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Chapter 1 Financial Products and Services1

Part Ⅰ Secured Transactions,Finance Sales and Other Financial Products and Services1

1.1 Civil and Common Law Approaches1

1.1.1 Introduction1

1.1.2 Financial Products in Commercial Banking and Capital Markets5

1.1.3 The Evolution of Secured Transactions.Different Credit Cultures and the Role of Finance Sales.The Prevalence of Domestic Laws and the Issue of Legal Transnationalisation11

1.1.4 Local Differences and Similarities in the Legal Organisation of Asset Backed Financing17

1.1.5 International Convergence in Secured Transactions and Finance Sales?22

1.1.6 The Problems of and Needs for Modern Non-possessory Security Interests in Personal Property and the Alternative Use of Finance Sales25

1.1.7 Finance Sales and Secured Transactions Distinguished,the Re-characterisation Issue.Different Risk and Reward Structures31

1.1.8 Formal International Harmonisation Attempts in the Area of Secured Transactions and Finance Sales.The EU Collateral Directive37

1.1.9 Notions of Separation,Segregation and Priority.Proprietary and Other Structures of Separation and Priority.Contractual Netting Clauses.The Concept of Subordination.Bankruptcy Consequences40

1.1.10 Party Autonomy and the Contractualisation or Unbundling of Proprietary Rights for Funding Purposes.Closed or Open Systems of Proprietary Rights?Equitable Proprietary Rights.The Better Protection of Bona Fide Purchasers and Lesser Protection of Bona Fide Creditors47

1.1.11 Autonomous Transnational and Domestic Legal Developments52

1.1.12 Uncertainty in International Financial Dealings.The Idea and Technique of Transnationalisation in Asset-backed Funding55

1.1.13 The Impact of the Applicable Domestic Bankruptcy Regime in International Financial Transactions.The US Approach and the EU Bankruptcy Regulation59

1.2 The Situation in the Netherlands63

1.2.1 Introduction:The New Civil Code of 199263

1.2.2 Security Substitutes and Floating Charges:The Reservation of Title66

1.2.3 Conditional and Temporary Ownership:The Lex Commissoria69

1.2.4 Open or Closed System of Proprietary Rights74

1.3 The Situation in France76

1.3.1 Introduction:The Vente à Remère and Lex Commissoria.The Modern Floating Charge76

1.3.2 The Impact of the Notion of the 'Solvabilité Apparente'78

1.3.3 The Modern Repurchase Agreement or 'Pension Livrée'80

1.3.4 The Reservation of Title82

1.3.5 Finance Sales.The Pension Livrée.The Loi Dailly84

1.3.6 Securitisation or Titrisation(Fonds Communs de Créances)and the Transfer of Intangible Assets in Finance Schemes87

1.3.7 The Introduction of the Fiducie in France88

1.3.8 Open or Closed System of Proprietary Rights89

1.4 The Situation in Germany90

1.4.1 Introduction:The Development of the Reservation of Title and Conditional Transfers;Floating Charges90

1.4.2 Sicherungsübereignung and Conditional Sales96

1.4.3 Finance Sales99

1.4.4 Curbing Excess:Open or Closed System of Proprietary Rights101

1.5 The Situation in the UK104

1.5.1 Introduction:Differences from Civil Law104

1.5.2 Basic Features of Conditional or Split Ownership Interests.Equitable and Floating Charges.Open System of Proprietary Rights106

1.5.3 The Distinction between Conditional Sales and Secured Transactions:Publication Requirements114

1.5.4 Reservation of Title118

1.5.5 Finance Sales120

1.6 The Situation in the USA122

1.6.1 Introduction:The Approach of Article 9 UCC and its Unitary Functional Approach towards Finance Sales122

1.6.2 The Unitary Functional Approach and Finance Sales:Problem Areas in Article 9 UCC126

1.6.3 Proprietary Characterisations132

Part Ⅱ Financial Products and Funding Techniques:Major Examples of Security Transfers and Finance Sales.Other Financial Structures.International and Regulatory Aspects135

2.1 Finance Sales as Distinguished from Secured Transactions in Civil and Common Law:The Recharacterisation Risk135

2.1.1 Introduction135

2.1.2 The Practical Differences between Security-　and Ownership-based Funding.The Re-characterisation Issue Revisited139

2.1.3 Legal Differences between Security- and Ownership-based Funding.The Early Operation of Split-Ownership Rights in the US142

