European Regulation Relating to Issues of Securities
| Jurisdiction | United Kingdom |
| Pages | 1-83 |
| Author | Raj Panasar,Philip Boeckman |
PART1
REGULATORY FRAMEWORK
INEUROPE
1. European Regulation Relating to Issues of Securities 3
1
European Regulation Relating toIssues
ofSecurities
1.1 Introduction 1.01
1.1.1 Background to the Directives 1.03
1.1.2 European markets 1.17
1.1.3 Structure of European legislation 1.21
1.2 Overvi e w 1.24
1.2.1 Fair treatment and responsibility 1.26
1.2.2 Disclosure 1.37
1.2.3 Ongoing investor protection 1.45
1.2.4 Summary 1.49
1.3 Fairness and Responsibility— Initial
Considerations 1.50
1.3.1 Authorization 1.51
1.3.2 Product governance 1.52
1.3.3 Is the issue within the scope
of PRIIPs? 1.59
1.3.4 Conicts and inducements 1.65
1.3.5 Research 1.71
1.3.6 Market abuse and market soundings 1.75
1.3.7 Advertisements before oer 1.83
1.3.8 Underwriting 1.86
1.3.9 Allocations 1.88
1.4 Disclosure— Initial and Ongoing 1.90
1.4.1 Initial disclosure— the
Prospectus Regulation 1.96
1.4.2 Timely ongoing disclosure— the
Market Abuse Regulation 1.185
1.4.3 Regular ongoing disclosure— the
Transparency Directive 1.199
1.4.4 General comments on the
disclosure regimes 1.235
1.4.5 Accounting and audit 1.241
1.4.6 Sustainable nance and disclosure 1.252
1.5 Ongoing Investor Protection 1.260
1.5.1 Keeping the market clean— the
Market Abuse Regulation 1.260
1.5.2 Intermediation— MiFID II 1.294
1.5.3 Controlling predators 1.322
1.6 Some Conclusions 1.342
Acronyms and denitions used inthetext
Acronym Denition Reference
Accounts
Directive Directive 2013/ 34/ EU Ocial Journal L 182/ 19
CARD Directive 2001/ 34/ EC
CMU Action Plan on Building a Capital
Markets Union COM(2015) 468 nal
ESMA e European Securities and
Markets Authority
ESMA MAR ESMA Q&A on MAR ESMA70- 145- 111
ESMA PG ESMA Final Report— Guidelines on
MiFID II product governance requirements ESMA35- 43- 620
ESMA Risk
Guidelines ESMA Risk Guidelines October 2019 ESMA31- 62- 1293
FSAP Financial Services— building a framework
for action COM(1998) 625
MAR Regulation (EU) No 569/ 2014 Ocial Journal L 173/ 1
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