European Legislative Practice 2.0: Dynamic Harmonisation of Capital Markets Law — MiFID II and PRIIP
31 B.F.L.R. 141 – 176 (2015)
37 Pages Posted: 16 Feb 2016
Date Written: November 2015
European and national capital markets law is fast-paced and now being structured by Lamfalussy and de Larosière Processes to three relevant legal European levels and three relevant national levels. This double complexity is extended by four special features that result from the relationship between European and national laws: the problem of minimum and maximum harmonisation; national legislatures pressing ahead with passing laws; the relationship between directives and directly applicable regulations; and the influence of European law on non-harmonised areas of law. Based on recent legislation (MiFID II and PRIIP) these four theoretical legal questions are discussed in the context of three general principles of capital markets law: information requirements, dealing with conflicts of interest and questions concerning enforcement of the law.
JEL Classification: K20, K00
Suggested Citation: Suggested Citation