2.1.4 Practical Issues and Relevance152

2.1.5 Nature,Use and Transfers of Conditional and Temporary Ownership Rights.The Difference between them154

2.1.6 The Duality of Ownership in Finance Sales and the Impact of the Fungibility of Assets162

2.1.7 Finance Sales and Sharia Financing165

2.1.8 International Aspects:Private International Law Approaches to the Law Applicable to Proprietary Rights.Bankruptcy Effects168

2.1.9 International Aspects:Uniform Laws and Model Laws on Secured Transactions.The EBRD Effort173

2.1.10 International Aspects:The 2001 UNIDROIT Convention on International Interests in Mobile Equipment177

2.1.11 Domestic and International Regulatory Aspects179

2.1.12 Concluding Remarks.Transnationalisation and the Issue of Party Autonomy at that Level in Proprietary Matters179

2.2 Modern Security Interests:The Example of the Floating Charge183

2.2.1 Types of Floating Charges or Liens.Problem Areas183

2.2.2 Different Approaches.Comparative Legal Analysis186

2.2.3 Modern Publication or Filing Requirements.Their Meaning and Defects.Ranking Issues192

2.2.4 Special Problems of the Assignment in Bulk194

2.2.5 International Aspects of Floating Charges.Limited Unification Attempts198

2.2.6 Domestic and International Regulatory Aspects200

2.2.7 Concluding Remarks.Transnationalisation201

2.3 Receivable Financing and Factoring.The 1988 UNIDROIT Factoring Convention and the 2001 UNCITRAL Convention on the Assignment of Receivables in International Trade202

2.3.1 Assignment of Monetary Claims in Receivable Financing and Factoring.The Issue of Liquidity202

2.3.2 Receivable Financing and Factoring:Origin and Different Approaches207

2.3.3 Factoring:The Contractual Aspects211

2.3.4 Factoring:The Proprietary Aspects213

2.3.5 International Aspects.The UNCITRAL and UNIDROIT Conventions.Internationality and Applicability216

2.3.6 The UNCITRAL and UNIDROIT Conventions.Their Content,Field of Application,Interpretation and Supplementation.Their Role in the Lex Mercatoria Approach221

2.3.7 Details of the UNIDROIT Factoring Convention224

2.3.8 Details of the UNCITRAL Convention.Its Operational Insufficiency226

2.3.9 Domestic and International Regulatory Aspects229

2.3.10 Concluding Remarks.Transnationalisation229

2.4 Modern Finance Sales:The Example of the Finance Lease231

2.4.1 Rationale of Finance Leasing231

2.4.2 Legal Characterisation233

2.4.3 Comparative Legal Analysis237

2.4.4 International Aspects of Finance Leasing240

2.4.5 Uniform Substantive Law:The UNIDROIT(Ottawa)Leasing Convention of 1988.Its Interpretation and Supplementation242

2.4.6 The Leasing Convention's Sphere of Application,its Definition of Finance Leasing245

2.4.7 The Proprietary Aspects247

2.4.8 The Enforcement Aspects248

2.4.9 The Contractual Aspects249

2.4.10 The Collateral Rights251

2.4.11 Domestic and International Regulatory Aspects253

2.4.12 Concluding Remarks.Transnationalisation253

2.5 Asset Securitisation and Credit Derivatives.Covered Bonds256

2.5.1 Asset Securitisation or Financial Engineering256

2.5.2 Synthetic Securitisation.Credit Derivatives or Credit Default Swaps(CDS).The Total Return Swap and Credit Spread Options260

2.5.3 The Layering of Risk264

2.5.4 Excess of Financial Engineering?The 2007-09 Banking Crisis266

2.5.5 Abuse of Financial Engineering?The Enron Debacle268

2.5.6 Covered Bonds271

2.5.7 The Recharacterisation Risk in Securitisations271

2.5.8 International Aspects273

2.5.9 Domestic and International Regulatory Aspects274

2.5.10 Concluding Remarks.Transnationalisation277

2.6 Derivatives,their Use and Transfers.The Operation of Derivatives Markets.Clearing and Settlement and the Function of Central Counterparties(CCPs)278

