Capital markets law and compliance : the implications of by Paul Nelson

By Paul Nelson

The Markets in monetary tools Directive (MiFID) is an in depth re-writing of the rules of capital markets. To the level these principles allow, the monetary providers Authority (FSA) is usually introducing high-level 'principles-based regulation'. in line with this, Paul Nelson offers useful assistance at the law of the capital markets, starting from new concerns and IPOs to funding banking, broker-dealing and asset administration. All legislation and ideas appropriate to the rules of the capital markets are defined and positioned into context in the financial operation of markets, associations and items, the eu unmarried industry, the FSA's rules and targets, the old evolution of the rules and the final civil and felony legislations. Drawing on 30 years' event as a practitioner, and bearing on an unlimited variety of helping fabrics, the writer offers an insightful research and critique of the foundations, the guideline makers and the associations.

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Body . . [T]he way IMRO has gone about carrying out its duties suggests . . that this aspect of the system of self-regulation is . . little short of a tragic comedy. IMRO . . [say] that their part of the self-regulatory system works well providing all of the participants are honest . . [T]he present system . . shows itself to be completely inadequate when faced by a . . 71 The whole episode ‘did teach . . that unless you could produce a regulatory system . . that would detect the culture of the people you were dealing with .

Having introduced such rules, it would be for the [SROs] to determine whether and where further detailed rules were needed . . or whether notes of guidance on the core rules . . ’54 Although ‘[t]he . . purpose . . is to enable a “single common core” of generally applicable provisions to act as the general standard for investor protection, so that the elaboration, adaptation and individual tailoring of the detail below that can proceed without any risk of undue interference from SIB, in the confident expectation that the essential elements of investor protection can be fully safeguarded in the overall result’,55 the reality was that the SIB stranglehold over the shape and content of regulation was merely repackaged.

20 Third, to ‘avoid . . any undue interference with the smooth running of the delicate machinery of legitimate “finance” in the City of London’,21 there was an exemption for the distribution of a 116 117 119 14 Jenkins Report, para. 263; Cmnd. 6893, July 1977, para. 6; 1982 Gower, para. 09. President of the Board of Trade when introducing the Bill into Parliament in 1939, 18 Bodkin Report, para. 75. quoted in the Scott Report, para. 209. Licensed Dealers in Securities: Draft Rules, September 1982, Department of Trade, para.

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