# **Table of Contents**

|**LIST O**|**F ABBREVIATIONS ...................................................................................................... 4**|
|---|---|
|**CHAP**|**TER 1 – INTRODUCTION AND BACKGROUND...................................................... 6**|
|**CHAP**<br>**FIXED**|**TER 2 - EUROPEAN REGULATORY AND SUPERVISORY FRAMEWORK FOR**<br>**INCOME SECURITIES AND MARKETS.................................................................. 8**|
|2.1|REGULATORY FRAMEWORK AT THEEULEVEL................................................................ 8|
|2.2|REGULATORY FRAMEWORK AT THE MEMBER STATES LEVEL......................................... 14|
|2.3|SUPERVISORY FRAMEWORK AT THEEULEVEL.............................................................. 15|
|2.4|SUPERVISORY FRAMEWORK AT THE MEMBER STATES LEVEL......................................... 21|
|**CHAP**|**TER 3 - EU LEGISLATION RELATED TO EUROPEAN ....................................... 23**|
|**FIXED**|**INCOME MARKETS.................................................................................................. 23**|
|3.1|PRUDENTIAL RULES ON INVESTMENT IN FIXED INCOME SECURITIES............................... 24|
|3.2|INVESTOR PROTECTION.................................................................................................. 26|
|3.3|MARKET INTEGRITY....................................................................................................... 33|
|3.4|MARKET INFRASTRUCTURE............................................................................................ 34|
|3.5|INTERMEDIARIES............................................................................................................ 38|
|3.6|ISSUERS’OBLIGATIONS.................................................................................................. 41|
|3.7|TAXATION...................................................................................................................... 45|
|**CHAP**|**TER 4 - COUNTRY CASE: FRANCE.......................................................................... 47**|
|4.1.|THEFRENCH GOVERNMENT DEBT MARKET.................................................................... 47|
|4.2|THE PRIVATE DEBT MARKET.......................................................................................... 52|
|4.3|ORGANIZATION AND SUPERVISION OF THEFRENCH BOND MARKET............................... 60|
|**CHAP**|**TER 5 - COUNTRY CASE: DENMARK ..................................................................... 66**|
|5.1|THEDANISH FIXED INCOME MARKET............................................................................. 66|
|5.2|KEY REGULATORS AND THEIR RESPONSIBILITIES........................................................... 74|
|5.3|MAIN REGULATION OFDANISH FIXED INCOME MARKETS............................................... 76|
|**CHAP**|**TER 6: CONCLUSIONS ............................................................................................... 92**|
|6.1|PRUDENTIAL RULES ON INVESTMENTS........................................................................... 94|
|6.2|INVESTOR PROTECTION.................................................................................................. 95|
|6.3|MARKET INTEGRITY....................................................................................................... 96|
|6.4|MARKET INFRASTRUCTURE............................................................................................ 97|
|6.5|INTERMEDIARIES............................................................................................................ 98|
|6.6|ISSUERS’OBLIGATIONS.................................................................................................. 98|
|6.7|TAXATION...................................................................................................................... 99|
|**REFER**|**ENCES.......................................................................................................................... 100**|

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