providers and their transparency and disclosure mechanisms, and outlines loopholes in EU Regulation.Key Features:Article-by-article analysis of the EU regulatory framework of ESG ratings providers and green investmentsSurveys the most salient issues related to the role of the ESG ratings providers in the financial marketOutlines the loopholes of EU regulation on ESG ratings and advances suggestions for enhancing the current regulatory systemEvaluates the operation of ESG ratings providers in the EU and their transparency and disclosure, including misleading reportsThis Commentary is an invaluable resource for practitioners and legal professionals in law firms, global rating firms, commercial and investment banks, international financial institutions, and prudential regulatory agencies. It is also an essential point of reference for scholars and students researching law and the economic aspects of sustainable and green finance.

This comprehensive Commentary explains the objectives of the Insurance Recovery and Resolution Directive (IRRD) and its crisis management structure as applicable to the EU (re)insurance sector. It provides an in-depth discussion of the mechanisms and tools that Member States will be required to implement, outlining the fundamental considerations for the transposition and practical application of individual provisions. Key Features:Identifies potential challenges, regulatory gaps, and emerging national issuesEquips the reader with a thorough understanding of recovery and resolution planning and executionOffers practical explanations and suggestions in relation to crisis management in the (re)insurance marketExplores the way in which the IRRD is to be applied and its potential to reshape supervisory expectations, corporate accountability, and strategic planning in the insurance sectorDraws comparisons with other regulatory regimes – such as the EU banking recovery and resolution framework - to highlight cross-sectoral insights and demonstrate how the IRRD fits into the broader regulatory agenda for financial resilience in the EUWritten by experts in the field and combining rigorous legal analysis with practical observations, this Commentary is a vital resource for national authorities responsible for implementing the IRRD, as well as financial safety-net institutions such as supervisory authorities, resolution bodies, guarantee schemes, and central banks. It also offers accessible guidance to a wide professional audience, including insurance practitioners, legal advisors, compliance officers, consultants, and scholars interested in financial regulation, governance, and risk management.

This comprehensive Commentary examines the implications of the EU’s Market Abuse Regulation, introduced following the 2008 financial crisis after gaps were identified in the existing regulatory framework. It explores whether and how the Regulation achieves its aims of preserving the integrity of financial markets by preventing insider dealing and market manipulation, providing a harmonised legal framework, and increasing legal certainty for all market participants.Key features include:in-depth contributions from leading scholars and practitioners in the fieldpractical discussion of the interpretation and implementation of the Regulation, including pertinent national and European case lawsystematic article-by-article analysis of the Regulation, illuminating the purpose of each provision as well as providing relevant historical and legal contextScholars of EU financial and banking law, particularly those with an interest in market abuse and financial crime and corruption, will find this Commentary a valuable resource. It will also be of great practical benefit for practitioners and in-house counsel working for or with banks, investment firms and other financial institutions.

Divided into three key parts, this judicious Commentary first identifies the sources of EU pensions law and how EU law directly and indirectly affects pension rights, before considering the legislative background and articles of the IORP II Directive. Finally, it investigates important EU pension law issues, such as the mobility of EU workers and the protection of Pillar 2 employee pension rights.Key Features:Examines the impact of EU state aid law on pensionsDiscusses the meaning of the ‘prudent person rule’ in Article 19 of the IORP II DirectiveProvides a detailed article-by-article analysis of the IORP II Directive, in comparison to the relevant articles of the IORP I DirectiveConsiders how EU pensions law has been retained in the UK post-Brexit and the effect of the UK Retained EU Law (Revocation and Reform) Act 2023This Commentary is an essential resource to help practising pension lawyers in the EU and the UK avoid the pitfalls of EU pension law’s interaction with national pension policies and legislation. It is also beneficial for lawyers and policymakers in the EU Commission, EU Member State and UK governments, EIOPA and national competent authorities such as the UK Pensions Regulator and the Dutch Central Bank.

This innovative Commentary boasts contributions from internationally renowned experts with extensive and diverse backgrounds, providing a comprehensive, critical, article-by-article and thematic analysis of the EU Regulation No 1503/2020 on European Crowdfunding Service Providers for Business (ECSPR). Chapters analyse Member States’ adaptation of their legal frameworks to the ECSPR, underlying similarities, divergences, additional problematic issues and residual regulatory fragmentation.Key Features:A theoretical and cross-sectoral approach to crowdfunding services and relative regulationsConstant comparison of ECSPR’s provisions with other similar or interrelated EU frameworksAn article-by-article and thematic analysis of the ECSPR, underlying its strengths, innovative characters and problematic aspectsAnalysis of the implementation of the ECSPR in different countries and adaptation of their legal frameworks, including France, Germany, Italy, Portugal, Spain, the Netherlands, Nordic countries and the Baltics The Commentary is a fundamental companion to the interpretation and application of the ECSPR which will appeal to a diverse range of readers. Academics, scholars, practitioners and professionals interested in financial regulation, EU law, technology law, business law, law of contracts, competition law, international law and comparative law will find this a beneficial resource.

This Commentary presents a critical examination of the 2012 European Market Infrastructure Regulation (EMIR) and its 2019 Refit. Mark Hsiao evaluates the effectiveness of this EU framework in regulating over-the-counter (OTC) derivatives, exploring how the legislation fits into a broader global context while underscoring its pluralist elements.Key Features:Adopts a unique pluralist approach to financial regulationProvides a detailed and systematic analysis of each article in the EMIR and RefitExplains key regulatory theories and techniques in the context of the EMIR articlesDraws on reflexive and narrative theories to discuss the need for a post-contractual novationPractitioners in commercial law, European law, and finance and banking law will greatly benefit from this insightful Commentary on the interpretation and application of EMIR and Refit. It is also an essential resource for students and scholars seeking a deeper understanding of the OTC regulatory framework.