William Yonge and Simon Currie
To summarize and analyse four opinions issued in May and July 2017 by the European Securities and Markets Authority (“ESMA”) concerning regulatory and supervisory arbitrage risks…
Abstract
Purpose
To summarize and analyse four opinions issued in May and July 2017 by the European Securities and Markets Authority (“ESMA”) concerning regulatory and supervisory arbitrage risks that arise as a result of increased requests from financial market participants to relocate activities and functions in the EU27 following the UK’s decision to withdraw from the EU, and the expected regulatory response to those risks.
Design/methodology/approach
Discusses the possible relocation of financial firms, activities and functions following the UK’s decision to withdraw from EU; the resulting cross-sectoral regulatory and supervisory arbitrage risks that ESMA foresees; nine principles that ESMA enumerates to guide its regulatory response to those risks; some common themes that emerge from ESMA’s July Opinions; and the implications for UK firms and trading venues seeking to establish a presence in the EU 27.
Findings
ESMA foresees regulatory and arbitrage risks in Brexit and a potential “race to the bottom” as certain national regulators jostle for and grab UK market share.
Practical implications
UK firms and trading venues seeking to establish a presence in the EU27 from which to operate will need to give detailed consideration and focus to the resources and operational substance which will need to be located in the jurisdiction in which that presence is established.
Originality/value
Practical guidance from experienced financial services, securities and fund management lawyers.
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To provide an update and detailed explanation on the EU Regulation on Transparency of Securities Financing Transactions and of Reuse (“SFTR”).
Abstract
Purpose
To provide an update and detailed explanation on the EU Regulation on Transparency of Securities Financing Transactions and of Reuse (“SFTR”).
Design/methodology/approach
Examines the SFTR, its key measures and requirements.
Findings
Concludes with a number of considerations and recommendations. For example, it advises managers of Undertakings for Collective Investment in Transferable Securities (UCITS) and alternative investment funds (AIFs) to prepare to disclose details of their use of securities financing transactions and total return swaps.
Originality/value
Offers information on the SFTR and explains its requirements and scope. It has been written by a partner at an international law firm.
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This paper aims to summarize and explain the recently enacted UK Financial Services Act 2010 (the FS Act) and the coalition government's proposals for a new regulatory structure.
Abstract
Purpose
This paper aims to summarize and explain the recently enacted UK Financial Services Act 2010 (the FS Act) and the coalition government's proposals for a new regulatory structure.
Design/methodology/approach
The paper explains the purpose of the FS Act, the statutory objectives of the Financial Services Authority (FSA) under the Financial Services and Markets Act 2000, and the FS Act's provision of the FSA with: an explicit financial stability objective, extensive powers to require information, extended enforcement powers, the power to prohibit or require disclosure of short selling, the duty to require authorized firms to prepare and maintain recovery and resolution plans, the obligation to make remuneration rules and the requirement to establish a new consumer education body. Explains proposals dropped from the FS Bill to secure its enactment during the “wash‐up” process. Summarizes the recently announced coalition government proposals for reform of the UK financial services regulatory structure.
Findings
The FS Act is a legislative response by the predecessor government to the causes of the global financial crisis, delivering significant reforms that seek to enhance financial regulation. The FS Act mainly amends the Financial Services and Markets Act 2000 (the FSMA) in order to give the UK Financial Services Authority (FSA) new objectives and duties and extend its powers variously. The recently elected coalition government has announced proposals for a new regulatory structure likely to take effect in 2012.
Originality/value
The paper provides practical guidance from experienced securities lawyers.
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ONE of the chief objections to printed catalogues is that they are no sooner published than they become out of date. Another pertinent objection has been that of their great…
Abstract
ONE of the chief objections to printed catalogues is that they are no sooner published than they become out of date. Another pertinent objection has been that of their great expense. There is also the matter of the labour entailed in preparing the printer's copy; but as this labour has to be performed in any case the point has not cropped up during a consideration of rival schemes. The contest between printed, card, and manuscript catalogues has often been waged, and the arguments pro and con, as summed up in Mr. Cutter's report will be familiar to every librarian.
In a short survey of children’s literature from the eighteenth century onwards, major themes and areas for research are identified. The nature of children’s literature between…
Abstract
In a short survey of children’s literature from the eighteenth century onwards, major themes and areas for research are identified. The nature of children’s literature between 1900 and 1920 and the 1920s to the 1950s is then discussed in greater detail with reference to the children’s books of many types published during the periods. Again, themes are identified and many avenues for research in different fields of study are indicated.
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Abstract
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THE enterprise of two London newspapers, the Tribune (for the second time) and the Daily Chronicle, in organizing exhibitions of books affords a convenient excuse for once again…
Abstract
THE enterprise of two London newspapers, the Tribune (for the second time) and the Daily Chronicle, in organizing exhibitions of books affords a convenient excuse for once again bringing forward proposals for a more permanent exhibition. On many occasions during the past twenty years the writer has made suggestions for the establishment of a central book bazaar, to which every kind of book‐buyer could resort in order to see and handle the latest literature on every subject. An experiment on wrong lines was made by the Library Bureau about fifteen years ago, but here, as in the exhibitions above mentioned, the arrangement was radically bad. Visiting the Daily Chronicle show in company with other librarians, and taking careful note of the planning, one was struck by the inutility of having the books arranged by publishers and not by subjects. Not one visitor in a hundred cares twopence whether books on electricity, biography, history, travel, or even fairy tales, are issued by Longmans, Heinemann, Macmillan, Dent or any other firm. What everyone wants to see is all the recent and latest books on definite subjects collected together in one place. The arrangements at the Chronicle and Tribune shows are just a jumble of old and new books placed in show‐cases by publishers' names, similar to the abortive exhibition held years ago in Bloomsbury Street. What the book‐buyer wants is not a miscellaneous assemblage of books of all periods, from 1877 to date, arranged in an artistic show‐case and placed in charge of a polite youth who only knows his own books—and not too much about them—but a properly classified and arranged collection of the newest books only, which could be expounded by a few experts versed in literature and bibliography. What is the use of salesmen in an exhibition where books are not sold outright? If these exhibitions were strictly limited to the newest books only, there would be much less need for salesmen to be retained as amateur detectives. Another decided blemish on such an exhibition is the absence of a general catalogue. Imagine any exhibition on business lines in which visitors are expected to cart away a load of catalogues issued separately by the various exhibitors and all on entirely different plans of arrangement! The British publisher in nearly everything he does is one of the most hopeless Conservatives in existence. He will not try anything which has not been done by his grandfather or someone even more remote, so that publishing methods remain crystallized almost on eighteenth century lines. The proposal about to be made is perhaps far too revolutionary for the careful consideration of present‐day publishers, but it is made in the sincere hope that it may one day be realized. It has been made before without any definite details, but its general lines have been discussed among librarians for years past.
IN ANY TYPE OF LITERATURE it is easier in retrospect to pick out the notable writers of a period from the mass of lesser writers. With any type of current literature it is almost…
Abstract
IN ANY TYPE OF LITERATURE it is easier in retrospect to pick out the notable writers of a period from the mass of lesser writers. With any type of current literature it is almost impossible to assess what will still be read or valued by later generations. This is as true of children's literature, and particularly of a more specific branch such as the family story, which tends to date rapidly. This is confirmed by the new book list for children, published by the Library Association: First Choice, which has been eagerly awaited. Praise should be generously lavished on the compilers, who have had to decide courageously which authors have to go overboard and have also had the arduous task of selecting a representative twenty‐one authors of family stories, approximately ten per cent of the list of fiction for older children.