This note aims to assess the implementation of the Markets in Financial Instruments Directive (MiFID) in Bulgaria, provide an initial view on the impact it had on the Bulgarian securities markets, and draw lessons from the experience. Bulgaria entered the European Union (EU) and adopted MiFID at...

Bulgaria's financial integration with Europe has been essential in financing economic transition and spurring economic growth. As the sovereign debt turmoil in Europe casts a cloud over the financial sector, the development of capital markets over the medium term may offer a beneficial...

Facilitating the financing of European companies through external equity is a central ambition of European Union financial regulation, including in the European Commission’s capital markets union agenda. An emphasis on equity is justified because Europe’s companies remain vulnerable because...

This paper provides a critical assessment of the evolution of taxation of income from capital in Europe during the past decade.The introduction of the single currency has paved the way for important changes in European financial markets. Taxation of income from capital is one of the most...

This paper looks into the concepts underpinning the current generation of capital market integration directives, that follow the Lamfalussy-approach. In particular, we examine whether the Level 1-directives are based on minimum or maximum harmonization. We submit that the European lawmakers have...

Almost ten years after the European Commission action plan on building a capital markets union (CMU) and despite incremental progress, e.g. in the form of the EU Listing Act, the picture looks dire. Stock exchanges, securities markets, and supervisory authorities remain largely national, and, in...

The root of transactions in financial markets : monetary obligations -- The process of integration of European financial markets -- Legal integration of the markets and harmonisation of substantive law : clearing and settlement of securities and payments -- Private international law perspective...