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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

Results in this title

Article 46 General provisions S. 560-566

„… to EU/EEA citizens. Further, realizing the passive freedom of services granted by EU law, nothing in …” „… law, the scope of this prohibition is limited to rules governing investment services. For instance …” „… Article 46 General provisions 1. A third-country firm may provide investment services or perform …”

Article 47 Equivalence decision S. 566-571

„… conditions: (a) firms providing investment services and activities in that third country are subject to …” „… services and activities in that third country are subject to sufficient capital requirements and …” „… investment services and activities are subject to adequate organisational requirements in the area of …”

Titelei/Inhaltsverzeichnis

„… Lehmann / Kumpan European Financial Services Law BUT_Lehmann_3690-4.indd 1 26.03.19 11:07 …” „… European Financial Services Law Article-by-Article Commentary 2019 BUT_Lehmann_3690-4.indd 3 26.03.19 …” „… services law. This volume assembles the most important acts of the EU in this area. It contains such …”

Introduction to MiFID II and MiFIR Matthias Lehmann S. 1-6

„… Securities Markets: The Investment Services Directive and Beyond (Kluwer Law International 1998 …” „… 1. Security Markets and Services Introduction to MiFID II and MiFIR Bibliography: Alcántara Lera J …” „… Financial Law Review 275-306; Ferrarini G and Moloney N, ‘Reshaping Order Execution in the EU and the Role …”

Article 1 Subject matter and scope S. 1745-1751

„… denominated in euro within the Union where both the payer’s payment service provider and the payee’s payment …” „… service provider are located in the Union, or where the sole payment service provider (PSP) involved in …” „… but have additional optional features or services, this Regulation applies only to the underlying …”

Article 4 Definitions S. 22-34

„… Robo Advice Across the Financial Services Industry’, 103 Iowa Law Review 712, 720 (2018); Garvía …” „… exempted do not enjoy the European passport, meaning that they cannot offer services outside of their home …” „… business is the provision of one or more investment services to third parties and/or the performance of one …”

Article 9 Management body S. 43-50

„… the provision of investment services and activities and ancillary services, including the skills …” „… provision of services and activities, taking into account the nature, scale and complexity of its business …” „… and all the requirements the firm has to comply with; (b) a policy as to services, activities …”

Article 66 Organisational requirements S. 351-357

„… back-up facilities in place in order to offer and maintain its services at all times. (4) The home Member …” „… reporting services Art. 66 MiFID II Matthias Lehmann 351 enable the ARM to correct and transmit, or …” „… purpose see → Art 59-63 mn 1-2). They provide specific duties that providers of data reporting services …”

Article 5 Requirements for credit transfer and direct debit transactions S. 1759-1765

„… consequence, subject to the applicable payment services law. As Art 64(1) through (3) of the PSD2 does not …” „… accordance with the following requirements, subject to any obligation laid down in the national law …” „… obligation laid down in national law implementing Directive 95/46/EC: (a) the payee’s PSP must ensure that …”

Article 73 Reporting of infringements S. 373-375

„… stages of the procedures unless such disclosure is required by national law in the context of further …” „… firms, market operators, data reporting services providers, credit institutions in relation to …” „… investment services or activities and ancillary services, and branches of third-country firms to have in …”

Foreword to Articles 24 to 30 Foreword to Arts 24 to 30 S. 155-157

„… business across all client types and in respect of all services. Like the MiFID I Implementing Directive …” „… According to Recital 70 of MiFID II, the increasing complexity of financial services and instruments …” „… Retail Investment Services – Final Report, 2011. 6 For an overview see Campbell et al., ‘Consumer …”

Article 5 Requirement for authorisation S. 35-37

„… Regulatory Sandboxes to Smart Regulation’, 23:1 Fordham Journal of Corporate & Financial Law 31-103 …” „… shall require that the provision of investment services and/or the performance of investment activities …” „… shall be publicly accessible and shall contain information on the services or activities for which the …”

Article 12 Out-of-court complaint and redress procedures S. 1774-1776

„… Services Directives, Art 11(2) above explicitly restricts penalties to non-consumers. II. Commentary Law …” „… Art 11(1) above is consistent with similar provisions in the Payment Services Directives (see Art 81 …” „… a general principle of EU law. The ECJ1 derives the requirements from the principles of equivalence …”

Article 16 Organisational requirements S. 65-120

„… services law. In addition to the introduction in this Directive of a common regime for the recording of …” „… Corporate & Financial Law, 31. Art. 16 MiFID II 1. Security Markets and Services 70 Dirk Zetzsche 5 6 7 …” „… where the license is limited to certain types of investment services and activities. Recital 49 MiFID …”

Article 42 Provision of services at the exclusive initiative of the client S. 242-246

„… services established under primary Union law. According to ESMA, ‘[t]he client’s own exclusive initiative …” „… enforcement of the aforementioned rules. Article 42 Provision of services at the exclusive initiative of the …” „… provision of an investment service or activity by a thirdcountry firm, the requirement for authorisation …”

Article 24 General principles and information to clients S. 157-180

„… by each Member State autonomously based on private law standards. Yet, it is not convincing that …” „… because a duty in one case stems from public law and in another case from private law. The private law …” „… . The conductof-business rules (indirectly) affect the scope and content of the private law duties …”

Introduction to Title VIII Intro Title VIII S. 558-560

„… three months.11 TITLE VIII PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS …” „… Services’, Oxford Review of Economic Policy (2017) 33 (suppl. 1), p. 54 et seq.; Armour J, Fleischer H …” „… . 18 No. 2, p. 225-249; Barnard C, ‘Law and Brexit’, 33 2 Art 44(2) MiFIR. 3 Art 45(2) MiFIR. The …”

Article 2 Exemptions S. 10-18

„… are required by regulatory authorities in accordance with Union law or with national laws, regulations …” „… , lawyers, consultants and accountants. These professions may involve investment services, e.g. giving …” „… . Territorial scope MiFID II regulates investment firms, market operators and data reporting service providers …”

Article 3 Optional exemptions S. 18-22

„… services and thus investment services, but are subject to special regulations under the CSDR.41 The …” „… exemption only applies to CSDs that are regulated as such under Union law. It follows that it does not cover …” „… investment service except the reception and transmission of orders in transferable securities and units in …”

Article 4 Interoperability S. 1756-1759

„… service provider is reachable for national credit transfer or direct debit, it also has to be reachable …” „… interoperability of payment schemes. Payment service providers are not allowed to differentiate between national …” „… the SEPA Regulation, it is irrelevant whether the payment service provider participates in a …”

Article 1 Scope S. 6-10

„… Company and Financial Law Review 275-306; Ferrarini G and Saguato P, ‘Reforming Securities and Derivatives …” „… Trading in the EU: From EMIR to MiFIR’ 13(2) (2013) Journal of Corporate Law Studies 319-359; Geier B and …” „… (2014) Common Market Law Review pp. 1343 et seq.; Veil R (ed.), European Capital Markets Law, 2nd edn …”

Article 70 Sanctions for infringements S. 362-368

„… breach of laws in transposing MiFID II into national law or from breaches of MiFIR may be …” „… on whose behalf he or she has acted. Additionally, under EU law, compensation must be effective and …” „… administrative sanctions for infringements which are subject to criminal sanctions under their national law. In …”

Article 8 Withdrawal of authorisations S. 41-43

„… within 12 months, expressly renounces the authorisation or has provided no investment services or …” „… national law, in respect of matters outside the scope of this Directive, provides for withdrawal. Every …” „… reasonable amount of time (defined as 12 months), if it stops providing investment services for a reasonable …”

Article 11 Penalties S. 1773-1774

„… Services Directives, Art 11(2) above explicitly restricts penalties to non-consumers. II. Commentary Law …” „… territorial units); Slovak Trade Inspectorate (for complaints concerning payment services users) – Slovenia …” „… Nutrición – Sweden: Finansinspektionen – United Kingdom: Financial Services Authority Duties of the …”

Article 69 Supervisory powers S. 358-362

„… Axel Kämmerer 361 5 6 7 8 breach of laws in transposing MiFID II into national law or from breaches of …” „… relevant criminal law provisions. By 3 July 2016 Member States shall notify the laws, regulations and …” „… Markets and Services 358 Jörn Axel Kämmerer (g) require the auditors of authorised investment firms …”

Article 2 S. 577-580

„… Investment Services Directive (ISD),3 then carried forward in Art 4(1)(18) of the Markets in Financial …” „… services in the securities field [1993] OJ L 141/27. Title I Definitions and scope of application Art. 2 …” „… ; Mäntysaari, The Law of Corporate Finance: General Principles and EU Law. Volume III: Funding, Exit, Takeovers …”

Article 3 Reachability S. 1755-1756

„… collect money from the payer’s payment account and the payer’s payment service provider is allowed to …” „… application belong to one of the two categories. The reference to the location of the involved payment service …” „… the Annex in relation to data that must be exchanged between payment service providers in accordance …”

Article 2 Definitions S. 1751-1755

„… ) ‘credit transfer’ means a national or cross-border payment service for crediting a payee’s payment account …” „… debit’ means a national or cross-border payment service for debiting a payer’s payment account, where a …” „… ) ‘payment account’ means an account held in the name of one or more payment service users which is used for …”

Article 43 Withdrawal of authorisations S. 246-247

„… only client-directed activities are excluded from the passive freedom to provide services: “Where a …” „… services or activities together with ancillary services in the Union, it should not be deemed as a service …” „… provided no investment services or performed no investment activity for the preceding six months, unless …”

Article 10 Competent authorities S. 1771-1773

„… . For the purpose of determining the location of a payment account, the seat of the payment service …” „… Regulation, due to a lack of legislative power at the EU level, does not harmonize the private law of …” „… for ensuring compliance with this Regulation public authorities, bodies recognised by national law or …”

Article 26 Provision of services through the medium of another investment firm S. 193-195

„… client whether the recommended services or instruments are likely to require the retail client to seek a …” „… services are provided to a retail client, or when an investment firm has informed a retail client that it …” „… only the changes in the services provided or instruments involved, and/or any change in the …”

Article 21 Host member state supervision in case of a branch S. 1350-1353

„… its home state. In this case it will be regulated, for investment law purposes, only by the laws of …” „… to provide services, to provide the information necessary for the monitoring of their compliance with …” „… company’s host Member State ascertain that a management company that has a branch or provides services …”

Article 45 Requirements for the management body of a market operator S. 252-262

„… reporting service provider, which are appointed in accordance with national law, which are empowered to set …” „… law provides for a withdrawal. A withdrawal of an authorisation has to be notified to ESMA.19 Article …” „… MiFID II 1. Security Markets and Services 252 Christoph Kumpan and Finn Schmidt 16 (b) The management …”

Article 34 Freedom to provide investment services and activities S. 222-227

„… .’ (cf. Recital 108 MiFID). Article 34 Freedom to provide investment services and activities 1. Member …” „… accordance with Directive 2013/36/EU, may freely provide investment services and/or perform investment …” „… activities as well as ancillary services within their territories, provided that such services and activities …”

Article 49 Withdrawal of registration S. 572-574

„… based on documented evidence to believe that, in the provision of investment services and activities in …” „… documented evidence to believe that, in the provision of investment services and activities in the Union, the …” „… trading). Those are infringements that in most cases violate Union law. Second, it can be revoked if the …”

Article 21 Regular review of conditions for initial authorisation S. 149-151

„… Europarechtswidrigkeit des deutschen Rechts’ (2009) 21 Journal of Banking Law and Banking 361; Brenncke M, Regelung der …” „… Banking Law and Banking 366; Campbell J et al., ‘Consumer Financial Protection’ (2011) 25 Journal of …” „… retail investment services: a behavioural economics perspective, Final Report, November 2010; Enriques L …”

Article 4 Definitions S. 1471-1477

„… no legal personality and which provides the services for which the AIFM has been authorised; all the …” „… by law or regulation to supervise AIFMs; (g) ‘competent authorities’ in relation to a depositary …” „… home Member State which are empowered by law or regulation to supervise such categories of institution …”

Article 6 Independence and avoidance of conflicts of interest S. 1252-1257

„… there are references in EU law to ratings that lead or could lead to exclusive or automatic reliance on …” „… on-going review is to delete all references to credit ratings in EU law for regulatory purposes by 1 …” „… shareholders, managers, rating analysts, employees or any other natural person whose services are placed at the …”

Article 67 Designation of competent authorities S. 357-358

„… Data reporting services is an especially sensitive business. Security breaches or the publication …” „… services are obliged to have robust data security systems in place.36 They must also have adequate …” „… resources and back-up facilities to guarantee a continuous service at all times.37 Details are spelled out …”

Article 48 Register S. 571-572

„… authorities are uncommon given that European law mandates those authorities to closely cooperate in enforcing …” „… European law anyway. Withdrawal of equivalence (Art 47(4) MiFIR) The Commission is mandated to monitor any …” „… register of the third-country firms allowed to provide investment services or perform investment activities …”

Introduction S. 574-576

„… managed should a market be?)’ (1996) 26 Seton Hall Law Review 597-636; Ferrarini G, ‘Pan-European …” „… competition in listing services: evidence for Italian companies’ (2014) 43 Economic Notes 283; Groß W …” „… and Financial Law (Routledge 2015); Hammen H, ‘Börsenreform und Verfassungsrecht – Rechtsnatur der …”

Article 17 Algorithmic trading S. 120-134

„… be paid or other remedial action be taken in accordance with national law for any financial loss or …” „… that many MiFID services are off-balance services, i.e the results of a deficient organisation …” „… connected. d) 8. 9. Art. 17 MiFID II 1. Security Markets and Services 120 Dirk Zetzsche 61 62 63 64 The …”

Introduction to Chapter I S. 34-35

„… Regulation Under the New European Capital Requirement Directive’, Theoretical Inquiries in Law 16.1 (2015 …” „… European Banking Law?’, EBI working paper no 20 (2018); Zetzsche D and Eckner D, ‘Europäisches …” „… Cryptocurrencies under EU Financial Law’, available on ssrn.com (15.4.2018), p. 20 et seq.; Zetzsche, Arner and …”

