Source: https://es.b-ok.org/book/2221215/28277f
Timestamp: 2019-10-20 22:33:02
Document Index: 343346639

Matched Legal Cases: ['EWCA ', 'Art 12', 'Arts 18', 'Art 3', 'Art 4', 'Art 25', 'Art 25', 'Art 72', 'Art 72', 'Art 72', 'Art 72', 'Art 72', 'Art 72', 'Arts 76', 'Art 2', 'Art 2', 'Art 81', 'Art 81', 'Art 97', 'Art 43', 'Arts 44', 'Art 2', 'Art 2', 'Art 2', 'Art 6', 'Art 2', 'Art 3', 'Art 3', 'Arts 5', 'Arts 10', 'Arts 12', 'Art 1', 'Art 2', 'Art 9', 'Art 14', 'Art 14', 'Art 2', 'Art 2', 'Art 2', 'Art 2', 'Art 2', 'Art 2', 'Art 4', 'Art 4', 'Art 4', 'Art 4', 'Art 4', 'Art 4', 'Art 4', 'Art 4', 'Art 4', 'Arts 9', 'Art 11', 'Art 13', 'Art 13', 'Art 14', 'Art 14', 'Art 18', 'Art 19', 'Art 19', 'Art 19', 'Art 22', 'Art 22', 'Art 24', 'Art 24', 'Art 25', 'Art 25', 'Art 26', 'Art 27', 'Art 27', 'Art 29', 'Art 29', 'Art 30', 'Art 31', 'Art 32', 'Art 32', 'Art 33', 'Art 34', 'Art 35', 'Art 36', 'Art 38', 'Art 39', 'Art 39', 'Art 40', 'Art 42', 'Art 42', 'Art 42', 'Art 42', 'Art 43', 'Art 44', 'Art 44', 'Art 45', 'Art 46', 'Art 2', 'Art 3', 'Art 3', 'Art 4', 'Art 7', 'Art 7', 'Art 7', 'Arts 17', 'Arts 4', 'Art 2', 'Arts 3', 'Arts 18', 'Arts 24', 'Arts 32', 'Arts 41', 'Arts 45', 'Arts 59', 'Arts 73', 'Art 2', 'Art 13', 'Art 14', 'Art 14', 'Art 14', 'Art 14', 'Art 16', 'Art 16', 'Art 16', 'Art 17', 'Art 17', 'Art 18', 'Art 19', 'Art 30', 'Art 32', 'Art 45', 'Art 50', 'Art 3', 'Arts 6', 'Arts 14', 'Arts 19', 'Arts 21', 'Arts 26', 'Arts 4', 'Arts 15', 'Arts 36', 'Art 16', 'Arts 11', 'Arts 13', 'Art 19', 'Arts 25', 'Arts 58', 'Arts 60', 'Art 29', 'Arts 1', 'Arts 5', 'Arts 24', 'Arts 51', 'Art 2', 'Arts 22', 'Arts 30', 'Art 2', 'Arts 21', 'Arts 27', 'Art 52', 'Art 4', 'Art 5', 'Art 5', 'Art 5', 'Art 5', 'Art 20', 'Art 20', 'Art 2', 'Art 20', '§230', '§ 21', '§ 113', '§ 619', '§ 939', '§ 939', '§ 702', '§ 4', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 6', '§ 11', '§ 11', '§ 15', '§ 15', '§ 17', '§ 19', '§ 28', '§ 28', '§ 8', 'Art 3', 'Art 1', 'Art 105', 'Art 16', 'Art 65', 'Arts 290', 'Art 3', 'Art 1', 'Art 9']

Financial Markets and Exchanges Law | Michael Blair QC, George Walker, Stuart Willey | download
Principal Financial Markets and Exchanges Law
ISBN 10: 0199601658
ISBN 13: 9780199601653
securities1747
markets1408
trading1142
settlement777
directive725
mifid631
investment628
regulatory584
fsa581
exchanges547
transactions497
islamic469
regulated466
crest430
transaction428
client331
debt327
regulations321
rating305
obligations304
para301
treasury285
paras284
otc273
participants260
assets245
transparency244
lch242
regime234
reporting234
euroclear227
equity227
fsma200
futures198
requirement196
oversight193
custodian192
prospectus192
financial markets191
issuer190
disclosure183
Marc Ferro, Malcolm Brown, Remy Cazals, Olaf Mueller, Helen McPhail
ISBN 978–0–19–960165–3
In the five years since the first edition of this book, there has been a great deal of change in the field that it covers. We hope therefore that this second edition will be welcomed by all of its readers and users.
A substantial proportion of this development is attributable, directly or indirectly, to the financial crisis of 2008 and its after-effects. For example, the new emphases on macro-prudential matters and on ‘resolution’, while mainly concerned with financial banking and trading institutions of systemic importance, do not leave untouched the ways in which the organized markets themselves now operate.
Financial regulators globally have identified a new key policy objective with the desirability of minimizing and containing contagion and systemic risk. This objective has created a heightened interest in ‘infrastructure’, including not only clearing houses, but also payments systems and other market service providers. Indeed, the focus of regulation has, over the time since our first edition, moved to some extent away from organized markets and the clearing and settlement systems that support them, and new changes are in place or proposed to reduce the risks now identified in the less intensively supervised trading environments in in-house trading systems and in over-the-counter (OTC) markets.
In both editions of this work, we have taken a broad interpretation of ‘markets and exchanges’ to include not only formal and informal markets, but also systems for market support, including those for making and recording payments, as well as the clearing, settling, and reporting of securities transactions. As to informal markets, the treatment of the OTC market has been expanded in this second edition. Trade reporting, which has now become an important aspect of the oversight of the less formal trading arrangements, now features in this edition in its own right.
The arrival of an EU Directive on Payment Services has meant that the new edition gives an account of the reorganization of this area at the European and UK levels. Readers will also find a new treatment of the management of the public debt in the UK and an enhanced coverage of global custody. Finally, the fact that the role of credit rating agencies has come under closer scrutiny since the financial collapse has also meant that this element of the financial infrastructure and its regulation now feature in this work for the first time.
In the UK, the financial crisis of 2008 has led directly (albeit also with a change in government) to proposals to reorganize fundamentally the financial regulatory structure itself. At the time of writing, the Financial Services Bill is still before Parliament and its final effects are not yet fully clear. However, one clear conclusion is that the Bank of England will emerge at the centre of this structural reorganization with an even more substantial and extended role. Its remit is significantly enlarged and the oversight functions that it lost in 1997–2001 are being returned as part of an even wider supervisory responsibility. This is the main purpose of the Bill, even if prudential powers relating to specific institutions are to be operated through a subsidiary and not, as before, directly, albeit with some answerability to a partly external supervisory board within the Bank. In this edition, we have sought to recognize these changes by offering a new chapter early in the book devoted to the Bank of England in its new and forthcoming landscape.
Structural change has not been limited to the UK. In the European Union as a whole, the central institutions concerned with the policy content and effectiveness of financial regulation have been refashioned and their powers have been substantially extended again. The financial crisis has given impetus to the establishment of three influential new European Supervisory Authorities (ESAs). These bodies also have been given nascent powers of direct intervention in financial markets, as well as new legislative powers. Here, too, we offer a chapter describing this process of change and its effect.
At the time of the first edition, the Markets in Financial Instruments Directive 2004 (MiFID) was about take effect through transposition into the law of the member States. It represented the first phase, building on the early work in 1992 with the Investment Services Directive, in embedding the European principles of fair and open access and equal treatment in the field of financial services. The application of MiFID and of others in its wake on different aspects of securities trading has led to changes in practice and in the marketplace itself. Two apparently conflicting developments—that is, first, the arrival of new market entrants, bringing competition between different types of trading venue, and, second, the process of consolidation among established exchanges in the search for greater efficiency—have both been noticeable in this period.
In this context, we also include a new chapter on the still relatively recent group of Financial Services Authority (FSA) rule modules affecting securities, especially those that are listed or admitted to trading on UK regulated markets. This area has been overhauled as a result of several key EU directives on prospectuses, transparency, and market abuse, and now receives detailed treatment in this work.
We give some account of these developments on the ground, and, in relation to the Directives themselves, we devote a chapter to this general area of EU law, contributed by colleagues from Switzerland (a non-EU country).
Only five years on, a new initiative is under way to overhaul and expand the footprint of MiFID. Accordingly, in the UK, there is currently in progress a double process of adaptation and reform—that is, in the Financial Services Bill and also in the European legislative arena. Where relevant, the individual chapters of this work seek to give an account of both proposed and likely future developments in each area.
The international reach of the book has also been reconsidered and enlarged. The chapters on international institutions show how the pace of modernization has not slackened worldwide. And we are also happy to have been able to include new chapters on two of the most important international financial markets: New York and Hong Kong.
