Research Handbook on EU Securities Law

This Research Handbook provides a critical examination of the landscape of EU securities law, including crypto-markets, financial innovation and the Capital Markets Union. It explores the enforcement of EU securities regulation IES and related instruments, such as the EU Takeover Regulation.

Leading specialists discuss the full length and breadth of the subject, from the history and theory of securities regulation to emerging challenges such as those posed by crypto-assets and crypto-markets. They consider mandatory disclosure, short-selling regulation and growth markets, shedding light on the regulatory framework governing the investment and disclosure requirements of environmental, social and governance assets. The Research Handbook also stands back and considers lawmakers’ attempts to establish coherent regulation that enables financial innovation in an increasingly technology-driven industry, alongside discussions about the value of shareholder activism and the debate between public and private enforcement mechanisms.

The Research Handbook on EU Securities Law is an essential reference for scholars and students of financial law and European law. Its forward-thinking insights will also greatly benefit practising lawyers and industry stakeholders in the field of securities.

Contents

Table of abbreviations and legislation ix

Table of cases xxvii

Table of legislation and analogous instruments xxxi

Introduction: Research Handbook on EU Securities Law 1

Paolo Giudici and Joseph A. McCahery

PART I SECURITIES REGULATION: HISTORY, THEORY AND

POLICY

1 Crypto-assets and securities regulation 10

Valeria Barbaresi and Paolo Giudici

PART II OFFERINGS, MARKET INFORMATION AND TRADING

VENUES

2 EU prospectus regulation 87

Pierre Schammo

3 Information in secondary markets 110

Stefano Lombardo

4 Short selling 141

Stefano Lombardo

5 The effectiveness of trading venues in facilitating small and

medium-sized enterprise growth: an examination of liquidity and

regulatory oversight 162

Mark Fenwick and Erik P.M. Vermeulen

PART III SUSTAINABLE FINANCE: INFORMATION AND

INVESTMENT

6 Investment services and the risks of sustainable finance 178

Andrea Perrone and Andrea Cardani

7 Institutional investors, alternative asset fund managers, and ESG 199

Joseph A. McCahery, Paul Pudschedl and Martin Steindl

8 Institutional investor engagement and sustainable finance 243

Gaia Balp and Giovanni Strampelli

9 Green digital assets: a comparative approach 272

Joseph A. McCahery and Riley Scott

PART IV DISCLOSURE AND TAKEOVERS

10 Blockholder disclosure, activism, and takeovers 308

Paolo Giudici

11 EU takeover regulation: some ‘hot’ research topics 320

Peter Agstner

PART V ENFORCEMENT

12 Public vs private enforcement of securities regulation in Europe 354

Paolo Giudici and Joseph A. McCahery