Tasuta saatmine! | Klienditugi: 7440010 (E-R 10-18)

Market Abuse Regulation: Commentary and Annotated Guide 2nd Revised edition [Kõva köide]

Edited by Sebastian Mock (Professor of Business Law, Vienna University of Economics and Business - Institute for Civil and Civil Procedural Law), Edited by Marco Ventoruzzo (Professor of Business Law, Bocconi University)

Formaat: Hardback, 720 pages, kõrgus x laius x paksus: 252x177x42 mm, kaal: 1400 g
Sari: Oxford EU Financial Regulation
Ilmumisaeg: 01-Mar-2022
Kirjastus: Oxford University Press
ISBN-10: 0198871090
ISBN-13: 9780198871095

Teised raamatud teemal:

Banking law
Capital markets & securities law & regulation
Financial services law & regulation - (Hetkel poes: 1 nimetust)

Kõva köide
Hind: 327,00 €
Raamatu kohalejõudmiseks kirjastusest kulub orienteeruvalt 3-4 nädalat
Kogus:
- - 1
  - 2
  - 3
  - 4
  - 5
  - 6
  - 7
  - 8
  - 9
  - 10
Lisa ostukorvi
Tasuta tarne
Tellimisaeg 2-4 nädalat
Lisa soovinimekirja

Formaat: Hardback, 720 pages, kõrgus x laius x paksus: 252x177x42 mm, kaal: 1400 g
Sari: Oxford EU Financial Regulation
Ilmumisaeg: 01-Mar-2022
Kirjastus: Oxford University Press
ISBN-10: 0198871090
ISBN-13: 9780198871095

Teised raamatud teemal:

Banking law
Capital markets & securities law & regulation
Financial services law & regulation - (Hetkel poes: 1 nimetust)

Püsilink: https://www.kriso.ee/db/9780198871095.html

Märksõnad:

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.

Arvustused

Review from previous edition A detailed index ensures easy access to the relevant parts of the book. A table of court cases and a detailed table of legislation, both with references to the respective paragraphs in the book, further enhance the user-friendliness. This book is a welcome contribution to a pan-European dialogue which aims at bringing together different legal traditions. The particular value of this book is that, when one wishes to look beyond the "national" interpretation and take the "European" approach which is required for the construction of the MAR, this book clearly deserves reading. * Markus Heidinger, Journal of International Banking Law and Regulation * the authors have delivered a timely and convenient guide on an important piece of legislation within the context of the Capital Markets Union. * Ebbe Rogge, Common Market Law Review *

Table of Cases

xix

Table of Legislation

xxiii

List of Abbreviations and Legislation

xliii

List of Contributors

PART A ANNOTATED GUIDE

A1 History, Application, Interpretation, and Legal Sources of the Market Abuse Regulation

(10)

Sebastian Mock

I The Market Abuse Regulation as a European Regulation

(2)

II Historical Development

(9)

III Interpretation of the Market Abuse Regulation

(3)

IV Legal Sources of the (New) Market Abuse Regime

(5)

V Additional Regulation of Market Abuse by the Member States

(1)

VI Reform of the Market Abuse Regulation

A2 The Concept of Insider Dealing

(16)

Marco Ventoruzzo

I Introduction

(6)

II An Historical and Comparative Perspective

(12)

III The Rationale of the Prohibition: Economic and Ethical Perspectives

(9)

IV Insider Trading in the Market Abuse Regulation

(6)

V Open Questions and New Challenges

(13)

VI Conclusions

A3 The Concept of Market Manipulation

(12)

Sebastian Mock

I Historical Development ofthe Prohibition of Market Manipulation

(1)

II Prohibition of Market Manipulation in European Capital Markets Law

(4)

III Forms of Market Manipulation

(5)

IV Market Manipulation and Insider Trading

(1)

V The `Missing' Intent Requirement for Market Manipulation

(2)

VI Enforcement of the Prohibition of Market Manipulation

(9)

VII Market Manipulation and General Criminal Law

(18)

A4 Public Disclosure of Inside Information and Market Abuse

(14)

Alain Pietrancosta

I Overview

(4)

II Impact of the Market Abuse Regulation

(8)

III Ad Hoc Disclosure (Article 17)

(18)

IV Additional Legislative Measures to Prevent Market Abuse

(24)

A5 Public Enforcement of the Market Abuse Regulation

(20)

Sofie Cools

I Introduction

(2)

II History

(10)