Most of the chapters in the previous edition of the book remain, but each of them has been revised so as to cover the developments in the relevant areas over the last five or six years.
We would like to record our most grateful thanks to three persons working in the Oxford University Press without whom this edition would never have seen the light of day: Rachel Mullaly, Lucinda Yeates, and Faye Judges. Editors are fortunate indeed to be supported by such able and untiring colleagues.
2. Exchange Review, Regulation, and Evolution
Guy Morton and Andrew Marsh
PART II UK SECURITIES MARKETS
4. Recognized Investment Exchanges (RIEs) and Recognized Clearing Houses (RCHs)
5. The Listing, Prospectus, and Disclosure and Transparency Rules
Will Pearce and Antonia Kirby
6. Multilateral Trading Facilities (MTFs)
PART III UK MONEY, DEBT, AND DERIVATIVES MARKETS
9. UK Government Debt Management and the Gilt Market
PART IV UK PAYMENT AND SETTLEMENT
PART V EUROPEAN MARKETS AND EXCHANGES
14. Regulation and Consolidation of European Markets and Exchanges
Markus Kaempf and Peter Nobel
PART VI INTERNATIONAL MARKETS AND EXCHANGES
16. The Architecture of International Financial Regulation
Douglas W Arner and Berry FC Hsu
Amr Marar, Nik Norzrul Thani, and Lily Adelina Hashim
Electronic trading and internal order books
Financial crisis stages
London International Financial Futures Exchange (Euronext.LIFFE)
Gilt and cheque clearing
Exchange regulation, structure, and operation
Exchange structure and ownership
Exchange conduct
Market and exchange evolution
Capital role and private investment
Financial integration and global contribution
Brief history of the Bank and its functions
The Bank’s constitution
The Bank as banker
The Bank and Monetary Policy
Setting Bank Rate and its effects
The Bank’s money market operations
The use of repo transactions
‘Normal’ operations for monetary policy purposes
The current system of monetary policy money market operations
Money market operations for liquidity insurance purposes
The financial stability objective
The financial stability MoU
Liquidity provision and bank resolution
The rationale for liquidity insurance
Regulation under the Financial Services and Markets Act 2000
Scope of regulation: the requirement for authorisation/exemption under the FSMA
Exemption under Pt XVIII FSMA
UK and overseas bodies
Power to refuse recognition on grounds of excessive regulatory provision
UK bodies: general requirements
Recognition requirements for overseas bodies
Supervision of recognized bodies
Powers of the Financial Services Authority
Other provisions relating to financial markets and insolvency
Immunity under s 291 FSMA
Regulated markets under MiFID
Approval of overseas investment exchanges and clearing houses under the Insolvency Act 1989
Designated investment exchange status
Principal areas of impact on exchanges
Impact on clearing houses
5. The Listing, Prospectus, Disclosure, and Transparency Rules
Standard and premium listing
Preliminary matters (LR 1)
Requirements for listing (LR 2)
Listing applications (LR 3)
The Professional Securities Market (LR 4)
Suspending, cancelling, and restoring listing (LR 5)
Transfers between premium and standard listings (LR 5.4A)
Additional requirements for premium listing (LR 6)
Sponsor regime (LR 8)
Continuing obligations (LR 9)
The Model Code (LR 9, Annex 1)
Related-party transactions (LR 11)
Dealing in own securities and Treasury shares (LR 12)
Contents of circulars (LR 13)
Standard listing (LR 14)
Closed-ended investment funds (LR 15)
Open-ended investment companies (LR 16)
Debt and debt-like securities (LR 17)
Certificates representing certain securities (LR 18)
Securitized derivatives (LR 19)
Miscellaneous securities (LR 20)
Home and host member States
When a prospectus is required (PR 1.2)
Meaning of ‘offer to the public’ (ss 85(1) and 102B FSMA)
Admission of securities to trading on a regulated market (s 85(2) FSMA)
Exceptions to the requirements for a prospectus
Exempt offers to the public (PR 1.2.2)
Exempt admissions to trading (PR 1.2.3)
General contents of prospectus (PR 2.1 and 2.3)
Prospectus summary (PR 2.1.2)
Format of prospectus (PR 2.2)
Incorporation by reference (PR 2.4)
Omission of information (PR 2.5)
Approval and publication of prospectus (PR 3.1)
Filing and publication of prospectus (PR 3.2)
Supplementary prospectus (PR 3.4)
Use of languages and third-country issuers (PR 4)
Validity of prospectus (PR 5.1)
Annual information update (PR 5.2)
Passporting (PR 5.3)
Persons responsible for a prospectus (PR 5.5)
Schedules and building blocks
Disclosure of inside information (DTR 2.2)
Delaying disclosure of inside information (DTR 2.5)
Monitoring and control of inside information (DTR 2.6)
Insider lists (DTR 2.8)
Transactions by PDMRs and their connected persons (DTR 3)
Notification of acquisitions or disposals of major shareholdings (DTR 5)
Continuing obligations and access to information (DTR 6)
Audit committee (DTR 7.1)
Corporate governance (DTR 7.2)
Regulatory challenges posed by alternative trading infrastructure
Pre-MiFID regime for alternative trading systems
EU regulatory framework under MiFID
Definition of an MTF
Obligations associated with the operation of an MTF
Other provisions specific to MTFs
Other provisions of MiFID relevant to investment firms operating MTFs
UK regulation of MTFs
Licensing requirement: the requirement for authorization/exemption under the Financial Services and Markets Act 2000
Licensing alternatives: authorization vs recognition
Obligations specific to MTFs: superequivalent requirements
General regulatory obligations of authorized firms operating MTFs
Differences between RIEs and MTFs
Principal areas of impact on MTFs
Transaction reporting and market abuse
Transaction reporting and the European Economic Area
The UK market abuse regime
Identifying counterparties and instruments
PART III UK MONEY, DEBT AND DERIVATIVES MARKETS
Sterling money markets and the Financial Services and Markets Act 2000
Exclusions and exemptions from the FSMA of relevance to money markets and gilts markets
FSA regulation prior to 1 November 2007
FSA regulation subsequent to 1 November 2007
New client categorization regime: the Conduct of Business Sourcebook and the eligible counterparty regime
MiFID business and the ECP regime
Non-MiFID business and client categorization
Disapplication of COBS requirements to business done with or for ECPs
Effect of the abolition of the IPC Code
MiFID II changes on the horizon
Non-FSMA wholesale business: important market codes and market committees in the London money markets and gilts markets
Institutional structure for debt management
Overview of the Debt Management Office
Relationship of the Debt Management Account to the National Loans Fund
Debt management policy framework
Objective of UK government debt management
The role of the DMO in debt management
Debt management considerations during the period of fiscal consolidation
Annual financing remit
Implementation of the remit
The gilt market
Gilt market institutions and features
Gilt registration
Settlement of gilt trading
Regulation of the gilt market
Roles of the Financial Services Authority and London Stock Exchange
DMO operations in the gilt market
Treasury bill primary participants
Marketable debt portfolio
Futures and forward transactions
Underlying assets and other reference values
Organized markets in the UK
Closed markets: membership requirements
Rules and trading procedures
Clearing, settlement, and margin
The organized markets in London
Market associations active in London
The future of the UK markets
New statutory basis for oversight: the Banking Act 2009
Definition of a payment system: recognition under the Banking Act
Payment systems recognized under the Banking Act
Definition: the financial stability objective
Overview: risks and objectives
CPSS 2005 report
MoU on cooperation in relation to cross-border financial stability
Bank of England assessment of the UK payment systems in the 2010 Payments Oversight Report
Another new statutory framework?
