Oxford EU Financial Regulation – serie

Part of the Oxford EU Financial Regulation Series, The EU Crowdfunding Regulation provides an in-depth and timely analysis of the EU Crowdfunding Regulation, which is intended to make it easier for crowdfunding platforms to operate throughout the EU, and which came into force on 10 November 2021.The book answers legal questions raised by the Regulation, and assesses its impact on legal practice, considering the position of the various types of crowdfunding. The analysis is divided into six parts. The first two parts describe how the Regulation came into being and the role of the Regulation in European capital markets, before defining and assessing the scope of the Regulation. Parts three to five explain how the Regulation applies to the three main players in crowdfunding: the crowdfunding service providers; the project owners; and the investors who form the 'crowd', examining the relevant applicable obligations and safeguards. The final part looks at managing, preventing, and resolving crowdfunding-related disputes.Providing a balance between academic scrutiny and practical context (including consideration of how the Regulation interacts with UK law after Brexit) and drawing upon various aspects of financial law, consumer law, and dispute prevention/resolution, this book is invaluable for legal practitioners and academics looking for a single resource to elucidate this rapidly expanding mode of financing.

This timely new work provides a thorough overview, analysis, and discussion of standard terms control for banking and financial contracts in Europe. Unfair Terms in Banking and Financial Contracts argues that this sector uniquely necessitates unfair terms control, due to the asymmetrical relationship between lay consumers and the financial industry and discusses the role of the judiciary in addressing this imbalance. The rise of unfair terms control as a remedy for consumers and businesses against financial institutions with superior bargaining power has led to questions about the Directive's threat to existing contracts. Disputes have already arisen across Europe in several areas including foreign currency housing loans, housing loans based on Euribor, and hidden bank fees. These disputes and their outcomes are high stakes for banks and their customers. The stakes of the outcomes of these disputes for the customers as well as for the banks are very high.The book focuses on the EU Unfair Terms Directive (UTD) but also considers the law of non-EU jurisdictions. Beginning with an overview of the UTD and the extensive case law of the CJEU, the volume brings together leading authorities in the field of financial law to provide analyses of the UTD's application in this sector across 15 EU jurisdictions (Ireland, Germany, France, Italy, Spain, Austria, The Netherlands, Belgium, Sweden, Greece, Poland, Romania, Czech Republic, Hungary, and Estonia). It then goes on to compare the legal situation in three non-EU jurisdictions (United Kingdom, Switzerland, and Norway).Locating unfair terms control within a broader European struggle to balance the power of market forces and the requirements of social justice, the volume offers a critique of the existing regime and concludes with a proposal for a common legal framework to ensure a level playing field and greater harmonisation across the EU.

In today's interconnected financial markets, robust regulation is essential to safeguard stability, protect consumers, and maintain trust. EU financial regulation provides the framework that underpins these goals across member states, ensuring transparency, resilience, and integrity in a rapidly evolving environment shaped by digital innovation and sustainability challenges.Fundamentals of EU Financial Regulation is the cornerstone of the Oxford EU Financial Regulation Series. This authoritative volume introduces the conceptual and institutional foundations of European financial regulation and offers a clear, systematic overview of the entire field. It explains how the different components of EU financial regulation fit together, interrelate, and contribute to the core objectives of regulation: market integrity, user protection, financial stability, and—more recently—sustainable finance.Unlike works that treat aspects of financial regulation in isolation, this book provides the context needed to situate any question within the broader framework. Readers will find concise yet comprehensive guidance on legislation and case law, with each chapter concluding with further reading suggestions, including other titles in the Series. Digital and sustainable finance initiatives are integrated throughout, showing how they refine and reinforce the main regulatory objectives.Written in an accessible style without sacrificing depth, this volume is an essential resource for practitioners, regulators, policymakers, and academics. It combines clarity with practical orientation, making it equally valuable for professionals and for advanced university courses on EU financial regulation.