III Enhanced Powers of Competent Authorities

(6)

IV Closer Involvement of Market Actors

(6)

V Improved Cooperation between Authorities

(8)

VI Efficiency and Importance

(42)

A6 Private Enforcement of the Market Abuse Regulation in European Law

(82)

Johannes W. Flume

Alain Pietrancosta

Paolo Guidici

Danny Busch

David Perez Millan

Fernando Marin de la Barcena

I Austria and Germany

(1)

II France

(1)

III Italy

(1)

IV The Netherlands

(1)

V Spain

(156)

A7 Market Abuse Regulation in International Jurisdiction and Conflict of Laws

157

(18)

Susanne Zwirlein-Forschner

I Introduction

(3)

II International Jurisdiction

(19)

III Conflict of Laws

(13)

IV Room for Contractual Choices

(139)

A8 Criminal Sanctions

175

(26)

Enrico Basile

I Overview

(9)

II Structure

(24)

III Insider Dealing/Unlawful Disclosure of Inside Information (Articles 3 and 4)

(19)

IV Market Manipulation (Article 5)

(17)

V Sanctions (Articles 7 to 9)

(21)

VI Conclusion: Market Abuse and the Challenges in Harmonizing Criminal Law at the EU Level

(110)

PART B COMMENTARY

B1 General Provisions

201

(58)

Article 1 Subject matter

201

Sebastian Mock

I General Remarks

(2)

II Subject Matter of the Market Abuse Regulation

(6)

III Related Subjects Outside the Subject Matter of the Market Abuse Regulation

(197)

Article 2 Scope

206

(8)

Sebastian Mock

I General Remarks

(2)

II Primary Scope of Application (Article 2(1))

(6)

III Extended Scope of Application for the Prohibition of Market Manipulation (Article 2(2))

(4)

IV No Limitation to Transactions, Orders, or Behaviour on Trading Venues (Article 2(3))

(1)

V Territorial Scope of Application (Article 2(4))

(3)

VI Application of the Market Abuse Regulation and BREXIT

(197)

Article 3 Definitions

214

(19)

Sebastian Mock

I General Remarks

(2)

II General Definitions (Article 3(1))

(230)

Article 4 Notifications and list of financial instruments

233

(4)

Sebastian Mock

I General Remarks

(2)

II Notification (Article 4(1))

(3)

III Transfer to ESMA (Article 4(2))

(1)

IV Content ofthe Transferred List (Article 4(3))

(1)

V Competence to Develop Regulatory Technical Standards (Article 4(4))

(1)

VI Adoption of the Technical Standards (Article 4(5))

(228)

Article 5 Exemption for buy-back programmes and stabilisation

237

(16)

Stefano Lombardo

I General Remarks

(9)

II Buy-back Programmes (Article 5(1) to (3))

(11)

III Stabilization (Article 5(4) and (5))

(15)

IV Competence to Develop Regulatory Technical Standards (Article 5(6))

(217)

Article 6 Exemption for monetary and public debt management activities and climate policy activities

253

(6)

Sebastian Mock

I General Principles

(2)

II Exemption of Monetary, Exchange Rate, or Public Debt Management (Article 6(1))

(1)

III Exemption for Transactions, Orders, or Behaviour Carried Out by the Commission (Article 6(2))

(1)

IV Exemption for Climate Policy (Article 6(3))

(1)

V Exemption for Agricultural and Fisheries Policy (Article 6(4))

(1)

VI Adoption of Delegated Acts to Certain Public Bodies and Central Banks of Third Countries (Article 6(5))

(2)

VII Adoption of Delegated Acts to Public Bodies of Third Countries (Article 6(6))

(1)

VIII No Application to Persons Working for the Entities (Article 6(7))

(249)

B2 Inside Information, Insider Dealing, Unlawful Disclosure of Inside Information, and Market Manipulation

259

(192)

Article 7 Inside information

259

(33)

Marco Ventoruzzo

Chiara Picciau

I General Remarks

(35)

II Constitutive Elements of the (Reformed) Definition of Inside Information

(50)

III Concluding Remarks

(206)

Article 8 Insider dealing

292

(40)

Jesper Lau Hansen

I General Remarks

(32)

II Section 1: Behaviour that Constitutes Insider Dealing

(73)

III Section 2: Tipping

106

(14)

IV Section 3: Tippee Liability

114

(6)

V Section 4: Primary and Secondary Insiders

120

(12)