Article 39 Establishment of a branch S. 237-239

„… State may require that a third-country firm intending to provide investment services or perform …” „… investment activities with or without any ancillary services to retail clients or to professional clients …” „… . Where a Member State requires that a third-country firm intending to provide investment services or to …”

Article 18 Insider lists S. 799-808

„… the issuer’s service providers, such as advisors and consultants, including lawyers. The legislative …” „… insider dealing violations and law enforcement.1 The existence of an up-to-date and comprehensive insider …” „… a particular issuer during a particular time. This also facilitates prosecution under criminal law …”

Article 9 Payment accessibility S. 1770-1771

„… arrangements for interchange fees in which only payment service providers are involved. Art 8(3), like Art 8(1 …” „… an integrated market if they are both implemented. Art 9 contains mandatory law affecting the legal …” „… impermissible. II. Commentary General Rule Both paragraphs of Art 9 above address the payment service user that …”

Article 71 Publication of decisions S. 368-371

„… imposed administrative sanctions for violating laws transposing the Directive into national law. Article …” „… engage in other market activities; – Impose administrative fines, which may be determined by law or based …” „… on annual turnover of a legal person (point (f)), but may be determined by law only when imposed …”

Article 41 Granting of the authorisation S. 240-242

„… investment firms when performing investment services through a branch. Recitals Recitals 109-111 MiFID …” „… . 2. 3. 4. Art. 41 MiFID II 1. Security Markets and Services 240 Dirk Zetzsche 1 2 3 4 5 Member …” „… perform investment services in that Member State. Recitals Recitals 109-111 MiFID; Recitals 40-44 MiFIR …”

Article 7 Procedures for granting and refusing requests for authorisation S. 38-41

„… either on the basis of the freedom to provide services (Art 34) or through the right of establishment …” „… MiFID II 1. Security Markets and Services 38 Dirk Zetzsche 5 6 7 5. ESMA shall develop draft …” „… requirements within the scope of MiFID/MiFIR on the national level are prohibited unless Union law grants …”

Article 13 Addressees S. 1744-1745

„… Directive. The requirement to refer to the Financial Collateral Directive in national law contained in the …” „… direct debit transactions denominated in euro within the Union where both the payer’s payment service …” „… provider and the payee’s payment service provider are located in the Union, or where the sole payment …”

Article 30 Transactions executed with eligible counterparties S. 207-210

„… transactions or in respect of any ancillary service directly relating to those transactions. Member States …” „… financial institutions authorised or regulated under Union law or under the national law of a Member State …” „… undertaking as determined by the law or measures of the Member State in which that undertaking is established …”

Article 17 Procedure for granting and refusing authorisation S. 1613-1615

„… Article 15 Extension of activities and services 1. A CCP wishing to extend its business to …” „… additional services or activities not covered by the initial authorisation shall submit a request for …” „… extension to the CCP’s competent authority. The offering of clearing services for which the CCP has not …”

Article 43 S. 594-597

„… II. Commentary Governing law The CARD does not specify how the law governing the company is to be …” „… determined. There is also still no general EU legal act harmonising the rules on the law applicable to …” „… incorporation theory, the applicable law is determined by the place of registration, (ii) according to the real …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… and Comparative Law Quarterly, 625, 646. Art. 57 MiFID II 1. Security Markets and Services 324 …” „… and Comparative Law Quarterly 625-655; Clapp J, ‘Financialization, distance and global food politics …” „… developed by ESMA. Art. 57 MiFID II 1. Security Markets and Services 318 Matthias Lehmann (5) Competent …”

Article 23 Conflicts of interest S. 151-155

„… services or critical and important functions is capable of constituting a material change pursuant to Art …” „… and another that arise in the course of providing any investment and ancillary services, or …” „… to the service in the context of which the conflict of interest arises. 4. The Commission shall be …”

Article 58 Position reporting by categories of position holders S. 334-339

„… MiFID II 1. Security Markets and Services 334 Matthias Lehmann (e) in the case of emission allowances …” „… and Regulatory Reform’, (2011) 20 European Energy & Environmental Law Review 255. I. General features …” „… , (2010) 19 EC Tax Review 186; Nield and Pereira, (2011) 20 European Energy & Environmental Law Review 255 …”

Article 29 Obligations of investment firms when appointing tied agents S. 205-207

„… investment firm to appoint tied agents for the purposes of promoting the services of the investment firm …” „… financial instruments and providing advice in respect of such financial instruments and services offered by …” „… able to deliver the investment service or ancillary service and to communicate accurately all relevant …”

Article 35 Establishment of a branch S. 227-233

„… . Member States shall ensure that investment services and/or activities as well as ancillary services may …” „… established in a Member State outside its home Member State, provided that those services and activities are …” „… State. Ancillary services may only be provided together with an investment service and/or activity …”

Article 18 Trading process and finalisation of transactions in an MTF and an OTF S. 134-142

„… Disclosure of information about the services provided 1. A clearing firm shall publish the conditions under …” „… which it offers its clearing services. It shall offer those services on reasonable commercial terms. 2 …” „… respective levels of segregation offered, including information on the insolvency law applicable in the …”

Article 11 Notification of acquisitions and disposals of qualifying holdings S. 53-58

„… ) than towards compliance with the Union law. Relations to Third Countries (Art 10(2) MiFID) A particular …” „… - Art. 11 MiFID II 1. Security Markets and Services 54 Dirk Zetzsche lations applicable to companies …” „… matter however in a one share – one vote company constitution. Member State’ law can replace the 30 …”

Article 1 S. 1033-1036

„… Services Law: Cutting Through Sectoral Lines?’ (27.9.2015), Common Market Law Review …” „… law-making powers under Articles 8(5), 10(2) and 13(5) have been exercised by means of the Commission …” „… Investment Disclosure Liability: At Cross Purposes?’ (1.6.2016). Capital Markets Law Journal, 2016, Vol. 11 …”

Introduction to Articles 39-43 Intro Art. 39-43 S. 538-541

„… and Services 538 Matthias Lehmann 1 2 3 Post-Crisis Era: Quo Vadis?’, 10 (2014) European Review of …” „… Contract Law (ERCL) 390‑421; Grigoleit HG, ‘Anlegerschutz – Produktinformationen und Produktverbote …” „… , ‘Product Governance and Product Intervention’, in Veil R (ed), European Capital Markets Law (2nd edn, Hart …”

Article 74 Right of appeal S. 375-376

„… that one or more of the following bodies, as determined by national law, also may, in the interests of …” „… consumers and in accordance with national law, take action before the courts or competent administrative …” „… administrative provisions that transpose MiFID II into national law or under MiFIR, and it requires the Member …”

Introduction and overview S. 874-881

„… Prohibition is Inefficient and Disclosure Insufficient’ (2010) 15 Stanford Journal of Law, Business & Finance …” „… 376 (cited as “Avgouleas, (2010) 15 Stanford Journal of Law, Business & Finance 376”); Bernal O …” „… Selling in Europe After the Crisis’ (2012) 8 Brigham Young University International Law & Management …”

Article 11 S. 1067-1072

„… is determined by reference to the national law. Because Article 11 refers to national laws to …” „… rules of international private law. International private law is largely concerned with conflict-of-laws …” „… rules. With regard to conflict of laws exclusively within the EU, international private law incorporates …”

Article 59 S. 610-612

„… and Services 610 Jessica Schmidt 1 2 3 4 5 tures with warrants, if the competent authorities are …” „… of coherency in EU Capital Markets Law – be interpreted in the sense of the definition in Art 4(1)(21 …” „… ; Heinze, 67 et seq. 4 Cf. only Palmer’s Company Law, 13.032. 5 Cf. only Palmer’s Company Law, 13.063. 6 Cf …”

Article 22 Mandatory depositary; appointment and duties of depositary S. 1353-1357

„… services situation: the branch is subject to the host competent authority, the main office is subject to …” „… services all supervision is concentrated in the hands of the management company’s home competent authority …” „… the applicable national law and the fund rules or instruments of incorporation; (b) ensure that the …”

Chapter 2 Conduct of business rules S. 1637-1643

„… Chapter 2 Conduct of business rules Article 36 General provisions 1. When providing services to its …” „… , monitor and manage relevant concentrations of risk relating to the provision of services to clients …” „… allow their clients to access the services of the CCP. Responsibility for ensuring that clients comply …”

Article 72 Exercise of supervisory powers and powers to impose sanctions S. 371-373

„… conviction has been imposed against a financial service provider listed therein – an additional “naming (and …” „… 2017). Art. 72 MiFID II 1. Security Markets and Services 372 Jörn Axel Kämmerer 1 2 3 4 5 consider …” „… stages of the procedures unless such disclosure is required by national law in the context of further …”

Article 75 Extra-judicial mechanism for consumers complaints S. 376-377

„… that involve (alleged) violations of MiFIR or of laws transposing MiFID II into national law. II …” „… II. Commentary Article 74(1) is primarily a restatement of primary law that governs MiFID II and …” „… MiFIR anyway. The EU2 and all Member States are governed by the rule of law (see Articles 2 and 49 TEU …”

Article 44 Authorisation and applicable law S. 247-252

„… Proposals to Foster Financial Innovation in the EU’, European Company and Financial Law Review (ECFR) 2017 …” „… Global Common Core in Conflicts of Interest Regulation’, European Company and Financial Law Review (ECFR …” „… 44 Authorisation and applicable law 1. Member States shall reserve authorisation as a regulated …”

Article 7 Validity of mandates and right to a refund S. 1766-1768

„… , if authorized by the Member States, the payment service providers providing payment services in the …” „… debits collected by that payee in compliance with this Regulation in the absence of national law or …” „… granted “prior to or, if agreed between the payer and the payment service provider, after the execution of …”

Article 76 Professional secrecy S. 377-378

„… law. II. Commentary First and foremost, Article 75(1) sentence 1 requires Member States to set up …” „… national criminal or taxation law or the other provisions of this Directive or of Regulation (EU) No …” „… prejudice to requirements of national criminal or taxation law, the competent authorities, bodies or natural …”

Introduction to Chapter III Intro Chapter III S. 221-222

„… encouraged under EU law. Article 33(8) MiFID II reflects this desire by stating that measures should minimise …” „… licensed investment firms’ freedom to provide services and activities in the Single Market (‘European …” „… MiFID). Article 34 Freedom to provide investment services and activities 1. Member States shall ensure …”

Article 2 Definitions S. 1317-1323

„… which a management company has a branch or provides services; (e) ‘UCITS home Member State’ means the …” „… personality and which provides the services for which the management company has been authorised; (h …” „… only the managerial function if the two functions are separated. Where, according to national law, the …”

Introduction S. 1563-1574

„… P, ‘Close-out netting, insolvency law and conflict-of-laws’ (2014) 14 JCLS 419; Paech P, ‘Securities …” „… Markets’ (2012) 2 Harvard Business Law Review 235; Bliss RR and Steigerwald RS, ‘Derivative Cleaning and …” „… Perspectives 22; Braithwaite J and Murphy D, ‘Central Counterparties (CCPs) and the law of default management …”

Article 2 Definitions S. 396-403

„… or licensed under the law of that third country to carry out any of the services or activities listed …” „… out to hold or manage official foreign reserves of a Member State or the reserve management service …” „… pursuant to obligations under national law. Pursuant to Art 1(9) and Art 50 MiFIR, the Commission adopted …”

Article 6 Scope of authorisation S. 37-38

„… specifies the investment services or activities which the investment firm is authorised to provide. The …” „… authorisation may cover one or more of the ancillary services set out in Section B of Annex I. Authorisation …” „… shall in no case be granted solely for the provision of ancillary services. 2. An investment firm …”

Commentary on Articles 40 and 41 Art. 40, 41 S. 545-549

„… as a financial service that itself is not a financial instrument but related to it, like the …” „… distributed by a service provider from a third country. III. Conditions for product intervention powers The …” „… . Security Markets and Services 546 Matthias Lehmann 5 6 7 8 9 In its final version, this list is exhaustive …”

Article 9 Legitimate behaviour S. 705-711

„… defined or discussed in the recitals to the 2003 Market Abuse Directive3 and the case law of the CJEU.4 …” „… information uses that information for multi-service firms (see Art 9(1)), market makers, persons authorised to …” „… Art 9(6)). Multi-service firms, Art 9(1) The presumption in Spector Photo Group creates particular …”

Article 77 Relations with auditors S. 378

„… prevent the competent authorities from exchanging or transmitting in accordance with national law …” „… an investment firm, a regulated market or a data reporting services provider the task described in …” „… law, shall have a duty to report promptly to the competent authorities any fact or decision concerning …”

Article 12 General principles S. 1488-1489

„… from additional reasons for withdrawal under national law. Art 11 lit. a-e contains a list of …” „… services directives as well, like the right to withdraw the authorization if it has not been used within 12 …” „… under Art 11 are simply reflective of general administrative law principles, such as the right to …”

Article 104 Information exchange with monetary authorities, clearing houses; legislators S. 1454-1457

„… law for the provision of clearing or settlement services for one of their Member State’s markets if …” „… the law for the detection and investigation of breaches of company law. 5. Member States which have …” „… States may, by virtue of provisions laid down by law, authorise the disclosure of certain information to …”

Article 33 Mechanism to avoid duplicative or conflicting rules S. 524-526

„… that of the EU. As a consequence, the 1. Art. 33 MiFIR 1. Security Markets and Services 524 Matthias …” „… , counterparties can comply with their trading obligations under EU law by trading the derivative in question on …” „… obligation under EU law is suspended. Example: Let us assume there is a trading obligation for certain …”

Article 28 Administrative measures and sanctions S. 1216-1219

„… laws in the fields of financial law.3 At the same time, CESR reported in depth about the startling …” „… in national law, to the members of administrative, management or supervisory bodies of the legal …” „… entity concerned, and to other individuals who are responsible for the breach under national law. 1 See …”

Article 39 Market monitoring S. 541-542

„… private law.13 It was remarked that risks are inherent and unavoidable for any kind of investment, that …” „… and Nofsinger, ‘Psychological Biases of Investors’, (2002) 11 Financial Services Review 97. 13 …” „… Cherednychenko, European Review of Contract Law 10 (2014), 390, 400. 14 Zimmer, JuristenZeitung 2014, 714, 721 …”