Clearing of OTC derivatives is an essential part of the financial market infrastructure, and performs a critical function catering for the need of market participants to hedge risks by using OTC derivatives. As a response to the financial crisis, central clearing has also added greater safety and transparency in the financial sector. Nevertheless, although the main risks have been addressed, they have not disappeared. Clearing OTC Derivatives in Europe provides a comprehensive and practical guide to the legal, regulatory, and operational aspects of the OTC derivatives clearing industry in Europe.This volume consists of six parts which provide an in-depth analysis of all relevant aspects of the entire operation of clearing OTC derivatives. Part I provides a general description of OTC Derivatives clearing as well as a detailed description of the development of the EU regulatory regime from an historical perspective also highlighting the global perspective. Part II discusses structural elements of OTC derivatives clearing including the various access models (incl. sponsored access), clearing mechanics (novation), collateral management, CCP governance, clearing documentation and capital requirements. Part III examines the CCP's default management, segregation and portability of client assets and CCP recovery & resolution. Part IV analyses the transaction chain including open access as well as the relationship with trading venues and settlement organisations. Part V addresses cross border issues and the consequences of Brexit for the OTC derivatives clearing industry. Part VI focusses on future developments including distributed ledger technology (DLT).Written by leading experts from across Europe and various disciplines including governmental and regulatory bodies, academics, law firms, and market practitioners, Clearing OTC Derivatives in Europe is an indispensable companion for anyone involved with financial market infrastructure and OTC derivatives.

This book provides a comprehensive and expert examination of the Markets in Financial Instruments Directive II, which comes into force in January 2018 and will have a major impact on investment firms and financial markets. It offers detailed guidance on interpretation of MiFID II, its measure and aims which include: to increase transparency; better protect investors; reinforce confidence; address unregulated areas; and ensure that supervisors are granted adequate powers to fulfil their tasks. After a thorough overview of the various innovative features of the new legislative framework in comparison with the former MiFID, the book's chapters are grouped thematically to cover the following areas: general aspects; investment firms and investment services; trading; supervision and enforcement; and reform perspectives. Offering high-quality analysis of both the theoretical and practical aspects of MiFID II, this book is an essential guide to this major EU legislation. It brings together the expert opinions of leading practitioners and legal and economic scholars with access to practice, providing a variety of perspectives on the new regime and the likely effect of the increased regulation.

This book examines the topical issue of governance of financial institutions, covering banks, investment firms, asset management, pension funds and insurance firms. It comprehensively analyses the impact and practice of the new and more robust requirements for management functions under MiFID II (Markets in Financial Instruments Directive) and other regulation such as MAR (Market Abuse Regulation).Thematically grouped chapters provide extensive coverage of the main areas of change and interest in this field: financial regulation, models, systemic risk, culture and ethics, and conduct and culture. Each chapter employs an interdisciplinary approach, providing high-quality analysis and discussion of the governance of financial institutions of a practical, as well as theoretical, nature. Written by a team of expert contributors, comprised of leading scholars with broad practical experience, and leading practitioners in the field of corporate governance, this book provides much needed analysis of this important topic and the new rules for those advising financial institutions.

Capital Markets Union in Europe analyses the legal and economic implications of the European Commission's plans to form a Capital Markets Union (CMU) in Europe, which will have a major impact on financial markets and institutions both in the region and beyond. A detailed introductory chapter provides a broad overview of the various aspects and challenges of the CMU proposals, whilst thematically grouped chapters cover the following areas: (i) general aspects, (ii) Brexit, (iii) financing innovation, (iv) raising capital on the capital markets, (v) fostering retail and institutional investment, (vi) leveraging banking capacity to support the wider economy, (vii) facilitating cross-border investing, and (viii) comparative aspects of capital market integration. Written by world renowned experts in the fields of banking and capital markets, including respected academics, with broad practical experience, and leading practitioners, Capital Markets Union in Europe provides high-quality analysis of the legal and economic issues in a practical context.