VI Section 5: Legal Persons as Insiders

132

(8)

VII Section 6: The Subjective Condition--Mens Rea

140

(192)

Article 9 Legitimate behaviour

332

(21)

Jesper Lau Hansen

I General Remarks

(19)

II Section 1: Liability of Legal Persons

(12)

III Section 2: Market Makers and Execution of Orders

(13)

IV Section 3: Subsequent Possession of Inside Information

(16)

V Section 4: Takeovers and Mergers

(14)

VI Section 5: Own Knowledge

(5)

VII Section 6: Illegitimate Reasons

(273)

Article 10 Unlawful disclosure of inside information

353

(28)

Chiara Mosca

I General Remarks

(33)

II Equal Access of Information and Unlawful Disclosure of Inside Information

(12)

III Possession of Inside Information and Disclosure to Third Parties

(54)

IV Conclusion

100

(281)

Article 11 Market soundings

381

(19)

Morten Kinander

I General Remarks

(46)

II The key terms of Article 11(1)

(17)

III Bonds offered to qualified investors (Article 11 (1a))

(3)

IV Delimitations (Article 11(2))

(4)

V The procedure: The tasks of the market participants (Article 11(3)-(11))

(329)

Article 12 Market manipulation

400

(28)

Aurelio Gurrea-Marttnez

I General Remarks

(4)

II Concept of Market Manipulation (Article 12(1))

(58)

III Behaviour considered as market manipulation (Article 12(2))

(11)

IV Indicators of market manipulation (Article 12(3))

(4)

V Legal persons (Article 12(4))

(1)

VI Further clarifications (Article 12(5))

(1)

VII Conclusion

(348)

Article 13 Accepted market practices

428

Sebastian Mock

I General Remarks

(3)

II Effect of an accepted market practice (Article 13(1))

(4)

III Establishing an Accepted Market Practice (Article 13(2))

(3)

IV Ensuring Functioning Markets and Public Confidence (Article 13(3) and (4))

(1)

V Publication of a Notice and Disagreements (Article 13(5) and (6))

(1)

VI Technical Standards and Review of Accepted Market Practice (Article 13(7) and (8))

(1)

VII Publication of Accepted Market Practice and Monitoring by ESMA (Article 13(9) and (10))

(1)

VIII Notification of Accepted Market Practice (Article 13(11))

(2)

IX Liquidity Contracts on an SME Growth Market (Article 13(12))

(1)

X Technical Standards for Liquidity Contracts on an SME Growth Market (Article 13(13))

(1)

XI Legal Protection

(418)

Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information

437

(6)

Jesper Lau Hansen

I General Remarks

(3)

II Sanctions Provided by Article 14

(5)

III Attempt to Engage in Insider Dealing

(434)

Article 15 Prohibition of market manipulation

443

(4)

Sebastian Mock

I General Principles

(2)

II Prohibition of Market Manipulation

(3)

III No Requirement of a Specific Intent

(1)

IV Violation of the Prohibition

(440)

Article 16 Prevention and detection of market abuse

447

(4)

Sebastian Mock

I General Principles

(2)

II Arrangements, Systems, and Procedures to Prevent Market Abuse (Article 16(1))

(1)

III Detection and Reporting of Suspicious Orders and Transactions (Article 16(2))

(1)

IV Notification System (Article 16(3))

(1)

V Transmission of Notifications (Article 16(4))

(1)

VI Development of Technical Regulatory Standards (Article 16(5))

(1)

VII Prevention and Detection of Market Abuse and Compliance

(443)

B3 Disclosure Requirements

451

(94)

Article 17 Public disclosure of inside information

451

(41)

Alain Pietrancosta

I General Remarks

(27)

II The Requirement to Disclose Inside Information Publicly

(74)

III Sanctions

102

(390)

Article 18 Insider lists

492

(16)

Marco Dell'Erba

I General Remarks

(18)

II Insider Lists: Information and Template

(22)

III Sanctions

(467)

Article 19 Managers' transactions

508

(21)

Marco Dell'Erba

I General Remarks

(17)

II Critical Remarks

(36)

III Sanctions

(475)

Article 20 Investment recommendations and statistics

529

(12)

Marco Dell'Erba

I General Remarks

(11)

II Critical Remarks

(20)

III Sanctions

(509)

Article 21 Disclosure or dissemination of information in the media

541

(4)

Marco Dell'Erba

I General Remarks

(7)

II Freedom of Press versus Transparency Rules

(3)

