The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution...

Has the notion of “private offering” been abolished in the EU by the Prospectus Regulation of 14 June 2017? Has a change of this magnitude been made in such a subtle manner that it escaped the attention of commentators? These questions can be seriously raised in view of the upheaval that the...

The EU Financial Markets Dialogue led by the SEC and the European Commission has achieved some notable successes, particularly with respect to the consolidated supervision of financial conglomerates and the development of a plan to achieve convergence in corporate financial reporting. On both...

Unless it remains in the single market via membership of the EEA or is able otherwise to negotiate special access terms, after Brexit the UK will have to fall back on the third country provisions of EU financial services regulation. This paper examines the complexities of the current Union...

Countries aspire to have a competitive financial system that is consistent with financial stability, inspires public confidence, and has the capacity to meet the needs of users and to foster growth in the real economy. This paper, which has been written for the Handbook on Financial Regulation...

The paper explores the rule of equal treatment (essentially the sharing of consideration) in take-over regulation. It identifies three situations within take-over regulation in which an equality rule can be imposed: - within the general offer, - as between those who accept the general offer and...

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...

This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...