Abstract

Acknowledgements. Abbreviations. Tables. 1. EU Securities Regulation So Far. 2. Conceptualizing Regulatory Convergence in EU Securities Regulation. 3. Examining Regulatory Convergence in the Sources of Law. 4. Regulatory Convergence in Law in Action. 5. Is there an EU System for EU Securities Regulation? 6. Regulatory Divergences amongst Member States. 7. A Systemic Approach towards Regulatory Convergence in EU Securities Regulation. 8. Conclusion. Bibliography.

Highlights

  • This thesis intends to examine the nature and implications o f “regulatory convergence”, a new phenomenon in EU securities regulation

  • In order to unpack “regulatory convergence”, the thesis first proceeds with a historical survey o f EU securities regulation from the 1960s to date, to examine how the EU moved from selected areas o f regulatory direction to minimum harmonisation in the 1990s, and to “regulatory convergence” in the new millennium

  • This chapter has given a historical review o f how EU securities regulation has developed, and how the FSAP and Lamfalussy Report have culminated in the introduction of a new era of

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Summary

Introduction

This thesis intends to examine the nature and implications o f “regulatory convergence”, a new phenomenon in EU securities regulation. In order to unpack “regulatory convergence”, the thesis first proceeds with a historical survey o f EU securities regulation from the 1960s to date, to examine how the EU moved from selected areas o f regulatory direction to minimum harmonisation in the 1990s, and to “regulatory convergence” in the new millennium. The coverage of the rest of the chapters in this thesis is described in Part 5 of this chapter

EU Securities Regulation from the 1960s-1990s- A Brief Survey
A Sketch of the New Framework for EU Securities Regulation
Rationalesfo r Disclosure Regulation
Substantive Aspects o f Disclosure Regulation
Rationalesfo r Regulation o f Intermediaries
Intermediary Regulation
Securities Market Regulation
Rationalefo r Regulating Markets
Regulation o f Securities Markets
Regulation o f Market Abuse
Conclusion
Chapter 2 Conceptualising Regulatory Convergence in EU Securities Regulation
Law-making Process in the EU
Multiversalism in Sources o fLaw
Law-Making under the Lamfalussy Report
Multiversalism in National Transposition
Gaps in Substantive Law and Roomfo r National Divergences
Convergence o fSources o fLaw under Levels Two and Three?
Soft Law Produced By CESR
Judicial Enforcement o f Regulatory Convergence
The Limits to Regulatory Convergence?
Home Country Control
The Limits o f Home Country Control
CESR’s Role in Supervisory Convergence
Convergence in Enforcement
CESR’s Role in Enforcement Convergence
Commonality o fInvestor Redress Procedures
Lack o fProvisionfo r Details o f Civil Enforcement
The Lamfalussy Procedure as a System for EU Securities Regulation?
Institutional Status o f the Lamfalussy Procedure
Multiversalism in the System
CESR’s role in Information-Gathering and the Feedback Loop
Level Four Measures
CESR’s Governance as a Regulatory System for EU Securities Regulation?
Norm-Setting by CESR
Information Gathering and Feedback within CESR’s System
Securing Compliance
Chapter 5 Regulatory Divergences amongst Member States
Forces for Divergence in EU Securities Regulation
Lack o f Integration o f EU Securities Markets
Individual or Selected Multi-Speed Actions by National Regulators
A Consociational Theory of Regulatory Convergence
Regulatory Convergence by the Jurisprudence of the European Court o f Justice?
The Role of the European Commission
Market Forces for Convergence
Institutionalisation to Minimise Selector Problem
Economic Justificationsfo r Organising an EU Securities Regulatory Agency
Justificationsfor An Organisationfront the Perspective o f Political Science
Institutionalisation of CESR as an EU Agency
The Policy of Regulatory Convergence in EU Securities Regulation
The Cybernetic Model as a Framework to Evaluate Regulatory Convergence
The Theoretical Support for an EU Securities Agency
Findings
The Wider Context and Future Directions
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