Article 15 Initial capital endowment S. 64-65

„… Union law, applying the exemption for structured deposits mutatis mutandis to investment firms that do …” „… Regulation (EU) No 575/2013 having regard to the nature of the investment service or activity in question. I …” „… client money tend to be treated by EU law similar to credit institutions and are subject to most of the …”

Article 42 Product intervention by competent authorities S. 549-554

„… market; (b) existing regulatory requirements under Union law applicable to the financial instrument …” „… services or activities provided from another Member State; and (f) it has properly consulted public bodies …” „… MiFIR 1. Security Markets and Services 550 Matthias Lehmann Those criteria and factors shall include …”

Article 78 Data protection S. 378-379

„… prevent the competent authorities from exchanging or transmitting in accordance with national law …” „… an investment firm, a regulated market or a data reporting services provider the task described in …” „… law, shall have a duty to report promptly to the competent authorities any fact or decision concerning …”

Article 21 Depositary S. 1504-1512

„… depositary or any of its delegates. With respect to the civil law relationship between the AIFM, the AIF and …” „… provides the ancillary service of safe-keeping and administration of financial instruments for the account …” „… subject to mandatory professional registration recognised by law or to legal or regulatory provisions or …”

Article 107 S. 618-620

„… not be divulged to any person or authority except by virtue of provisions laid down by law. 2 …” „… . Art. 107 CARD 1. Security Markets and Services 618 Jessica Schmidt 2 3 4 1 2 ter the termination of …” „… provisions laid down by law. Information is ‘confidential’ if the person concerned has an interest to keep it …”

Article 6 Authorisation requirement for management company S. 1327-1328

„… companies to provide, in addition to the management of UCITS, the following services: (a) management of …” „… instruments listed in Annex I, Section C to Directive 2004/39/EC; and (b) as non-core services: (i) investment …” „… . Management companies shall not be authorised under this Directive to provide only the services referred to in …”

Article 8 Interchange fees for direct debit transactions S. 1768-1770

„… transactions and nature of services; (d) the application of the fees in accordance with points (a), (b) and (c …” „… fees were used. In a multilateral interchange fee scheme, the payee’s payment service provider paid a …” „… fee of up to 8.8 cents for each direct debit transaction to the payer’s payment service provider.3 In …”

Article 11 Withdrawal of the authorisation S. 1487-1488

„… service referred to in point (a) of Article 6(4) of this Directive; (e) has seriously or systematically …” „… national law, in respect of matters outside the scope of this Directive, provides for withdrawal. 1 Art 7(2 …” „… additional reasons for withdrawal under national law. Art 11 lit. a-e contains a list of circumstances that …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… about financial instruments, investment services or ancillary services to clients on behalf of the …” „… investment field relevant to the specific type of product or service, that person’s financial situation …” „… enable the investment firm to recommend to the client or potential client the investment services and …”

Article 12 Assessment procedures S. 58-61

„… national law implementing the → Transparency Directive (see comments there), and those sanctions which …” „… law. The most effective sanction is blocking the transaction. While an injunction using one or …” „… authorize the NCA to outright block the transaction. Such an order could conflict with another country’s law …”

Article 32 Reporting of infringements S. 865-868

„… stages of the procedure without prejudice to disclosure of information being required by national law in …” „… employers who carry out activities that are regulated by financial services regulation to have in place …” „… infringements of this Regulation to be granted in accordance with national law where such persons do not have …”

Article 105 S. 616-617

„… ' liability, which shall continue to be governed solely by national law. I. General features Article 105 …” „… For a discussion see Mahoney, ‘The exchange as a regulator’, (1997) 83 Virginia Law Review 1453 et seq …” „… UK rules can now be found in Part VI of the Financial Services and Markets Act 2000 (c. 8). See on …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… transferable securities admitted to trading on a regulated market comply with their obligations under the law …” „… to be made public under EU law. Transferable securities already admitted to trading on a regulated …” „… that an issuer is in compliance with its obligations under EU law and must make issuers aware of their …”

Article 22 a Delegation by depositary S. 1357-1359

„… subparagraph, where the law of a third country requires that certain financial instruments be held in custody …” „… law of that third country, only for as long as there are no local entities that satisfy the delegation …” „… investment, of the fact that such a delegation is required due to legal constraints in the law of the third …”

Article 5 Authorisation requirement for the fund S. 1325-1327

„… shall mean those persons who, under the law or the instruments of incorporation, represent the …” „… UCITS, the following services: (a) management of portfolios of investments, including those owned by …” „… 2004/39/EC; and (b) as non-core services: (i) investment advice concerning one or more of the instruments …”

Chapter 3 Prudential requirements S. 1643-1653

„… member or client providing clearing services, their assets are protected and can be transferred to other …” „… clearing members or clients that provide indirect clearing services. A new paragraph should be added to …” „… volatile periods that have been experienced by the markets for which the CCP provides its services and a …”

Article 14 Authorisation of a CCP S. 1612-1613

„… , firms using a third country CCP for clearing are considered to be in compliance with EU law, provided …” „… . Where a legal person established in the Union intends to provide clearing services as a CCP, it shall …” „… clearing and shall specify the services or activities which the CCP is authorised to provide or perform …”

Index S. 1785-1803

„… participants SFD 2 9 – effects SFD 1 3 – formal arrangement SFD 2 3 – functioning SFD 1 2 – governing law …” „… law MAR 30 19 Comprehension alert PRIIPR 8 11 Condensed financial statements TD 5 13 et seq …” „… , rating agency CRAR 9 4 – presentation of a rating CRAR 10 8 – private international law CRAR 35 a 19 …”

Article 16 Transitional provisionsAmended by Art. 1 of the Regulation (EU) No 248/2014 of the European Parliament and of the Council of 26 February 2014 amending Regulation (EU) No 260/2012 as regards the migration to Union-wide credit transfers and direct debits [2014] OJ L84/1. S. 1778-1782

„… , until 1 February 2016, with conversion services for national payment transactions enabling PSUs that are …” „… or other fees on the PSU directly or indirectly linked to those conversion services. 2. PSPs that …” „… offer payment services denominated in euro and that are located in a Member State which does not have …”

Article 1 Subject matter and scope S. 1099-1104

„… understood as part of company law rather than securities law.14 It was the 1999 Financial Services Action …” „… ’ Rights Directive and the Revised Transparency Directive’ (2015) 11 Croatian Yearbook of European Law and …” „… Deterrent and Consistent Sanctioning of EU Transparency Requirements?’ (2017) 14 European Company Law …”

Article 51 Admission of financial instruments to trading S. 299-303

„… securities that are admitted to trading on the regulated market comply with their obligations under Union law …” „… information which has been made public under Union law. 4. Member States shall ensure that regulated markets …” „… the issuer of a transferable security complies with its obligations under Union law in respect of …”

Article 63 Requirements for the management body of a data reporting services provider S. 341-347

„… issued to a data reporting services provider where the provider: (a) does not make use of the …” „… authorisation within 12 months, expressly renounces the authorisation or has provided no data reporting services …” „… . Article 63 Requirements for the management body of a data reporting services provider (1) Member States …”

Article 38 Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs S. 235-236

„… in EU law. Under Art 37(1) MiFID II, investment firms are allowed to access central counterparties …” „… arrangements for clearing and/or settlement services for some or all transactions conducted on a market with …” „… appears to be intended to be a last-resort measure. Chapter IV Provision of investment services and …”

Article 30 Administrative sanctions and other administrative measures S. 852-863

„… infringer but to combat the inherent danger and to enforce law-abidance. Article 30(2) subpara 1 (b …” „… powers of competent authorities under Article 23, Member States shall, in accordance with national law …” „… subject to criminal sanctions in their national law by 3 July 2016. Where they so decide, Member States …”

Article 1 Subject matter and scope S. 392-396

„… derivatives. Art. 1 MiFIR 1. Security Markets and Services 392 Christoph Kumpan and Finn Schmidt 10 11 (f …” „… ) provision of investment services or activities by third-country firms following an applicable equivalence …” „… European Parliament and of the Council when providing investment services and/or performing investment …”

Article 32 Trading obligation procedure S. 519-524

„… .11 The investment firms and market operators must also keep records of the service, Art 31(3) MiFIR …” „… . Security Markets and Services 520 Matthias Lehmann Power is delegated to the Commission to adopt the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3. Comparative law …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… by electronic means or it ensures that individual portfolio management services are conducted …” „… independently of any other services under conditions equivalent to those provided for under Directive 85/611/EEC …” „… national law before. Since 2004, the text of Article 12 has remained largely unchanged. The only exceptions …”

Article 50 S. 602-604

„… . Security Markets and Services 602 Jessica Schmidt 2 3 4 5 essary and sufficient that their physical form …” „… nationals of a Member State (regarding ‘nationality’ of a company and the applicable company law, see above …” „… applicable company law, see above → Art 42 mn 2), Art 50(2) requires the physical form to afford sufficient …”

Article 17 S. 588-590

„… 1. Security Markets and Services 588 Jessica Schmidt 2 3 1 II. Commentary Naming and shaming …” „… obligations. However, the principle of the effet utile in EU law requires that Member 1. 2. 3. 1 Cf. recital …” „… Law Review 597, 616. 2 Cf. Beck, ‘§ 25 BörsG’ in Schwark and Zimmer (eds …”

Articles 65-104 Art. 65-104 S. 615-616

„… ' liability, which shall continue to be governed solely by national law. I. General features Article 105 …” „… For a discussion see Mahoney, ‘The exchange as a regulator’, (1997) 83 Virginia Law Review 1453 et seq …” „… UK rules can now be found in Part VI of the Financial Services and Markets Act 2000 (c. 8). See on …”

Article 10 Shareholders and members with qualifying holdings S. 50-53

„… under extraordinary circumstances. EU law vests discretion into the Member States to grant such an …” „… authorities shall not authorise the provision of investment services or performance of investment activities …” „… those holdings. 5. 6. Art. 10 MiFID II 1. Security Markets and Services 50 Dirk Zetzsche 18 19 20 21 …”

Article 87 Cooperation and exchange of information with ESMA S. 386-387

„… enforcement of laws transposing MiFID II into national law. Context Most EU capital markets regulations in …” „… (vertical cooperation). As most investment firms offer cross-border services and are active in more than one …” „… and Services 386 Jörn Axel Kämmerer 1 2 3 II. Commentary The provisions in Title VI Chapter II are …”

Article 14 Membership of an authorised investor compensation scheme S. 63-64

„… with the principle of proportionality as laid down by Union law, applying the exemption for structured …” „… the investment service or activity in question. I. General features; recitals Recitals 49, 50 MiFID …” „… balance sheet by running a trading book or holding client money tend to be treated by EU law similar to …”

Article 25 Recognition of a third-country CCP S. 1623-1628

„… country may provide clearing services to clearing members or trading venues established in the Union only …” „… services or activities where: (a) the Commission has adopted an implementing act in accordance with …” „… provides or intends to provide clearing services and which has been selected by the CCP; (b) the competent …”

Article 3 Definitions S. 1236-1242

„… introducing Art 3(1)(a) CRA Regulation, the term “rating” was not defined under either US or European law.4 …” „… Recommendations, ESMA/2013/720, 30 July 2013, No 13 p. 5. 7 Moody’s Investor Service, Code of Professional Conduct …” „… service offered by the rating agency. Non-subscribers have neither access to a rating nor to the rating …”

Article 1 Scope and UCITS definition S. 1304-1317

„… exceptions from the company law directives and the European law on financial services for investment funds.42 …” „… Arrangements and the Federal Securities Laws’, 58 Ohio State Law Journal (1997-98) No. 49, 459-518; Bodellini M …” „… ’, (2016) 13 European Company Law, Issue 1, 14-22; Annunziata F, ‘Collective Investment Undertakings in the …”

Foreword: The new transparency regime under MiFIR S. 389-392

„… introduced in EU law by MiFID I in 2004.3 Pre-trade transparency requirements applied uniformly to regulated …” „… interests at those prices.5 Systematic internalisers (which offer bilateral trading services, meaning …” „… 2017, p. 5, 22, 26. Foreword MiFIR 1. Security Markets and Services 390 Christoph Kumpan and Finn …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… the United States and the European Union’, 37 University of Pennsylvania Journal of International Law …” „… Journal of International and Comparative Law, 2012, pp. 465-600; Lutter M, Bayer W and Schmidt J …” „… equivalent Art. 28 MiFIR 1. Security Markets and Services 504 Matthias Lehmann to the requirements for the …”

Article 45 S. 598

„… the requirements of the governing law are not suitable for admission to official listing because …” „… determine the governing law. However, the purpose of the provision clearly is to ensure that the company law …” „… requirements for the issuance of the shares have been complied with. Hence, the governing law must be the …”

Article 19 Notification for cross-border services by virtue of a branch S. 1347-1348

„… services by virtue of a branch 1. A management company which pursues the activity of collective portfolio …” „… management on a cross-border basis establishing a branch or under the freedom to provide services shall …” „… branch or in accordance with the freedom to provide services shall comply with the rules of the UCITS …”

Article 86 Precautionary measures to be taken by host Member States S. 384-386

„… provide services infringes the obligations arising from the provisions adopted pursuant to this Directive …” „… Markets and Services 384 Jörn Axel Kämmerer acting in a manner that is clearly prejudicial to the …” „… most investment firms offer cross-border services and are active in more than one Member State …”

Article 100 Consumer complaints and alternative dispute resolution S. 1448-1449

„… sends a warning notice to the other competent authorities and protects potential clients and service …” „… organisations responsible for settling consumers' complaints in the area of financial services out of court …” „… Directive or of exercising their powers under this Directive or under national law. Member States shall take …”

Article 40 ESMA temporary intervention powers S. 542-544

„… third sentence MiFID II. Art. 40 MiFIR 1. Security Markets and Services 542 Matthias Lehmann 1 2 3 (b …” „… ) regulatory requirements under Union law that are applicable to the relevant financial instrument or activity …” „… financial system in the Union; (b) regulatory requirements under Union law that are applicable to the …”

Introduction S. 644-650

„… of Modern Company Law (10th edn, Sweet & Maxwell 2016) (cited as “Davies and Worthington”); Hazen TL …” „… , The Law of Securities Regulation (West Pub., 2016); Moloney N, EU Securities and Financial Markets …” „… comprises, according to the taxonomy of European law, insider dealing, unlawful disclosure of insider …”

