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Index
Cover Page
FINANCIAL MARKETS AND EXCHANGES LAW
Title Page
Copyright Page
Preface
Summary Contents
Detailed Contents
Table of Cases
Table of Legislation
Table of Treaties and Conventions
List of Abbreviations
List of Contributors
Part I Financial Markets
1. Financial Markets and Exchanges
Introduction
Origin and development
Securities and exchanges
Restructuring and competition
Electronic trading and internal order books
Regulatory challenge
Scandal and crisis
Global financial crisis
Financial markets and instruments
Capital markets
Money markets
Eurodollar markets
Currency markets
Financial derivatives markets
Gold market
Commodity markets
Insurance markets
Markets and exchanges
Financial markets and exchanges
Securities and claims
Primary and secondary markets
Market operation
Market structure
Market function
Market trading
Market orders
Financial crisis and financial reform
Financial crisis stages
Financial crisis response
UK regulatory reform
The Bank of England
The Financial Policy Committee
The Prudential Regulation Authority
The Financial Conduct Authority
The Financial Services Bill
Financial evolution
2. Exchange Review, Regulation, and Evolution
Introduction
UK markets
London Stock Exchange (LSE)
London International Financial Futures Exchange (Euronext.LIFFE)
London Metal Exchange (LME)
ICE Futures Europe
PLUS Stock Exchange
SIX Swiss Exchange
OMX
Alternative trading systems
CREST
London Clearing House (LCH.Clearnet)
Gilt and cheque clearing
Exchange regulation, structure, and operation
Exchange regulation
Exchange recognition
Exchange function
Exchange structure and ownership
Exchange governance
Exchange conduct
Market and exchange evolution
Digital competition
Financial innovation
Capital role and private investment
Financial security
Financial stability
Financial integration and global contribution
3. UK Central Banking and Financial Stability
The Bank of England
Brief history of the Bank and its functions
The Bank’s constitution
The Bank as banker
Banking operations
Note issue
Cash ratio deposits
The Bank and Monetary Policy
The Bank of England Act 1998
The Monetary Policy Committee
Setting Bank Rate and its effects
Quantitative easing and its effects
The Bank’s money market operations
The use of repo transactions
‘Normal’ operations for monetary policy purposes
The current system of monetary policy money market operations
Money market operations for liquidity insurance purposes
The Bank and financial stability
Introduction
The financial stability objective
The Financial Stability Committee
The financial stability MoU
Financial stability
Liquidity provision and bank resolution
The rationale for liquidity insurance
Bank resolution
Payment systems
Proposals for change
Part II Uk Securities Markets
4. Recognized Investment Exchanges (RIEs) and Recognized Clearing Houses (RCHs)
Introduction
Background
Regulation under the Financial Services and Markets Act 2000
Scope of regulation: the requirement for authorisation/exemption under the FSMA
Exemption under Pt XVIII FSMA
UK and overseas bodies
Conditions to exemption
Power to refuse recognition on grounds of excessive regulatory provision
Recognition requirements
UK bodies: general requirements
Default rules
Recognition requirements for overseas bodies
Application procedure
Supervision of recognized bodies
Powers of the Financial Services Authority
Notification requirements
Other provisions relating to financial markets and insolvency
Competition
Immunity under s 291 FSMA
The European framework
Regulated markets under MiFID
The Settlement Finality Directive
Approval of overseas investment exchanges and clearing houses under the Insolvency Act 1989
Designated investment exchange status
MiFID II
Background
Principal areas of impact on exchanges
Impact on clearing houses
5. The Listing, Prospectus, Disclosure, and Transparency Rules
Introduction
Listing Rules
Standard and premium listing
Preliminary matters (LR 1)
Requirements for listing (LR 2)
Listing applications (LR 3)
The Professional Securities Market (LR 4)
Suspending, cancelling, and restoring listing (LR 5)
Transfers between premium and standard listings (LR 5.4A)
Additional requirements for premium listing (LR 6)
Listing principles (LR 7)
Sponsor regime (LR 8)
Continuing obligations (LR 9)
The Model Code (LR 9, Annex 1)
Significant transactions (LR 10)
Related-party transactions (LR 11)
Dealing in own securities and Treasury shares (LR 12)
Contents of circulars (LR 13)
Standard listing (LR 14)
Closed-ended investment funds (LR 15)
Open-ended investment companies (LR 16)
Debt and debt-like securities (LR 17)
Certificates representing certain securities (LR 18)
Securitized derivatives (LR 19)
Miscellaneous securities (LR 20)
Prospectus Rules
Home and host member States
When a prospectus is required (PR 1.2)
Meaning of ‘offer to the public’ (ss 85(1) and 102B FSMA)
Admission of securities to trading on a regulated market (s 85(2) FSMA)
Exceptions to the requirements for a prospectus
Exempt offers to the public (PR 1.2.2)
Exempt admissions to trading (PR 1.2.3)
General contents of prospectus (PR 2.1 and 2.3)
Prospectus summary (PR 2.1.2)
Format of prospectus (PR 2.2)
Incorporation by reference (PR 2.4)
Omission of information (PR 2.5)
Approval and publication of prospectus (PR 3.1)
Filing and publication of prospectus (PR 3.2)
