Author Description

About the AuthorNiamh Moloney is Professor of Capital Markets Law at the University of Nottingham.Product DescriptionIn the wake of radical and far-reaching legal, market, and institutional reforms which followed the completion of the Financial Services Action Plan, the EC regime for Securities Regulation now governs Community financial markets and has almost replaced national law in this area. Thislong-awaited second edition considers the extensive new regime in its legal, institutional, political, and market context and assesses the forces which have shaped it.Far-reaching reforms have followed from the coincidence of law-making reform under the Lamfalussy process with the regulatory reforms adopted under the Financial Services Action Plan. This book considers key measures, including the 2003 Prospectus Directive, the 2003 Market Abuse Directive, the2004 Transparency Directive, the reforms to the UCITS regime, the groundbreaking 2004 Markets in Financial Instruments Directive, and the extensive developments in clearing and settlement. A new chapter addresses the treatment of gatekeepers. Detailed attention is given throughout the book to theextensive rules which apply at level 2 and to the level 3 process. New chapters have also been added on law-making and supervision, following the dramatic developments which followed the establishment of the Committee of European Securities Regulators. The influence wielded by the CESR on ECsecurities regulation is a key undercutting theme of the book.Review`Review from previous edition... far more than the definitive work on the Community measures themselves. It has much to say about the rationales of securities regulation... meticulous and comprehensive....It rightly liberates Community securities regulation from the shadow of the United States case law and stresses its unique characteristic...' European Law Review`...destined to become a benchmark in its field...the more one reads, the more one is impressed by the quality and thoroughness of the analysis...a 'must' for all those who are looking for a highly informative guide in the field of securities regulation, be they academics, practitioners or regulators.' European Business Organization Law Review 4 343-347 2003`... will interest all those engaged in Financial Services Regulation be they students, scholars, policy researchers or practitioners.' KnowEurope`... an essential analysis of Community securities regulation as it has developed, an analysis that will be critical to the understanding of the regime that eventually emerges and should be influential in shaping its continuing evolution.' European Law Review`... an excellent analysis of existing regulation and an invaluable guide to the emerging regime.' The Cambridge Law Journal