Skip to main content Accessibility help
×
Home
Hostname: page-component-56f9d74cfd-rpbls Total loading time: 0.431 Render date: 2022-06-26T21:30:39.937Z Has data issue: true Feature Flags: { "shouldUseShareProductTool": true, "shouldUseHypothesis": true, "isUnsiloEnabled": true, "useRatesEcommerce": false, "useNewApi": true }

Preface

Published online by Cambridge University Press:  16 July 2009

Eilís Ferran
Affiliation:
University of Cambridge
Get access

Summary

The European Union is the world's leading example of regional economic integration. Whilst integration of European securities markets has been on the policy agenda since the 1970s, this aspect of the market integration project acquired a new intensity after the European Commission's announcement in 1999 of an ambitious five-year Action Plan of policy objectives and specific measures to improve the single market for financial services. The Commission's Financial Services Action Plan has largely been adopted within its original timeframe, which is a remarkable achievement. However, many fascinating questions still remain and in this book I explore some of them.

Regulation, in its narrow rule-making sense, was the favoured policy tool employed in the Financial Services Action Plan. The new laws move significantly beyond early interventions, which concentrated on removing national barriers to cross-border activity by issuers, investors and intermediaries, and put in place increasingly detailed, standardised EU-wide re-regulation in the interests of market efficiency and investor protection. There is room for disagreement on whether the details are right in every respect. Certainly the close examination of the new regime for issuer disclosure contained in this book identifies a number of areas where the rules could be counterproductive in their practical operation. More fundamentally, it is open to question whether the emphasis on regulation in the Financial Services Action Plan was the right strategic approach.

Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2004

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)
1
Cited by

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

  • Preface
  • Eilís Ferran, University of Cambridge
  • Book: Building an EU Securities Market
  • Online publication: 16 July 2009
  • Chapter DOI: https://doi.org/10.1017/CBO9780511494765.001
Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

  • Preface
  • Eilís Ferran, University of Cambridge
  • Book: Building an EU Securities Market
  • Online publication: 16 July 2009
  • Chapter DOI: https://doi.org/10.1017/CBO9780511494765.001
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Preface
  • Eilís Ferran, University of Cambridge
  • Book: Building an EU Securities Market
  • Online publication: 16 July 2009
  • Chapter DOI: https://doi.org/10.1017/CBO9780511494765.001
Available formats
×