Supplementary prospectus (PR 3.4)
Use of languages and third-country issuers (PR 4)
Validity of prospectus (PR 5.1)
Annual information update (PR 5.2)
Passporting (PR 5.3)
Persons responsible for a prospectus (PR 5.5)
Schedules and building blocks
Disclosure and Transparency Rules
Disclosure of inside information (DTR 2.2)
Delaying disclosure of inside information (DTR 2.5)
Monitoring and control of inside information (DTR 2.6)
Insider lists (DTR 2.8)
Transactions by PDMRs and their connected persons (DTR 3)
Periodic financial reporting (DTR 4)
Notification of acquisitions or disposals of major shareholdings (DTR 5)
Continuing obligations and access to information (DTR 6)
Audit committee (DTR 7.1)
Corporate governance (DTR 7.2)
6. Multilateral Trading Facilities (MTFs)
Introduction
History/development
Regulatory challenges posed by alternative trading infrastructure
Pre-MiFID regime for alternative trading systems
EU regulatory framework under MiFID
Definition of an MTF
Licensing requirement
Obligations associated with the operation of an MTF
Monitoring
Transparency
Other provisions specific to MTFs
Other provisions of MiFID relevant to investment firms operating MTFs
Capital requirements
MiFID passport
UK regulation of MTFs
UK regulatory framework
Licensing requirement: the requirement for authorization/exemption under the Financial Services and Markets Act 2000
Agreeing
Licensing alternatives: authorization vs recognition
Obligations specific to MTFs: superequivalent requirements
General regulatory obligations of authorized firms operating MTFs
Differences between RIEs and MTFs
MiFID II/MIFIR
Background
Principal areas of impact on MTFs
7. Transaction Reporting
Introduction
Transaction reporting and market abuse
Transaction reporting and the European Economic Area
The European Securities and Markets Authority
The UK market abuse regime
Data quality
History
Application to firms
Reportable instruments
Approved reporting mechanisms
Execution of a transaction
Direct market access trading
Outsourcing
Identifying counterparties and instruments
Trading capacities
The future of transaction reporting
Part III Uk Money, Debt and Derivatives Markets
8. London Money Markets: Legal and Regulatory Framework
Introduction
Sterling money markets and the Financial Services and Markets Act 2000
Exclusions and exemptions from the FSMA of relevance to money markets and gilts markets
FSA regulation prior to 1 November 2007
FSA regulation subsequent to 1 November 2007
New client categorization regime: the Conduct of Business Sourcebook and the eligible counterparty regime
MiFID business and the ECP regime
Non-MiFID business and client categorization
Disapplication of COBS requirements to business done with or for ECPs
Effect of the abolition of the IPC Code
MiFID II changes on the horizon
Non-FSMA wholesale business: important market codes and market committees in the London money markets and gilts markets
9. UK Government Debt Management and the Gilt Market
Introduction
Institutional structure for debt management
Overview of the Debt Management Office
Legal and institutional framework
Relationship of the Debt Management Account to the National Loans Fund
UK government borrowing
Debt management policy framework
Objective of UK government debt management
The role of the DMO in debt management
Debt management considerations during the period of fiscal consolidation
Annual financing remit
Implementation of the remit
The gilt market
Instruments
Gilt market institutions and features
Gilt registration
Settlement of gilt trading
Regulation of the gilt market
Roles of the Financial Services Authority and London Stock Exchange
DMO operations in the gilt market
Primary market
Secondary market
Short-term debt instruments (Treasury bills)
Treasury bill primary participants
Annex A
Marketable debt portfolio
10. UK Derivatives and Commodities Markets
Introduction
Derivatives
Futures and forward transactions
Traded and OTC options
Forms of settlement
Other types of derivative
Underlying assets and other reference values
Spot trading of commodities
Organized markets in the UK
Regulated markets and multilateral trading facilities
Closed markets: membership requirements
Forms of trading
Rules and trading procedures
Transparency
Documentation
Technology infrastructure
Clearing, settlement, and margin
Dispute resolution
Regulation
The organized markets in London
OTC markets in the UK
Open markets
Trading
Settlement
Collateral
Documentation
Dispute resolution
Regulation
Other issues
Market associations active in London
The future of the UK markets
Part IV Uk Payment and Settlement
11. UK Payment Systems
Introduction
New statutory basis for oversight: the Banking Act 2009
Definition of a payment system: recognition under the Banking Act
Importance of payment systems
Payment systems recognized under the Banking Act
Payment systems oversight
Definition: the financial stability objective
Overview: risks and objectives
The Bank of England
Oversight process
International cooperation
International institutions
CPSS 2005 report
MoU on cooperation in relation to cross-border financial stability
European Central Bank
Bank of England assessment of the UK payment systems in the 2010 Payments Oversight Report
CHAPS
CREST
LCH.Clearnet Ltd
ICE
Bacs
CLS
FPS
SWIFT
Financial Markets and Insolvency (Settlement Finality) Regulations 1999
Developing areas
Another new statutory framework?