Article 14 b Details and proportionality of remuneration policy S. 1339-1343

„… services sectors, in particular credit institutions and investment firms. I. General features Purpose Art …” „… employees or other categories of personnel perform services subject to different sectoral remuneration …” „… law, the remuneration committee shall include one or more employee representatives. When preparing its …”

Article 2 Definitions S. 1576-1578

„… arrangements, operating on a national basis, provided that: (i) they are recognised under national law; and (ii …” „… undertakings and investment firms in a financial conglomerate; (19) ‘ancillary services undertaking’ means an …” „… services, or a similar activity which is ancillary to the principal activity of one or more credit …”

Article 52 S. 604-605

„… the applicable company law see above → Art 42 mn 2): If a company’s shares are not listed either in …” „… extended.1 1 Cf. Heinze, 62. 1 Cf. Heinze, 64 et seq. Art. 52 CARD 1. Security Markets and Services 604 …” „… Jessica Schmidt 1 1 II. Commentary Governing law Like in the case of the issuer of shares (see above …”

Article 54 S. 605-606

„… II. Commentary Governing law Like in the case of the issuer of shares (see above → Art 42), the …” „… governing law is that of the place of incorporation of the issuer, i.e. the registered office (and not the …” „… conformity with the governing law as regards both its formation and its operation under its statutes. Hence …”

Article 22 Competent authority S. 1621-1623

„… national law, can be taken or imposed against the natural or legal persons responsible for non-compliance …” „… abbreviated name of each country. Belgium – Financial Services and Markets Authority (FSMA) and National Bank …” „… (MNB) Malta – Malta Financial Services Authority (MFSA) Netherlands – De Nederlandsche Bank (DNB) The …”

Article 24 Obligation to uphold integrity of markets S. 492-494

„… (2016); Busch D, ‘MiFID II and MiFIR: stricter rules for the EU financial markets’, Law and Financial …” „… ), p. 468. Art. 23 MiFIR 1. Security Markets and Services 492 Matthias Lehmann 19 20 21 22 de …” „… applied the applicable Union acts or has applied them in a way which appears to be a breach of Union law …”

Article 44 S. 597-598

„… law for the three financial years preceding the application for official listing. By way of exception …” „… generally that a company has published or filed its annual accounts in accordance with national law for the …” „… national law for the three financial years preceding the application for official listing. The relevant …”

Article 33 Addressees S. 1032-1033

„… Services Law: Cutting Through Sectoral Lines?’ (27.9.2015), Common Market Law Review …” „… Investment Disclosure Liability: At Cross Purposes?’ (1.6.2016). Capital Markets Law Journal, 2016, Vol. 11 …” „… Harmonisation of Capital Markets Law — MiFID II and PRIIP’ (November 2015), 31 Business & Finance Law Review …”

Article 42 S. 593-594

„… 593 1 2 3 1 II. Commentary Governing law The CARD does not specify how the law governing the company …” „… is to be determined. There is also still no general EU legal act harmonising the rules on the law …” „… incorporation theory, the applicable law is determined by the place of registration, (ii) according to the real …”

Article 13 S. 1073-1081

„… representative’). Article 13(2) does not comprise representatives by law. Moreover, Article 13(2) does not …” „… that the power of attorney fulfils the requirements by national law for written forms. In this respect …” „… digitalization of financial services in the retail business. Specific issues may arise when the authorised …”

Article 8 Access to a trading venue S. 1594-1596

„… procedures of a CCP based on the applicable insolvency law would not endanger the smooth and orderly …” „… competition in services provided post-trade. Their particular objective is to disperse the vertically …” „… necessary for the provision of clearing services. II. Commentary Non-discriminatory and transparent access …”

Article 13 S. 1163-1172

„… Laws’ (2013) 10 European Company and Financial Law Review 18. 15 ESMA, Indicative list of financial …” „… Laws’ (2013) 10 European Company and Financial Law Review 1835. Art. 13 TD 3. Market Transparency …” „… than Sorry’ (2015) 15 Journal of Corporate Law Studies 55, 75. 38 Commission 2010 Report COM(2010) 243 …”

Article 27 Obligation to execute orders on terms most favourable to the client S. 195-202

„… service.2 Article 27 Obligation to execute orders on terms most favourable to the client 1. Member States …” „… Markets and Services 196 Martin Brenncke 10. ESMA shall develop draft regulatory technical standards to …” „… to improve the quality of execution services for end-investors and to cause trading volume to flow to …”

Article 45 Position management powers of ESMA S. 555-558

„… can enter into, and the reasons therefor. Art. 45 MiFIR 1. Security Markets and Services 556 …” „… review its measure at least every three months.11 TITLE VIII PROVISION OF SERVICES AND PERFORMANCE OF …” „… : Armour J, ‘Brexit and Financial Services’, Oxford Review of Economic Policy (2017) 33 (suppl. 1), p. 54 …”

Article 46 S. 598-599

„… the requirements of the governing law are not suitable for admission to official listing because …” „… determine the governing law. However, the purpose of the provision clearly is to ensure that the company law …” „… requirements for the issuance of the shares have been complied with. Hence, the governing law must be the …”

Article 88 Exchange of information with third countries S. 387-389

„… that provide financial services within its jurisdiction. On the one hand, Article 82 establishes an …” „… investment firms from other Member States that act under the freedom to provide services. The cooperation of …” „… Markets and Services 388 Jörn Axel Kämmerer Markets in Financial Instruments Regulation (MiFIR) Regulation …”

Article 20 Delegation S. 1502-1504

„… the services provided by each delegate on an ongoing basis. 2. No delegation of portfolio management …” „… the services provided by each sub-delegate on an ongoing basis. 6. Where the sub-delegate further …” „… any of its delegates. With respect to the civil law relationship between the AIFM, the AIF and its …”

Article 108 Delineation of supervisory powers S. 1460-1462

„… infringes any law, regulation or administrative provision or any regulation laid down in the fund rules or …” „… , services could be provided and products could be offered on a cross-border basis (cf. Arts 16, 18, 20 of …” „… cooperation requirements are set out in → Art 109 of UCITSD. Article 109 Cross-border provision of services …”

Chapter 1 Organisational requirements S. 1628-1637

„… structure that ensures continuity and orderly functioning in the performance of its services and activities …” „… type of services and activities performed so as to ensure high standards of security and the integrity …” „… adequate expertise in financial services, risk management and clearing services. 3. A CCP shall clearly …”

Articles 83 to 91 S. 1679-1680

„… Doctrine in the Conflict of Laws in China’ (2009) 8 Chinese Journal of International Law 423; Thévenoz L …” „… states that trade repositories should grant service providers non-discriminatory access to the …” „… 2001); Goode R, Kanda H and Kreuzer K, Explanatory Report on the Hague Convention on the Law Applicable …”

Article 23 Disclosure to investors S. 1514-1517

„… applicable law and on the existence or not of any legal instru- Art. 23 AIFMD 4. Funds 1514 Christian …” „… service providers and a description of their duties and the investors’ rights; (e) a description of how …” „… Directive 2003/71/EC or in accordance with national law, only such information referred to in paragraphs 1 …”

Article 35 Non-discriminatory access to a CCP S. 526-529

„… of the EU law is to suspend the obligations under Art 28 and 29 MiFIR where derivatives are entered …” „… 33(4) subpara 1 MiFIR. 4 Art 33(4) subpara 2 MiFIR. Art. 34 MiFIR 1. Security Markets and Services …” „… insolvency law would not endanger the smooth and orderly functioning, the validity or enforceability of such …”

Article 23 Trading obligation for investment firms S. 487-492

„… Markets and Services 488 Christoph Kumpan and Finn Schmidt 1 2 3 4 5 venues and systematic internalisers.6 …” „… in shares, every investment firm governed by EU law which participates in a chain, whether by …” „… ; recital 11 subpara 2 sent 3 MiFIR. Art. 23 MiFIR 1. Security Markets and Services 490 Christoph Kumpan …”

Article 71 Withdrawal of registration S. 1668-1669

„… application by the party concerned, the latter may proceed to enforcement in accordance with the national law …” „… trade repository: (a) expressly renounces the registration or has provided no services for the preceding …” „… repository. 3. The competent authority of a Member State in which the trade repository performs its services …”

Article 107 Reasoning of negative decisions; standing to sue of consumer protection agencies S. 1459-1460

„… company, the depositary or other service providers (in particular, licensed asset managers and …” „… shall provide that one or more of the following bodies, as determined by national law, may, in the …” „… interests of consumers and in accordance with national law, take action before the courts or competent …”

Article 99 e Reporting of penalties to ESMA S. 1447-1448

„… authorities across Europe. As an important tool for the effective enforcement of European investment law …” „… clients and service providers. To a certain extent, Art 99e(2) of UCITSD contradicts the objective of Art …” „… services out of court; while the European Commission governance supports FIN-NET and 1 Directive 2013/11/EU …”

Articles 42 to 48 S. 939-941

„… regimes in the financial services sector of 2010,10 Art 41 SSR requires the Member States to establish …” „… ’ (2001) 48 UCLA Law Review 781; Brocker M and Wohlfarter S, ‘Die Auswirkungen der neuen Prospektpflicht …” „… Failure’ (1999) 25 Journal of Corporate Law 1; Coffee jr JC, ‘The impact of Enforcement? 156 University of …”

Article 2 Definitions S. 1104-1114

„… person, or a legal entity governed by private or public law, including a State, whose securities are …” „… entity governed by private or public law, who holds, directly or indirectly: (i) shares of the issuer in …” „… law. (2) For the purposes of the definition of ‘controlled undertaking’ in paragraph 1(f) (ii), the …”

Article 11 S. 584-585

„… special law where repayments and interest payments in respect of those securities are guaranteed by a …” „… Services 584 Jessica Schmidt 1 1 2 ing’ originally referred to the markets in which the intermediaries met …” „… Capital Markets Law, be interpreted in line with Art 4(1)(55)(b) MiFID II,3 i.e. the relevant Member State …”

Article 13 Mechanism to avoid duplicative or conflicting rules S. 1611-1612

„… are considered to be in compliance with EU law, provided that at least one of them is established in …” „… intends to provide clearing services as a CCP, it shall apply for authorisation to the competent authority …” „… shall be granted only for activities linked to clearing and shall specify the services or activities …”

Article 1 Subject matter S. 1467

„… AIFMD also contains provisions governing the provision of asset management services by non-EU AIFM in …” „… open-ended or closed-ended type; (b) whether the AIF is constituted under the law of contract, under trust …” „… law, under statute, or has any other legal form; (c) the legal structure of the AIFM. 3. This …”

Article 106 Reporting of auditors to competent authorities S. 1458-1459

„… company, the depositary or other service providers (in particular, licensed asset managers and …” „… shall provide that one or more of the following bodies, as determined by national law, may, in the …” „… interests of consumers and in accordance with national law, take action before the courts or competent …”

Article 6 End-dates S. 1765-1766

„… , if authorized by the Member States, the payment service providers providing payment services in the …” „… debits collected by that payee in compliance with this Regulation in the absence of national law or …”

Article 28 S. 1093

„… disclosure is required by national law in the context of further investigation or subsequent judicial …” „… national law. 4. Member States may require employers engaged in activities that are regulated for financial …” „… services purposes to have in place appropriate procedures for their employees to report actual or potential …”

Commentary on Articles 25-27 Art. 25-27 S. 499-503

„… MiFIR. Art. 25-27 MiFIR 1. Security Markets and Services 500 Matthias Lehmann 3 4 5 6 7 8 9 regard to …” „… Markets and Services 502 Matthias Lehmann 14 15 16 17 18 19 20 by using an ARM can the firm liberate …” „… University of Pennsylvania Journal of International Law 941-1026 (2015-16); Gomber P, Clapham B, Lausen J and …”

Article 27 S. 1092-1093

„… type of income in accordance with the relevant Union law in the area of accounting according to the …” „… stages of the procedure unless such disclosure is required by national law in the context of further …” „… establish additional mechanisms under national law. 4. Member States may require employers engaged in …”

Introduction S. 1466-1467

„… . 1-73) Bibliography: Anderson B, ‘An Overview of the AIFMD for US Investment Managers’, Business Law …” „… governing the provision of asset management services by non-EU AIFM in the EU. Article 2 Scope 1. Subject to …” „… ) whether the AIF is constituted under the law of contract, under trust law, under statute, or has any other …”

Article 28 c Exercise of sanctioning powers S. 1222-1223

„… Transparency Requirements?’ (2017) 14 European Company Law 150). 12 Financial Services and Markets Act 2000 …” „… either as a discretionary decision or as a sanction that is triggered automatically by operation of law …” „… decision on an anonymous basis in a manner which is in conformity with national law, in any of the …”

Article 18 S. 590-591

„… ) 26 Seton Hall Law Review 597, 616. 2 Cf. Beck, ‘§ 25 BörsG’ in Schwark and Zimmer (eds …” „… disbelief (or, how managed should a market be?)’ (1996) 26 Seton Hall Law Review 613 et seq. 4 Cf. LR …” „… 5.1.2(5), (7)-(9). Art. 18 CARD 1. Security Markets and Services 590 Jessica Schmidt 1 2 duties5 and …”

Article 13 S. 585-586

„… electronic markets, ‘operating’ should, in the interest of coherency within EU Capital Markets Law, be …” „… which the market is registered or, if under the law of that Member State it has no registered office …” „… International Law 6 et seq. Title II General provisions concerning the official listing of securities Art. 13 …”

Article 17 Public disclosure of inside information S. 778-799

„… head office …, which has no legal personality and which provides investment services and/or activities …” „… information owes a duty of confidentiality, regardless of whether such duty is based on a law, on regulations …” „… International Banking and Financial Law 493; Kern A and Maly V, ‘The new EU market abuse regime and the …”

Article 19 S. 591-592

„… market be?)’ (1996) 26 Seton Hall Law Review 617. 6 Cf. Beck, ‘§ 25 BörsG’ in Schwark and Zimmer (eds …” „… not entitled to apply to the courts (at least not on the basis of EU law).2 Article 19(1) only …” „… aspects have deliberately been left to national law. Moreover, Art 19(1) only requires a single instance …”

Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation S. 1366-1369

„… other conditions of general application laid down by national law, the competent authorities of the …” „… such conditions; and ‘directors’ shall mean those persons who, under the law or the instruments of …” „… any of the cases where national law provides for withdrawal. 5. In order to ensure consistent …”

Article 12 Prudential regulation S. 1334-1336

„… which also covers the discretionary portfolio management service referred to in Article 6(3)(a) shall …” „… with regard to the services referred to in Article 6(3) to the provisions laid down in Directive 97/9 …” „… management company must partiticipate in an investor-compensation scheme. Article 13 Delegation 1. If the law …”

Article 20 Investment recommendations and statistics S. 824-833

„… below, → mn 44 et seq. 20 As required by the UK Listing Rules. 21 City of London Law Society, Market …” „… Abuse Regulation (EU MAR) Q&A (updated 30 October 2017), Part A Q31. 22 City of London Law Society …” „… investment service or investment advice). No minimum number of clients is required, in contrast to US rules …”

Article 29 S. 1093-1095

„… disclosure is required by national law in the context of further investigation or subsequent judicial …” „… national law. 4. Member States may require employers engaged in activities that are regulated for financial …” „… services purposes to have in place appropriate procedures for their employees to report actual or potential …”

Article 1 S. 1680-1684

„… conflict-of-laws problems to improve certainty and predictability as to the applicable law.6 These measures not …” „… the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an …” „… Intermediary (Martinus Nijhoff 2005); Guynn R and Tahyar M, ‘The Importance of Choice of Law and Finality to …”

Article 12 Market manipulation S. 730-756

„… with national law, to the natural persons who participate in the decision to carry out activities for …” „… Financial Services Action Plan of 1999.7 The 2003 Market Abuse Directive contained a high-level definition …” „… services firm, sold a large number of shares of an issuer listed on the Euronext Amsterdam market with the …”

Article 20 Home member state supervision S. 1348-1350

„… shall be consistent with the applicable law as referred to in paragraphs 1 and 3. 5. The competent …” „… services, to provide the information necessary for the monitoring of their compliance with the rules under …” „… State ascertain that a management company that has a branch or provides services within its territory is …”

Article 7 Inside information S. 673-692

„… provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity …” „… definition of inside information in national law under the 2003 market abuse regime,19 and US law also …” „… European Market Abuse Regulation’ (2013) 8 Capital Markets Law Journal 283, 296-297. 20 The ad-hoc …”

Article 13 Delegation of power S. 1776-1777

„… Pensiones – United Kingdom: The Financial Ombudsman Service Article 13 Delegation of power The Commission …” „… contrast to the German constitutional law doctrine, the effect of a provision on the protection of …” „… above from ECJ case law, the provisions of the Annex are non-essential within the meaning of Art 290 …”

Article 5 c Over-reliance on credit ratings in Union law S. 1249-1252

„… . Article 5 c Over-reliance on credit ratings in Union law Without prejudice to its right of initiative, the …” „… Commission shall continue to review whether references to credit ratings in Union law trigger or have the …” „… financial market participants with a view to deleting all references to credit ratings in Union law for …”

Article 25 Sanctions S. 1029-1030

„… States shall ensure, in conformity with their national law, that the appropriate administrative measures …” „… conformity with national law, against the persons responsible. Criminal sanctions may also be imposed. As …” „… Abuse Directive and the Prospectus Directive. A Report to the Financial Services Committee (2007). Art …”

Articles 20-41 Art. 20-41 S. 592-593

„… least not on the basis of EU law).2 Article 19(1) only requires that there has to be some kind of right …” „… national law. Moreover, Art 19(1) only requires a single instance of court review; the right to a further …” „… Services 592 Jessica Schmidt 2 3 4 5 TITLE III PARTICULAR CONDITIONS RELATING TO OFFICIAL LISTINGS OF …”

Article 6 S. 580-581

„… Markets and Services 580 Jessica Schmidt 6 1 Article 6(1) (previously Art 4(1) LCD) clarifies that, with …” „… imposed by national law in line with Art 8 (see below → Art 8) are fulfilled, issuers have a legal right …” „… Law 6 et seq. 1 Cf. COM(75) 686, 9; Lutter/Bayer/Schmidt, 33.6. Title II General provisions …”

Article 31 Exercise of supervisory powers and imposition of sanctions S. 863-865

„… . (EC) 1/2003 – would not meet the objective of MAR. The efficient application of EU law requires the …” „… procedure without prejudice to disclosure of information being required by national law in the context of …” „… activities that are regulated by financial services regulation to have in place appropriate internal …”

Article 33 SME growth markets S. 217-221

„… additional regulatory burden on SMEs is minimised. 1. Art. 33 MiFID II 1. Security Markets and Services …” „… . Art. 33 MiFID II 1. Security Markets and Services 220 Christoph Kumpan and Ronny Grütze 6 7 8 9 old …” „… under EU law. Article 33(8) MiFID II reflects this desire by stating that measures should minimise …”

Article 10 S. 583-584

„… set up by, governed by or managed pursuant to a special law where repayments and interest payments in …” „… up by, governed by, or managed pursuant to a special law where repayments and interest payments in …” „… . Art. 11 CARD 1. Security Markets and Services 584 Jessica Schmidt 1 1 2 …”

Article 106 S. 617-618

„… affect the liability of any NCA, which shall continue to be governed solely by national law. This is …” „… person or authority except by virtue of provisions laid down by law. 2. Paragraph 1 shall not, however …” „… . Security Markets and Services 618 Jessica Schmidt 2 3 4 1 2 …”

Article 58 S. 609-610

„… (regarding ‘nationality’ of an undertaking and the applicable company law, see above → Art 42 mn 2), Art 57(1 …” „… ‘nationality’ of an undertaking and the applicable company law, see above → Art 42 mn 2), Art 57(3) requires …” „… requires 250,000 EUR. 6 Cf. Heinze, 67. Art. 59 CARD 1. Security Markets and Services 610 Jessica …”

Article 7 Conditions for authorisation S. 1328-1331

„… other conditions of general application laid down by national law, the competent authorities shall not …” „… considered by the competent authorities as equivalent to those laid down in Community law. 2. Where close …” „… discretionary portfolio management service referred to in Article 6(3)(a) of this Directive; (e) has seriously …”

Article 8 Insider dealing S. 692-705

„… shall also apply, in accordance with national law, to the natural persons who participate in the …” „… applied. Ibid, para 42. See also the case law of the European Court of Human Rights, which holds that the …” „… legal classification of a measure as criminal or administrative pursuant to national law is only one of …”

Articles 21 to 25 a S. 1288-1291

„… the oversight of firms offering rating services and has to conduct its oversight within the scope of …” „… Legal Framework for Credit Rating Agencies after Its Second Reform’, European Business Law Review 25 (2 …” „… Rating Agencies after Its Second Reform’, European Business Law Review 25 (2) 2014, p. 207 (212 et seq …”

Article 57 S. 608-609

„… securities depositories. Art. 57 CARD 1. Security Markets and Services 608 Jessica Schmidt 3 4 1 2 II …” „… ’ of an undertaking and the applicable company law, see above → Art 42 mn 2), Art 57(1) sentence 1 …” „… undertaking and the applicable company law, see above → Art 42 mn 2), Art 57(3) requires the physical form to …”

Article 8 S. 581-583

„… specified in the CARD and any further additional conditions imposed by national law in line with Art 8 (see …” „… ’ (1981) 3 University of Pennsylvania Journal of International Law 6 et seq. 1 Cf. COM(75) 686, 9 …” „… Services 582 Jessica Schmidt 1 2 3 4 Derogations Article 8(3) permits Member States to authorise …”

Article 19 Valuation S. 1499-1502

„… , the applicable national law and the AIF rules or instruments of incorporation. 2. The rules applicable …” „… shall be laid down in the law of the country where the AIF is established and/or in the AIF rules or …” „… calculated and disclosed to the investors in accordance with this Article, the applicable national law and …”

Article 28 b Sanctioning powers S. 1219-1222

„… Sanctioning of EU Transparency Requirements?’ (2017) 14 European Company Law 150). 12 Financial Services and …” „… Transparency Regime in European Capital Markets Laws’ (2013) 10 European Company and Financial Law Review 1838 …” „… Transparency Requirements?’ (2017) 14 European Company Law 150. Chapter VIA Sanctions and measures Art. 28 b …”

Article 3 Intragroup transactions S. 1579-1584

„… financial institution or an ancillary services undertaking subject to appropriate prudential requirements …” „… clearing services by giving intermediated access to a CCP. To ensure an equivalent level of protection to …” „… all member clients, clients providing indirect clearing services must be credit institutions …”

Overview of Articles 12-15 S. 908-910

„… be put in place by central clearing counterparties that provided clearing services for shares in the …” „… , (2012) 13 EBOR 413, 436; Elineau, (2012) 8 Brigham Young University International Law & Management …” „… absolutely enforceable claim under contract or property law to be transferred ownership of a corresponding …”

Article 1 Subject matter S. 1231-1234

„… Regulation (Oxford EU Law Library 2014), 637-682; Moody’s, Moody’s Investor Service, Code of Professional …” „… after Its Second Reform’, European Business Law Review 25 (2) 2014, 207-225; Dutta A, ‘Die neuen …” „… Incentives’ (2009) 9 Journal of Corporate Law Studies 261-294; Kumpan Ch, ‘Regulierung von Ratingagenturen …”

Article 6 b Maximum duration of the contractual relationship with a credit rating agency S. 1258-1261

„… rating agency services which make changing unfavourable.7 The use of multiple rating agencies by issuers …” „… should be simplified by the new regulation; as contracts are limited by law, issuers are unlikely to …” „… analysts, its employees and any other natural person whose services are placed at its disposal or under its …”

Article 70 Amendments to Annex II S. 1668

„… application by the party concerned, the latter may proceed to enforcement in accordance with the national law …” „… trade repository: (a) expressly renounces the registration or has provided no services for the preceding …”

Article 69 Review by the Court of Justice S. 1668

„… application by the party concerned, the latter may proceed to enforcement in accordance with the national law …” „… trade repository: (a) expressly renounces the registration or has provided no services for the preceding …”

Article 51 Interoperability arrangements S. 1653

„… establishing an interoperability arrangement with another CCP for the purpose of providing services to a …” „… obligations, including the applicable law governing their relationships; 42 EMIR Q&A, latest version adopted …”

Chapter 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013 S. 1653

„… establishing an interoperability arrangement with another CCP for the purpose of providing services to a …” „… obligations, including the applicable law governing their relationships; 42 EMIR Q&A, latest version adopted …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… are subject to effective business continuity arrangements to ensure continuity of its services if …” „… Markets and Services 268 Christoph Kumpan and Finn Schmidt 11 ment on that market or a related market …” „… ensure that members or participants are only permitted to provide such services if they are investment …”

Article 17 S. 1087-1089

„… Union law applicable to the insurance-based investment product, or activity or practice do not …” „… significantly affected by the action; and (e) the action does not have a discriminatory effect on services or …” „… shall, in accordance with national law, have all supervisory and investigatory powers that are necessary …”

Article 2 Scope S. 1467-1469

„… AIFMD also contains provisions governing the provision of asset management services by non-EU AIFM in …” „… open-ended or closed-ended type; (b) whether the AIF is constituted under the law of contract, under trust …” „… law, under statute, or has any other legal form; (c) the legal structure of the AIFM. 3. This …”

Article 34 Register of derivatives subject to the trading obligation S. 526

„… of the EU law is to suspend the obligations under Art 28 and 29 MiFIR where derivatives are entered …” „… 33(4) subpara 1 MiFIR. 4 Art 33(4) subpara 2 MiFIR. Art. 34 MiFIR 1. Security Markets and Services …”

Article 51 S. 604

„… the applicable company law see above → Art 42 mn 2): If a company’s shares are not listed either in …” „… extended.1 1 Cf. Heinze, 62. 1 Cf. Heinze, 64 et seq. Art. 52 CARD 1. Security Markets and Services 604 …” „… position of the undertaking must be in conformity with the laws and regulations to which it is subject, as …”

Article 14 Publication of the prospectus S. 1004-1007

„… governed solely by the national law, as stated by Art 13(6). Article 14 Publication of the prospectus 1 …” „… authority of the home Member State if the said authority has decided to offer this service. Member States …” „… competent authority of the home Member State if the authority has decided to offer this service. If a …”

Article 50 Synchronisation of business clocks S. 296-299

„… L 87/148). Art. 50 MiFID II 1. Security Markets and Services 296 Christoph Kumpan and Finn …” „… . Security Markets and Services 298 Christoph Kumpan and Finn Schmidt 7 8 9 10 events need to adhere to the …” „… market comply with their obligations under Union law in respect of initial, ongoing or ad hoc disclosure …”

Article 10 Acquisition or disposal of major proportions of voting rights S. 1148-1155

„… in European Capital Markets Laws’ (2013) 10 European Company and Financial Law Review 18, 32-33. 36 …” „… restrictive and reversed the case law by explicitly stating that agreements on coordinated behaviour outside …” „… debate and controversy in takeover law.10 Where shareholders act together and pursue a joint strategy …”

Article 16 Prevention and detection of market abuse S. 772-778

„… the same group35 or to a third party offering such services. However, the person delegating the …” „… regulation and must retain the expertise and resources necessary to evaluate the quality of the services …” „… 3(3), (5). 35 The concept of ‘group’ is taken from accounting law (see ibid, Art 1(c)), where a group …”

Article 68 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments S. 1667-1668

„… in accordance with the national law, by bringing the matter directly before the competent body …” „… provided no services for the preceding six months; (b) obtained the registration by making false statements …”

Article 36 Access to regulated markets Christoph Kumpan and Ronny Grütze S. 233-234

„… principle follows from related principles under EU law, including freedom of establishment, the prohibition …” „… . 37 MiFID II 1. Security Markets and Services 234 Christoph Kumpan and Ronny Grütze 1 …”

Article 101 Cooperation and information exchange of competent authorities and ESMA; on-site visits; ESMA’s dispute resolution powers S. 1449-1452

