The Investment Services Directive and its Implementation in the EU Member States

Financial Law Institute Working Paper No. 99-17

38 Pages Posted: 31 Jan 2000

See all articles by Michel Tison

Michel Tison

Universiteit Gent - Financial Law Institute

Abstract

With the entry into force of the Investment Services Directive (ISD) on January 1st 1996, a major move has been made towards the integration of capital markets, by ensuring the cross-border mobility of the intermediaries on the market. This paper examines to which extent the ISD has actually contributed to realising a single European capital market, and how the member states have in general implemented the directive. Attention is also paid to future developments in the field of capital market regulation and market developments (inter alia the advent of European Monetary Union, the alliance movement between stock-exchanges and regulated markets), and the demutualisation of the stock exchanges. Finally we examine whether the mutations brought about by EMU and technological developments in financial markets should lead to further modifications to be made to the European Directives in the field of capital markets.

JEL Classification: F36, G14

Suggested Citation

Tison, Michel, The Investment Services Directive and its Implementation in the EU Member States. Financial Law Institute Working Paper No. 99-17. Available at SSRN: https://ssrn.com/abstract=193270 or http://dx.doi.org/10.2139/ssrn.193270

Michel Tison (Contact Author)

Universiteit Gent - Financial Law Institute ( email )

Universiteitstraat 4
Gent, B-9000
Belgium
32 9 264 68 27 (Phone)
32 9 264 68 55 (Fax)

HOME PAGE: http://www.law.UGent.be/fli

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