Issues and priorities identified by the Bank of England
Market infrastructure resiliency system
12. UK Settlement
General
CREST
Introduction/history
Constitution and regulation
Operation
LCH.Clearnet Limited
Introduction/history
Constitution and regulation
Operation
Part V European Markets and Exchanges
13. The European System of Financial Supervision
Introduction
The European Systemic Risk Board
Key EU legislative instruments
Objectives and tasks: overview
Collection and exchange of information
Warnings and recommendations
Organization
Impartiality
Professional secrecy
Accountability
Review
The European Supervisory Authorities
Key EU legislative instruments
Objectives
Technical standards
Guidelines and recommendations
Opinions
Consumer protection, including powers to prohibit or restrict financial activities temporarily
Powers in case of breach of EU law
Actions in emergency situations
Settlement of disagreements between national competent authorities
Direct EU-level supervisory powers
Systemic risk
Collection of information
Common supervisory culture
Colleges of Supervisors
Recent EU instruments and legislative proposals: implications for the powers of ESAs
Organization of the ESAs
Joint bodies of the ESAs
Accountability
Impartiality
Confidentiality
Review
Concluding remarks
The ESRB
The ESAs
14. Regulation and Consolidation of European Markets and Exchanges
Introduction
The integration of European financial markets
Free movement of capital
The euro
Harmonization concepts
The Financial Services Action Plan
The Lamfalussy Process
Exchanges as the traditional marketplaces in EU member States
Regulation of the trading sector of securities markets: the Markets in Financial Instruments Directive (MiFID)
Scope
Choice among financial markets
Types of trading venue
Access to financial markets
Authorization requirement
Passporting regime
Investor protection
Transparency
Transaction reporting regime
The effects of MiFID
Competition
Fragmentation and market efficiency
Data collection
Revision of the Markets in Financial Instruments Directive (MiFID II)
Further EU legal Acts regulating the trade sector of securities markets
The Consolidated Admissions and Reporting Directive (CARD)
The Prospectus Directive (PD)
The Transparency Directive (TD)
The Market Abuse Directive (MAD)
The Takeover Bids Directive
Regulation of the post-trading sector of securities markets
The Settlement Finality Directive (SFD)
The Financial Collateral Arrangements Directive
The Giovannini Barriers
MiFID
The proposed CSD Regulation
The European Market Infrastructure Regulation (EMIR)
Regulation of the market for payments
Consolidation of exchanges and financial markets
The rationale of exchange consolidation
Examples of exchange consolidation
Regulatory barriers to consolidation
Conclusion
15. European E-Commerce and E-Money
Introduction
The development of European e-commerce
Cross-border business: problems of regulation
Harmonization: EU initiatives
The Electronic Commerce Directive (ECD)
Objectives
‘Country of origin’ approach
Definition of ‘information society services’
‘Electronic commerce activities’; ‘electronic commerce communications’; ‘outgoing’ and ‘incoming’ ECA providers
The effect of the ECD
The Distance Marketing Directive (DMD)
Objectives
Definition of ‘distance contract’
Definition of ‘financial service’
Enforcement authorities
Implementation of the DMD by the FSA
‘Consumers’ and the DMD
The ‘country of origin’ principle
Initial service agreements and successive operations
The effect of the DMD
The Second Electronic Money Directive (2EMD)
Conclusion
Part VI International Markets and Exchanges
16. The Architecture of International Financial Regulation
Overview: the evolving international financial architecture Definition
The post-war Bretton Woods arrangements
The post-Bretton Woods system
The Asian crisis and the Financial Stability Forum
The Financial Stability Board and the G20 processes
The FSB
Mandate
Membership
Regional consultative groups
Governing structure
Commitments of members
Legal nature
Towards greater institutionalisation
International standards and standard-setting bodies
Basel Committee on Banking Supervision (BCBS)
International Organization of Securities Commissions (IOSCO)
International Association of Insurance Supervisors (IAIS)
Conclusion
17. International Settlement
General
Clearstream
Introduction/history
Constitution and regulation
Operation
Euroclear
Introduction/history
Constitution and regulation
Operation
Related international settlement issues
Location of securities
Clearing and settlement recommendations and standards
MiFID
The Settlement Finality Directive
18. Global Custody
Custody
Securities
Cash
Global custody
The nature of the custody client’s asset
Custody services
Regulatory framework
MiFID
The MiFID Implementing Directive
MiFIDII
The Financial Collateral Directive
The proposed Securities Law Directive
19. Credit Rating Agencies
Introduction
History/development
Origins
The 1970s: movement to the ‘issuer pays’ model and certification