„… Directive or under national law. Member States shall take the necessary administrative and organisational …” „… ments/consumer-financial-services/financial-dispute-resolution-network-fin-net/fin-net-network/memb ers-fin-net-country_en. Chapter XII Provisions concerning authorisation authorities Art. 101 …” „… criminal law. However, when a UCITS or an undertaking contributing towards its business activity has been …”

Article 23 Registered office, qualification and organisation of depositary S. 1359-1360

„… /EU; or (c) another legal entity, authorised by the competent authority under the law of the Member …” „… (e) it shall arrange for records to be kept of all services, activities and transactions that it …”

Article 52 Risk management S. 1653-1654

„… establishing an interoperability arrangement with another CCP for the purpose of providing services to a …” „… obligations, including the applicable law governing their relationships; 42 EMIR Q&A, latest version adopted …”

Article 41 EBA temporary intervention powers S. 544-545

„… the Union; (b) regulatory requirements under Union law that are applicable to the relevant structured …” „… referred to in paragraph 2(a). Art. 41 MiFIR 1. Security Markets and Services 544 Matthias Lehmann Those …”

Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system S. 234-235

„… 36(2) MiFID II. See also, recital 107 MiFID II. Art. 37 MiFID II 1. Security Markets and Services …” „… principle of non-discrimination in EU law. Under Art 37(1) MiFID II, investment firms are allowed to access …”

Article 10 Changes in the scope of the authorisation S. 1486-1487

„… service referred to in point (a) of Article 6(4) of this Directive; (e) has seriously or systematically …” „… national law, in respect of matters outside the scope of this Directive, provides for withdrawal. 1 Art 7(2 …”

Article 14 Exercise of the delegation S. 1777-1778

„… not taken into account. Applying the standard mentioned above from ECJ case law, the provisions of …” „… PSPs to provide PSUs, until 1 February 2016, with conversion services for national payment transactions …”

Article 2 a Equivalence decisions for the purposes of the definition of OTC derivatives S. 1578-1579

„… ’ means administrative or supervisory board, or both, in accordance with national company law; (28 …” „… counterparty, a financial holding company, a financial institution or an ancillary services undertaking subject …”

Article 47 S. 599-600

„… Law 578. 4 Cf. Kalss, Oppitz and Zollner, 13.66. 5 Cf. Annex I 21.1.1(b) Commission Regulation (EC) No …” „… ; Heinze, 60. Art. 48 CARD 1. Security Markets and Services 600 Jessica Schmidt 1 1 2 …”

Article 25 Obligation to maintain records S. 494-495

„… applied the applicable Union acts or has applied them in a way which appears to be a breach of Union law …” „… . Art. 25 MiFIR 1. Security Markets and Services 494 Matthias Lehmann 5 6 7 8 (2) The operator of a …”

Article 56 List of regulated markets S. 316-317

„… and Services 316 Christoph Kumpan and Finn Schmidt 3 4 5 1 2 3 must then publish an up-to-date list of …” „… Food Crisis’ (2017) 66 International and Comparative Law Quarterly 625-655; Clapp J, ‘Financialization …”

Article 79 Obligation to cooperate S. 379-381

„… (EU) No 600/2014 or in national law. Where Member States have chosen, in accordance with Article 70 …” „… . Security Markets and Services 380 Jörn Axel Kämmerer Power is conferred on the Commission to adopt the …”

Article 8 d Use of multiple credit rating agencies S. 1274-1276

„… annual turnover generated from credit rating activities and ancillary services, at group level. 4 At …” „… after Its Second Reform’, European Business Law Review 25 (2) 2014, p. 207; distinguishing: Moloney, EU …”

Article 13 Assessment S. 61-63

„… law, in particular the CRD IV and the Financial Conglomerate Directive (as amended), especially …” „… . Art. 13 MiFID II 1. Security Markets and Services 62 Dirk Zetzsche 1 2 3 4 5 committed or attempted …”

Articles 32 to 41 S. 937-939

„… accordance with national law’. Furthermore, the recitals of the SSR state that the regulation is intended to …” „… reinforcing sanctioning regimes in the financial services sector of 2010,10 Art 41 SSR requires the Member …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… the services it sources from delegates. Art 7(3) specifies the information an AIFM must file with the …” „… as equivalent to those laid down in Union law. 7. To cover potential professional liability risks …” „… : (a) close links between the AIFM and other natural or legal persons; (b) the laws, regulations or …”

Article 19 Managers’ transactions S. 808-824

„… Article 21 of Directive 2004/109/EC. Alternatively, national law may provide that a competent authority …” „… admitted to trading; or (b) national law. (12) Without prejudice to Articles 14 and 15, an issuer may allow …” „… California Law Review 303. 3 Recital 58. 4 Ibid. 5 Ibid. 6 Recital 59. 7 Veil, ‘Directors’ Dealings’ in Veil …”

Article 1 Purpose and scope S. 951-958

„… service oriented, see ESME, ‘Differences between the definitions of “qualified investor” in the Prospectus …” „… under specific national law, in they are not subject to other EU provisions; (ii) only for some of the …” „… are free to impose prospectus requirements under national laws on offers exempted from the Prospectus …”

Article 32 Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM S. 1530-1533

„… providing services in other Member States 1. Member States shall ensure that an authorised EU AIFM may …” „… the AIFM is authorised to manage that type of AIF; (b) provide in another Member State the services …” „… activities and services referred to in paragraph 1 for the first time shall communicate the following …”

Article 21 Access to regulated information S. 1193-1197

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 d) Use of service providers …” „… agencies, newspapers, internet, or the use of service providers or OAMs. In practice, however, the two …” „… any embargo placed by the issuer on the regulated information.14 Use of service providers In practice …”

Article 40 Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM S. 1554-1558

„… programme of operations stating in particular the services which it intends to perform and identifying the …” „… start to provide its services in the host Member States of the AIFM. The competent authorities of the …” „… States of the AIFM. 8. Arrangements referred to in point (h) of Annex IV shall be subject to the laws and …”

Article 111 S. 621-622

„… . Security Markets and Services 622 Jessica Schmidt 1 1 …” „… The Member States shall communicate to the Commission the texts of the main laws, regulations and …” „… 22(2) LCD) requires the Member States to communicate the texts of the main laws, regulations and …”

Article 26 Right of appeal S. 1030-1031

„… Directive and the Prospectus Directive. A Report to the Financial Services Committee (2007). Art. 26 PD 3 …” „… decisions taken pursuant to laws, regulations and administrative provisions adopted in accordance with this …” „… references to this Directive. Article 29 Transposition Member States shall bring into force the laws …”

Article 109 S. 620-621

„… . 109 CARD 1. Security Markets and Services 620 Jessica Schmidt 1 2 3 the reference in Art 109(2) to …” „… communicate to the Commission the texts of the main laws, regulations and administrative provisions which they …” „… States to communicate the texts of the main laws, regulations and administrative provisions which they …”

Article 24 Liability of depositary towards UCITS and unit-holders S. 1360-1362

„… (e) it shall arrange for records to be kept of all services, activities and transactions that it …” „… the management company or (2) national laws directly granting standing to investors with the …”

doi.org/10.5771/9783845279893

Aurelia Colombi Ciacchi, Christine Godt, Peter Rott, Lesley Jane Smith - Haftungsrecht im dritten Millennium - Liability in the Third Millennium

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Aurelia Colombi Ciacchi (ed.), Christine Godt (ed.), Peter Rott (ed.), Lesley Jane Smith (ed.)

Haftungsrecht im dritten Millennium - Liability in the Third Millennium

Series: Schriftenreihe des Zentrums für Europäische Rechtspolitik der Universität Bremen (ZERP)

Volume 52 2009

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Hans-W. Micklitz The Service Directive – Consumer contract law making via standardisation S. 483-508

„… 483 The Service Directive – Consumer contract law making via standardisation Hans-W. Micklitz …” „… services/freport.pdf>. The Service Directive – Consumer contract law making via standardisation 487 the European …” „… Protection Act covers products and services. The guidelines are seen as a means to enforce the law. They can …”

Lesley Jane Smith Grounding Space: Liability for commercial space operations S. 607-626

„… : International Institute of Space Law/American Institute of Aeronautics and Astronautics (n. 2 above). 11 The …” „… : International Institute of Space Law/American Institute of Aeronautics and Astronautics, Proceedings of the 49 …” „… Law and Private Operators, in: International Institute of Space Law/American Institute of Aeronautics …”

Giovanni Comandé Patients’ Medical Tourism and Electronic Health Records: Mobility between Sector Regulations and Systemic Interactions S. 331-344

„… freedom of movement and health tourism 332 C. E-health, the market(s) and the law: casting e-health …” „… * Prof. Dr. LL.M. Esq., Full Professor Private Law, Scuola Superiore Sant’ Anna, Pisa, Italy, Director …” „… or when health related services are offered using information and communication technologies. Among …”

Vernon Valentine Palmer Immaterial Damages, the Protection of Personality Interests and the Relevance of Contract Law S. 215-224

„… 215 Immaterial Damages, the Protection of Personality Interests and the Relevance of Contract Law …” „… Vernon Valentine Palmer* A. Intoduction 215 I. Personality Interests and the Law of Delict 215 II. The …” „… Glance 219 I. South Africa 219 II. France 220 III. United Kingdom (English and Scots law) 222 C …”

Giorgio Resta ‘Guilty Until Proven Innocent’: Trial by Media and European Law S. 243-284

„… the sub judice rule are always allowed or tolerated in civil-law jurisdictions. Laws concerning …” „… 243 ‘Guilty Until Proven Innocent’: Trial by Media and European Law Giorgio Resta* A …” „… trials 246 III. Personality 247 C. Trial by media and European-continental law 252 I. Contempt by …”

Walter van Gerven Judicial Convergence of Laws and Minds in European Tort Law and Related Matters S. 29-50

„… fundamental principle of administrative and fiscal law (in Satilmis: continuity of public service), (ii) that …” „… Constitutional Perspective(s) on Liability 29 Judicial Convergence of Laws and Minds in European Tort Law and …” „… the past, retreated from earlier case law at a time when laws in other countries were converging on …”

Titelei/Inhaltsverzeichnis S. 1-26

„… Service Directive – Consumer contract law making via standardisation Hans-W. Micklitz 483 VI. Haftung …” „… Judicial Convergence of Laws and Minds in European Tort Law and Related Matters Walter van Gerven 29 …” „… , Versicherungsrecht, law and economics. Maßgebenden akademischen Einfluss, so jedenfalls aus der Sicht seiner …”

Mauro Bussani, Marta Infantino Fault, Causation and Damage in the Law of Negligence. A Comparative Appraisal S. 145-156

„… 145 Fault, Causation and Damage in the Law of Negligence. A Comparative Appraisal Mauro Bussani …” „… Law, University of Trieste (Italy); Regular Visiting Professor at the University of Macao Law School …” „… (S.A.R. of the P.R. of China). ** PhD in Comparative Law. Sections A, B and H are co-authored. Mauro …”

Joseph A. Page Reflections on Pain-And-Suffering Damages in the United States S. 193-216

„… academicians active in the law-and-literature movement, an intellectual current that has enriched legal …” „… , law-and-literature theo- 5 W. Mishler (n. 4 above) 49 f. 6 See …” „… law-and-economics scholars support compensation for non-pecuniary loss as an important factor in achieving optimal …”

Bill W. Dufwa Horizontal Effect of the European Convention: Swedish Case Law S. 85-110

„… 85 Horizontal Effect of the European Convention: Swedish Case Law Bill W. Dufwa* Abstract 86 A …” „… D. The English discussion. 92 I. Tort Law and Human Rights 93 II. Types of horizontal effect 94 1 …” „… * Prof. Dr., Faculty of Law, Stockholm University. Dufwa 86 Abstract A convention is binding on the …”

Nuno Ferreira Fundamental Rights, Constitutional Principles, and the Law of Torts: Tortfeasors v. Tort Victims S. 49-84

„… the private lawyer to reconsider all traditional private law institutions: an automatic and …” „… law norms. Lawfully limiting the effects of a contract on the grounds of protection of private …” „… 49 Fundamental Rights, Constitutional Principles, and the Law of Torts: Tortfeasors v. Tort …”

doi.org/10.5771/9783845213859

Marc Bungenberg, Jörn Griebel, Stephan Hobe, August Reinisch - International Investment Law

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International Investment Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2015

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Markus Krajewski III. Investment Law and Public Services S. 1629-1643

„… III. Investment Law and Public Services Markus Krajewski A. Introduction …” „… . Explaining the Missing Debate on Investment Law and Public Services …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Literature: Francesco Costamagna, ‘Regulating Public Services and International Investment Law’ in …”

Michael Hahn I. WTO Rules and Obligations Related to Investment S. 653-670

„… trade rules for investments in service sectors were not absent from the negotiators’ minds. As GATS law …” „… GATT Law – Or So They thought … .. . . 1 B. Investment-Related Rights and Obligations in Existing WTO …” „… Law (Other than GATT …”

Michael Hahn II. EU Rules and Obligations Related to Investment S. 671-684

„… ) explicitly attributes to ordinary EU laws (regulations) the full power of law in all member States …” „… Reinisch and Christina Knahr (eds), International Investment Law in Context (Eleven, 2008) 73–93; Jukka …” „… (eds), The Evolution of EU Law (Oxford University Press, 2011) 547–574. A. The EU Legal Order and …”

Henning Grosse Ruse-Khan VI. Investment Law and Intellectual Property Rights S. 1692-1713

„… not positive monopolies to commercialise protected goods or services on a market. Public laws which …” „… VI. Investment Law and Intellectual Property Rights Henning Grosse Ruse-Khan A. Introduction …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 C. Non-Discrimination Principles in International IP- and Investment Law …”

Armand de Mestral III. Pre-Entry Obligations under International Law S. 685-699

„… such as law enforcement, correctional services, income security or insurance, social security or …” „… be covered. In the event of a dispute over such services the matter would be covered by WTO law and …” „… domestic law’ or subject to ‘laws in force.’ These words in a BIT or other form of treaty generally suggest …”

Achim-R. Börner IV. Investment Law and Energy S. 1644-1676

„… seems that the ideal of a self-conscious, politically independent and law-abiding judiciary is not yet …” „… IV. Investment Law and Energy1 Achim-R. Börner A. Introduction …” „… arbitration cases’ (2008) 24 Am. U. Int’l Law Rev. 539–570; Santiago F. Albarracin & Stephen R. Dow …”