Issues and priorities identified by the Bank of England
Market infrastructure resiliency system
Key EU legislative instruments
Objectives and tasks: overview
Consumer protection, including powers to prohibit or restrict financial activities temporarily
Powers in case of breach of EU law
Settlement of disagreements between national competent authorities
Direct EU-level supervisory powers
Recent EU instruments and legislative proposals: implications for the powers of ESAs
Organization of the ESAs
Joint bodies of the ESAs
Exchanges as the traditional marketplaces in EU member States
Regulation of the trading sector of securities markets: the Markets in Financial Instruments Directive (MiFID)
Choice among financial markets
Types of trading venue
Transaction reporting regime
The effects of MiFID
Fragmentation and market efficiency
Revision of the Markets in Financial Instruments Directive (MiFID II)
Further EU legal Acts regulating the trade sector of securities markets
The Consolidated Admissions and Reporting Directive (CARD)
The Prospectus Directive (PD)
The Transparency Directive (TD)
The Market Abuse Directive (MAD)
The Takeover Bids Directive
Regulation of the post-trading sector of securities markets
The Settlement Finality Directive (SFD)
The Financial Collateral Arrangements Directive
The proposed CSD Regulation
Regulation of the market for payments
Consolidation of exchanges and financial markets
The rationale of exchange consolidation
Examples of exchange consolidation
Regulatory barriers to consolidation
The development of European e-commerce
Cross-border business: problems of regulation
Harmonization: EU initiatives
The Electronic Commerce Directive (ECD)
‘Country of origin’ approach
Definition of ‘information society services’
‘Electronic commerce activities’; ‘electronic commerce communications’; ‘outgoing’ and ‘incoming’ ECA providers
The effect of the ECD
The Distance Marketing Directive (DMD)
Definition of ‘distance contract’
Definition of ‘financial service’
Implementation of the DMD by the FSA
‘Consumers’ and the DMD
The ‘country of origin’ principle
Initial service agreements and successive operations
The effect of the DMD
The Second Electronic Money Directive (2EMD)
Overview: the evolving international financial architecture Definition
The post-war Bretton Woods arrangements
The post-Bretton Woods system
The Asian crisis and the Financial Stability Forum
The Financial Stability Board and the G20 processes
Towards greater institutionalisation
International standards and standard-setting bodies
Related international settlement issues
Location of securities
Clearing and settlement recommendations and standards
The nature of the custody client’s asset
The MiFID Implementing Directive
The Financial Collateral Directive
The 1970s: movement to the ‘issuer pays’ model and certification
The 1990s: structured finance transactions
Market dominance and other agencies in the industry
The role and function of the credit rating agency
Definition of a ‘credit rating agency’
The economic role of the credit rating
The interpretation of credit ratings
Scope of the credit rating market
The ratings scales
Ratings-based regulations
The use of credit ratings in US legislation
The use of credit ratings in European law
Recognition regime for CRAs
International market regulation of the CRAs
Overview of the regulation of CRAs
IOSCO’s Statement of Principles and Code of Conduct Fundamentals
Regulation of CRAs in the US
Regulation of CRAs in the EU
Issues facing CRAs and further proposals for reform
The CRAs’ role in the global financial crisis
Addressing over-reliance on ratings
Further EU regulatory proposals
Potential liability for ratings
Overview of significant laws governing US equity markets
Extraterritorial application of the US securities laws
US financial system regulators
Other US financial system regulators
Regulated equity market participants
FINRA: oversight of broker-dealers
Depository and clearing organizations
The US equity market structure
Non-NMS markets
Current market structure policy issues
Large trader reporting and consolidated audit trail
Hong Kong’s financial markets and institutions
Hong Kong as Asia’s financial centre
The economic, governance, and legal system
Property, collateral, and taxation
Central banking, banking, and the HKMA and HKAB
Legal framework for banking business
Securities, the SFC, and HKEx
Three-tier system of securities regulation
The Insurance Advisory Committee
Others: Cambodia, Myanmar, Vietnam, Laos, and East Timor
International Islamic institutions
The International Islamic Financial Market
The International Financial Services Board
The Labuan International Business and Financial Centre
BCCI (No 10), Re [1996] 1 All ER 796
British Eagle International Airlines Ltd v Compagnie Nationale Air France [1975] 1 WLR 758
British Oil Mills Co v Inland Revenue Commissioners [1903] 1 KB 689
C A Pacific Finance Ltd (in Liquidation) and anor, Re [2000] BCLC 494
Caparo Industries plc v Dickman and ors [1990] 2 AC 605 (HL)
Douglas’ Will Trusts, Lloyds Bank v Nelson, Re [1959] WLR 744
Harvard Securities Ltd, Re [1997] 2 BLCL 369
Hornblower v Proud (1819) 106 ER 389
Hunter v Moss [1993] 1 WLR 934; [1994] 1 WLR 454
Lomas v JFB Firth Rixson Inc [2010] EWHC 3372 (Ch)
Scandinavian Bank plc, Re [1988] Ch 87
Singer v Williams [1921] AC 41
Springwell Navigation Corporation v JP Morgan Chase Bank and ors [2010] EWCA Civ 1221; [2010] 2 CLC 705
Stein v Blake [1995] 2 All ER 961
Case 9/56, Meroni v High Authority [1957–58] ECR 133
13.50, 13.96
Joined cases C–163/94, C–165/94 and C–250/94, Sanz de Lera and ors [1995] ECR I–4821
Case C–222/97, Trummer and Mayer [1999] ECR I–1661
Case C–251/98, Baars [2000] ECR I–2787
Case C–367/98, Commission v Portugal [2002] ECR I–4731
14.05, 14.103
Case C–58/99, Commission v Italy [2000] ECR I–3811
Case C–483/99, Commission v France [2002] ECR I–4781
14.03, 14.05, 14.103
Case C–503/99, Commission v Belgium [2002] ECR I–4809
Case C–436/00, X and Y [2002] ECR I–10829
Case C–463/00, Commission v Spain [2003] ECR I–4581
14.05–14.06, 14.103
Case C–98/01, Commission v United Kingdom [2003] ECR I–4641
Case C–174/04, Commission v Italy [2005] ECR I–4933
Case C–196/04, Cadbury Schweppes plc, Cadbury Schweppes Overseas v Commissioners of Inland Revenue [2006] ECR I–7995
Joined cases C–282/04 and C–283/04, Commission v Netherlands [2006] ECR I–9141
Case C–446/04, Test Claimants in the FII Group Litigation v HMRC [2006] ECR I–11753
Case C–101/05, Skatteverket v A [2007] ECR I–11531
Case C–112/05, Commission v Germany [2007] ECR I–8995 (ECJ ‘Volksagen law case’)
Case C–157/05, Holböck v Finanzamt Salzburg-Land [2007] ECR I–4051
Case C–171/08, Commission v Portugal [2010] ECR I–6817
Abu Dhabi Commercial Bank v Morgan Stanley & Co Inc, 2009 WL 3346674 (SDNY, 15 Oct 2009)
Arleen Hughes, 27 SEC 629 (1948), aff’d sub nom Hughes v SEC, F.2d 969 (DC Cir 1949)
Banco Espirito Santo SA, In re, Ad Proc, File No 3–14599 (24 October 2011)
