دانلود کتاب European banking and financial law

فهرست مطالب :

Cover Half Title Title Copyright Outline contents Contents Preface to the Second Edition Table of Legislation Part A Introduction 1 Sources of EU financial law 1.1 Introduction 1.2 EU statutes and their hierarchy 1.2.1 The Treaties 1.2.2 Regulations and Directives 1.3 EU financial regulation 1.3.1 Introduction 1.3.2 Banking Directives 1.3.3 EU passport 1.3.4 Financial regulation in the making: Lamfalussy Report 1.4 Financial supervision in the EU 1.4.1 De Larosière Report 1.4.2 European Banking Union 1.5 Recent developments 1.6 Further reading 1.7 Questions Part B Financial markets 2 The primary market 2.1 A practical and historical perspective on capital markets 2.1.1 History of offering securities 2.1.2 Capital markets and securities: the basics 2.2 The offering of securities: rules and regulations 2.2.1 Introduction 2.2.2 From Directives to Regulation 2.2.3 Duty to publish a prospectus and rules for drafting, approving and distributing the prospectus 2.2.4 Scope and exemptions of the Prospectus Regulation 2.2.5 Enforcement and liability 2.3 Crowdfunding 2.4 Credit rating agencies 2.4.1 Introduction 2.4.2 Financial crises and credit rating agencies 2.4.3 CRA Regulations 2.5 Further reading 2.6 Questions 3 The secondary market 3.1 Introduction 3.2 Investment firms, services and activities 3.3 Trading venues 3.3.1 Multilateral trading facilities 3.3.2 Organised trading facilities 3.3.3 Systematic internalisers 3.4 Listing and liabilities 3.4.1 Listing Directive 3.4.2 Securities 3.5 Clearing and settlement 3.6 Further reading 3.7 Questions 4 Market abuse 4.1 Market abuse and its effects 4.2 Market abuse regulation 4.2.1 Introduction 4.2.2 Scope of the Regulation 4.2.3 Insider dealing 4.2.4 Unlawful disclosure of inside information 4.2.5 Market manipulation 4.2.6 Five main obligations 4.3 MAD II: enforcement and criminal sanctions 4.4 Further reading 4.5 Questions 5 Consumer and investor protection 5.1 Introduction 5.2 Unfair Terms Directive 5.2.1 Introduction 5.2.2 Main terms and provisions 5.3 Distance financial services 5.4 Consumer Credit and Mortgage Credit Directives 5.4.1 Consumer Credit Directive 5.4.2 Mortgage Credit Directive 5.5 Markets in Financial Instruments legislation 5.5.1 Introduction 5.5.2 Investment services and investment activities 5.5.3 Client identification and classification 5.5.4 Investor protection rules 5.6 Further reading 5.7 Questions Part C Financial institutions 6 Banking, EU supervision and bank structures 6.1 Introduction 6.2 Societal benefits and costs: rationale for regulation 6.3 EU banking supervision and enforcement 6.3.1 ECB and its monetary role 6.3.2 EBA, ESMA and EIOPA 6.3.3 ECB and its supervisory role 6.3.4 National supervision 6.4 Organisational structures of banks 6.4.1 Commercial banks and investment banks 6.4.2 Multifunctional groups versus universal banks 6.4.3 Branches and subsidiaries 6.4.4 Banking groups 6.5 Bank and “industry” 6.5.1 Bank owning an “industry” 6.5.2 Commercial businesses owning a bank 6.6 Shadow banking 6.7 Further reading 6.8 Questions 7 Authorisation, capital requirements and governance rules 7.1 Introduction 7.2 EU banking activities 7.2.1 Definition and authorisation 7.2.2 The EU passport 7.3 Prudential regulation 7.3.1 Introduction 7.3.2 Liquidity regulation 7.3.2.1 Liquidity requirements 7.3.2.2 Emergency liquidity assistance 7.3.3 Capital regulation 7.3.3.1 Quality of the capital buffer 7.3.3.2 Size of the buffer 7.3.3.3 Leverage ratio 7.3.3.4 Large exposure regime 7.3.4 Basel 7.4 Bank governance 7.5 Further reading 7.6 Questions 8 Bank insolvency 8.1 Introduction 8.2 EU bank insolvency law 8.2.1 Winding­up Directive 8.2.2 BRRD and SRM 8.2.2.1 Recovery and resolution plans 8.2.2.2 Early intervention measures 8.2.2.3 Resolution and resolution tools 8.2.3 Resolution tools and fundamental rights 8.3 Protection of the depositor 8.3.1 Introduction 8.3.2 The Deposit Guarantee Scheme Directives 8.4 Further reading 8.5 Questions 9 The investment firm and the investment fund 9.1 Introduction 9.2 The investment firm 9.2.1 Introduction 9.2.2 The investment firm under MiFID II 9.2.3 Authorisation and initial capital 9.2.4 The EU passport 9.2.5 Fitness of directors and qualifying shareholders 9.3 The