Jan Asmus Bischoff, Richard Happ A. The Notion of Investment S. 495-544

„… applicable laws and regulations; moreover, they must do so even if they believe a law or regulation to be in …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 (1) Case Law …” „… Treaties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 (2) Case Law …”

Andreas R. Ziegler X. Investment Law in Conflict with WTO Law? S. 1784-1801

„… X. Investment Law in Conflict with WTO Law? Andreas R. Ziegler A. Introduction …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 C. Plethora of Treaties Relating to International Economic Law . . . . . . . . . . . 9 D …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Literature: Rudolf Adlung and Martín Molinuevo, ‘Bilateralism in Services Trade: Is There Fire …”

Christina Knahr F. The Territorial Nexus between an Investment and the Host State S. 590-597

„… Binder, Ursula Kriebaum, August Reinisch and Stephan Wittich (eds), International Investment Law in the …” „… . ARB(AF)/05/1, Award, 19 June 2007, available at http://ita.law.uvic.ca/documents/bayview.pdf. 2 Canadian …” „… , available at http://ita.law.uvic.ca/documents/CCFT-USAAward.pdf. 3 For more on these cases see e.g …”

Richard E. (Rory) Walck II. Methods of Valuing Losses S. 1045-1056

„… Kreindler, Evaluation of Damages in International Arbitration (ICC Services, 2006); Robert Dunn, Recovery of …” „… Roman Weil, Litigation Services Handbook: The Role of the Financial Expert (John Wiley & Sons, 2007 …” „… for Arbitration: Compensation Standards, Valuation Methods and Expert Evidence (Kluwer Law Int’l, 2008 …”

Pierre-Marie Dupuy, Jorge E. Viñuales VIII. Human Rights and Investment Disciplines: Integration in Progress S. 1739-1767

„… circumscribing the conditions for lawful expropriation. Non-discrimination is also key in human rights law as it …” „… law of the Contracting State party to the dispute (including its rules on the conflict of laws) and …” „… prohibition of corruption on both domestic law and international law: [I]n light of domestic laws and …”

August Reinisch V. National Treatment S. 846-869

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 F. The Relevance of Trade Law Jurisprudence on National Treatment for Investment Disputes …” „… Human Rights and Investment Law’ in Stephan Schill (ed), International Investment Law and Comparative …” „… Public Law (Oxford University Press, 2010) 279–315; Andrea K. Bjorklund, ‘National Treatment’ in August …”

Catharine Titi IX. International Investment Law and Good Governance S. 1768-1783

„… investment law’s increased exposure to public scrutiny, it is important to understand this notion and …” „… IX. International Investment Law and Good Governance Catharine Titi A. Introduction …” „… International Investment Law (Cambridge University Press, 2012); Kevin Lim, ‘Upholding Corrupt Investors’ Claims …”

Ulrich Klemm III. Financing of Foreign Direct Investment by Development Finance InstitutionsThis contribution is current as of July 2012. S. 1569-1584

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 4. Status of Multilateral Institutions under International Public Law 9 C. Types of Finance …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Literature: Chittharanjan Felix Amerasinghe, Principles of the institutional law of international …” „… Steuerrecht (German International Tax Law Journal, IStR) 561–563; Stefano Gatti, Project Finance in Theory and …”

Index S. 1913-1952

„… condition of lawful conduct Chapter 6 II E 19 in accordance with the law Chapter 6 II A 14 income method of …” „… Latin American BITs Chapter 4 II B 4 law and development movement Chapter 8 I 153 lawful investments …” „… Chapter 6 II D 1 law-making Chapter 13 XII 44 law of aliens Chapter 2 III 7; Chapter 6 II A 3 law of the …”

James Crawford, Simon Olleson III. The Application of the Rules of State Responsibility S. 411-441

„… domestic law. In EDF (Services) Ltd v. Romania, the tribunal characterised the rule contained in Article 5 …” „… characterisation is not affected by the fact that the same act may be lawful as a matter of the internal law of the …” „… as lawful or unlawful under a State’s internal law is not determinative of the characterisation of …”

Kaj Hobér, Joshua Fellenbaum I. Political Risk Insurance and Investment Treaty Protection S. 1517-1551

„… : Cases, Materials and Commentary (Kluwer Law International, 2005); Paul Comeaux and Stephan Kinsella …” „… Stephan Kinsella, Protecting Foreign Investment under International Law. Legal Aspects of Political Risk …” „… on the specific clauses included therein. At the international law level investors enjoy protection …”

Titelei/Inhaltsverzeichnis

„… Bungenberg and Stephan Hobe Investment Law and Public Services …” „… in services, international investment law, external relations of the EU and the treatment of public …” „… services under European and international law. He is a regular consultant on international trade and …”

Burkhard Schöbener IV. Outlook on the Developments in Public International Law and the Law Relating to Aliens S. 64-79

„… IV. Outlook on the Developments in Public International Law and the Law Relating to Aliens …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 B. The Rules of International Law that Protect Investments . . . . . . . . . . . . . . . . 2 1 …” „… . Protection under Customary International Law via the International Minimum Standard …”

Vivienne Bath, Luke Nottage C. The ASEAN Comprehensive Investment Agreement and ‘ASEAN Plus’ – The Australia–New Zealand Free Trade Area (AANZFTA) and the PRC–ASEAN Investment Agreement S. 283-303

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 c) Governing Law and Awards …” „… in International Investment Law (Oxford University Press, 2013) 182–213; Vivienne Bath and Luke …” „… Nottage (eds), Foreign Investment and Dispute Resolution Law and Practice in Asia (Routledge, 2011); Kent …”

Ralph Alexander Lorz, Manuel Busch E. Investment in Accordance with the Law – Specifically Corruption S. 577-589

„… E. Investment in Accordance with the Law – Specifically Corruption Ralph Alexander Lorz and Manuel …” „… Anne Marie Whitesell (eds), Global Reflections on International Law, Commerce and Dispute Resolution …” „… on the Recent ICSID Case Law on Corruption’ (2010) 37 LIEI 61–85; Richard Kreindler, ‘Legal …”

Stephan Hobe I. The Development of the Law of Aliens and the Emergence of General Principles of Protection under Public International Law Stephan HobeThe Development of the Law of Aliens S. 6-22

„… accordance with its national laws. Of course the question as to the standard of international law with regard …” „… body.40 Furthermore, (2) one can find some law-abiding procedures in case of detention and (3) the …” „… Chapter 2: The Law Relating to Aliens, the International Minimum Standard and State Responsibility …”

Yun-I Kim I. Investment Law and the Individual S. 1585-1601

„… Chapter 13: Contemporary Issues and Outlook I. Investment Law and the Individual Yun-I Kim A …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 B. Individual Rights in the Course of Development of International Law 5 1. General Outline of …” „… International Investment Law. . . . . . . . . . . . . . . . . . . . 5 2. The Changed Role of the Individual in …”

John P. Gaffney, Zeynep Akçay A. European Bilateral Approaches S. 186-201

„… Interaction between Intra-EU BITs and EU Law . . . . 29 b) The Potential Conflict of Extra-EU BITs with EU Law …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Literature: George Bermann, ‘Navigating EU Law and the Law of International Arbitration’ (2012 …” „… (Martinus Nijhoff Publishers, 1995); Andrew Newcombe and Lluís Paradell, Law and Practice of Investment …”

August Reinisch IV. Most Favoured Nation Treatment S. 807-845

„… Schreuer, Principles of International Investment Law (Oxford University Press, 2008); Zachary Douglas, The …” „… International Law of Investment Claims (Cambridge University Press, 2009); Zachary Douglas, ‘The MFN Clause in …” „… Handbook of International Investment Law (Oxford University Press, 2008) 259–304; Matthias Herdegen …”

Carsten Kern VI. Transfer of Funds S. 870-886

„… international law.29 Free Transfer Subject to the Host State’s Laws and Regulations Contrary to the ‘free …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 5. Free Movement of Capital and Payments under EU Law .. . . . . . . . . . 25 C. The Transfer of …” „… International Investment Treaties and the Necessity Defence under Customary International Law …”

Gabriel Bottini, Veronica Lavista, Mariana Lozza E. MERCOSUR and CAFTA S. 326-341

„… Chung and Claire Balchin (eds), The Backlash against Investment Arbitration (Kluwer Law International …” „… of modern international investment law.1 MERCOSUR was created through the Treaty of Asunción on 26 …” „… provides for the establishment of a common market, which involves the free circulation of assets, services …”

Christian Tietje XI. Investment Law and Sovereign Wealth Funds S. 1802-1816

„… applicable rules of WTO law concerning trade in goods and trade in services. However, as the focus of this …” „… XI. Investment Law and Sovereign Wealth Funds Christian Tietje A. Introduction …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 E. Regulatory Instruments Addressing the Operation of SWFs. . . . . . . . . . . . . 14 1. Soft Law …”

Joachim Karl F. The Negotiations on the OECD Multilateral Agreement on Investment S. 342-360

„… Investment Law, Lessons from the OECD MAI Negotiations and their Application to a Possible Multilateral …” „… Dolzer and Christoph Schreuer, Principles of International Investment Law (Oxford University Press, 2008 …” „… Fall of the Multilateral Agreement on Investment: Where now?’ (2000) 34 Int’l Law. 1033–1053; August …”

Christina Binder IV. Circumstances Precluding Wrongfulness S. 442-480

„… . 32) para. 355) to the customary law-based necessity defence. Since Art. 4 only deals with the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2. The Necessity Defence under Customary International Law: Article 25 of the ILC Articles …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 c) The Tribunals’ Diverging Approaches to the Relationship between the Customary Law Based …”

Marc Jacob, Stephan W. Schill I. Fair and Equitable Treatment: Content, Practice, Method S. 700-763

„… time, the classical position of English law is expressed in Council for Civil Service Unions v …” „… . Minister for the Civil Service [1985] AC 374, 410 (‘the decision-maker must understand correctly the law …” „… international lawyers, i.e. Articles 31 and 32 of the Vienna Convention on the Law of Treaties (VCLT) of 1969,61 …”

Marc Bungenberg, Stephan Hobe II. The Relationship of International Investment Law and European Union Law S. 1602-1628

„… law prevails over the non-European law-conforming BIT provisions from the date of accession of new …” „… European Union law. All conflict-of-laws rules only regulate conflicts between international law and …” „… II. The Relationship of International Investment Law and European Union Law* Marc Bungenberg and …”

Sabine Konrad B. Protection of Investments Owned by States S. 545-554

„… ’ (Congressional Research Service, 3 October 2011); Gregory MacKenzie, ‘ICSID Arbitration as a Strategy for …” „… by no means a recent development.6 In fact, one of the most quoted cases in international law, the …” „… ., Ceskoslovenska Obchodni Banka, A.S. v. Slovakia, ICSID Case No. ARB/97/4; Fraport A.G. Frankfurt Airport Services …”

August Reinisch II. The Interpretation of International Investment Agreements S. 372-410

„… Law’,in OECD (ed), International Investment Law. A Changing Landscape (OECD, 2005) 43–72, available at …” „… apply the law of the Contracting State party to the dispute (including its rules on the conflict of laws …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 3. General International Law as Relevant Context. . . . . . . . . . . . . . . . . . . . . . 40 E …”

Ursula Kriebaum III. Arbitrary/Unreasonable or Discriminatory Measures S. 790-806

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 2. Provided for by the Law …” „… , Ernst-Ulrich Petersmann (eds), Human Rights in International Investment Law and Arbitration (Oxford University …” „… (JurisNet, 2008) 63–100; Olivier De Schutter, International Human Rights Law (Cambridge University Press …”

Sabine Konrad C. Protection for Non-Profit Organisations S. 555-565

„… Promoting NGOs and their Activities (Kluwer Law International, 2003); Rudolf Dolzer and Christoph Schreuer …” „… , Principles of International Investment Law (Oxford University Press, 2008); EU Network of Independent Experts …” „… , ‘Establishing Jurisdiction Through a Most-Favored-Nation Clause’, 233 (105) New York Law Journal (2 June 2005 …”

Andrew Newcombe B. The Americas S. 202-220

„… (ed), Latin American Investment Treaty Arbitration: The Controversies and Conflicts (Kluwer Law …” „… doctrines in international investment law, including the Hull rule, arose out of economic and political …” „… America and ICSID: David versus Goliath’ (2011) 17 Law & Bus. Rev. Am. 195–230, 226. 7 The Union of South …”

Marc Bungenberg, Manjiao Chi C. Chinese Investment Law S. 221-239

„… investment law focuses on laws of enterprises, and is composed of several major laws and a large number of …” „… Ventures23 and the Law of Foreign-Owned Enterprises24 (collectively ‘foreign investment laws’). China’s …” „… C. Chinese Investment Law1 Marc Bungenberg and Manjiao Chi 1. Introduction – Chinese Investment …”

Jan K. Schäfer I. Alternatives to Investment Arbitration S. 1186-1211

„… at http://www.law …” „… Resolution in Civil and Commercial Law (presented by the Commission), Brussels, 19.4.2002 COM(2002) 196 final …” „… : German Law on Mediation (Mediationsgesetz), 21 July 2012, BGBl. I, p. 1577. Chapter 11: Dispute …”

August Reinisch IV. The Likely Content of Future EU Investment Agreements S. 1884-1903

„… and services, and the commercial aspects of intellectual property, foreign direct investment, the …” „… Foreign Investment Law (Oxford University Press, 2011); Frank Hoffmeister and Güneş Ünüvar, ‘From BITS and …” „… provisions that could be regarded as covered by a broad understanding of trade in services powers.4 With the …”

Giorgio Sacerdoti, Matilde Recanati XIII. Approaches to Investment Protection outside of Specific International Investment Agreements and Investor-State Settlement S. 1839-1862

„… Subsidiary between Treaty Protection and Customary Law: from Barcelona Traction to ELSI and Diallo …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Literature: Georges Abi-Saab, ‘The International Law of Multinational Corporations: A Critique of …” „… General International Law’ (2008) 57 ICLQ 361–401; Peter Muchlinski, ‘Diplomatic Protection of Foreign …”