Board of Trade of the City of Chicago v SEC, 923 F.2d 1270 (7th Cir 1991)
California Public Employees’ Retirement Systems (CalPERS) v Moody’s Corp. et al, Case No CGC–09–490241 (Cal Sup Ct)
CentreInvest Inc, In re, Ad Proc File No 3–13304 (18 December 2008)
CIBC Mellon Trust Co, In re, Admin Proc File No 3–11839 (2 March 2005)
Commercial Financial Services Inc v Arthur Anderson LLP, 94 P.3d 106 (Okla Civ App, 2004)
Computershare Trust Company of Canada, In re, Admin Proc File No 3012265 (18 April 2006)
INET ATS Inc, In the Matter of (April 2008, Exchange Act Release No 34–53631)
Jefferson County School District No r-1 v Moody’s Investor’s Services Inc, 175 F.3d 848 (10th Cir 1993)
Kings County, Washington v IKB Deutsche Industriebank AG, No 09 Civ 8387 (SAS), 09 Civ 8822 (SAS), 2010 WL 1702196 (SDNY, 26 April 2010)
National Century Financial Enterprises Inc, In re, 580 F Supp.2d 630 (SD, Ohio, 2008)
Newton v Merrill, Lynch, Pierce, Fenner & Smith Inc, 135 F.3d 266 (3d Cir), cert. denied 525 US 811 (1998)
Quinn v McGraw Hill Companies Inc, 168 F.3d 331 (7th Cir 1999)
UBS AG, In re, Lit Rel 20905 (18 February 2009)
3.03–3.04, 3.17, 3.36–3.37
Bank of England Act 1694 (5 & 6 William & Mary Ch 20)
3.01, 3.03
3.07, 3.44
Bank of England Act 1988
1.153, 3.09, 3.12, 3.16–3.17, 3.41, 3.45–3.46, 3.79, 3.81, 11.51
3.26, 3.81
3.23, 3.41, 11.51
ss 14–15
3.25, 3.44
8.13, 11.51
ss 32–33
para 13(3)
Bank of England Charter 1694
3.01, 3.17
3.08, 21.61
1.139, 1.153, 3.03, 3.11–3.13, 3.21, 3.26, 3.80, 3.82, 3.92–3.93, 3.98, 3.100, 8.03, 11.01–11.03, 11.06, 11.15, 11.17, 11.53, 11.73, 11.75, 11.82, 11.85, 11.89–11.92, 19.78
3.103, 3.113, 11.01–11.02, 11.06, 11.38
ss 11–13
ss 15–16
ss 26–31
ss 42–46
ss 84–85
s 186(1)–(2)
11.53, 11.74
s 191(3)–(4)
11.89–11.90
ss 193–194
11.73–11.75
11.75, 11.84
11.53, 11.75
ss 199–200
11.76, 11.89
s 204(6)–(8)
11.02, 11.50
3.11, 3.92
Companies Act 1862, s 16
4.115, 4.118, 6.127, 10.85
4.95, 4.101, 4.104, 4.107, 10.50, 10.138
ss 164–165
ss 173–175
ss 177–180
4.95, 10.103, 10.107, 12.14
ss 784–785
4.143, 6.128
15.58, 15.67
3.08, 4.03, 6.99, 8.13–8.15, 10.22
2.83, 4.04
8.07, 8.13–8.17
2.83, 4.04, 8.07
1.139, 8.03
1.21–1.22, 1.29, 1.82, 1.143, 1.153, 2.39, 2.80, 2.82, 2.84, 2.121, 2.123, 2.153, 2.156, 3.09, 3.16, 3.86, 3.100, 4.01, 4.03, 4.06–4.07, 4.10–4.411, 5.03, 5.10, 5.110, 6.67, 6.72, 6.74, 6.79–6.81, 6.99, 6.104, 8.07–8.08, 8.10–8.11, 8.13, 8.15–8.16, 8.18, 8.53–8.54, 8.56, 9.87, 11.02, 11.10, 12.15–12.16, 12.66, 15.05, 15.14, 15.21, 15.58, 15.67, 15.93, 15.95
4.11, 6.67, 11.10
4.65, 5.100
Pt XVIII
2.83, 2.121, 3.113, 4.07, 4.10, 6.67
4.120, 4.143
s 1A(1)
s 1B(2)–(3)
s 1I–1M
s 1N–1O
s 2(2)(ab)
s 2F–2M
s 5(2)(b)
1.22, 2.82, 2.121, 4.08, 6.71, 15.41
2.82, 6.91–6.92
4.08, 6.71
s 31(1)(a)
s 73A
5.100, 5.105, 5.145
s 87A
s 87A(2)
s 87A(5)–(6)
s 87H
5.119–5.120
5.107, 8.07
5.106, 5.108
1.82, 2.108, 2.156, 5.156, 7.22
s 118C
2.82, 4.118
4.10, 11.10
s 285(1)(a)–(b)
s 285(2)–(3)
4.13–4.14
s 286(4A)
s 286(4B)
4.68–4.69
s 286(4C)–(4D)
2.83, 2.121
s 288(1)–(2)
s 290(1)(a)–(b)
s 290A
s 291(1)
2.83, 4.150
4.16, 4.116
s 292(1)
s 292(2)–(3)
s 292A(5)
4.128–4.129
4.128, 4.131
4.121–4.122, 4.124
4.134–4.136
s 301B–301D
s 301E
4.134, 4.136
s 301F
4.135–4.136
s 301F(4)
s 301G–301I
s 301J–301K
ss 313B–313BA
ss 313BB–313BE
s 313C
2.156, 5.156, 7.21
Schs 1za–1zb
Sch 11A
5.114–5.115
3.99, 4.81, 4.152
4.102, 4.104
ss 238–239
ss 339–340
Sch B1
para 41(2)
paras 70–72
Insolvency Act 1989
4.140, 4.160–4.161, 4.171
4.137, 4.171
National Debt Act 1786
National Debt Act 1978
1.19, 2.17, 2.134
Banking Act 2009 (Inter-Bank Payment Systems) (Disclosure and Publication of Specified Information) Regulations 2010 (SI 2010/828)
Banking Coordination (Second Council Directive) Regulations 1992 (SI 1992/3218)
Cash Ratio Deposits (Eligible Liabilities) Order 1998 (SI 1998/1130)
Cash Ratio Deposits (Value Bands and Ratios) Order 2008 (SI 2008/1344)
Consumer Credit (Agreements) (Amendment) Regulations 2004 (SI 2004/1482)
Consumer Credit (Disclosure of Information) Regulations 2004 (SI 2004/1481)
Credit Rating Agencies (Amendment) Regulations 2011 (SI 2011/1435)
reg 4(e)
Credit Rating Agencies Regulations 2010 (SI 2010/906)
19.108–19.110
regs 13–17
regs 20–21
‘CREST Regulations’ see Uncertificated Securities Regulations 2001 (SI 2001/3755)
Electronic Commerce Directive (Financial Services and Markets) (Amendment) Regulations 2002 (SI 2002/2015)
Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (SI 2002/1775)
Electronic Money Regulations 2011 (EMRs) (SI 2011/99)
15.92–15.93, 15.95
reg 2(1)
Financial Collateral Arrangements (No 2) Regulations 2003 (SI 2003/3226)
Financial Markets and Insolvency Regulations 1991 (SI 1991/880)
Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (SI 1999/2979)
4.168, 4.170, 11.123, 11.128–11.129, 12.17
regs 13–26
Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (SI 2010/2993)
Financial Services (Distance Marketing) Regulations 2004 (DMD Regulations) (SI 2004/2095)
15.58, 15.62, 15.80
regs 9–10
Financial Services and Markets Act 2000 (Exemption) Order 2001 (SI 2001/1201)
Sch, Pts 1–III
Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (Electronic Commerce Directive) Order 2002 (SI 2002/2157)
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO) (SI 2005/1529)
6.93–6.95, 6.99, 15.39
Art 12(7)
Arts 18–18A
6.93, 6.96
Financial Services and Markets Act 2000 (Prescribed Markets and Qualifying Investments) (Amendment) Order 2001 (SI 2001/996)
Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (SI 2001/1060)
Financial Services and Markets Act 2000 (Recognised Auction Platforms) Regulations 2011 (SI 2011/2699)
Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) (Amendment) Regulations 2006 (SI 2006/3386)
4.06–4.07
Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 (SI 2001/995)
1.22, 4.06–4.07, 4.12–4.13, 4.16–4.17, 4.157–4.158
4.17, 4.90
para 4(1)
4.43, 4.45, 4.49
para 4(2)
para 4(2)(a)
para 4(2)(aa)
para 4(2)(c)
para 4(2)(d)
para 4(2)(e)
para 4(2)(ea)
para 4(2)(f)
para 4(2)(g)
4.66–4.67
para 4B
para 7A
4.64–4.65
para 7B
para 7C
para 7D
para 7E
para 10(3)
para 12(3)
para 19(1)
para 19(2)(a)
para 19(2)(b)
para 19(2)(c)
para 19(2)(d)
para 19(2)(e)
para 21A
para 25(2)
Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) (SI 2001/544)
6.72, 6.75–6.76, 6.80, 6.99, 8.54, 10.34, 15.31
Art 3(1)
Art 4.1.15
Art 25(1)–(2)
6.86–6.87, 6.98, 6.100
Art 25D
6.75, 6.77, 6.86
6.78, 6.85
Art 72(1)
Art 72(2)
Art 72(3)–(4)
Art 72(6)
6.85, 6.100
Art 72(7)
Art 72A
Arts 76–85
Insolvency Rules 1986, r 4.90
Money Laundering Regulations 2003 (SI 2003/3075)
Official Listing of Securities (Change of Competent Authority) Regulations 2000 (SI 2000/968)
1.21, 2.153
Payment Services Regulations 2009 (SI 2009/209)
11.95, 15.92
reg 97(1)
reg 97(3)
regs 104–105
Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2003/2026)
Scottish and Northern Ireland Banknote Regulations 2009 (SI 2009/3056)
Transfer of Tribunal Functions Order 2010 (SI 2010/22) Art 2(2)
Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (SI 2003/1633)
Uncertificated Securities (Amendment) Regulations 2000 (SI 2000/1682)
Uncertificated Securities (Amendment) Regulations 2007 (SI 2007/124)
Uncertificated Securities Regulations 1995 (SI 1995/3272)
2.67, 12.04
Uncertificated Securities Regulations 2001 (SI 2001/3755) (‘CREST Regulations’)
2.67, 3.113, 12.04, 12.12–12.15, 12.18, 12.20, 12.49
Royal Decree No 62 of 10 November 1967
17.36, 17.39–17.40
Islamic Banking Act 1999
22.72–22.73
Decision 2001/527/EC (OJ L 191/43)
Decision 2009/77/EC (OJ L 331/84)
6.52, 13.29
Decision 2009/78/EC (OJ L 331/12)
Decision 2009/79/EC (OJ L 331/48)
Decision 2009/716/EC
Alternative Investment Fund Managers Directive (AIFMD) 2011/61/EU
1.140, 2.110, 13.61, 18.41
Banking Consolidation Directive 2000/12/EC
1.22, 2.12, 2.104, 4.05, 5.121, 6.14, 7.16, 8.07, 10.03, 14.24, 15.09, 15.41, 17.89, 18.17, 18.46, 19.77
Banking Consolidation Directive (BCD) 2006/48/EC
4.51, 6.62, 13.30, 14.115, 15.12, 15.91–15.92
Capital Adequacy Directive (CAD) 93/6/EEC
1.22, 1.29, 2.12, 2.104, 5.121, 6.14, 7.16, 8.07, 10.03, 14.24, 15.09, 17.89, 18.17, 19.70, 19.77
Art 2(12)
Capital Adequacy Directive (CAD) 2006/49/EC
6.38, 6.60–6.61, 13.30, 19.72, 19.75
2.178, 19.72–19.75, 19.84
Art 81(2)
Art 81(3)–(4)
Art 97(2)
Section 1.3(1)–(4)
Section 1.3(5)(a)–(c)
Section 2.1(8)
Section 2.1(9)(a)–(d)
Section 2.1(10)–(11)
Section 3.1(12)–(13)
Capital Requirements Directive (CRD), COM (2004) 486 final, 14 July 2004
2.104, 4.26
1.140, 1.156, 2.110
Collective Investment in Transferable Securities (UCITS) Directive 85/611/EEC
1.22, 2.12, 2.104, 5.121, 6.14, 7.16, 8.07, 8.26, 10.03, 14.24, 15.09, 17.89, 18.17, 19.77
Collective Investment in Transferable Securities (UCITS) Directive 2009/65/EC
1.140, 13.30, 13.61, 15.09
Company Reporting Directive 2006/46/EC
5.03, 5.154
Consolidated Admissions and Reporting Directive (CARD) 2001/34/EC
2.23, 5.02, 14.35, 14.87–14.89
Art 43(1)
Arts 44–51
Consolidated Life Directive 2002/83/EC
Credit Ratings Agencies Directive
Deposit Guarantee Schemes Directive 94/19/EC
2.110, 15.11, 15.76, 18.06
Directive of 11 May 1960 for the implementation of Article 67 of the TFEU, Art 2
Directive 78/660/EEC on the annual accounts of certain types of companies
Directive 85/583/EEC
Directive 86/566/EEC
Directive 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions
Directive 88/361/EEC for the implementation of Article 67 of the TFEU, Annex I
Directive 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings
14.115, 15.91
Directive 97/7/EC on the protection of consumers in respect of distance contracts (DSD)
14.115, 15.12, 15.56, 15.91
Directive 2002/12/EC
Directive 2002/13/EC amending Council Directive 73/239/EEC
1.140, 13.30, 13.61, 18.41
13.30, 14.115, 15.12, 15.91–15.92
Directive 2010/73/EU amending the Prospectus Directive
5.99, 5.115, 5.117, 5.119, 5.121, 5.126–5.128, 5.144, 5.151–5.152, 14.94
Distance Marketing Directive (DMD) 2002/65/EC
14.115, 15.12, 15.15, 15.27, 15.43, 15.53, 15.55–15.58, 15.61–15.63, 15.65–15.70, 15.72, 15.74, 15.77, 15.80, 15.84–15.85, 15.91, 15.96–15.98
Art 2(b)
Art 2(f)
Art 6(2)–(3)
15.72–15.73
Electronic Commerce Directive (ECD) 2000/31/EC
15.07, 15.12–15.14, 15.17, 15.19–15.23, 15.25–15.26, 15.30–15.32, 15.37, 15.40, 15.42, 15.48, 15.53, 15.68, 15.96–15.98
15.26–15.27
15.28–15.29
Art 2(h)
Art 3(4)
15.23, 15.43
Art 3(5)
Arts 5–6
15.34, 15.54, 15.86
Arts 10–11
Arts 12–14
First Electronic Money Directive (EMD) 2000/46/EC
15.12, 15.90–15.92, 15.98
15.90–15.91
Second Electronic Money Directive (2EMD) 2009/110/EC
15.12, 15.49, 15.90, 15.92–15.93, 15.98
European Banking Authority Regulation No 1093/2010
Financial Collateral Directive (FCD) 2002/47/EC
10.137–10.139, 10.149, 14.106, 17.59–17.60, 17.66, 17.68, 17.73–17.74, 18.49–18.53
Art 1(g)
Art 2(1)(h)
Art 9(1)–(2)
1.149, 2.110
FSAP Directives
5.02–5.03, 5.05, 5.10
see also Market Abuse Directive (MAD); Prospectus Directive (PD); Transparency Directive (TD)
Insurance Schemes Directive
Investment Services Directive (ISD) 93/22/EEC
1.22, 2.12, 2.104, 2.123, 4.05, 4.160, 5.107, 5.121, 6.14, 6.16–6.17, 6.25, 7.16, 8.07, 10.03, 14.24, 14.54, 15.09, 15.41, 17.89, 17.91, 18.17, 18.46, 19.77
Art 14(3)
Market Abuse Directive (MAD) 2003/6/EC
1.140, 2.107–2.108, 2.110, 2.118, 5.02–5.03, 5.05, 5.154, 7.22, 13.30, 14.35, 14.100, 19.77
Art 14(1)
see also FSAP Directives
vi, 1.22, 1.85, 1.140, 2.85, 2.104–2.106, 2.112–2.113, 2.118, 2.123, 2.143, 2.174, 4.05–4.06, 4.51, 4.64, 4.66–4.70, 4.121, 4.123, 4.129, 4.153, 4.155–4.156, 4.159–4.160, 4.173, 4.176, 4.181, 4.183–4.184, 5.121, 6.14–6.16, 6.19–6.21, 6.25, 6.41, 6.43, 6.45, 6.57, 6.59, 6.62, 6.65–6.66, 6.75, 6.103, 6.105–6.106, 6.112, 6.116, 6.118, 6.129, 6.133, 6.138, 6.140, 7.17–7.18, 7.27, 7.29–7.30, 7.38, 7.40, 7.42, 7.45–7.46, 7.58, 7.64, 7.66, 8.07, 8.23–8.25, 8.27–8.29, 8.31–8.34, 8.36–8.41, 8.46, 8.48–8.49, 8.51, 10.03, 10.52–10.54, 10.185, 14.24–14.29, 14.31–14.33, 14.35, 14.37, 14.40–14.41, 13.30, 14.47–14.48, 14.54, 14.56–14.59, 14.62–14.68, 14.71–14.73, 14.77–14.78, 14.80, 14.82, 14.94, 14.109, 14.111, 14.118, 15.09, 15.21, 15.41–15.42, 17.91–17.92, 17.94, 18.17, 18.19–18.22, 18.31, 18.38, 18.40, 18.45, 18.49, 18.56–18.57, 18.59–18.60, 18.67, 18.69, 19.77
6.22–6.23, 6.33, 14.34
18.34, 18.48
14.41, 14.71
2.123, 6.21–6.22, 6.32, 6.36, 6.38, 14.30, 14.33
4.154, 4.157–4.158, 6.21, 6.32, 6.38
Art 2 1.L
Art 2(1)
Art 2(1)(b)
Art 2(1)(d)
Art 2(1)(i)
Art 2(1)(k)–(l)
8.24, 8.26
2.105, 6.25
Art 4(1)
Art 4(1)(1)
Art 4(1)(18)
Art 4(7)
Art 4(14)
Art 4(15)
6.22, 14.33
Art 4(18)
Art 4(19)
Art 4(20)(b)
6.36, 7.37, 18.55
Arts 9–10
Art 11(11)
Art 13(3)
Art 13(7)–(8)
17.92, 17.94, 18.18–18.19
6.38–6.39, 14.30, 14.74
Art 14(1)–(2)
6.57, 14.56
Art 14(4)–(7)
Art 18(1)–(2)
2.105, 8.32, 14.56, 14.58
Art 19(2)–(3)
Art 19(4)
14.58, 14.61
Art 19(5)–(6)
8.32, 14.56, 14.64
2.105, 14.56
Art 22(1)
8.32, 14.56, 14.66
Art 22(2)
14.65, 14.67
2.105, 14.60
Art 24(1)
8.24, 8.26, 14.59
Art 24(4)
4.61, 7.16, 7.18, 14.76
Art 25(3)
Art 25(5)
7.28, 7.43
6.38, 6.40, 14.63
Art 26(1)–(2)
14.69, 14.71
Art 27(5)
14.50, 14.71
Art 27(6)
14.69, 14.74
6.38, 6.45, 14.69, 14.74
Art 29(1)
Art 29(2)
6.38, 6.53, 14.69, 14.74
Art 30(2)
6.64, 18.22
Art 31(5)
6.64, 14.54
Art 32(1)
Art 32(7)
4.159, 14.49
Art 33(1)(b)
Art 34(1)–(2)
Art 35(1)
Art 36(1)–(3)
Art 38(2)
Art 39(a)
Art 39(e)
14.30, 14.87, 14.89
Art 40(3)
14.30, 14.48
Art 42(3)
Art 42(4)
Art 42(5)
Art 42(7)
Art 43(2)
2.105, 6.45, 14.30, 14.74
Art 44(1)
Art 44(2)
6.53, 14.30, 14.69, 14.74
Art 45(2)
Art 46(1)
1.22, 2.12, 4.156, 14.30, 14.52
6.62–6.63, 18.19
14.27, 18.19–18.20, 18.22, 18.39, 18.42, 18.54–18.55
2.105, 4.155, 4.165, 6.25, 14.27, 18.18
Annex II.2.1
Third Non-Life Directive 92/49/EEC
Omnibus Directive 2010/78
13.30, 13.37, 13.48
Packaged Retail Investment Products (PRIPs) Directive
Payment Services Directive (PSD) 2007/64/EC
v, 14.115, 15.91–15.93
Prospectus Directive 2003/71/EC