2.6.1 Types of Financial Derivatives and their Operation278

2.6.2 The Use of Derivatives.Hedging281

2.6.3 The Valuation of Derivatives285

2.6.4 Derivatives Markets and their Operations.Central Counterparties(CCPs)and the Notion of Margin286

2.6.5 The Concept of the Central Counterparty(CCP)and its Potential292

2.6.6 Derivatives Risk and Netting for Swaps293

2.6.7 Legal Aspects of Swaps.Integration and Conditionality,Acceleration and Close Out.The ISDA Swap Master Agreement295

2.6.8 International Aspects298

2.6.9 Domestic and International Regulatory Aspects298

2.6.10 Concluding Remarks.Transnationalisation299

2.7 Institutional Investment Management,Funds,Fund Management,and Prime Brokerage300

2.7.1 Investment Management300

2.7.2 Investment Funds or Collective Investment Schemes302

2.7.3 Hedge Funds and their Operation305

2.7.4 Hedge Funds and Their Regulation306

2.7.5 Prime Brokerage312

2.7.6 Private Equity313

2.7.7 Domestic and International Regulatory Aspects,UCITS314

2.7.8 Concluding Remarks.Transnationalisation315

Part Ⅲ Payments,Modern Payment Methods and Systems.Set-off and Netting as Ways of Payment.International Payments.Money Laundering317

3.1 Payments,Payment Systems.Money and Bank Accounts317

3.1.1 The Notion and Modes of Payment317

3.1.2 The Notion of Money as Unit of Account or Unit of Payment:Money as Store of Value320

3.1.3 Legal Aspects of Payment.The Need for Finality321

3.1.4 Bank-Transfers and Payment Systems.Pull and Push Systems,Credit and Debit Transfers325

3.1.5 The Legal Nature and Characterisation of Modern Bank Transfers.The Bank Account as a Sui Generis Right of the Account Holder327

3.1.6 Clearing and Settlement of Payments in the Banking System332

3.1.7 International Aspects of Payment335

3.1.8 Regulatory Aspects of Domestic and International Payments336

3.1.9 Concluding Remarks and Transnationalisation336

3.2 The Principles and Importance of Set-off and Netting337

3.2.1 Set-off as a Form of Payment337

3.2.2 The Evolution of the Set-off Principle340

3.2.3 The Expansion of Set-off through Contractual Netting Clauses.Different Types of Netting.Special Importance in Clearing and Settlement and in Bankruptcy344

3.2.4 Use of Contractual Netting Clauses in Swaps and Repos:Contractual Netting and Bankruptcy.The Settlement Finality Directive348

3.2.5 The ISDA Swap and Derivatives Master Agreements.Swap and Repo Netting.The Notion of Conditionality and 'Flawed Assets' as an Alternative to the Set-off.The EU Collateral Directive352

3.2.6 International Aspects.The Law Applicable to Set-offs and Contractual Netting under Traditional Private International Law354

3.2.7 International Aspects.The Law Applicable to Novation Netting under Traditional Private International Law357

3.2.8 Domestic and International Regulatory Aspects of Netting359

3.2.9 Concluding Remarks.Transnationalisation360

3.3 Traditional Forms of International Payment360

3.3.1 Cross-Border Payments and their Risks360

3.3.2 Paper Currencies and Modern Currency Election and Gold Clauses362

3.3.3 Freely Convertible and Transferable Currency364

3.3.4 Payment in Open Account.Re-establishing Simultaneity through the Use of Intermediaries366

3.3.5 Various Ways to Reduce Payment Risk in International Transactions368

3.3.6 Ways to Reduce Payment Risk Internationally:The Accepted Bill of Exchange369

3.3.7 Ways to Reduce Payment Risk Internationally:Collection370

3.3.8 Ways to Reduce Payment Risk Internationally:Letters of Credit.The Different Banks Involved372

3.3.9 The Types of Letters of Credit377

3.3.10 The Documents Required under a Documentary Letter of Credit378

3.3.11 The Right of Reimbursement of the Issuing Bank under a Letter of Credit379

3.3.12 The Letter of Credit as Independent and Primary Obligation:Legal Nature of Letters of Credit.The 'Pay First,Argue Later' Notion380

3.3.13 Non-performance under Letters of Credit:The Exception of 'Fraud'383

3.3.14 Transferable Letters of Credit and Back-to-Back Letters of Credit385

3.3.15 Ways to Reduce Payment Risk Internationally:Autonomous Guarantees.Examples.Standby Letters of Credit386

3.3.16 Transnationalisation:the Law and/or Rules Applicable to Bills of Exchange,Collections,Letters of Credit and Bank Guarantees.The ICC Rules and their Status.Lex Mercatoria388