Arno Gildemeister V. Investment Law and Taxation S. 1677-1691

„… V. Investment Law and Taxation Arno Gildemeister A. Introduction …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Literature: Arthur R. Albrecht, ‘The Taxation of Aliens Under International Law’ (1952) 29 BYIL …” „… Jacques Werner and Arif Hyder Ali (eds), A liber amicorum: Thomas Wälde – law beyond conventional thought …”

Noah Rubins, Ben Love I. Ratione Temporis S. 481-494

„… difficult issues in international law, and investment treaties present no exception. In general, investment …” „… have accordingly produced a body of inconsistent case law that often falls short of clearly delineating …” „… rules of international law articulated in other decisions applying specific treaty language to derive …”

Anthony Sinclair VII. Umbrella Clause S. 887-958

„… may attach, particularly by manipulating its law-making processes to that end. Tribunals have …” „… Over Contract Claims – the SGS Cases Considered’ in Todd Weiler (ed), International Investment Law and …” „… Arbitration: Leading cases from the ICSID, NAFTA, Bilateral Treaties and Customary International Law (Cameron …”

Marc Bungenberg, Jörn Griebel, Stephan Hobe, August Reinisch Chapter 1: General Introduction to International Investment Law S. 1-5

„… this volume. 11 See Markus Krajewski, ‘Investment Law and Public Services’, ch. 13.III., 1631–1645 in …” „… Chapter 1: General Introduction to International Investment Law Marc Bungenberg, Jörn Griebel …” „… , Stephan Hobe and August Reinisch The last two decades have firmly established international investment law …”

Jean-Christophe Honlet, Barton Legum, Anna Crevon A. ICSID Annulment S. 1431-1459

„… Oxford Handbook of International Investment Law (Oxford University Press, 2008) 1125–1153; Walid Ben …” „… Reed, Jan Paulsson and Nigel Blackaby, Guide to ICSID Arbitration (Kluwer Law International, 2010); W …” „… . 14 (Kluwer Law International, 2009) 285–317; Katia Yannaca- Small (ed), Arbitration under …”

Ursula Kriebaum VIII. Expropriation S. 959-1030

„… ? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 1. Treaty Law …” „… Natural Resources in International Law (Some Aspects)’ (1979) 162 RC 245–317; Ian Brownlie, Principles of …” „… Public International Law (Oxford University Press, 2003); John P. Bullington, ‘Problems of International …”

Joachim Steffens II. Excursus: German Political Risk Insurance S. 1552-1568

„… centre of global high-growth markets, a local presence in the form of manufacturing and service facility …” „… compliance with budgetary law. The Committee also examines how the political risk insurance instrument can be …” „… under service contracts, as well as cross-border concessions, licences, and bonds. The Investment …”

Richard Happ A. The Energy Charter Treaty S. 240-260

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 Literature: Peter D. Cameron, International Energy Investment Law (Oxford University Press, 2010 …” „… 1947 and GATT 1994) and WTO law apply by reference.8 Thus, WTO law is applicable between contracting …” „… territorial sea; and (b) subject to and in accordance with the international law of the sea: the sea, sea-bed …”

Stefan Kroll VII. Enforcement of Awards S. 1482-1504

„… the wrong law to the service contract with Chromalloy (civil law instead of administrative law). 55 …” „… under the national laws based on the Model Law see UNCITRAL, 2012 Digest of Case Law on the Model Law on …” „… under the Local Arbitration Law . . . . . . . . . . . . . . . . . . . . . . . 39 E. Enforcement of ICSID …”

Michael Waibel II. Investment Arbitration: Jurisdiction and Admissibility S. 1212-1287

„… Press, 2012), available at http://opil.ouplaw.com/view/10.1093/law:epil/9780199231690/law-9780199231690 …” „… repealed. The investor would have needed to accept the offer to arbitrate in writing prior to the law’s …” „… and Applicable Law. . . . . . . . . . 28 B. Giving and Withdrawing Consent to Arbitrate …”

Bruno Simma, Dirk Pulkowski I. Two Worlds, but Not Apart: International Investment Law and General International Law S. 361-371

„… Regimes in International Law’ (2006) 17 EJIL 483–530; Joseph H. Weiler, ‘The Rule of Lawyers and the Ethos …” „… investment law without any obvious kernel that investment lawyers tend not to perceive their discipline as …” „… remainder of international law than trade lawyers, who, as the system was at least prior to the …”

Katharina Diel-Gligor, Rudolf Hennecke D. Investment in Accordance with the Law S. 566-576

„… D. Investment in Accordance with the Law Katharina Diel-Gligor and Rudolf Hennecke 1. Introduction …” „… . Philippines’ (2008) 2 SchiedsVZ 49–58; Andrea Carlevaris, ‘The Conformity of Investments with the Law of the …” „… ), Black’s Law Dictionary (Thomson West, 2004); Robert Hunter, ‘When is an “Investment” an “Investment …”

Irmgard Marboe V. Valuation in Cases of Breach of Contract S. 1103-1114

„… not international law. Yet, as regards valuation, the applicable contract laws generally also require …” „… as known in Roman law and national contract laws in order to fit to the specificities of long-term …” „… interest which exist in some national contract laws, in particular common law countries.31 Sometimes, it is …”

Irmgard Marboe I. The System of Reparation and Questions of Terminology S. 1031-1044

„… , ‘Unjustified Enrichment in International Law’ (1974) 22 Am. J. Comp. L. 281–301; Sea-Land Services v. Iran …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 C. The System of ‘Reparation’ under the Law of State Responsibility. . . . . 9 1. Restitution …” „… ), Investment Treaty Law. Current Issues III (British Institute of International and Comparative Law, 2008 …”

Markus Perkams B. Protection for Legal Persons S. 638-652

„… international law. In those laws, they are used to determine the existence of a legal person, see Matthias …” „… Case Law’ in Federico Ortino, Lahra Liberti, Audley Sheppard and Hugo Warner (eds), Investment Treaty …” „… Law Current Issues II (BIICL, 2007) 17– 23; Aron Broches, ‘The Convention on the Settlement of …”

Jörn Griebel D. The New EU Investment Policy Approach S. 304-325

„… Griebel and Steffen Hindelang (ed), International Investment Law and EU Law (Springer, 2011); Marc …” „… 123–151; Markus Burgstaller, ‘European Law and Investment Treaties’ (2009) 26 J. Int’l Arb. 181–216 …” „… ; Angelos Dimopoulos, EU Foreign Investment Law (Oxford University Press, 2011); Thomas Eilmansberger …”

Andrea K. Bjorklund B. NAFTA’s Contributions to Investor-State Dispute Settlement S. 261-282

„… (Kluwer Law International, 2006, updated 2008, 2009); Céline Lévesque, ‘Influences on the Canadian FIPA …” „… 21–101; Todd Weiler (ed), NAFTA Investment Law and Arbitration: Past Issues, Current Practice, Future …” „… standards of treatment in international investment law: national treatment; the minimum standard of …”

Lars Markert, Helene Bubrowski B. National Setting Aside Proceedings in Investment Arbitration S. 1460-1481

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 (1) Applying the Wrong Law …” „… Investment Law and Arbitration: Past Issues, Current Practice, Future Prospects (Transnational, 2004) 359 …” „… literature on international investment law. This might be due to two main reasons. First, investment …”

Jorge E. Viñuales VII. Investment Law and Sustainable Development: The Environment breaks into Investment Disputes S. 1714-1738

„… law as may be applicable. Thus, in the absence of a choice of law clause, the laws of the host State …” „… VII. Investment Law and Sustainable Development: The Environment breaks into Investment Disputes1 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 D. Applying (International) Environmental Law …”

Morris Besch II. Typical Questions Arising within Negotiations S. 93-152

„… made with the support of a conflict of laws reference to the applicable substantive law. Unlike in a …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 B. Choice of Law Clauses …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1. Importance of Explicit Choice of Law in State Contracts . . . . . . . . . . . 5 2. Exclusive …”

Irmgard Marboe III. Valuation in Cases of Expropriation S. 1057-1081

„… , namely the law of State responsibility.28 The relevance of the distinction between lawful and unlawful …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1. Compensation Standard under Treaty Law . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 1. Customary Law Standard of the Law of State Responsibility. . . . . . . 29 2. Applicable …”

Monique Sasson III. Investment Arbitration: Procedure S. 1288-1372

„… conflict of laws) and such rules of international law as may be applicable. (2) The Tribunal may not bring …” „… Investment Law for the 21st Century (Oxford University Press, 2009); Gary Born, International Arbitration …” „… (Kluwer, 2010); John Collier and Vaughan Lowe, The Settlement of Disputes in International Law …”

doi.org/10.5771/9783845258997

Thomas M.J. Möllers - Vielfalt und Einheit

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Thomas M.J. Möllers (ed.)

Vielfalt und Einheit

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 19 2008

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Eddy Wymeersch Standardisation by law and markets especially in financial services S. 19-38

„… 19 Standardisation by law and markets especially in financial services Eddy Wymeersch I …” „… , self-regulation and soft law in financial services lend itself to a very wide range of analyses. The use of this …” „… . Standardisation 19 II. Standardisation, self-regulation and soft law 24 III. Standardisation by the law and …”

Paul Fenn, Alastair Gray, Neil Rickman Liability standards and medical malpractice S. 231-242

„… answers. Thus, whilst the British National Health Service (NHS), Germany and much of the US, uses a …” „… UK face the same system of civil law, and the basis of liability has remained unchanged for …” „… Health Service Litigation Authority (NHSLA), a central agency set up to pool litigation risks through …”

Titelei/Inhaltsverzeichnis S. 2-8

„… Wymeersch Standardisation by law and markets especially in financial services 19 Manuel René Theisen …” „… Schriften des Augsburg Center for Global Economic Law and Regulation Arbeiten zum Internationalen …” „… and Law (GBL) aus Deutschland, Europa und den USA zu Thema „Vielfalt und Einheit – Wirtschaftliche …”

Eckhard Nagel, Michael Freitag Möglichkeiten und Grenzen der Standardisierung in der Medizin S. 209-230

„… , Deeming C, Inverse care law, Health Service Journal 2001, 111: 37. Marmot M, The status syndrome. How …” „… of Medicine in den USA wie folgt definiert: “The degree to which health services for individuals and …” „… Inverse Care Law: "The availability of good medical care tends to vary inversely with the need for it in …”

Manuel René Theisen Herausforderungen und Hürden für eine "Gute Corporate Governance“ – eine betriebswirtschaftliche Standortanalyse. S. 39-64

„… Finanzen vgl. zuletzt Wymeersch, Standardization by law and markets especially in financial services …” „… die spezifische „in-between“-Situation zwischen „law“ und „market“, die damit verbundenen …” „… theory in this debate. He picks the specific german “in-between”-situation out as a central theme: “Law …”

Susanne Kalss Amtshaftung und Compliance als Instrumente zur Durchsetzung kapitalmarktrechtlicher Regelungen – diskutiert am Beispiel Österreich S. 81-106

„… Grenzen der Leistungskraft erkennbar. Capital markets law has become one of the most regulated fields of …” „… economic law. Apart from the detailed substantive rules enforcement has proved as important twin, as the …” „… Regulation, in Basedow/Baum/Hopt/Kanda/Kono, Economic Regulation and Competition, Regulation of Services in …”

doi.org/10.5771/9783845208480

Matthias Rossi - Die Europäische Dienstleistungsrichtlinie und ihre Auswirkungen auf die Rechtsordnungen Italiens und

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Matthias Rossi (ed.)

Die Europäische Dienstleistungsrichtlinie und ihre Auswirkungen auf die Rechtsordnungen Italiens und

Series: Augsburger Rechtsstudien

Volume 71 2012

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Peter Kindler The Influence of the Services Directive on German-Italian Private-Law Relations S. 43-56

„… 43 The Influence of the Services Directive on German-Italian Private- Law Relations Peter Kindler …” „… with the “quality of services“ (Articles 22 et seq.). From a private law perspective this leads to the …” „… Conflict of Law Rules – General Remarks A few months after the enactment of the Services Directive …”

Christian Hufen The approval fiction in Article 13 Par. 4 Services Directive in German Administrative Procedural Law S. 73-90

„… respect to substantive law.42 If the provision of services violates other laws, it seems evident that the …” „… Procedural Law Christian Hufen* A. Services Directive and simplification of procedures As we have learned …” „… ex-post-control. The authorities would only intervene if they notice a violation of law committed by services …”

Isabella Risini The Approval Fiction in the EU-Services Directive and its Implementation in German and Italian Administrative Law S. 11-30

„… Administrative Law Isabella Risini* In this paper, I analyze Article 13 of the 2006 EU Services Directive,1 …” „… procedural law through the ECJ’s jurisprudence has to be taken into account. Until the Services Directive …” „… 11 The Approval Fiction in the EU-Services Directive and its Implementation in German and Italian …”

Anselmo Barone, Paolo Pasqualis The European Directive on Services and the Notarial Profession in Italy S. 91-98

„… services) for “12) acts requiring by law the involvement of a notary”. Italian lawmakers followed word …” „… civil law jurisdictions, the notary 1. is a lawyer (graduate in law); 2. is also a “public officer …” „… Barone is lawyer in Rome and specialized, among others, in the Law of the European Union. 92 4. is a …”

Vera Parisio “Bolkestein” Directive, tacit consent, D.I.A. (S.C.I.A.) in the administrative procedure S. 57-72

„… “service conference” (“conferenza di servizi” is a formal agree- 5 The current wording of Article 20 of law …” „… also by regional laws, was answered by d. l. No. 70/2011, turned into law No. 106/2011, which …” „… Consolidated law on building, besides regional laws. Recently, the legislators, in fact, in Article 5 of d. l …”

Titelei/Inhaltsverzeichnis S. 2-6

„… Services Directive in German Administrative Procedural Law 73 Anselmo Barone and Paolo Pasqualis The …” „… Dienstleistungsrichtlinie und ihre Auswirkungen auf die Rechtsordnungen Italiens und Deutschlands The European Services …” „… Vorwort und Einführung 7 Isabella Risini The Approval Fiction in the EU-Services Directive and its …”

doi.org/10.5771/9783845241869

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