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 .

aims

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 ).

structure

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

The financial market law of the European Union comprises primary law provisions in the contracts and z. B. the following secondary legal acts based on this (alphabetical order, examples):

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
ESRB-ECB-VO
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)

In addition, there are numerous other requirements of the institutions of the European Union (e.g. the European Commission or the ECB ).

Demarcation

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).

literature

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 .

Web links

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)

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↑ 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. . @1@ 2

[1] For example in Art. 26 para. 2, 55, 58 ff, 63 ff, 75, 127 ff, 282 ff, 308 ff TFEU .