Depositaries in European Investment Law : towards Harmonization in Europe / / Sebastiaan Hooghiemstra

• Record Nr.: UNINA9910793977903321
• Autore: Hooghiemstra Sebastiaan Niels <1987->
• Pubbl/distr/stampa: The Hague, The Netherlands : , : Eleven International Publishing, , [2018]; ©2018
• ISBN: 94-6274-877-2
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (416 pages)
• Collana: Masterreeks
• Disciplina: 349.497
• Soggetti: Consolidation and merger of corporations - Law and legislation; Consolidation and merger of corporations - Law and legislation - European Union countries; Investments, Foreign - Law and legislation - European Union countries
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Intro -- Table of Contents -- List of Abbreviations -- 1 Introduction -- 1.1 Background -- 1.2 The Case for the Introduction of a Cross-Sectoral European Passport for Depositaries -- 1.2.1 Depositaries versus Custodians -- 1.2.2 Overcoming the 'European Depositary Passport Paradox' -- 1.2.3 The AIFMD/UCITSD V Depositary Passport 'Investor Protection Concerns' -- 1.2.3.1 The Concerns Raised upon Introduction of the 'Management Passport' under UCITSD IV -- 1.2.3.2 The Investor Protection Concerns upon Introducing an AIF/UCITS Depositary Passport -- 1.3 Research Questions -- 1.4 Methodology -- 1.5 Limitations -- 1.6 Scientific and Societal Relevance -- 1.6.1 Scientific Relevance -- 1.6.2 Societal Relevance: The Growing Importance of Depositaries -- 1.6.2.1 The Rise of European AuM -- 1.6.2.2 Possible Cost Reduction of a Depositary Passport -- 1.7 Study Outline -- Part I The European Depositary Passport Paradox -- 2 Locational Depositary Restrictions under the European Investment Laws -- 2.1 The European Depositary/Custodian Passport under European Investment Laws -- 2.1.1 The European Passport for 'Custodians' under MiFID II/CRD IV -- 2.1.2 The Location of the Depositary under the AIFMD and UCITSD V -- 2.1.2.1 The Location of the Depositary for ; UCITS -- 2.1.2.2 The Location of the Depositary for AIFs -- 2.1.2.3 Conclusion -- 2.1.3 The Depositary Mutual Recognition Approach under IORPD II -- 2.1.3.1 'Established in another Member State' -- 2.1.3.2 Mutual Recognition under IORPD II - Applying to Depositaries and or Custodians? -- 2.1.3.3 Cooperation between Supervisory Authorities -- 2.1.3.4 Conclusion -- 2.1.4 Conclusion -- 2.2 The European Depositary Passport Debate -- 2.2.1 UCITSD I-VI -- 2.2.1.1 UCITSD I -- 2.2.1.2 UCITSD II -- 2.2.1.3 UCITSD III/IV -- 2.2.1.4 UCITSD V/VI -- 2.2.2 The AIFMD -- 2.2.3 ISD-MiFID I/II/Second Banking Directive- CRD IV.; 2.2.4 IORPD I/II -- 2.2.5 Conclusion -- 2.3 Conclusion -- Part II The EEA's Approach towards the Cross-Border Provision of Financial Services 3 EEA Cross-Border Regulation for Financial Intermediaries -- 3.1 The Internal Dimension of the Cross-Border Provision of Financial Services -- 3.1.1 A Law and Economics Theory of the Internal Market for Financial Services -- 3.1.1.1 Market Efficiency and Economies of Scale and Scope -- 3.1.1.2 Risk Asymmetry and the Concept of 'Production' and 'Distribution' Member States -- 3.1.1.3 EEA Law as a Substitute for Risk Asymmetry -- 3.1.2 The Internal Dimension - The Four Freedoms -- 3.1.2.1 The Freedom of Capital -- 3.1.2.2 The Freedom of Establishment -- 3.1.2.3 The Freedom to Provide Services -- 3.1.2.4 Overlapping Fundamental Freedoms -- 3.2 The Joint Principles of the European Passport of EEA Financial Intermediaries -- 3.2.1 An Internal Market for Financial Intermediaries -- 3.2.2 The General Concept of the 'European Passport' -- 3.2.3 Positive Integration and EU Legal Instruments -- 3.2.3.1 The Choice of EU Policy Instruments -- 3.2.3.2 The Principles of Subsidiarity and Proportionality -- 3.2.3.3 The Lamfalussy Process -- 3.2.3.4 The Trend towards Maximum Harmonization -- 3.2.4 The Cornerstones of the European Passport for Financial Intermediaries: the 'Single Rulebook', 'Home Country Control' and the ESFS -- 3.2.4.1 The European Passport Substantive Legal Framework: 'The single rulebook' -- 3.2.4.2 The EEA Financial Supervisory Framework: Home Country Control and the ESFS -- 3.2.5 Conclusion -- 3.3 The External Dimension of the Cross-Border Provision of Financial Services -- 3.3.1 The External Dimension - A Law and Economics Theory -- 3.3.1.1 