Financial market law
The financial market law includes the legal basis of a financial market with respect to (z. B. money market, credit market, foreign exchange market, institutions, consulting, etc.) and the provisions of the regulation and supervision of markets and institutions.
Financial market itself is a generic term for all markets on which capital is traded . Financial market law is therefore the generic term for the legal norms that create and regulate these markets (e.g. financial market supervision law, securities law, foreign exchange law, banking law, etc.) and soft law (e.g. voluntary agreements to protect the integrity of the banking sector). However, the term itself is not strictly delimited and is changing, since financial market law is a typical cross-sectional matter and in the past gave rise to ad hoc legislation in part due to certain (crisis) situations .
The primary goal of financial market law is the stability of the national or community financial market. Since the financial crisis in 2007 in particular , attempts have been made to achieve this through (again) increased regulation and supervision of the financial markets, improved accountability and transparency in the financial system, combined with extensive documentation and disclosure obligations, whereby above all mandatory standards of financial market law are applied and less on z. B. voluntary self-commitments (soft law) is set (see USA: Dodd – Frank Act ).
Financial market law is mainly divided into regulations:
- to banks and credit institutions , insurance companies and pension and investment funds etc .;
- to the stock exchanges ;
- to securities firms and investment services , investment advice ;
- to rating agencies ( ECAI );
- on capital adequacy on the adequacy of the equity base of a financial market institution;
- for payment transactions ;
- on the various financial instruments (e.g. stocks , bonds , raw materials , funds , derivatives , energy trading, etc.);
- on due diligence ( compliance ) and combating money laundering and terrorist financing ;
- to prevent market abuse;
- to create transparency ;
- to regulate the design and publication of prospectuses ;
- to market infrastructure;
- for distance selling and consumer protection ;
- for investor protection and compensation;
- to conglomerates ;
- for financial market supervision in national and community areas.
National financial market law in the member states of the European Union is largely shaped by the provisions of Community law.
European Union financial market law
- AIFM Directive and AIFM Regulation
- Investor Compensation Policy
- Client data regulation
- Bank Liquidation Directive
- Definitions guideline MLD²
- Derivatives Ordinance including implementing measures
- EBA -VO
- E-Money Directive
- Deposit Guarantee Policy
- EIOPA Regulation
- Issuer Directive (TD-RL²)
- ESMA Regulation
- ESRB Regulation
- EU FMA
- Remote finance policy
- Finality Directive (SFD)
- Financial Market Directive and Implementing Measures
- Financial Collateral Directive (FCD)
- Money Laundering Directive (MLD)
- Capital Adequacy Policy (CAD)
- Car Liability Insurance Policy
- Market Abuse Regulation
- Listing Policy
- UCITS Directive and UCITS Regulation
- Pension Fund Directive
- Prospectus Directive (PD) including implementing measures
- Rating agency ordinance including implementing measures
- REMIT regulation
- SEPA regulation
- Short-Selling Regulation including implementing measures
- Transparency Policy (TD)
- Greenhouse gas regulation
- Insurance intermediary directive
- Transfer Ordinance
- Payment Services Directive (PSD)
- Financial law is a branch of public law . Financial market law, on the other hand, essentially comprises the regulations that relate to the actions of private actors in the financial markets.
- Financial services (partly identical to the financial industry ) are the services that private actors provide within the framework of financial market law.
- The capital market law overlaps thematically to a very large extent with the financial market law. Capital market law is also a cross-divisional discipline, but is (closely) connected to areas of law such as stock corporation law, securities law and stock exchange law, but does not include them (like financial market law).
- Andreas Abegg u. a. [Ed.], Principles of Financial Market Law, a textbook for an introduction to financial market law, with repetition questions, cases and literature reviews , Zurich 2014, Schulthess Legal Media, ISBN 978-3-7255-6992-2 .
- Peter Nobel, Swiss financial market law and international standards , 3rd edition, Bern 2010, Stämpfli Verlag, ISBN 978-3-7272-8651-3 .
- Susanne Schmidt : Market without Morals - The Failure of the International Financial Elite , Vlg. Droemer Knaur, Munich 2010, ISBN 978-3-426-27541-2 .
- Franco Taisch, Finanzmarktrecht , 2nd edition, Zurich 2010, Schulthess Verlag, ISBN 978-3-7255-6132-2 .
- Website of the Institute for Financial Law at the Law Faculty of the University of Vienna
- kapitalmarktrecht-im-internet.eu - overview with further references ( Thomas MJ Möllers , University of Augsburg)
- For example in Art. 26 para. 2, 55, 58 ff, 63 ff, 75, 127 ff, 282 ff, 308 ff TFEU .
- The terms “capital market” and “financial market” as well as “capital market law” and “financial market law” are mostly used synonymously. In fact, the term “financial market” is more comprehensive and includes the term “capital market” (Alexander Gancz) under archive link ( memento of the original from April 23, 2014 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. .