5

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Cross-border distribution of investment funds

11-04-2019

Investment funds are products created to pool investors' capital and to invest it in a collective portfolio of securities. The characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. The market in the EU is smaller than in the United States, despite there being far more funds in the EU. This is why the European Commission has adopted two legislative proposals: one for a regulation aligning ...

Investment funds are products created to pool investors' capital and to invest it in a collective portfolio of securities. The characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. The market in the EU is smaller than in the United States, despite there being far more funds in the EU. This is why the European Commission has adopted two legislative proposals: one for a regulation aligning national requirements for marketing funds and regulatory fees and harmonising the process and requirements for the verification of marketing material by national competent authorities, and the other for a directive harmonising the conditions under which investment funds may exit a national market and allowing European asset managers to engage in pre-marketing activities. Following trilogue negotiations, provisional agreements were reached on 5 February 2019. Parliament is expected to vote on those during the April II 2019 plenary session.

Delegated Measures in the Banking Field : draft RTS on economic downturn in IRB modelling, Level 2 in CRD V/CRR II proposals, and CRD IV/CRR update 2018

18-06-2018

ECON’s 39th scrutiny slot on 18 June 2018 (17.15 to 18.15) is a follow-up of the ECON scrutiny session on 28 February 2017, and on 26 March 2018. It focuses on forthcoming "Level 2" acts in the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) 575/2013 (CRR) that, together, constitute the core of the EU banking regulation, and in particular on - the Level 2 measures to be adopted in the near future under the CRD IV/CRR (update of the overview), and - ...

ECON’s 39th scrutiny slot on 18 June 2018 (17.15 to 18.15) is a follow-up of the ECON scrutiny session on 28 February 2017, and on 26 March 2018. It focuses on forthcoming "Level 2" acts in the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) 575/2013 (CRR) that, together, constitute the core of the EU banking regulation, and in particular on - the Level 2 measures to be adopted in the near future under the CRD IV/CRR (update of the overview), and - in particular, on the ongoing second EBA consultation on RTS on estimation and identification of an economic downturn in IRB modelling, and - a brief factual outlook to the delegated acts (DAs) and Regulatory Technical Standards (RTS) as proposed by the Commission in the CRD V and CRR II proposals. CRD and CRR contain empowerments for the Commission to adopt ‘level 2’ measures (e.g. delegated acts and regulatory technical standards).

Cross-border distribution of investment funds

23-04-2018

The Directive on Undertakings for Collective Investment in Transferable Securities (UCITS) provides for strong investor protection and creates a label for European retail investment funds. The Directive on Alternative Investment Fund Managers (AIFM) lays down rules for the authorisation, supervision and oversight of managers of non-UCITS funds, i.e. alternative investment funds (AIFs). Facilitating cross-border investment remains an essential part of the European Commission's action plan on building ...

The Directive on Undertakings for Collective Investment in Transferable Securities (UCITS) provides for strong investor protection and creates a label for European retail investment funds. The Directive on Alternative Investment Fund Managers (AIFM) lays down rules for the authorisation, supervision and oversight of managers of non-UCITS funds, i.e. alternative investment funds (AIFs). Facilitating cross-border investment remains an essential part of the European Commission's action plan on building a capital markets union (CMU); the current legislative initiative is limited to facilitating further the cross-border distribution and supervision of UCITS and AIFs, mainly by reducing national regulatory barriers. This briefing presents the rationale for both the existing legislation and the new legislative proposal, as well as the positions of the institutional bodies and stakeholders.

The Economic Consequences of Large Shareholder Activism

15-07-2009

While ownership and control were under the effective supremacy of the firm’s (factual) owners at the beginning of the 20th century, the 21st century was entered by listed companies of which the growing size and the dispersion of ownership have paved the way for public corporations entailing systemic risk that are often characterized by a separation of ownership and control, coinciding the well-defined agency problem. While the agency problem was first attempted to be covered by monitoring mechanisms ...

While ownership and control were under the effective supremacy of the firm’s (factual) owners at the beginning of the 20th century, the 21st century was entered by listed companies of which the growing size and the dispersion of ownership have paved the way for public corporations entailing systemic risk that are often characterized by a separation of ownership and control, coinciding the well-defined agency problem. While the agency problem was first attempted to be covered by monitoring mechanisms offered by the law – i.e. (i) the market for corporate control; (ii) the legal, political and regulatory system; and (iii) the internal control system – the modern corporate governance wave applies itself to the rights and responsibilities of shareholders as the owners and monitors of public corporations. The central figure in this debate are large shareholders who have acquired a reputation of being able to successfully affect corporate decision-making process of corporate boards. The features of large shareholder activism, however, have come under great scrutiny. A variety of studies indicate that under the vein of corporate monitoring, the activities of large shareholders circumvent the existing legal devices regulation investor voice and give rise to substantial concerns in the corporate governance arena. Commissioned by the European Parliament in January 2009, this study contemplates on the economic consequences of large shareholder activism in five European countries (Belgium, France, Germany, the Netherlands and the UK) and refers to two other countries (Italy and Spain).

Autore esterno

Christoph Van der Elst and Gulsum Aslan (Department of Business Law, University of Tilburg, the Netherlands)

Cross-Border Financial Institutions in the EU: Analysis of Total Assets and Ultimate Ownership

21-08-2008

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