III Sanctions

(534)

B4 ESMA and Competent Authorities

545

(40)

Article 22 Competent authorities

545

(5)

Johannes Zollner

I General Remarks

(5)

II Establishment of the Competent Authority

(6)

III Jurisdiction of the Administrative Authority

(538)

Article 23 Powers of competent authorities

550

(7)

Johannes Zollner

I General Remarks

(5)

II Guidelines for the Exercise of the Powers

(9)

III Supervisory and Investigatory Powers

(4)

IV `Whistle-blowing'

(538)

Article 24 Cooperation with ESMA

557

(3)

Johannes Zollner

I General Remarks

(4)

II Cooperation with ESMA

(3)

III Technical Standards

(552)

Article 25 Obligation to cooperate

560

(11)

Johannes Zollner

I General Remarks

(9)

II Duty of Cooperation with Authorities

(11)

III Cooperation with the Judicial Authorities

(1)

IV Nature of Cooperation

(11)

V Consequences of Violating the Obligation to Cooperate

(6)

VI Special Provisions for Spot Markets and Emissions Allowances

(3)

VII Technical Standards

(529)

Article 26 Cooperation with third countries

571

(4)

Johannes Zollner

I General Remarks

(3)

II Cooperation Agreements

(7)

III Duties of ESMA

(564)

Article 27 Professional secrecy

575

(3)

Johannes Zollner

I General Remarks

(3)

II Confidential Information

(2)

III Addressees

(4)

IV Ban on Disclosure

(568)

Article 28 Data protection

578

(3)

Johannes Zollner

I General Remarks

(4)

II Personal Data

(2)

III Processing of Personal Data

(4)

IV Storage of Personal Data

(570)

Article 29 Disclosure of personal data to third countries

581

(4)

Johannes Zollner

I General Remarks

(6)

II Disclosure to Third Countries

(5)

III Cooperation Agreements

(573)

B5 Administrative Measures and Sanctions

585

(52)

Article 30 Administrative sanctions and other administrative measures

585

(17)

Sofie Cools

I General Remarks

(9)

II List of Infringements

(2)

III Pecuniary Sanctions

(5)

IV Other Administrative Sanctions and Measures

(5)

V Relationship with Criminal Sanctions

(580)

Article 31 Exercise of supervisory powers and imposition of sanctions

602

(7)

Sofie Cools

I General Remarks

(5)

II Relevant Circumstances

(8)

III Cooperation between Competent Authorities

(595)

Article 32 Reporting of infringements

609

(14)

Sofie Cools

I General Remarks

(5)

II External Whistle-blowing Mechanisms

(9)

III Rewards for Whistle-blowers

(8)

IV External versus Internal Whistle-blowing

(600)

Article 33 Exchange of information with ESMA

623

(4)

Sofie Cools

I General Remarks

(5)

II Implementing Technical Standards

(621)

Article 34 Publication of decisions

627

Sofie Cools

General Remarks

(636)

II Sanction or Preventive Measure

(7)

III Human Rights and Data Protection

(622)

B6 Delegated Acts and Implementing Acts

637

(6)

Article 35 Exercise of the delegation

637

(4)

Sebastian Mock

Article 36 Committee procedure

641

(2)

Sebastian Mock

B7 Final Provisions

643

(4)

Article 37 Repeal of Directive 2003/6/EC and its implementing measures

643

(1)

Sebastian Mock

Article 38 Report

644

(1)

Sebastian Mock

Article 39 Entry into force and application

645

(2)

Sebastian Mock

Index

647

Marco Ventoruzzo is Full Professor of Business Law at Bocconi University in Milan and Full Professor of Law at Penn State Law School (where is also an Affiliated Professor at the School of International Affairs). He has directed the Max Planck Institute of Luxembourg on financial markets regulation and is currently a scientific member of this Institution.

Sebastian Mock is Professor of Business law at Vienna University of Economics and Business - Institute for Civil and Civil Procedural Law. He was previously lecturer in the Faculty of Law at the University of Hamburg, where he teaches on German and European company law and the law of obligations, and is a member of the New York bar. The contributors are some of the leading scholars in the field of capital market law from a number of European jurisdictions.

Market Abuse Regulation: Commentary and Annotated Guide 2nd Revised edition [Kõva köide]

Arvustused

Konto & seaded

Otsing

Otsingu andmebaas

Filtreeri tulemusi

Teemad Ingliskeelsed raamatud

Vali ostukorv