Part of the Oxford EU Financial Regulation Series, this work analyses the implications of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) for banks in Europe, and the second edition reflects the experience in practice of this regime both economically and legally.The new edition provides reflection on the efficacy and problems with the central banking regulatory regime. There are new chapters on fit and proper testing under the SSM and deposit guarantee schemes. A further additional chapter considers the impact of the Bank Resolution and Recovery Directive (BRRD) and its interaction with the SRM by detailed analysis of relevant case law.Whist offering insightful updates to existing chapters on the Single Rulebook, CRD IV, the SSM and the SRM, the second edition also includes brand new chapters covering a range of subjects. Unique to the second edition, experienced scholars and practitioners explore The Deposit Guarantee Scheme, fit and proper testing within the SMM, BRRD and SRB in practice.This book benefits from the contributions of a team of leading scholars and practitioners who present a range of perspectives and methodologies. Case studies and in depth-analysis is presented to highlight topics such as supervised credit institutions, implications for financial market governance, and risk management and compliance. European Banking Union (second edition) is the ultimate companion for academics, legal practitioners, financial supervisors, and policy makers.

This new work provides integrated analysis of and guidance on the Prospectus Regulation 2017, civil liability for a misleading prospectus, and securities litigation in a European context. The prospectus rules are one of the cornerstones of the EU Capital Markets Union and analysis of this aspect of harmonisation, the areas not covered by the rules, and the impact of Brexit, provides valuable reference for all advising and researching this field.The first Part serves as an introduction to the volume with relevant context. Part II discusses the subjects of Prospectus Regulation from both a legal and economic perspective. Each chapter within Part II focuses on a key subject of the new Prospectus Regulation, providing an in-depth analysis of each issue.Part III of the work explains the domestic law on liability for a misleading prospectus, this issue being omitted from the Regulation. The law and practice in each of the key capital markets centres in Europe is analysed, with the UK chapter covering the issues and possible solutions under Brexit. There is full consideration of conflicts of laws issues with reference to the Brussels I regulation, and the Rome I and II Regulations. The influence of the EU Prospectus rules on private law is also addressed.

Modern financial systems rely on robust infrastructures to support efficient and resilient markets. Trading venues, clearinghouses, securities depositories, and trade repositories are the building blocks of the financial market architecture. Financial market infrastructures (FMIs) have been central in the post-crisis reform of global and domestic financial markets, with lawmakers closely regulating FMIs in the aftermath of the financial crisis. This book systematically analyses the current regulatory landscape of FMIs, specifically in the areas of trading and post-trading services in financial instruments. The legal regime for FMIs is complex due to the many relevant regulations and implementing measures. The comprehensive and cross-border approach of this book, covering both the EU and the US regimes, supports lawyers in understanding the law relevant to each step of a securities and financial transaction. The dual perspective taken in the book, covering both transactional and institutional aspects, deepens that understanding further. The volume is organized in three main parts introduced by a general discussion on the economic and legal evolution of FMIs. Parts I and II address trading and post-trading infrastructures and services in the securities and derivatives markets. Part III explains contemporary issues and challenges observable across a wide range of activities in both trading and post-trading services.Financial Market Infrastructures fills a void in the literature on FMIs, providing a comprehensive source of reference to the legal and regulatory framework. Trading venues and post-trading services in financial instruments are critical for the modern financial markets, and their economic and systemic relevance is fully analysed in this new work creating a valuable reference source for legal practitioners and scholars working in financial regulation.

Part of the Oxford EU Financial Regulation Series, this book analyses the harmonised legislative framework for capital adequacy and liquidity supervision in the Single Rule Book for European banks. It brings together leading experts in the field of prudential banking regulation and accounting to provide an in-depth analysis of the regulatory framework.Capital and Liquidity Requirements for EU Banks goes far beyond the existing rules and standards, not only by looking into the historical realisation of the European Single Rule Book (SRB) for capital adequacy and liquidity supervision, but also by going deeply into the background of the standards put forward by the Basel Committee for Banking Supervision, the global rule-maker for the financial sector. The insights provided into the historical and normative background are essential in order to facilitate a more constructive interpretation of the extensive rules of the SRB The book also delivers a deeper understanding of the various policy choices that Europe has made in the transposition of the Basel standards.An important reference source for all legal practitioners and scholars researching European financial regulation, this new volume provides an extensive representation of the key topics, affording the reader unique insights into the interrelation and the interplay of the various prudential rules and standards in Europe.