3.3.17 Transnationalisation:the UNCITRAL Convention on International Guarantees and the World Bank Standard Conditions390

3.4 Money Laundering391

3.4.1 Techniques and Remedies391

3.4.2 Why Action?Remedies and the Objectives of Combating Money Laundering393

3.4.3 International Action.The Group of Ten,the Council of Europe,and the United Nations394

3.4.4 The EU396

Part Ⅳ Security Entitlements and their Transfers through Securities Accounts.Securities Repos399

4.1 Investment Securities Entitlements and their Transfers(either Outright,Conditionally or as Security).Securities Shorting,Borrowing,and Repledging.Clearing and Settlement399

4.1.1 Modern Investment Securities.Dematerialisation and Immobilisation.Book-entry Systems and the Legal Nature of Securities Entitlements399

4.1.2 Securities Transfers:Tiered or Chained Transfer Systems.The Legal Character of the Securities Transfer and Its Finality403

4.1.3 Securities Shorting,Securities Lending,Pledging and Repledging of Securities.The Notion of Rehypothecation407

4.1.4 Modern Clearing and Settlement.Central Counterparties(CCPs)and their Significance412

4.1.5 International Aspects.EU Settlement Finality and Collateral Directives.The Hague Convention on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary416

4.1.6 Regulatory Aspects420

4.1.7 Concluding Remark.Transnationalisation421

4.2 Investment Securities Repos422

4.2.1 The Repurchase Agreement as a Prime Alternative to Secured Lending:Its Legal Characterisation.The Effect of Fungibility and of the Right to On-sell the Securities422

4.2.2 The Development of the Repo in Fungible Investment Securities:Securities Lending and the Buy/Sell Back Transaction427

4.2.3 Margining430

4.2.4 The Netting Approach in Repos.Close-out Netting431

4.2.5 The TBMA/ISMA Global Master Repurchase Agreement432

4.2.6 International Aspects434

4.2.7 Domestic and International Regulatory Aspects435

4.2.8 Concluding Remarks.Transnationalisation436

Chapter 2 Financial Risk,Financial Stability and the Role of Financial Regulation439

Part Ⅰ Financial Service Activities,Financial Service Providers,Financial Risk and Financial Regulation439

1.1 Domestic and Cross-border Financial Services.Regulatory Impact439

1.1.1 The Recycling of Money.Commercial Banking and Capital Markets439

1.1.2 Financial Services and Financial Regulation.Issues of Illiquidity,Insolvency,and Financial Stability441

1.1.3 Liquidity Management and Risk Management444

1.1.4 Financial Stability and Financial Regulation.Causes of Regulatory Failure448

1.1.5 The Modern Credit Culture and Supporting Politics452

1.1.6 Focus of the Reform of Financial Regulation and Prudential Supervision458

1.1.7 Effect of Internationalisation.The Lack of an International Safety Net467

1.1.8 Other Regulatory Concerns.Depositors and Investor Protection Issues469

1.1.9 The Basic Structure of Modern Financial Regulation472

1.1.10 De-regulation and Re-regulation of Modern Financial Activity.The Institutional and Functional Approach.Monetary,Liquidity,and Foreign Exchange Policies Distinguished476

1.1.11 The Objectives of Modern Financial Regulation479

1.1.12 Regulatory Objectives and Moral Hazard.Lack of Clarity in Statutory Regulatory Aims486

1.1.13 Principle-Based Regulation492

1.1.14 Official and Unofficial Financial Markets.Regulatory Issues493

1.1.15 Universal Banks,Conglomerate Risks and Regulatory Supervision497

1.1.16 Market Abuse and Misleading Financial Structures.The Regulatory Response499

1.1.17 International Aspects of Financial Regulation.When Are Financial Services International?EU Approach502

1.1.18 The American Regulatory Approach to Issuing Activity and to Financial Services Rendered in the US by Foreign Issuers and Intermediaries505

1.1.19 Banking Regulation in the US.Activities of Foreign Banks508

1.1.20 The Basle Concordat concerning International Commercial Banking Regulation and Consolidated Supervision.Efforts to Achieve a Framework for International Financial Conglomerate Supervision.The Joint Forum510

1.1.21 The Modern International Financial Architecture.The Financial Stability Board(FSB)512

1.2 The Essentials of the(Commercial)Banking Business515

1.2.1 Major Aspects of Banking.Supervision and the Role of Banks of Last Resort515

1.2.2 Types of Banks and their Operations.The Shadow Banking System517

1.2.3 Commercial Banking Products,Unsecured and Secured Loans,Leasing,Repos,Receivable Financing,Syndicated Loans,Trade and Project Finance521

