Informing policy on European capital markets
This new ECMI commentary considers the implementation of the Alternative Investment Fund Managers Directive (AIFMD) by the European Commission. The AIFMD creates an internal market for asset management and as an endeavour to develop market-based finance is an important piece of legislation for the European economy. The author, Mirzha de Manuel Aramendía, considers the implementation of some of the provisions that raised concern among industry participants. He finds that, on balance, a practical and flexible approach to implementation has been followed that should help secure the success of the framework, which at present is still uncertain. The commentary also considers the remuneration guidelines adopted recently by the European Securities and Markets Authority (ESMA). It encourages EU and national authorities to commit to the success of the AIFMD framework, as part of a broader effort to develop capital markets and reduce the historical reliance of the European economy on bank finance.
MoreThis ECMI-CEPS Policy Brief reviews key aspects of the new financial paradigm in a transatlantic perspective, focusing on the general approach in EU and US legislation in response to the financial crisis and the G-20 commitments and specifically as regards the extraterritorial implications. Following discussion of the institutional setting, conclusions are offered on what these changes mean in the context of the future Transatlantic Trade and Investment Partnership.
MoreThis CEPS paperback presents an abridged version of a study carried out by ECMI-CEPS and the law firm Marccus Partners for the European Commission and supplemented by additional policy recommendations. The study analyses the implementation of the EU Directive on takeover bids and more widely the corporate governance considerations surrounding takeover regulation from a legal and an economic perspective.
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