Since the global financial crisis of 2008, claims by clients, shareholders, depositors, and bondholders of financial firms have increased against financial supervisors and resolution authorities for inadequate supervision or resolution action. Liability of Financial Supervisors and Resolution Authorities is the first book to offer a thorough and systematic analysis of the liability regimes which apply to financial supervisors and resolution authorities at the EU level (particularly relevant since the European Banking Union came into operation in 2014), at the level of individual EU Member States, as well as in other major jurisdictions worldwide. The jurisdiction-by-jurisdiction approach provides a detailed analysis of the liability regimes as they apply to local financial supervisors and resolution authorities in major civil law, common law, and mixed legal system jurisdictions. This global view of the primary financial jurisdictions as examples provides a unique and comprehensive overview which is of great practical and theoretical importance. The work concludes with a comparative law evaluation that discusses to what extent limitations of the liability of national financial supervisors and resolution authorities are valid under the EU rules on Member State liability. It also explores whether it would be preferable to adopt a uniform liability standard for the European Central Bank (ECB), the Single Resolution Board (SRB), and national financial supervisors and resolution authorities. Furthermore, it addresses whether it would be preferable to adopt a provision to the effect that the Court of Justice of the European Union has exclusive jurisdiction in relation to the ECB, SRB, and the national financial supervisors and resolution authorities.

Now a volume in the Oxford EU Financial Regulation Series, the second edition of Market Abuse Regulation has been updated to reflect the impact of a number of major developments in legislation and case law following the implementation of the EU Market Abuse Regulation (MAR).Written by leading scholars in the field of capital markets law from a number of European jurisdictions, the book is divided into two main parts. The first consists of chapters considering relevant issues by topic, including aspects not directly addressed by MAR such as enforcement, and the impact of US securities regulation. The second part provides article-by-article commentary on the Regulation, with a detailed and technical analysis of its terms.Both parts have been updated to reflect important developments such as amendments to directives and new regulations regarding the promotion of the use of SME growth markets. The second edition includes additional chapters on sanctions. One new chapter deals exclusively with the criminal sanctions (including CRIM-MAD), and another addresses in much greater detail private enforcement in key jurisdictions (France, Germany, Italy, the Netherlands and Spain), which is neither addressed by the MAR nor harmonized by other European legislation. This chapter on private enforcement is also accompanied by another dealing with aspects of private international and international civil procedural law. The existing chapters have also been updated to bring them fully up to date.

Across the last decade, crypto-assets have moved from a nascent phenomenon to a subject of core concern for financial law and supervision. In response, the European Union adopted the Markets in Crypto-Assets Regulation (MiCAR) in December 2024, aligning disclosure, authorization, and conduct rules with the realities of token issuance and intermediation. Situated within the wider digital finance agenda in Brussels, the regulatory settlement raises doctrinal questions about market integrity, consumer protection, and supervisory coordination across the European Securities and Markets Authority, the European Banking Authority, and national competent authorities. This volume offers a comprehensive, in-depth, and fully up-to-date analysis of MiCAR within this rapidly evolving regulatory landscape.Edited by Filippo Annunziata and Rosa Maria Lastra, the book translates the Regulation into a clear, usable map. After setting the architecture in context, it demonstrates how the rules operate in practice. It traces connections with the Digital Operational Resilience Act (DORA) and the Distributed Ledger Technology Pilot Regime (DLT Pilot Regime), clarifies token categories and what they mean for issuers and crypto-asset service providers, and explains how licensing, disclosure, and white paper obligations align with market realities. Readers gain a precise view of enforcement touchpoints in market abuse and anti-money laundering, cross-border private-law disputes, and comparative examples from the United Kingdom and the United States. Extending beyond a purely descriptive commentary, the volume also incorporates stand-alone analyses of closely related fields central to MiCAR's application.Beyond the core text of MiCAR, the volume systematically addresses interaction of the Regulation with the broader EU legislative landscape, including: MiFID II (distribution rules and conduct of business); Prospectus Regulation (prospectus and white-papers); AIFMD (the boundary between crypto-funds and collective investment schemes); MAR (market abuse, market manipulation and inside information in crypto markets); the novel EU AML/CFT framework, including the recent Anti-Money Laundering Regulation; the DLT Pilot Regime; the proposed Digital Euro Regulation; private international law instruments as they apply to crypto-assets; and the EU sustainable finance regime, with a dedicated analysis of ESG considerations under MiCAR. This cross-regulatory coverage ensures that readers gain a full picture of how MiCAR interacts with - and is shaped by - the wider body of EU financial law.The chapters explain the key interpretative choices facing authorities and firms, anticipate early litigation themes, and examine decentralized autonomous organizations, decentralized finance, sustainability implications, and the prospective digital euro. With contributions from leading scholars and practitioners and a scope that reaches well beyond the core Regulation, the volume delivers a uniquely wide-ranging and authoritative treatment of MiCAR and its surrounding ecosystem. For legal practitioners, scholars, compliance teams, and supervisors, Regulation of Markets in Crypto-Assets in the EU is a single, authoritative and comprehensive guide to navigating the European legal framework for crypto-assets.