1.2.4 Commercial Banking Risks525

1.2.5 Risk Management in Banks529

1.2.6 Broad and Narrow Banking.Sharia Banking,Market-based Monitoring of Banks532

1.2.7 Commercial Banking Regulation and Banking Regulators.International Aspects534

1.2.8 Intermediation and Disintermediation of Commercial Banks536

1.2.9 The Banking or Current Account Relationship and Agreement538

1.2.10 The Democratisation of Credit and Its Effects.A Public Function for Banks?543

1.3 The Essentials of the Securities Business and its Regulation546

1.3.1 Major Types of Securities.Negotiable Instruments,Transferable Securities and Investments.Book-entry Systems and Securities Entitlements546

1.3.2 Securities Markets and their Organisation.Official Markets553

1.3.3 Unofficial Markets,Globalisation of Markets,Euromarkets556

1.3.4 The Primary Market and Security Issuers.International Style Offerings560

1.3.5 Secondary Market and its Trading Systems560

1.3.6 Internet or Electronic Trading562

1.3.7 Modern Clearing,Settlement and Custody565

1.3.8 The Role of Investment Banks as Underwriters and Market Makers568

1.3.9 The Role of Investment Banks as Brokers and Investment Managers572

1.3.10 Insolvency of Securities Brokers.The Notion of Segregation,Tracing and Constructive Trust in Respect of Client Assets575

1.3.11 Other Activities of Investment Banks.Fund Management,Corporate Finance,and Mergers and Acquisitions.Valuations579

1.3.12 The Risks in the Securities Business.Securities Regulation and its Focus.The European and American Approaches581

1.3.13 Securities Regulators584

1.3.14 International Aspects of Securities Regulation586

Part Ⅱ International Aspects of Financial Services Regulation:the Recent Effects of Globalisation and the Earlier Autonomy of the International Capital Markets.The Developments in GATT/WTO,the EU,and BIS/IOSCO/IAIS589

2.1 The Globalisation of the Financial Markets and the Informal Liberalisation of Finance589

2.1.1 Autonomy of the International Capital Markets589

2.1.2 The Eurobond Market and its Main Features. Eurodeposits590

2.1.3 The Legal Status of Euromarket Instruments and Underwriting Practices594

2.1.4 Central Bank Involvement594

2.2 The Formal Regime for the Freeing of the Movement of Goods,Services,Current Payments and Capital after World War Ⅱ595

2.2.1 Cross-border Movement of Goods.GATT595

2.2.2 Cross-border Payments and Movement of Capital.IMF597

2.2.3 Cross-border Movement of Services.GATS599

2.2.4 The WTO602

2.3 The Creation of the EEC and its Evolution into the EU604

2.3.1 The European Common Market and Monetary Union604

2.3.2 The EU Institutional Framework and Legislative Instruments611

2.3.3 The EU Internal Market:Definition of Cross-border Services.Connection with Free Movement of Goods and Persons and with the Right of Establishment614

2.3.4 Early Failure of Full Harmonisation of Regulated Financial Services in the EU and the 1985 Break-through:Mutual Recognition of Home Regulation.The European Passport619

2.4 The Effects of Autonomous Globalisation Forces on the Financial Activity and its Regulation in the EU621

2.4.1 Effects of the Free Flow of Capital in the EU.The 1988 Directive on the Free Movement of Capital621

2.4.2 The 1988 Directive and the Redirection of Savings and Tax Avoidance Issues.The 2003 Savings Tax Directive622

2.4.3 The 1988 Directive and the Movement of Financial Products and Services625

2.4.4 The 1988 Directive and Monetary and Exchange Rate Aspects of the Free Flow of Capital.The 1997 Stability Pact626

2.4.5 The Single European Market for Financial Services and its Relationship to the Euromarkets627

2.5 Developments in the BIS,IOSCO and IAIS.The International Harmonisation of the Capital Adequacy Regime(Basel Ⅰ,Basel Ⅱ and Newer Proposals)628

2.5.1 The Functions of the BIS,IOSCO and IAIS628

2.5.2 The BIS Capital Adequacy Approach for Banks.The Basle Ⅰ Accord.Criticism.Other Regulatory BIS Initiatives.Basel Ⅱ630