2.23, 2.107, 2.110, 2.118, 5.02–5.03, 5.05, 5.18–5.19, 5.99–5.101, 5.103, 5.110, 5.119, 5.124, 5.129, 5.144, 5.148, 13.30, 14.35, 14.90–14.94, 19.77
5.129, 14.90
Art 2(1)(e)(i)–(iii)
Art 3(2)(a)–(c)
Art 3(2)(e)
Art 4(1)(c)
Art 7(2)(b)
Art 7(2)(e)
Art 7(2)(g)
Arts 17–18
Reinsurance Directive 2005/68/EC
Settlement Finality Directive (SFD) 98/26/EC
4.161–4.162, 4.164–4.165, 4.167–4.168, 11.128, 12.17, 12.67, 13.30, 14.105, 14.112, 17.11, 17.37, 17.95–17.97
2.110, 13.30, 19.76
Statutory Audit Directive 2006/43/EC
Takeover Bids Directive 2004/25/EC
14.102–14.103
Technical Standards and Regulation Directive 98/34/EC
15.27–15.28
Transparency Directive (TD) 2004/109/EC
2.23, 2.107, 2.110, 2.118, 5.02–5.03, 5.05, 5.99, 5.103, 5.154, 13.30, 14.35, 14.94–14.99
Arts 4–6
Undertakings for Collective Investment in Transferable Securities (UCITS) Directive 2011/61/EU
Markets in Financial Instruments Directive (MiFID II) (COM(2011) 656)
1.140, 1.156, 2.104, 2.110, 2.112, 2.118, 2.143, 2.174, 4.173–4.179, 4.181–4.184, 6.129–6.133, 6.135–6.136, 6.138–6.140, 7.58, 8.51–8.52, 10.194, 13.66, 14.82–14.83, 14.85–14.86, 14.132, 17.94, 18.41, 18.43–18.45, 18.47–18.48, 18.54, 18.56
Art 2(1)(e)–(f)
Arts 3–4
Arts 18–20
Arts 24–25
2.113, 8.52
Arts 32–35
Arts 41–44
2.113, 13.68
Arts 45–54
Arts 59–68
2.113, 13.67
Arts 73–78
2.113, 17.94
MiFID implementing Directive 2006/73/EC
7.16, 8.24, 8.27, 8.32, 14.24, 17.91–17.93, 18.17, 18.19, 18.23–18.24, 18.26, 18.34, 18.38–18.41, 18.43
Art 2(6)
Art 13(1)
18.38–18.39
Art 14(2)
Art 14(2)(a)–(c)
Art 14(2)(e)
Art 14(2)(k)
Art 16(1)(a)–(b)
Art 16(1)(d)
18.26, 18.68–18.69
Art 16(1)(e)
18.23, 18.25
Art 17(3)
Art 17(3)(a)–(b)
Art 18(1)
18.23, 18.30, 18.34
Art 19(1)
14.62, 18.31
18.32–18.33
14.62, 18.38
8.32, 18.38
Art 30(1)(g)
18.23, 18.35
Art 32(5)
Art 45(4)
Art 50(1)
Credit Ratings Agencies Regulation (EC) No 1060/2009
1.140, 13.59, 13.61, 18.41, 19.13–19.14, 19.88–19.89, 19.102–19.104, 19.109–19.110, 19.112, 19.125, 19.128
19.102–19.103
Art 3(1)(a)
Arts 6–13
Arts 14–17
Arts 19–20
Arts 21–25
Arts 26–35
Credit Ratings Agencies II Regulation (EU) No 513/2011
1.140, 13.59, 19.112
Arts 4–5
Arts 15–19
Arts 36a–36b
EBA Regulation (EU) No 1093/2010
ECB Regulation No 1096/2010
EIOPA Regulation (EC) No 1094/2010 establishing the European Insurance and Occupational Pensions Authority
13.29–13.30
Art 16(3)
13.33–13.35, 13.42, 13.44, 13.49, 13.53, 13.57, 13.87, 13.97
13.40–13.41
13.33–13.34, 13.72, 13.79
Arts 11–12
13.72, 13.79, 13.88
Arts 13–14
13.36, 13.72, 13.79
13.38, 13.72
13.43–13.44, 13.79
13.45–13.46, 13.79
13.47–13.48, 13.79
Art 19(3)
Arts 25–27
13.39, 13.56
13.45, 13.54
13.70, 13.74
13.46, 13.48
13.71, 13.83
13.79–13.80
13.80, 13.82
Arts 58–59
Arts 60–61
13.49, 13.87
see also EBA Regulation; EIOPA Regulation; ESMA Regulation
ESMA Regulation (EU) No 1095/2010
1.140, 13.29–13.30, 13.61, 18.41, 19.110
Art 29(1)(a)
ESRB Regulation No 1092/2010
13.06, 13.08, 13.12, 13.16, 13.28, 13.92
13.08, 13.12
13.12, 13.24
13.16, 13.28
2.110, 2.112, 2.170, 10.194, 13.64–13.65
Arts 1–3
2.112, 13.64
Arts 5–22
2.112, 13.65
Arts 24–72
Arts 51–58
MiFID Level 2 Regulation (EC) No 1287/2006 implementing MiFID
2.113, 6.55, 7.16, 14.24, 17.91–17.93, 18.17, 18.19, 18.41
Art 2(10)
18.23, 18.30
7.42, 7.44
14.37, 14.69
Arts 22–28
6.54, 14.69–14.70, 14.74
Arts 30–34
6.45, 6.51, 6.56
Prospectus Regulation (EC) No 809/2004 implementing Directive 2003/71/EC
5.100, 5.126, 5.151, 5.153, 14.90, 19.77
Regulation (EC) No 2273/2003 as regards exemptions for buy-back programmes and stabilisation of financial instruments
Regulation (EU) No 486/2012
Regulation on Markets in Financial Instruments (MiFIR) (COM(2011) 652)
4.173–4.174, 4.177, 6.129–6.131, 6.134, 7.58, 7.60, 7.66, 8.51, 10.194, 13.66, 14.82, 14.85–14.86, 18.41
Art 2(1)(1)
Arts 21–23
Short Sales and Credit Default Swaps (CDS) Regulation (EU) No 236/2012
Arts 27–28
21.49, 21.55–21.56, 21.59–21.61
21.56, 21.59
Bankruptcy (Amendment) Ordinance 1996 (Cap 76)
ss 34–35
Basic Law 1990
21.02, 21.24–21.26, 21.28–21.29, 21.31–21.33, 21.35, 21.37, 21.44
21.26–21.27, 21.35
21.29, 21.37
21.16, 21.29, 21.79
21.29, 21.33
Clearing and Settlement Systems Ordinance (CSSO) (Cap 564)
21.60, 21.64
Pts 1–6
ss 1–59
Schs 1–2
Companies Ordinance (Cap 32) 2012
21.17, 21.34, 21.38, 21.40, 21.49, 21.56, 21.73
Currency Ordinance 1935
Deposit Protection Scheme Ordinance (DPSO) (Cap 581)
Exchange Fund (Amendment) Ordinance 1992 (Cap 155)
Exchange Fund Ordinance (EFO) (Cap 66)
21.04, 21.49, 21.53–21.54, 21.60
s 3(1A)
Hong Kong Association of Banks Ordinance (HKABO) (Cap 364)
21.57–21.58
Hong Kong Association of Banks By-Laws (Cap 364A), s 8
Insurance Companies Ordinance (ICO) (Cap 41)
21.11, 21.84–21.85, 21.88
Pts I–XII
ss 1–13
s 13A(1)
s 13B(1)–(2)
ss 14–25
ss 25A–25F
ss 26–49B
ss 50–50A
21.91–21.92
ss 50C–50F
ss 53A–53E
ss 54–64
ss 64A–64E
ss 65–78
Schs 1–8
Legal Tender Notes Issue Ordinance (Cap 65)
Mandatory Provident Fund Schemes Ordinance (MPFO) (Cap 485)
Pts I–VI
ss 1–5A
ss 6–6W
ss 7–14
ss 20–34D
ss 35–49
Schs 1A–1B
Schs 2–3
Schs 6–8
Occupational Retirement Schemes Ordinance (ORSO) (Cap 426)
Professional Accountants Ordinance (Cap 50) 1973
Professional Accountants By-Laws (Cap 50A)
Securities and Futures Commission Ordinance (SFO) (Cap 24) 1989
21.16, 21.73
Securities and Futures Ordinance (SFO) (Cap 571)
21.17, 21.35, 21.68, 21.73, 21.78–21.80
Pts I–XVII
s 59(9)(c)
s 61(9)(b)
s 103(3)(f)(i)
s 103(3)(g)
s 103(12)
Schs 1–10
Bank of Indonesia Law (No 23 of 1999)
Banking Law (No 7 of 1992)
Law No 3 of 2004
Regulation of the Minister of Finance No 136/PMK.03/2011 concerning the Imposition of Income Tax on Shariah Banking Business Activities
Regulation of the Minister of Finance No 137/PMK.03/2011 concerning the Imposition of Income Tax on Shariah Financing Activities
Shari’a Banking Law (Law No 21 of 2008)
Sovereign Sukuk Law (Law No 19 of 2008)
22.79, 22.84
Companies Act 1990, s 239
Companies Act 1990 (Uncertificated Securities) Regulations 1996 (SI 68/1996)
Companies (Jersey) Law 1991 Companies (Uncertificated Securities) (Jersey) Order 1999
Banking Act (Banking Law No 28 of 2000)
Art 52(b)
Muqaradah Bonds Act No 10 of 1981
22.42–22.43
Securities Law 2002
22.41–22.42
Grand-Ducal Regulation of 17 September 1971
Law of 12 January 2001
Law of 1 August 2001
Central Bank of Malaysia Act 2009, ss 55–56
Government Investment Act 1983
International Islamic Liquidity Management Corporation Act 2011
22.45–22.46
Islamic Financial Services Board Act 2002
Labuan Islamic Financial Services and Securities Act 2010 (LIFSSA)
22.113–22.115
Rules for Arbitration of Kuala Lumpur Regional Centre for Arbitration (Islamic Banking and Financial Services) 2007
22.117–22.119
Takaful Act No 312 of 1954
Companies Act 1992, s 28
Companies Act 1992 Uncertificated Securities Regulations 2005
Doha Securities Market Establishment Law (Decree Law No 14 of 1995)
Capital Market Law, Royal Decree Number M/3 (July 2003)
22.31–22.32
Art 4(a)
Art 5(a)
Art 5(a)(1)–(2)
Art 5(a)(4)
Art 5(a)(6)
Art 20(a)
Art 20(c)(1)–(4)
