Foundations of EU Capital Markets Law provides a comprehensive exploration of the law relating to EU capital markets, from its foundations as a marginal policy area to becoming a central feature of the EUs economic and political architecture. Filippo Annunziata details the background of this area of EU law, the rationale for financial regulation, its supervisory architecture and its new frontiers.
Drawing on economic theory, regulatory practice and CJEU case law, the textbook covers the entire field of capital markets law in the EU. Chapters explore the historical and institutional evolution of this legislation, alongside key definitions and overarching objectives.
Key Features:
Provides an accompanying bibliography to inspire further research Assesses core legislation such as MiFID II/MiFIR, UCITS, CSDR and SFTR Analyses regimes on transparency, market abuse, takeover bids and PRIIPs Introduces recent developments in sustainability, crowdfunding and digital finance Examines the factors limiting progress and those contributing to a more integrated and resilient financial system
This accessible textbook is a crucial resource for students of EU financial legislation and European law, as well as finance and banking law more broadly.
Arvustused
By combining breadth and analytical depth with a context-sensitive methodology, the textbook offers a comprehensive yet dynamic account of EU capital markets regulation. It serves as a sophisticated lens through which both first-time and experienced readers can engage with the fields core questions, emerging challenges, and evolving regulatory responses. -- Michele Siri, University of Genoa, Italy and European Supervisory Authorities Joint Board of Appeal Mastering this field requires a solid understanding of the functioning of capital markets and deep knowledge of both institutional and substantive EU law. The author of this textbook, Professor Filippo Annunziata, meets both these requirements par excellence, having been for a long time now a renowned expert in capital markets law in Italy and throughout the EU. It is only such an expert who could undertake the difficult task of writing a relatively short, but complete, comprehensive and very well-structured textbook, like the one in hand. -- Christos Gortsos, National and Kapodistrian University of Athens, Greece and University of Luxembourg
Contents
PART I FOUNDATIONS
1 Introduction
2 Fundamentals of financial regulation
3 The taxonomy of legal sources
4 The supervisory architecture
5 The Savings and Investments Union and the Retail Investment
Strategy
PART II CORE LEGISLATION
6 The Markets in Financial Instruments Directive (MiFID II)
7 Trading venues
8 Collective investment undertakings
9 Prudential regulation
10 EMIR, CSDR and the SFTR
PART III ISSUERS, TRANSPARENCY AND GOVERNANCE
11 The Prospectus Regulation
12 Transparency Directive and Short Selling Regulation: SHRDII
13 The takeover bids Directive
14 PRIIPs
15 Market abuse
PART IV NEW FRONTIERS
16 Sustainable finance and ESG
17 Benchmarks and credit ratings
18 MICAR, DORA, and DLTR
19 Crowdfunding
Filippo Annunziata, Professor of Financial Markets Law, Bocconi University, Milan, Ca Foscari University, Venice; Academic Board Member, European Banking Institute, Frankfurt, Germany; Co-Director, RULES Unit, Baffi-Carefin Centre, Bocconi University, Milan, Italy
