The purpose of this paper is to examine the difficulties that arise with intermediated shareholdings in the UK regarding the right to vote. In the UK, the registered owner of the shares (the intermediary) has all of the powers and privileges attaching to those shares as against the company that...

The growth of intermediation in the holding of securities creates challenges for jurisdictions as often the body of law dealing with transferable securities continues to operate on the basis of the direct holding paradigm, and therefore fails to take full account of the changes that...

The European Commission published a draft Directive in November 2016, with the aim of ensuring that all Member States have in place an effective mechanism for dealing with viable, but financially distressed, businesses. The draft Directive includes provisions designed to encourage financing for...

This paper examines the institutional design of the EU European and Monetary Union. Specifically, it analyses five different institutions that have been set up in the post-financial crisis period, namely the three European Supervisory Authorities (ESMA, EBA and EIOPA), the European Financial...

This is part of the introduction to the book ‘Intermediation and Beyond' (Hart Publishing, January 2019). It explains the genesis of the project which lead to the book, summarises the discussion in the chapters and identifies its contribution to the debate surrounding the way securities are...

The disclosure of inside information is a core component of EU capital market regulation. It underpins the market abuse regime, providing information to investors, and robbing it of its “inside” quality. Different regimes tackle the issue of inside information disclosure in distinct ways....

Popular rhetoric has tended to think in terms of shareholders' rights rather than shareholders' duties. It is well understood that shareholders can bargain for rights within a company via a shareholders' agreement, or via the company constitution, and that the law also steps in to provide...

The origins of European capital market regulation can be traced back to the seminal Segré report in 1966. Over the intervening years there have been times of both significant regulatory change, specifically during the Financial Services Action Plan (‘FSAP') period and again following the...

Inadequate regulation of the financial system is widely thought to have contributed to the financial crisis. The purpose of the book is to articulate a framework within which financial regulation can be analysed in a coherent and comprehensive fashion. The book's approach is distinctive in...

Gatekeepers are financial intermediaries that operate between issuers and investors and have a potentially valuable role to play in the financial market. This paper, which has been written for the Oxford Handbook on Financial Regulation (Moloney, Ferran and Payne (eds) OUP, 2014), considers the...