Federal Act on Stock Exchanges and Securities Trading 1995 (Stock Exchange Act, or SESTA), Art 2(b)
Federal Act on Stock Exchanges and Securities Trading 1995 (Stock Exchange Act, or SESTA)
Art 20(2)bis
Federal Ordinance on Stock Exchanges and Securities Trading 1996 (Stock Exchange Ordinance, or SESTO)
Islamic Bank of Thailand Act 2002
Ministerial Regulation concerning Granting of Approval for Undertaking Securities Business (2008)
Federal Law No 4 of 2000 concerning the Emirates Securities and Commodities Authority and Market
Federal Law No 6 of 1985 regarding Islamic Banks, Financial Institutions and Investment Companies
17 CFR §230.436(g)
Buttonwood Agreement 1792
Commodity Exchange Act 1936
19.131, 19.134
Credit Rating Reform Act 2006
19.82, 19.100
1.138, 1.155–1.156, 14.132, 19.101, 20.03, 20.06, 20.17–20.18, 20.30, 20.70
§ 21D(b)(2)(B)
§ 113(a)(1)
§ 619 (‘Volker Rule’)
§ 939A
§ 939G
Investment Advisers Act 1940
19.67, 20.05
§ 702(b)
19.136, 20.04
Regulation D, Rules 501–8
Regulation S, Rules 901–5
20.04, 20.33, 20.58
§ 4(1)–(2)
Securities Exchange Act 1934 (SEA 1934)
2.124–2.125, 19.67, 19.82, 20.03, 20.06, 20.34, 20.39–20.40, 20.58, 20.72
20.42–20.43
20.80–20.81
2.125, 2.146, 20.41, 20.48, 20.50, 20.59
Market Data Rules see Rules 600, 601, 603
20.54–20.55
Rule 600(b)(46)
Rule 600(b)(73)
Rule 600(b)(77)
Rule 602 (‘Quote Rule’)
20.51, 20.54–20.55, 20.65, 20.67
Rule 603(b)
Rule 604 (‘Display Rule’)
Rule 610 (‘Fair Market Access Rule’)
Rule 611 (‘Order Protection Rule’)
20.52–20.53, 20.65
Rule 612 (‘Sub-Penny Rule’)
20.77–20.78
20.67, 20.77, 20.79
Rules 202–203
20.77–20.79
Rule 3a1–1
Rule 3a4–1
Rule 3b-16
Rule 10b-21
20.83–20.84
Rule 15(b)(8)
Rule 15c2–11
Rule 15c3–1 (‘Net Capital Rule’)
20.36–20.37, 20.39
Rule 15c3–3 (‘Customer Protection Rule’)
20.38–20.39
Rule 15c3–5 (‘Direct Market Access Rule’)
20.62–20.63
Rule 300–3
§ 3(a)(1)
2.124, 20.27
§ 3(a)(2)
§ 3(a)(4)(B)
§ 3(a)(4)–(5)
2.124, 20.32
§ 3(a)(25)
§ 6(e)(1)
20.45–20.46
§ 11(A)(a)(2)
§ 11(d)(1)
§ 15(a)
§ 15(b)
§ 17A(c)
§ 19(b)(1)–(2)
§ 28(e)
20.74–20.75
§ 28(e)(3)
Securities Investor Protection Act 1970
Uniform Commercial Code, §§ 8–9
‘Volcker Rule’ see Dodd-Frank Act, Section 619
Statute of the European System of Central Banks and of the ECB, Art 3
Basel Capital Accord 1988 (Basel I)
16.10, 16.43, 19.71
Basel Capital Accord 2004 (Basel II)
1.29, 1.136, 2.104, 2.177–2.178, 16.44–16.45, 19.27, 19.71–19.74, 19.84
Basel Capital Accord 2010 (Basel III)
1.136, 1.140, 1.144, 1.155, 2.104, 2.178, 16.26, 16.46, 19.125, 21.101
Closer Economic Partnership Agreement Hong Kong Special Administrative Region (HKSAR) and the Chinese mainland (2003)
21.13, 21.22
Geneva Securities Convention see UNIDROIT Convention on Substantive Rules for Intermediated Securities 2009
Hague Convention on the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary 2002 see Hague Securities Convention
Hague Securities Convention 2002
17.62–17.64, 17.66, 17.68
Art 1(1)(e)
15.33, 15.73
Art 105(2)
13.95, 14.03, 14.08
Art 16(4)
Art 65(1)
Arts 290–291
13.34, 14.13
Protocol No 36 on transitional provisions Art 3
UNIDROIT Convention on Substantive Rules for Intermediated Securities 2009 (Geneva Securities Convention)
17.69, 17.71–17.72
Art 1(c)
Art 9(1)(a)
Accounting and Auditing Organization for the Islamic Financial Institutions
Authorité de Contrôle Prudentiel [Prudential Control Authority] (France)
Alternative Display Facility (FINRA)
alternative finance investment bond
Audit Investigation Board (Hong Kong)
Alternative Investment Fund Managers Directive (EU)
alternative investment management; Alternative Investment Market
AM ETF
Autorité des Marchés Financiers [Financial Markets Authority] (France)
American Recovery and Reinvestment Act of 2009 (US)
Association of Shari’a Advisors
Amman Stock Exchange (Jordan)
Autorité des Services et Marchés Financiers [Financial Services and Markets Authority] (Belgium)
British Bankers Association (UK)
BBAIRS Terms
British Bankers Association Interest Rate [and currency] Swaps Terms
Banking Consolidation Directive (EU)
Baltic and International Freight Futures Exchange
British Institute for International Commercial and Comparative Law
Prudential Sourcebook for Banks, Building Societies, and Investment Firms
Bank for International Settlements; Department for Business, Innovation and Skills (UK)
Bolsas y Mercados Espanoles (Spain)
Banking (Special Provisions) Act 2008 (UK)
Bolsa de Valores de Lisboa e Porto [Portuguese Stock Exchange]
Capital Adequacy Directive (EU)
CAMEL B COM
credit risk, assets, market risk, earnings and liquidity; other business; controls, organization, and management
Competition Appeal Tribunal; consolidated audit trail
Commission Bancaire, Financiere et des Assurances [Banking, Finance, and Insurance Commission] (Belgium)
Central Clearing and Settlement System (Hong Kong)
centrally cleared contract for difference
chief executive officer; collateralized equity obligation
Closer Economic Partnership Agreement (Hong Kong)
Committee of European Security Regulators
Council for Financial Stability (UK)
consolidated limit order book
Capital Market Authority (Saudi Arabia); cash memorandum account (CREST)
CMBCG
Cross-Market Business Continuity Group
Capital Market Law (Saudi Arabia)
Central Money Markets Office; collateralized mortgage obligation
Central Moneymarkets Unit (HKMA)
Compensation Sourcebook (UK); European Commission Competition Directorate-General
Core Principles for Systemically Important Payment Systems (CCPS)
consolidated quotation
Credit Rating Agencies Guide
Capital Requirements Directive (EU); Central Registration Depository (US)
Commissioners for the Reduction of the National Debt (UK)
Clearing and Settlement Systems Appeals Tribunal (Hong Kong)
Commission de Surveillance du Secteur Financier [Commission for Surveillance of the Financial Sector] (Luxembourg)
Clearing and Settlement Systems Ordinance (Hong Kong)
Derivatives Clearing and Settlement System (DCASS)
Debt Management Account; direct market access
Debt Management Office (UK)
Department of Justice (Hong Kong); Department of Justice (US)
Deposit Protection Scheme Ordinance (Hong Kong)
Debt and Reserves Management Report (DMO, UK)
Doha Securities Market Establishment Law (Qatar)
Depository Trust Company (US); deposit-taking company
Depository Trust and Clearing Corporation (US)
Disclosure and Transparency Rules (UK)
Bank of England Discount Window Facility
East Asian and Oceanic Stock Exchanges Federation
eligible credit assessment institution
European Collateral Directive (EU)
Economic and Financial Affairs Directorate-General (EU)
Electronic Commerce Directive Sourcebook
European Economic and Financial Affairs Council (EU)
European Economic Area; Exchange Equalization Account (UK)
Emergency Economic Stabilization Act of 2008 (US)
Exchange Fund Ordinance (Hong Kong)
Expert Group on Market Infrastructures (EU)
Electronic Money Directive (EU)
Revised Electronic Money Directive (EU)
European Markets Infrastructure Regulation (EU)