Since its adoption by the European Union, the Solvency II Directive has fundamentally changed how insurance companies and groups are supervised, manage risks, and stay financially sound. It has introduced a total balance sheet approach, risk-based capital requirements, a three-pillar framework, and cooperative group supervision. As the regime evolves, following the 2020 Solvency II Review and the Insurance Recovery and Resolution Directive, Solvency II: Present and Future offers timely and expert commentary on the Directive's core principles and current risks. This volume explains the theoretical and practical complexities of valuing insurance liabilities and long-term equity investments, the shifting role of national supervisory authorities, and the efforts to harmonize supervisory practices across the EU, with a particular focus on the role of the European supervisory authority EIOPA. It critically assesses the implications of integrating sustainability risk into insurers' risk management and solvency frameworks-an urgent priority in the face of climate change.In addition to analyzing the EU context, the book situates Solvency II in parallel to global developments such as the IFRS 17, the Insurance Capital Standard (ICS), Solvency UK, and the Swiss Solvency Test. It also addresses future risks, including ESG and systemic risks, evaluating the balance between robust supervision to ensure policyholder protection, financial stability, and the competitiveness of the European insurance industry.Authored by leading academics and experts, this book is essential reading for legal practitioners and consultants advising the insurance and financial services sectors, policymakers, insurance supervisors, and academics. It combines clear explanations of Solvency II's core principles with forward-looking perspectives on its future trajectory, providing a definitive guide to one of the most influential insurance regulatory frameworks in the world.

More than a decade after the Banking Union's establishment and seven years after the second edition, this new edition of European Banking Union reflects on the major legal, institutional, and policy developments that have reshaped the European banking landscape. It assesses the operation of its core pillars, evaluates the lessons learned in practice, and considers the challenges that remain. Fully updated throughout, the volume incorporates the reforms introduced by the Banking Package, including CRR III and CRD VI, and the Crisis Management and Deposit Insurance (CMDI) Package.This leading reference work is organised into four parts. Part I examines the general aspects of the Banking Union, including its economic impact, effectiveness, accountability, judicial protection, and the interaction between hard and soft law. Part II analyses the Single Supervisory Mechanism and the prudential framework, covering the Single Rulebook, banking supervision, corporate governance, and fit and proper assessments. Part III explores the Single Resolution Mechanism and the Bank Recovery and Resolution Directive, focusing on governance, recovery and resolution planning, bail-in, and resolution financing. Part IV addresses the Banking Union's future development, including deposit insurance, the sovereign-bank nexus, structural reform, and financial conglomerates.Bringing together internationally renowned scholars, officials from the European Commission, central banks, and leading practitioners, this thoroughly revised edition is an indispensable resource for academics, judges, regulators, policymakers, practitioners, and postgraduate students interested in European banking law and financial regulation.