Dealing in Securities: The Law and Regulation of Sales and Trading in Europe
Dealing in Securities: The Law and Regulation of Sales and Trading in Europe

Author: Christos Nifadopoulos

Publisher: Bloomsbury Publishing

Published: 2021-11-30

Total Pages: 191

ISBN-13: 1526514389

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Begins with the essential questions: - whether brokerage and dealing in securities is regulated in a jurisdiction - what aspects of the activity could bring it in scope for authorisation; and - how it is determined which regulator has legal competence to supervise the business in scope. The recent liberalisation of national authorisation regimes across Europe in the wake of MiFID II and Brexit, which has resulted in tensions with recent attempts by the EU to harmonise centrally the single market authorisation regime, is fully addressed. It reviews the details of the activities of sales, sales trading, trading and execution, what they each constitute (with reference to established communication and order management systems), the potential conflicts of interest that they bring about for a firm and how such conflicts can be managed. Each of these activities are mapped against specific regulatory obligations, such as best execution, pre- and post-trade transparency, inducements, dealing commissions rules, the short selling regime and shareholder disclosures, depicting the obligations schematically to assist the practitioner. Also covers: - dealing commission unbundling, which has reformed the way the provision and consumption of independent research and corporate access are related to execution services, - the question of multilateral trading, in other words the point at which the activity of a broker becomes exchange-like and needs to be authorised as such, - principal trading and the ability of firms to advance risk to their clients in the wake of the Volcker rule in the United States and similar legislation in Germany and elsewhere, - the rise of Systematic Internalisers and the constraints imposed on them, such as the pre-trade transparency requirements and the tick size regime, and - electronic trading, algorithmic trading, direct electronic access and high frequency trading, as well as the risk control framework that is relevant to all these activities.

Dealing in Securities
Dealing in Securities

Author: Christos Nifadopoulos

Publisher:

Published: 2021

Total Pages: 440

ISBN-13: 9781526514394

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"Begins with the essential questions: - whether brokerage and dealing in securities is regulated in a jurisdiction - what aspects of the activity could bring it in scope for authorisation; and - how it is determined which regulator has legal competence to supervise the business in scope. The recent liberalisation of national authorisation regimes across Europe in the wake of MiFID II and Brexit, which has resulted in tensions with recent attempts by the EU to harmonise centrally the single market authorisation regime, is fully addressed. It reviews the details of the activities of sales, sales trading, trading and execution, what they each constitute (with reference to established communication and order management systems), the potential conflicts of interest that they bring about for a firm and how such conflicts can be managed. Each of these activities are mapped against specific regulatory obligations, such as best execution, pre- and post-trade transparency, inducements, dealing commissions rules, the short selling regime and shareholder disclosures, depicting the obligations schematically to assist the practitioner. Also covers: - dealing commission unbundling, which has reformed the way the provision and consumption of independent research and corporate access are related to execution services, - the question of multilateral trading, in other words the point at which the activity of a broker becomes exchange-like and needs to be authorised as such, - principal trading and the ability of firms to advance risk to their clients in the wake of the Volcker rule in the United States and similar legislation in Germany and elsewhere, - the rise of Systematic Internalisers and the constraints imposed on them, such as the pre-trade transparency requirements and the tick size regime, and - electronic trading, algorithmic trading, direct electronic access and high frequency trading, as well as the risk control framework that is relevant to all these activities."--

Corporate Finance and the Securities Laws
Corporate Finance and the Securities Laws

Author: Charles J. Johnson

Publisher:

Published: 2004

Total Pages: 1154

ISBN-13:

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The highly anticipated Third Edition of Corporate Finance & the Securities Laws is a fully updated version of this classic work by two premier experts in the world of corporate finance. The book explains the legal environment in which capital markets transactions take place as well as explaining the transactions themselves and how professionals can manage the transaction and get it done. Some highlights in the Third Edition are: Underwriting practices the registration and distribution process Private placements Shelf registrations International finance Commercial paper Innovative financial products and asset-backed securities the Third Edition also includes updates on many important developments in corporate finance, including: New standards for IPO allocations the reduced role of analysts in securities offerings driven by reforms separating the interaction of research analysts And The investment bankers who bring in new business an updated look at MD&A (Management Discussion & Analysis) A new chapter focusing on asset-backed securities Sarbanes-Oxley's effects on disclosure requirements and due diligence the growing trend of On-line offerings Dealing with 'gun-jumping' problems Electronic delivery of offering documents New emphasis on financial statement due diligence New NASD corporate financing rule New NASD rule on retention of new issues (formerly the 'hot issue' rule) Exiting the SEC reporting system Innovative financing techniques And The Commodity Futures Modernization Act of 2000 Short sales and equity derivatives Innovations in convertible, exchangeable and equity-linked securities Amended Rule 10b-18 and more

Comparing European and U.S. Securities Regulations
Comparing European and U.S. Securities Regulations

Author: Tanja Boskovic

Publisher: World Bank Publications

Published: 2010-01-12

Total Pages: 186

ISBN-13: 0821382543

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This paper, aimed at professionals, scholars, and government officials in the field of securities regulations, compares the European (specifically the Market in Financial Instruments Directive MiFID) and U.S. securities regulations. The analysis focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. We show that although there may be regional differences in the structure and rules of current securities regulation, the objectives and some outcomes of regulation are comparable. Similarly, as the current global financial and economic crisis exposed gaps in securities regulations worldwide, regulators in both regions face similar challenges. This study will be particularly useful for World Bank member countries that are looking at either the European or U.S. regulations when conducting market reforms.

Research Handbook on Insider Trading
Research Handbook on Insider Trading

Author: Stephen M. Bainbridge

Publisher: Edward Elgar Publishing

Published: 2013-01-01

Total Pages: 498

ISBN-13: 0857931857

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In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The Handbook begins with a section devoted to legal issues surrounding the USÕs ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.

Crypto-Finance, Law and Regulation
Crypto-Finance, Law and Regulation

Author: Joseph Lee

Publisher: Routledge

Published: 2022-02-17

Total Pages: 215

ISBN-13: 0429657315

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Crypto-Finance, Law and Regulation investigates whether crypto-finance will cause a paradigm shift in regulation from a centralised model to a model based on distributed consensus. This book explores the emergence of a decentralised and disintermediated crypto-market and investigates the way in which it can transform the financial markets. It examines three components of the financial market – technology, finance, and the law – and shows how their interrelationship dictates the structure of a crypto-market. It focuses on regulators’ enforcement policies and their jurisdiction over crypto-finance operators and participants. The book also discusses the latest developments in crypto-finance, and the advantages and disadvantages of crypto-currency as an alternative payment product. It also investigates how such a decentralised crypto-finance system can provide access to finance, promote a shared economy, and allow access to justice. By exploring the law, regulation and governance of crypto-finance from a national, regional and global viewpoint, the book provides a fascinating and comprehensive overview of this important topic and will appeal to students, scholars and practitioners interested in regulation, finance and the law.

Law Reform and Financial Markets
Law Reform and Financial Markets

Author: K. Alexander

Publisher: Edward Elgar Publishing

Published: 2012-01-01

Total Pages: 361

ISBN-13: 0857936638

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Law Reform and Financial Markets addresses how law reform can be used to support strong financial markets and draws on the Global Financial Crisis as a case study. This edited collection reflects recent developments, including the EU institutional reforms and Dodd-Frank Act 2010. The different contributions adopt a range of theoretical, contextual, and substantive perspectives, examine different domestic, regional, and international contexts and assess public and private law frameworks in considering how legal and regulatory reforms can be most effectively designed for strong financial markets. This comprehensive book will appeal to academics and postgraduates in the field of financial regulation and in cognate fields, including finance and economics, as well as to regulators and policymakers.