investment fund 9.3.1 Introduction 9.3.2 Structure of an investment fund 9.3.3 Undertakings for the Collective Investment in Transferable Securities 9.3.4 UCITS and rules of transparency 9.3.5 Alternative Investment Funds 9.3.5.1 Introduction 9.3.5.2 Authorisation 9.3.5.3 Organisational requirements 9.4 EU passport for UCITS and AIFs 9.5 Further reading 9.6 Questions Part D Financial Transactions 10 Custody and transfer of cash and securities 10.1 Introduction 10.2 Clearing and settlement 10.2.1 Depositum and indirect holding 10.2.2 Clearing and settlement 10.2.3 Settlement Finality Directive 10.3 Custody and transfer of cash 10.3.1 Segregation 10.3.2 Payment Services Directive II 10.4 Custody and transfer of securities 10.4.1 Segregation 10.4.2 Regulatory law 10.4.3 Private law 10.5 Further reading 10.6 Questions 11 Loan finance 11.1 Introduction 11.2 Corporate finance 11.3 Syndicated loans 11.4 Facilities, types and purposes 11.4.1 Facilities 11.4.1.1 Term loan 11.4.1.2 Revolving credit 11.4.1.3 Demand loan 11.4.1.4 Stand­by loan 11.4.1.5 Overdraft facility 11.4.1.6 Contingent liability facility 11.4.2 Types of finance 11.4.2.1 Corporate finance 11.4.2.2 Asset finance 11.4.2.3 Project finance 11.4.2.4 Limited recourse financing 11.4.3 Purposes 11.4.3.1 Acquisition finance 11.4.3.2 Bridge finance 11.4.3.3 Mezzanine finance or venture capital 11.4.3.4 Refinancing 11.4.3.5 Mismatch facilities 11.5 Documentation clauses 11.5.1 Structure of the documentation 11.5.2 Purpose and conditions of utilisation 11.5.3 Payment, repayment and prepayment 11.5.4 Interest, margin, costs and fees 11.5.5 Guarantees, representations and undertakings 11.5.5.1 Guarantees 11.5.5.2 Representations and warranties 11.5.5.3 Undertakings 11.5.6 Events of defaults 11.5.6.1 Effects and classification of defaults 11.5.6.2 Cross­default 11.5.6.3 Material adverse change 11.5.6.4 Change of control 11.5.7 Boilerplate 11.5.7.1 Changes to parties 11.5.7.2 The agent 11.5.7.3 Waivers 11.5.7.4 Governing law 11.5.7.5 Conditions precedent 11.6 Security 11.6.1 Purposes of security 11.6.2 Security trustee and parallel debt 11.7 Further reading 11.8 Questions 12 Derivatives 12.1 Introduction 12.2 Main categories of derivatives 12.2.1 Options 12.2.2 Forwards 12.2.3 Swaps 12.3 Contractual frameworks 12.3.1 ISDA master agreement 12.3.2 Principal terms and conditions 12.3.3 Events of default 12.3.4 Automatic termination versus termination by notice 12.3.5 Netting 12.3.5.1 Settlement netting 12.3.5.2 Close­out netting 12.3.5.3 Insolvency netting 12.4 Statutory framework 12.4.1 General 12.4.2 EMIR 12.4.3 MiFIR 12.5 Further reading 12.6 Questions 13 Collateralised finance 13.1 Introduction 13.1.1 Examples 13.1.1.1 Repurchase agreements 13.1.1.2 Securities lending transactions 13.1.1.3 Derivatives 13.2 Principal terms and conditions 13.2.1 Master agreements 13.2.1.1 Repurchase agreements 13.2.1.2 Securities lending transactions 13.2.2 Title transfer and security interest 13.2.3 Flow of cash 13.2.4 Stabilisation instruments 13.2.4.1 Margin transfers 13.2.4.2 Repricing and adjustment 13.2.5 Substitution, income payments and interest 13.2.6 Events of default, early termination and close­out netting 13.3 Collateral Directive 13.3.1 Scope of the Collateral Directive 13.3.2 Derogations from national private law 13.3.2.1 No formalities 13.3.2.2 Right of use 13.3.2.3 Recharacterisation and fiduciary transfers 13.3.2.4 Close­out netting and insolvency 13.4 Securities Financing Transactions Regulation, MiFID II 13.5 Further reading 13.6 Questions 14 Structured finance 14.1 Introduction 14.2 Securitisation 14.2.1 Global financial crisis and Securitisation Regulation 14.2.2 Transaction 14.2.3 Objectives 14.2.4 Receivables and parties 14.2.4.1 Receivables 14.2.4.2 Originator 14.2.4.3 Debtors 14.2.4.4 Servicer 14.2.4.5 SPV 14.2.4.6 Investors 14.2.4.7 Bonds 14.2.4.8 Security trustee 14.2.4.9 Swap counterparty 14.2.4.10 GIC and liquidity provider 14.2.4.11 Rating agencies 14.2.4.12 Profit extraction 14.2.5 Legal issues 14.2.5.1 True sale 14.2.5.2 Security rights 14.2.5.3 Assignability, notice and applicable law 14.2.5.4 Set­off 14.2.5.5 Regulatory issues 14.2.6 Alternative structures 14.3 Covered bonds 14.3.1 Transaction 14.3.2 Legal issues 14.4 Further reading 14.5 Questions 15 Answers Index