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In this Chapter, we examine the new rules concerning the internalisation of trading orders by investment intermediaries included in the Directive on Markets in Financial Instruments (MiFID). We analyse, first of all, the interplay amongst different interest groups in the legislative process that...
Persistent link: https://www.econbiz.de/10012779630
The controversial and long-awaited Commission Proposals to revise the cornerstone Markets in Financial Instruments Directive 2004 (MiFID I) were presented in October 2011. This article places this important reform (MiFID II) in context by examining the impact of MiFID I since its application to...
Persistent link: https://www.econbiz.de/10013112070
The consequences of the Brexit vote will be felt throughout the legal systems, both in the UK and in the EU. The legal consequences of the Brexit decision and the process which will lead to the withdrawal of the UK, raises numerous questions many of which are in the process of being analysed,...
Persistent link: https://www.econbiz.de/10012961840
In this paper, I tackle the question whether "one share - one vote" should become a European law rule. I examine, first of all the economic theory concerning one share - one vote and its optimality, and the law and economics literature on dual class recapitalizations and other deviations from...
Persistent link: https://www.econbiz.de/10005870041
We analyse the principles for sound compensation practices at financial institutions and their implementation standards (briefly PSSCPs) issued in 2009 by the Financial Stability Board (FSB). We examine, first of all, the political economy of the PSSCP. We describe their formation as a result of...
Persistent link: https://www.econbiz.de/10013130642
In this Article we submit that the compensation structures at banks before the financial crisis were not necessarily flawed and that recent reforms in this area largely reflect already existing best practices. In Part I we review recent empirical studies on corporate governance and executive pay...
Persistent link: https://www.econbiz.de/10013132545
Key points:• This article considers how the recent market turmoil affected national banking systems, thereby prompting state measures;• It describes the remuneration problems shown by the financial crisis: rewards for failure; short-term behaviour; inappropriate design of performance...
Persistent link: https://www.econbiz.de/10013136173
The European single market supported the creation of multinational banking groups. However, the European banking directives and the single license system were built along the model of the stand-alone bank and cannot keep pace with recent market developments. The national character of prudential...
Persistent link: https://www.econbiz.de/10013114138
This paper contains the views of the European Company Law Experts (ECLE) on the future of European company law. The paper accompanies the responses of the European Company Law Experts to the European Commission's Consultation on the future of European Company Law of spring 2012. In the first...
Persistent link: https://www.econbiz.de/10013090880
We examine the political dynamics which led to the codification of the Principles and Standards for sound compensation practices at financial institutions at international (G 20) level and to their subsequent implementation on both sides of the Atlantic. We show that the regulation of bankers'...
Persistent link: https://www.econbiz.de/10013091649