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02 Jul 2020
6 min to read

Muddying the Waters of Market Manipulation in the EU

Anna L. Christie | J S Liptrap

Since July 2016 it has been an open question whether the Market Abuse Regulation No. 596/2014 (MAR) creates horizontal direct effect such that market participants have a private right of action for...
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OBLB categories

  • Corporate Finance
26 Jan 2018

What should qualify as a 'SME Growth Market'?

Luca Enriques, Faculty of Law

It is common ground that securities law reforms in the last two decades have greatly increased the regulatory burden for companies accessing public equity markets: a plethora of obligations aimed at...

OBLB categories

  • Corporate Finance
  • Financial Regulation
11 Aug 2017

Capital Markets, Debt Finance and the EU Capital Markets Union: A Law and Finance Critique

Vincenzo Bavoso

Modern, globalised financial markets are the offspring of a process of liberalisation of capital that started with the collapse of Bretton Woods in the 1970s and culminated with the deregulation...

OBLB categories

  • Corporate Finance
  • Financial Regulation
12 Jul 2017

Much Ado About Nothing: The European ‘High-Level Principles on Feedback Given by Banks on Declined SME Credit Applications’

Pierre Schammo

On 6th June, five European banking federations signed, with the blessing of three European associations representing the interests of SMEs and businesses, a four-page document entitled ‘High-level...
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OBLB categories

  • Brexit
  • Commercial Law
  • Competition/ Antitrust
  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
05 May 2017

2016-2017 Oxford Business Law Blog Round-Up: Most Read Opinion Pieces

John Armour, Faculty of Law | Horst Eidenmüller, St Hugh's College | Pavlos Eleftheriadis, Mansfield College | Luca Enriques, Faculty of Law | Ariel Ezrachi, Pembroke College | Cheng Lim | Bruno Meyerhof Salama | Calum Sargeant | TJ Saw | Maurice Stucke, Institute of European and Comparative Law

On 14 March 2017, the Oxford Business Law Blog ('OBLB') marked its first anniversary. One year ago, we set out to create a leading and truly international forum for the exchange of ideas and...
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OBLB categories

  • Brexit
05 Apr 2017

Brexit Negotiations Series: ‘Financing the European economy after Brexit – What financial services without London for the EU 27 countries?’

Thierry Philipponnat

Brexit will be anything but negligible for the organisation of European finance. It is estimated that up to 20 % (i.e. circa £ 30 bn) of the revenues of the City of London are related to services...
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OBLB categories

  • Corporate Finance
21 Mar 2017

Market Building and the Capital Markets Union: Addressing Information Barriers in the SME Funding Market

Pierre Schammo

The Capital Markets Union (‘CMU’) is one of the EU Commission’s flagship projects. It is a policy initiative that is meant to be about market building. It is supposed to create the conditions for an...

OBLB categories

  • Financial Regulation
16 Mar 2017

The New Prospectus Regulation: a Missed Opportunity?

Assonime

One of the key actions of the Capital Markets Union (hereinafter ‘CMU’) was the revision of the Prospectus Directive. On 7 December 2016, the European Parliament, the Council and the European...

OBLB categories

  • Financial Regulation
23 Feb 2017

Conference Report: ‘The Future Framework for European Capital Markets – Law and Finance’

Thom Wetzer, Faculty of Law

When European banks were hit by financial calamity, a lack of alternative funding arrangements deepened the crisis. Stronger European capital markets would have changed that picture, because savers...
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OBLB categories

  • Brexit
10 Jan 2017

Brexit and Financial Services

John Armour, Faculty of Law

Financial services are a very important sector of the UK’s economy, accounting for between 7-12% of GDP, 11% of gross tax receipts, and 7-12% of employment. In a recent paper, prepared for the Oxford...
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OBLB categories

  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
10 May 2016

EU Prospectus Regulation: Some Out-of-the-Box Thinking

Luca Enriques, Faculty of Law

One of the core initiatives of the European Commission’s plan for a Capital Markets Union is its proposal to replace the existing legal framework for public offerings with a new regulation. The new...

OBLB categories

  • Corporate Finance
  • Financial Regulation
08 May 2016

ICYMI - European Commission Publishes Crowdfunding Report

OBLB Editors

As part of its Action Plan on building a Capital Markets Union, the European Commission recently published a Staff Working Document entitled "Crowdfunding in the EU Capital Markets Union". The report...

OBLB categories

  • Corporate Finance
  • Financial Regulation
26 Apr 2016

ICYMI: "EU Capital Markets Union: First Status Report"

OBLB Editors

The European Commission (EC) is today taking stock of the progress made in the first six months since the adoption of the Capital Markets Union (CMU) Action Plan and it is publishing the first CMU...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Corporate Governance
15 Mar 2016

A Comprehensive Economic and Legal Analysis of the Effects of Europe’s Fragmented Insolvency Laws

Weil, Gotshal & Manges

This post comes to us from Andrew Wilkinson and Paul Bagon of Weil, Gotshal & Manges. Together with AFME and Frontier Economics, we have produced a new report into European insolvency law reform...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Financial Regulation
14 Mar 2016

Direct Lending in Europe: Recent Developments

Cleary Gottlieb Steen & Hamilton

This post is based on a client memorandum by Carlo de Vito Piscicelli, Fabio Saccone, Amélie Champsaur, Robin Barriere, Manuel Metzner, and Valentin M. Pfisterer of Cleary Gottlieb. In Italy, France...

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