The 1990s: structured finance transactions
Market dominance and other agencies in the industry
The role and function of the credit rating agency
Definition of a ‘credit rating agency’
The economic role of the credit rating
The interpretation of credit ratings
Users of credit ratings
The CRA industry
Scope of the credit rating market
Types of credit rating
The ratings scales
The ratings process
Rating analysis
Ratings-based regulations
The use of credit ratings in US legislation
The use of credit ratings in European law
Recognition regime for CRAs
International market regulation of the CRAs
Overview of the regulation of CRAs
IOSCO’s Statement of Principles and Code of Conduct Fundamentals
Regulation of CRAs in the US
Regulation of CRAs in the EU
Issues facing CRAs and further proposals for reform
The CRAs’ role in the global financial crisis
Addressing over-reliance on ratings
Further EU regulatory proposals
Potential liability for ratings
Conclusion
20. US Equity Market Structure
Introduction
Overview of significant laws governing US equity markets
Extraterritorial application of the US securities laws
US financial system regulators
Overview of the Securities and Exchange Commission
Other US financial system regulators
Regulated equity market participants
FINRA: oversight of broker-dealers
Major exchanges
Depository and clearing organizations
Broker-dealers
Alternative trading systems
Other regulated entities
The US equity market structure
The national market system
Regulation NMS
Non-NMS markets
Current market structure policy issues
The Dodd–Frank Act
Regulation of trading
Soft dollars
Short-selling regulation
Large trader reporting and consolidated audit trail
Clearance and settlement
21. Hong Kong Markets and Exchanges
Introduction
Background
Linked exchange rate
Banking and foreign exchange
Equity
Debt
Insurance
Derivatives
Hong Kong’s financial markets and institutions
Hong Kong as Asia’s financial centre
Financial law and regulation
The economic, governance, and legal system
Property, collateral, and taxation
Insolvency
Financial information
Market integrity
Taxation
Financial regulatory framework
Central banking, banking, and the HKMA and HKAB
Banking regulation and supervision
Legal framework for banking business
Financial infrastructure development
Securities, the SFC, and HKEx
Three-tier system of securities regulation
The Securities and Futures Ordinance
The Listing Rules
Insurance
The Office of the Commissioner of Insurance
The Insurance Claims Complaints Bureau
The Insurance Advisory Committee
The Insurance Companies Ordinance
The Hong Kong Federation of Insurers
Pensions
The Mandatory Provident Fund Schemes Authority
Mandatory Provident Fund Schemes Ordinance
Financial conglomerates
Conclusion
22. Islamic Securities Exchanges: Principles and International Developments
Introduction
Principles of Islamic finance
Islamic financing methods
Islamic insurance (takaful)
Islamic securities
Country analysis
National stock exchanges
Malaysia
Singapore
Brunei Darussalam
Indonesia
Thailand
The Philippines
Others: Cambodia, Myanmar, Vietnam, Laos, and East Timor
International Islamic institutions
The International Islamic Financial Market
The Accounting and Auditing Organization for Islamic Financial Institutions
The International Financial Services Board
The Malaysia International Islamic Financial Centre
The International Islamic Liquidity Management Corporation
The Labuan International Business and Financial Centre
The Kuala Lumpur Regional Centre for Arbitration
Conclusion
Index
Footnotes
Chapter 01
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Chapter 02
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Chapter 03
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Chapter 04
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Chapter 05
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Chapter 06
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Chapter 07
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Chapter 08
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Chapter 09
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Chapter 10
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Chapter 11
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Chapter 12
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Chapter 13
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Chapter 14
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Chapter 15
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Chapter 16
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Chapter 17
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Chapter 18
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Chapter 19
1
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Chapter 20
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111
Chapter 21
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Chapter 22
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175
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