TC Financial Services and the EEA's External Dimension -- 3.3.1.2 Risk Asymmetry, TC Financial Centres and the Concept of 'Production' and 'Distribution' States.; 3.3.1.3 Equivalency as a Substitute for Risk Asymmetry -- 3.3.2 EEA Financial Intermediaries with an External Dimension -- 3.3.2.1 'Qualifying Holding' and 'Close Links' Requirements for Non-EEA Shareholders -- 3.3.2.2 Delegation -- 3.3.2.3 Consolidated Supervision and Conglomerates -- 3.3.3 Financial Intermediaries within the EEA -- 3.3.3.1 'Stand-alone' Authorizations -- 3.3.3.2 European Passports for TC Financial Intermediaries -- 3.3.3.3 The (Mutual) Agreements Solution -- 3.3.4 EEA Financial Intermediary TC Market Access -- 3.3.4.1 The EU Commission Negotiation Mandate -- 3.3.4.2 The (Mutual) Agreements Solution under the Commission Negotiation Mandate -- 3.4 The Joint Principles of EEA TC Financial Intermediary Regulation -- 3.4.1 Third Countries and EEA Secondary Law -- 3.4.1.1 The Internal Dimension - The Four Freedoms -- 3.4.1.2 The External Dimension: International Law Commitments and EEA Secondary Law -- 3.4.2 Equivalency in EEA Secondary Law -- 3.4.2.1 Equivalency of TC Regulatory and Supervision Regimes -- 3.4.2.2 Cooperation Agreements -- 3.4.2.3 Information Exchange -- 3.4.2.4 'Legal Representation' in the EEA -- 3.4.3 The EEA's Centralized Rulemaking and Supervision -- 3.4.3.1 The Role of the European Commission in Centralized Rulemaking -- 3.4.3.2 The Role of ESAs in TC Regimes -- ; 3.4.4 Judicial Control -- 3.5 Conclusion -- Part III Depositaries vs. Custodians -- 4 The AIFMD and UCITSD V Depositary Regulation -- 4.1 Introduction -- 4.2 The Scope of the AIFMD and UCITSD V with regard to Depositaries -- 4.2.1 The Obligation to Appoint a Depositary under the AIFMD -- 4.2.1.1 General Rule -- 4.2.1.2 The Retail-AIF Depositary -- 4.2.1.3 Exemptions from the Depositary Obligation -- 4.2.1.4 Depositary-Lite Regime -- 4.2.2 The Obligation to Appoint a Depositary under the UCITSD V.; 4.3 Entities Eligible as a Depositary and Its Organizational Requirements -- 4.3.1 Entities Eligible as a Depositary under the AIFMD -- 4.3.1.1 Credit Institution -- 4.3.1.2 Investment Firm -- 4.3.1.3 Other Eligible Institutions -- 4.3.1.4 Prime Broker -- 4.3.1.5 Eligible Non-EEA Entities -- 4.3.1.6 Option for Private Equity Funds, Venture Capital Funds and Real Estate AIFs -- 4.3.2 Entities Eligible as a Depositary under UCITSD V -- 4.3.2.1 National Central Bank -- 4.3.2.2 Credit Institutions -- 4.3.2.3 Another Legal Entity -- 4.4 EEA-AIF and UCITS Depositaries - General Requirements -- 4.4.1 Duty of Loyalty -- 4.4.2 Conflicts of Interest -- 4.4.3 The Third Party Depositary Requirement -- 4.4.4 Independence Requirements under UCITSD V -- 4.4.4.1 Common Management/Supervision -- 4.4.4.2 Cross-Shareholdings/Group Inclusion -- 4.5 AIFMD Third-Country Depositaries -- 4.5.1 Additional Requirements for TC Depositaries -- 4.5.2 The Third-Country Depositary and 'Effective Prudential Regulation' -- 4.5.2.1 Effectively Enforced Prudential Regulation -- 4.5.2.2 'Supervision under Equivalent' to That Applicable under EEA Law -- 4.6 The Depositary and Its Functions -- 4.6.1 The Particulars of the Written Contract -- 4.6.1.1 Eligible Assets -- 4.6.1.2 Flow of Information -- 4.6.1.3 Escalation Procedure -- 4.6.1.4 Third Parties -- 4.6.1.5 Termination of the Contract -- 4.6.2 Safekeeping -- 4.6.2.1 Financial Instruments That Should Be Held in Custody -- 4.6.2.2 Safekeeping Duties with regard to Assets Held in Custody -- 4.6.2.3 'Other Assets' -- 4.6.2.4 Safekeeping Duties regarding Ownership Verification and Record-keeping -- 4.6.3 Control -- 4.6.3.1 Oversight Duties - General Requirements -- 4.6.3.2 Subscriptions/Redemptions -- 4.6.3.3 Valuation of Shares/Units -- 4.6.3.4 AIFM's/UCITS ManCo Instructions -- 4.6.3.5 The Timely Settlement of Transactions.; 4.6.3.6 AIF's Income Distribution -- 4.6.3.7 Monitoring of the AIF's/UCITS' Cash Flows -- 4.6.3.8 UCITS Mergers and Master-Feeder Structures -- 4.7 Delegation in the Depositary Chain -- 4.7.1 Avoiding Requirements -- 4.7.2 Objective Reason -- 4.7.3 Due Diligence -- 4.7.3.1 Due Diligence upon Appointment of the Subcustodian -- 4.7.3.2 Ongoing Monitoring Diligence Sub-custodian -- 4.7.3.3 Insolvency Protection of UCITS Assets -- 4.7.4 Lex Specialis - The Prime Broker as a Sub-custodian under the AIFMD -- 4.8 The Depositary's Liability Regime under the AIFMD and UCITSD V -- 4.8.1 The Depositary's Liability under the AIFMD and UCITSD V -- 4.8.1.1 Loss of Financial Instruments That Can Be Held in Custody -- 4.8.1.2 The AIFMD and UCITSD V Liability Discharge -- 4.8.1.3 The AIFMD Contractual Discharge of Liability -- 4.8.2 The Impact of the AIFMD/UCITSD V Liability Regime for Depositaries -- 4.8.3 Rights of the AIFM/UCITS ManCo and Investors against the Depositary -- 4.8.3.1 AIFMD -- 4.8.3.2 UCITSD V -- 4.8.4 Conclusion -- 4.9 The Depositary under the 'AIFMD/UCITSD V Product Regulations' -- 4.9.1 The ELTIFR Depositary Regime -- 4.9.2 The MMFR Depositary Regime -- 4.9.3 The EuVECAR/EuSEFR 'Depositary Regime' -- 4.9.4 The AIFMD Product Regulation Depositary Regimes versus the AIFMD/UCITSD V -- 4.10 Conclusion -- 5 The IORPD II Depositary Regime -- 5.1 Introduction -- 5.2 The Appointment of Depositaries under IORPD II -- 5.2.1 The ; Appointment for Full DC and Other Types of IORPs -- 5.2.1.1 Full DC IORPs -- 5.2.1.2 Other Types of IORPs -- 5.2.2 Investment Risks - Full DC, Hybrid and/or Full DB IORPs? -- 5.2.3 The Definition of a 'Depositary' under IORPD II -- 5.2.4 The Appointment of a Single Depositary versus Multiple Depositaries -- 5.2.4.1 The Inconsistency of the 'Depositary' Terminology under IORPD II.; 5.2.4.2 The Unclear 'Depositary' definition under IORPD II.

The Conservative Counter-Revolution in Britain and America 1980-2020 / / by Roger Brown

• Record Nr.: UNINA9910588590103321
• Autore: Brown Roger
• Pubbl/distr/stampa: Cham : , : Springer International Publishing : , : Imprint : Palgrave Macmillan, , 2022
• ISBN: 9783031091421; 9783031091414
• Edizione: [1st ed. 2022.]
• Descrizione fisica: 1 online resource (154 pages)
• Disciplina: 320.520941; 320.52094109048
• Soggetti: Political planning; Political science; Economics; Public Policy; Political Science
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Chapter 1: What This Book Is About -- Chapter 2: Markets in Higher Education -- Chapter 3: The impact of Neoliberalism -- Chapter 4: Explaining the Neoliberal Turn: Structural theories -- Chapter 5: Explaining the Neoliberal Turn Institutional theories -- Chapter 6: Authoritarian Populism and its Sources -- Chapter 7: The Conservative Counter-revolution.
• Sommario/riassunto: "This book offers an important and distinctive perspective on recent political developments that distinguishes it from studies of the populist ; turn by asking about the influence on developments in governance." -Will Jennings, Professor of Political Science and Public Policy, University of Southampton, UK "Hits the nail on the head with a degree of precision and deftness of touch that is both refreshing and shocking to read." -Danny Dorling, Halford Mackinder Professor of Geography, University of Oxford, UK "In this readable, insightful and illuminating account, Roger Brown charts the roots and legacy of the four-decade-long experiment in neoliberalism, and exposes the reality behind the promises of a stronger economy and a more resilient society by the free market evangelists." -Stewart Lansley, Visiting Fellow at the School of Policy Studies, University of Bristol, UK This book assesses the impacts of theright within the US and UK, forty years on from their initial effects upon economic and social orthodoxies. It argues that one way of understanding the main developments in the political economies of the major Anglophone countries during these decades is to see them as a conservative reaction to the New Deal and the Welfare State, and the associated growth in state intervention, expenditure and regulation. The recent rise in 'authoritarian populism' can be seen as a popular response to the policies associated with this reaction, the response being exploited by populist demagogues like Donald Trump, Boris Johnson and Marine Le Pen. Written in a lively and engaging manner, this book will be of interest to academics and students in politics, economics, sociology and contemporary history, as well as general readers. Roger Brown is Professor Emeritus and former Vice Chancellor of Solent University, UK. He has written five books and many articles, mostly on various aspects of higher education policy.