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|Mirroring the long-established structure of the financial industry, EU financial regulation as we know it today approaches banking, insurance and investment services separately and often divergently. In recent decades however, the clear separation between financial sectors has gradually evaporated, as business lines have converged across sectors and FinTech solutions have emerged which do not fit traditional sector boundaries.|
As the contours of the traditional tripartition in the financial industry have faded, the diverging regulatory and supervisory treatment of these sectors has become increasingly at odds with economic reality.
This book brings together insights developed by distinguished researchers and industry professionals in a series of articles analysing the main areas of EU financial regulation from a cross-sectoral perspective. For each specific research theme – including prudential regulation, corporate governance and conduct of business rules – the similarities, as well as gaps, overlaps and unjustifiable differences between banking, securities and insurance regulation, are clearly presented and discussed. This innovative research approach is aimed at informing lawmakers and policymakers on potential improvements to EU financial regulation whilst also supporting legal and compliance professionals applying the current framework or looking to streamline compliance processes.
Table Of Contents
1. Regulating Finance in a Post-Sectoral World: Setting the Scene
Veerle Colaert and Danny Busch
2. Functioning of the Financial Industry
3. Objectives of Financial Regulation and their Implementation in the European Union
4. FinTech Regulation from a Cross-Sectoral Perspective
5. A Cross-Sectoral Approach to Regulation and a Twin Peaks System of Supervision: The Netherlands
Kitty Lieverse and Victor de Serière
STABILITY OF THE FINANCIAL SYSTEM
6. Regulating Systemic Risk: A Cross-Sectoral Approach
Danny Busch and Mirik van Rijn
7. A Cross-Sectoral Analysis of Micro-Prudential Regulation
Arthur van den Hurk and Bart Joosen
8. Corporate Governance
8A. A Cross-Sectoral Analysis of Corporate Governance Provisions: About Forests and Trees
Tom Vos, Katrien Morbee, Sofi e Cools and Marieke Wyckaert
8B. A Cross-Sectoral Analysis of Remuneration Policy Provisions
Guido Ferrarini and Michele Siri
8C. Ownership Allocation and Stakeholder Representation in Financial Institutions
Carmine Di Noia and Matteo Gargantini
9. Resolution Regimes in the Financial Sector: In Need of Cross-Sectoral Regulation?
10. Is there a Case for One Cross-Sectoral Compensation Scheme?
Veerle Colaert and Gilian Bens
11. The Cross-Sectoral Playing Field in Outsourcing
12. Scope of Protection: Is there a Ground for a Single Criterion?
13. Product Information for Banking, Investment and Insurance Products
14. Service Quality (Conduct of Business) Rules
14A. Is there a Case for a Cross-Sectoral Duty of Care for the Financial Sector?
Veerle Colaert and Maarten Peeters
14B. An 'Assist-Your-Customer Obligation' for the Financial Sector?
Danny Busch, Veerle Colaert and Geneviève Helleringer
15. Conflicts of Interest and Inducements in the Financial Sector
Veerle Colaert and Th omas Incalza
16. Product Intervention: A Cross-Sectoral Analysis
SUPERVISION AND INTERNAL MARKET
17. A Holistic Approach to the Institutional Architecture of Financial Supervision and Regulation in the EU
Wolf-Georg Ringe, Luis Morais and David Ramos
18. What Happens when an EU Financial Institution Crosses Borders? Time for Consistency?
Emanuel van Praag
SUMMARY AND CONCLUSIONS
19. Summary and Conclusions
Veerle Colaert and Danny Busch