2.5.3 Credit Risk,Position Risk,and Settlement Risk632

2.5.4 The Risk Assets Ratios,Risk Weightings and Qualifying Capital under Basel Ⅰ634

2.5.5 1993 BIS Proposals for Netting,Market Risk and Interest Rate Risk.The 1996 Amendment635

2.5.6 The Building Block Approach637

2.5.7 Capital for Derivatives638

2.5.8 Off-balance Sheet Exposures.Contingent Liabilities639

2.5.9 Capital Adequacy Calculations under Basel Ⅰ.The Level Playing Field for Banks and the Effect of a Change in the Minimum Capital Requirement640

2.5.10 The 1999 BIS Consultation Document and the 2001 BIS Proposals.Basel Ⅱ(2008)and the American Shadow Committee643

2.5.11 Continuing Criticism and the 2007-08 Crisis648

2.5.12 Capital Adequacy Calculations under Basel Ⅱ652

2.5.13 Perspective657

Part Ⅲ The EU Directives Concerning the Internal Market in Financial Services and the 1998 EU Action Plan for a Single Market in Financial Services661

3.1 Early EU Activity in the Regulated Financial Service Industries661

3.1.1 Restrictions on the Basic Freedoms.Regulated Services and the Concept of the General Good661

3.1.2 Case Law Concerning the EU Notion of the General Good in Support of Host Country Financial Regulation664

3.2 The Early EU Achievements in the Regulation of Financial Services666

3.2.1 Banking666

3.2.2 Details of the Early Banking Directives and Recommendations667

3.2.3 Mortgage Credit668

3.2.4 The Early Securities and Investments Recommendations and Directives669

3.2.5 UCITS672

3.3 The European Passport673

3.3.1 The Third Generation of EU Directives673

3.3.2 The Further Reduction of the Role of the General Good supporting Host Country Rule after the Third Generation Directives676

3.3.3 Division of Tasks.No Single EU Regulator.Regulatory Competition678

3.3.4 Interaction with GATS679

3.3.5 The EU Reciprocity Requirements.Relation with Third Countries.National Treatment and Effective Market Access680

3.4 The 1998 EU Action Plan for Financial Services681

3.4.1 The Main Features681

3.4.2 Lamfalussy Report and its Implementation.The Role of Comitology686

3.4.3 The 2005 White Paper on Financial Services688

3.5 The details of the Third Generation Directives and their Revamping under the 1998 Action Plan689

3.5.1 SBD/CID:Home Country Rule Reach.Residual Host Country Powers689

3.5.2 SBD/CID:Scope of the Banking Passport.Universal Banking and the Procedure for Obtaining the Passport.Home and Host Country Communications691

3.5.3 ISD/MiFID:Basic Structure.Background and Scope692

3.5.4 ISD/MiFID:Home Country Rule,Authorisation,Capital,Prudential Rules.Procedure for Obtaining the Passport.The Concept of the General Good Revisited695

3.5.5 ISD/MiFID:Conduct of Business695

3.5.6 MiFID:Home or Host Country Authority in Matters of Conduct of Business699

3.5.7 ISD/MiFID:Regulated Markets,Concentration Principle and Stock Exchange Membership.The Competition of Modern Informal Markets or MTFs.Best Execution700

3.5.8 Clearing and Settlement,CCP Access after MiFID704

3.5.9 ISD/MiFID:Member States Committee704

3.5.10 The 2003 Prospectus Directive(PD).The Issuer's Passport704

3.5.11 The 2003 Transparency Obligation Directive(TD)708

3.5.12 The EU Approach to Capital Adequacy709

3.5.13 The Market Abuse Directive710

3.5.14 Fund Management and UCITS711

3.6 Other EU Regulatory Initiatives in the Financial Area711

3.6.1 Large Exposures711

3.6.2 Deposit Protection and Investor Compensation712

3.6.3 Winding-up of Credit Institutions712

3.6.4 Pension Funds712

3.6.5 International Banking Supervision.Basle Concordat,EU Implementation,Conglomerate Supervision714

3.6.6 Lead-regulator Concept.International Co-operation715

3.6.7 The E-commerce Directive716

3.6.8 Long-distance Selling of Financial Products to Consumers717

3.6.9 The Take-over Bids Directive718

3.6.10 Other Parts of the Action Plan:Electronic Money,Money Laundering,Cross-Border Use of Collateral,Taxation of Savings Income719

3.6.11 Payment Services Directive720

Index721