This study aims to analyse the provisions of the Alternative Investment Fund Managers Directive of the European Parliament and of the Council (2011/61/EU) which pertain to its scope. It is divided into two Sections:(a) Section A offers an overview of the legal framework governing alternative...

The AIFMD provides a harmonized European framework for regulating alternative investment funds. Prior to discussing its details, this chapter introduces to the AIFMD, discussing the developments that led to its adoption (Part 1), the AIFMD's principal objectives (Part 2) and its key tools for...

We study the use of “heartbeat trades” by ETFs in explaining their superior tax efficiency. By relying on the in-kind-redemption exemption rule, authorized participants help ETFs avoid distributing realized capital gains and reduce their tax overhang. In recent years, ETFs end up with 0.92%...

Financial regulation has recently focused on “too big to fail” institutions such as banks and insurance companies by assigning to some of them the designation of “systemically important”, which brings additional regulatory requirements on top of the traditional requirements. In 2015...

This paper examines the supervision of Central Clearing Counterparties (CCPs) in Europe, since they function as an important pillar of the Capital Markets Union. Our research indicates that the current national-based supervision of CCPs leads to regulatory arbitrage and exposes the EU to huge...

Post-crisis European reforms have focused on 'micro' measures, like shoring up financial institutions, ensuring their solvency and sound supervision, and the resolution to deal with them in a crisis. However, bold 'macro' measures to deal with problems that cut across the whole financial sector...

The aim of the present University notes is to provide a brief but comprehensive overview of the European Commission’s proposal for a Regulation of the European Parliament and of the Council “on Markets in Crypto-Assets (…)” (MiCAR), which was submitted on 24 September 2020. It is not...

The present article contains a brief but comprehensive overview of the development of the Capital Markets Union (CMU) project in the EU to further deepen EU capital markets’ integration. After the Introduction, it first discusses the Commission’s 2015 CMU Action Plan and its follow-up,...

Banks are crucial enablers of financial and economic development. They have an immense corporate social responsibility (CSR) towards society. Bank´s CSR activities are considered increasingly vital for their own success and sustainable growth, especially as they operate in a business...

This paper analyses the bail-in tool under the BRRD and predicts that it will not reach its policy objective. To make this argument, this paper first describes the policy rationale that calls for mandatory private sector involvement (PSI). From this analysis the key features for an effective...