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Research Handbook on Global Capital Markets Law

9781800379299 Edward Elgar Publishing

Research Handbooks in Financial Law series

Edited by Iris H.-Y. Chiu, Professor of Corporate Law and Financial Regulation, University College London and Iain G. MacNeil, Alexander Stone Professor of Commercial Law, University of Glasgow, UK

Publication Date: 2023 ISBN: 978 1 80037 929 9 Extent: 448 pp

This Research Handbook is a one-stop resource on global capital markets and the laws that regulate them. Featuring contributions from leading global experts, the Research Handbook delves into a range of issues including investment products such as equity finance; sustainable finance; fintech; impact investing; and private equity. It also provides analysis on institutional and procedural issues such as large and small companies'' capital formation, the roles of institutional shareholders and information providers, and the practices and regulation of financial trading markets.

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This Research Handbook is a one-stop resource on global capital markets and the laws that regulate them. Focussing primarily on ‘mainstream’ capital markets, and framing them as an ecosystem in which the market players and regulators must co-exist, the chapters paint a canvas on which key cross-cutting themes are depicted, dissected and discussed.

Featuring contributions from leading global experts, the Research Handbook delves into a range of issues including investment products such as equity finance; sustainable finance; fintech; impact investing; and private equity. It also provides analysis on institutional and procedural issues such as large and small companies'' capital formation, the roles of institutional shareholders and information providers, and the practices and regulation of financial trading markets.

International in scope, this Research Handbook will be of great value to scholars and practitioners in the field of financial law. It will also be a go-to source of information for policy makers in the financial markets sphere.

Contributors

Contributors: Douglas W. Arner, Hossein Askari, Dana Brakman Reiser, Ross P. Buckley, Ramon Callis, Iris H-Y Chiu, Jay Cullen, Mary Donnelly, Thomas Droll, Irene-Marié Esser, Carsten Gerner-Beuerle, Cally Jordan, Akshaya Kamalnath, Ida Levine, Amir N. Licht, Lin Lin, Iain G. MacNeil, Jonathan McCarthy, Andrea Miglionico, Andrea Minto, Julia Morley, Chiara Mosca, Stephen K. Park, Maria Lucia Passador, Jennifer Payne, Andrew Perkins, Clara Martins Pereira, Chiara Picciau, Pierre Schammo, Steven L. Schwarcz, Mathias Siems, Mia Trzecinski, Anne Tucker, Judith Tyson, Charlotte Villiers, Rolf H. Weber, Dirk A. Zetzsche

Contents

Contents:

Introduction

PART I LAW AND REGULATION OF GLOBAL MARKETS
1 A law-and-finance perspective on capital markets 12
Mathias Siems
2 Technology, fintech and capital markets: the EU experience with digital
transformation 26
Ross P. Buckley, Douglas W. Arner, Dirk A. Zetzsche, Rolf H. Weber and Mia
Trzecinski
3 SME financing and European capital markets: understanding the
rationale for reform 42
Jonathan McCarthy and Mary Donnelly

PART II BUSINESS FINANCING AND ISSUERS
4 Private equity and venture capital: a critical assessment of their growth
and self-regulation 58
Lin Lin
5 The future of the UK IPO 77
Jennifer Payne and Clara Martins Pereira
6 Finding an alternative to IPOs: direct listing and SPACs 94
Maria Lucia Passador
7 Equity finance for social enterprises 107
Dana Brakman Reiser and Anne Tucker
8 Capital market development in emerging economies 124
Judith E. Tyson

PART III MARKET STRUCTURE, INTEGRITY AND GOVERNANCE
9 The quest to improve stability and efficiency in securities post-trading
through technology: recent trends 142
Thomas Droll and Andrea Minto
10 Global central counterparties 157
Pierre Schammo
11 Regulating issuers’ disclosure of inside information: the diverging
approaches in the European Union and the United States 172
Chiara Mosca and Chiara Picciau
12 Regulating market integrity: an offshore perspective 190
Andrew James Perkins
13 Regulating automated trading 204
Carsten Gerner-Beuerle

PART IV EVOLUTION AND TRANSFORMATION IN SECURITIES PRODUCTS
14 The global derivatives market 220
Steven L. Schwarcz
15 Sustainable finance in global capital markets 236
Stephen Kim Park
16 Impact investing 251
Charlotte Villiers and Ida Levine
17 Islamic capital markets and products 269
Hossein Askari

PART V INVESTORS, INTERMEDIARIES AND GATEKEEPERS
18 Institutional investors: at the crossroads of intermediation and corporate
governance 286
Ramon Callis and Cally Jordan
19 Charting the indefatigable rise of public regulation of the investment
management industry 301
Iris H.-Y. Chiu
20 Exchange-traded funds, capital market efficiency and systemic risk 318
Jay Cullen
21 Bond markets and credit rating agencies 334
Andrea Miglionico
22 Regulation of ESG accounting 349
Julia Morley

PART VI COMPARATIVE AND CROSS-CUTTING PERSPECTIVES
23 Capital markets and corporate governance standards 371
Iain G. MacNeil and Irene-marié Esser
24 A critical review of the development of capital markets in India 386
Akshaya Kamalnath
25 The little market that could: facilitating cross-listing through unilateral
regulatory recognition 400
Amir N. Licht

Index 416