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

By Paul Nelson

The Markets in monetary tools Directive (MiFID) is a close re-writing of the law of capital markets. To the level these principles allow, the monetary prone Authority (FSA) can be introducing high-level 'principles-based regulation'. in line with this, Paul Nelson provides 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 proper to the rules of the capital markets are defined and placed 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 laws and the overall civil and felony legislation. Drawing on 30 years' adventure as a practitioner, and concerning an unlimited diversity of assisting fabrics, the writer presents an insightful research and critique of the principles, the rule of thumb makers and the associations.

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TSA] has therefore attempted to be clear and precise but also to give answers within the rules to some of the questions of detail which . . could be asked about the application of a rule and how it can be complied with in certain circumstances. ’48 In consequence it was often said that the system was too detailed and too complicated and firms had little grasp of the content of the rules, leading to their widespread disregard: I do not regard rulebooks running to 900 or 1,000 or more pages as rational regulation.

To account’,101 which FSA itself summed up as being ‘accountable in the public interest . . in seven distinct ways: • a clear mandate through statutory objectives . . which provide both political accountability, and legal accountability through the scope for judicial review; • clear governance structure: the Chairman and the Board are . . appointed by HMT, with a majority of non-executive directors; there is also a committee of non-executive[s] . . with clearly defined responsibilities . . 193 195 196 198 199 101 32 94 Joint Committee Report, Vol.

3, 5 August 1987, paras. 7, 12. 18. Big Bang and City Regulation, LCB Gower, 1988 MLR, p. 1 at pp. 11–12. 1982 Gower, para. 01(h); 1984 Gower, para. 18. 19 Capital Markets Law and Compliance A will not be . . allowed access to . . information . . which employee B acquires . . until the information becomes generally known in the city in which employee B is based. 47 Covering the whole of the Primary and Secondary Markets, ‘[i]n light of the statutory background and legal consequences these rules will have for [firms] and investors, it has been necessary to draft them in a style which is capable of legal application.

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