Enforcement Sourcebook
emissions reductions unit
Euroclear Trade Capture and Matching Systems
EU [emissions] allowance
EU aviation allowance
Eur Financ Serv Law
Early Warning Exercise (IMF–FSB)
Foreign Acquisitions and Takeovers Act 1975 (Australia)
Financial Crisis Inquiry Commission (US)
Federal Deposit Insurance Corporation (US)
Forum of European Securities Commissioners
Federation of European Security Exchanges
FIABV
Federation Internationale des Bourses de Valeurs [International Federation of Stock Exchanges]
Financial Conglomerates Directive (EU)
Financial Industry Regulatory Authority (US)
Federal Insurance Office (US)
Financial Markets Law Committee (UK)
Financial Ombudsman Service (UK)
Bank of England’s Financial Policy Committee (UK)
financial products mark-up language
FRB, or Fed
Financial Reporting Council (Hong Kong)
Financial Reporting Review Committee (Hong Kong)
Financial Sector Assessment Programme (IMF–World Bank); Financial Services Action Plan (EU)
Financial Services Compensation Scheme (UK)
Federation of Stock Exchanges in the European Community
Financial Services and Markets Act 2000 (UK)
Financial Stability Oversight Board (US)
Financial Stability Oversight Council (US)
Financial Services and the Treasury Bureau (Hong Kong)
Financial Sector Talent Enrichment Programme (Malaysia)
Foreign Exchange Joint Standing Committee (UK)
General Authority for Civil Aviation (Saudi Arabia)
Gross Financing Requirement (UK)
high-frequency trader; high-frequency trading
HKABO
Hong Kong Association of Banks Ordinance
Insurance Agents Registration Board (Hong Kong)
Insurance Claims Complaints Bureau (Hong Kong)
International Centre for Leadership in Finance (Malaysia)
Inter-Borse/Stock Exchange Data Information System
international financial institution; Islamic financial institution
Insurance Mediation Directive (EU)
International Centre of Education for Islamic Finance
international net settlement
Inter-Professional Code of Conduct
International Primary Markets Association
IPRU (BANK)
Banking Prudential Sourcebook
IPRU (BS)
Building Society Prudential Sourcebook
IPRU (FS)
Friendly Societies Prudential Sourcebook
Insurance Prudential Sourcebook
Investment Prudential Sourcebook
Interest Rate and Currency Exchange Agreement (ISDA)
individual savings account; International Standards on Accounting
Investment Services Directive (EU)
International Shari’a Research Academy for Islamic Finance
Joint Crisis Co-ordination Team (UK)
Jordanian Securities Commission
Labuan International Business Financial Centre
Liquidity Funding and Collateralization Agreement
LIFSSA
Law Harmonization Committee (BNM)
Liquidity and Loss Share Agreement
LPDT Rules
Listing, Prospectus, Disclosure, and Transparency Rules (UK)
London Platinum and Palladium Market (UK)
Listing Rules (UK)
large trader identifier
Market Abuse Directive (EU); multiple agreement disorder
Internal Market and Services Directorate-General (EU)
Mortgage Conduct of Business Sourcebook
market index deposit account
Markets in Financial Instruments Directive (EU)
Mercado Integrado Latino-Americano [Integrated Latin American Market]
Market Infrastructure Regulation (EU)
Monitoring Group of the Code of Conduct on Clearing and Settlement (EU)
Mandatory Provident Funds Schemes Authority (Hong Kong)
Mandatory Provident Fund Schemes Ordinance (Hong Kong)
North American Securities Administrators Association; North American special aluminium alloy
National Association of Securities’ Dealers (US)
Bank of England Committee of Non-Executive Directors
Net Financing Requirement (UK)
NIPs Code
Non-Investment Products Code
national market system; normal market size
National Quotation Bureau (US)
National Shari’a Advisory Council (BNM)
National Securities Clearing Corporation (US)
National Storage Mechanism (UK)
Office for Budget Responsibility (UK)
Office of the Commissioner of Insurance (Hong Kong)
Office of Compliance Inspections and Examinations (US SEC)
Office of Financial Research (US)
Office of General Counsel (US SEC)
Office of International Affairs (US SEC)
Occupational Retirement Schemes Ordinance (Hong Kong)
Bank of England Operational Standing Facility
Office of Thrift Supervision (US)
Post-Auction Option Facility (UK)
Pre-Budget Report (UK)
Prospectus Directive (EU)
Perimeter Guidance Sourcebook
Persatuan Ulama dan Guru-Guru Agama Islam Singapura (Singapore Islamic Scholars and Religious Teachers Association)
Price Information Project for Europe
Private Offerings, Resale and Trading through Automated Linkages
Prudential Regulatory Authority (UK)
packaged retail investment product
Permanent Subcommittee on Investigations (US)
PWGFM
President’s Working Group on Financial Markets (US)
Public Works Loan Board (UK)
Quotation Consolidation Facility (FINRA)
recognized auction platform
risk assessment and tools of evaluation
Recommendations for Central Counterparties (CPSS/IOSCO)
Recognised Investment Exchanges and Recognised Clearing Houses Sourcebook
residential mortgaged-backed security
recognized overseas clearing house
recognized overseas investment exchange
Report on the Observance of Standards and Codes (IMF–World Bank)
General Index of Retail Prices, or Retail Prices Index
Recommendations for Securities Settlement Systems (CCPS)
Standing Committee on Assessment of Vulnerabilities (FSB)
SEA 1934
Securities and Exchange Act of 1934 (US)
Stock Exchange Alternative Trading Services
Securities and Exchange Commission (Thailand); Securities and Exchange Commission (US)
Swiss Federal Act on Stock Exchanges and Securities Trading of 1995
Swiss Federal Ordinance on Stock Exchanges and Securities Trading of 1996
structured finance instrument
Securities and Futures Ordinance (Hong Kong)
systemic internalizer
Securities and Investments Board (UK)
swap index contract
Securities Investor Protection Act of 1970 (US)
systemically important payment system
Securities Law Directive (EU)
Bank of England’s Special Liquidity Scheme (UK)
Sarbanes–Oxley Act of 2002 (US)
Securities Review Committee (Hong Kong)
SWAPS Code
Code of Standard Wording, Assumptions and Provisions for Swaps (ISDA)
Systems and Controls Sourcebook
Perbadanan Tabung Amanah Islam Brunei (Brunei Islam Trust Fund)
Term Auction Lending Facility (US Federal Reserve)
Troubled Asset Recovery Program (US)
Transfer and Automated Registration of Uncertificated Stock
Transparency Directive (EU)
The Securities Authority (UK)
undertakings for collective investment in transferrable securities
l’Institut International pour l’Unification du Droit Privé [International Institute for the Unification of Private Law]
Wholesale Market Brokers Association (UK)
Michael Blair QC, 3 Verulam Buildings, Gray’s Inn, London
George Walker, Professor in International Financial Law, Queen Mary, University of London, Lincoln’s Inn Fields, London
Stuart Willey Counsel, White & Case LLP, London
Lily Adelina Hashim, Senior Associate, Zaid Ibrahim & Co., Kuala Lumpur
Douglas Arner, Professo