European and international banking and financial regulation

Thierry Bonneau (Author) 5th edition Published on July 1, 2020 Study (paperback)

The issue of banking and financial regulation is not recent. However, it has taken on a new dimension since the crisis of September-October 2008, followed shortly after by the Madoff affair and, in 2010-2011, by the sovereign debt crisis. These events affected a number of countries and led to reviewing and deepening the rules applicable to the banking and financial sector, in order to preserve, in a world without borders, the security and stability of markets, players and States. Being observed that we wonder if we are better protected today than in 2008: the answer is controversial!

Safety is one of the major themes of regulation, but it is not the only one: integrity and transparency are others. We could also cite customer protection, new technologies and sustainable development, themes which have been gaining momentum for several years. Which is not surprising due to globalization. This explains why the national response alone is insufficient: a European and international response is essential.

Little is known about the players in the European and international framework. It is therefore important to devote further development to it - the European supervisory authorities (ESAs), the Banking Union and the “different Gs”, such as the G20, are studied in particular - even if the responses provided by the European authorities and international are the essence of the book, it highlighting both the work of the Basel Committee, IOSCO, the FATF and the FSB as the European texts of levels 1 (European Parliament and Council), 2 (European Commission) and 3 (AES).

The benefits of this new edition are, in addition to the Covid-19, of three types:
- the latest reforms, in particular the texts concerning ESAs (December 18, 2019), the prudential supervision of investment firms (November 27, 2019) and central counterparties (October 23, 2019), covered bonds (November 27, 2019), sustainability information (November 27, 2019) and sustainable benchmarks (November 27, 2019);
- the decisions rendered by the CJEU and the TEU as well as by the ESAs concerning, for example, the prudential regulation of credit institutions (7 August 2018, aff. C-52/17; 13 July 2018, aff. T-768 / 16), the cost of credit in the event of early repayment of the credit (September 11, 2019, case C-383/18), the mention of the APR in the credit agreement (December 19, 2019, case C-290/19) , the consumer quality of CFD buyers (October 3, 2019, case C-208/18), the challenge to the downgrading of the scale of credit ratings within the framework of prudential regulations (EBA, BoA-D- 2019-05), the sanction of companies issuing credit ratings without being rating agencies (decision 2019/4, ESMA41-139-1231);
- enrichment of the “Debates, Studies, Focus, Moods, Readings and Opinions” sections: for example, professional secrecy provided for by MiFID texts to the test of European case law, access to ECB documents, legitimate behavior and pre-takeover pickup, supervisory briefings, Innovation hubs, Regulatory sandboxes and Stablecoins.

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